The impact of landscape quality on property investment decisions
| DOI | https://doi.org/10.1108/14635781211194818 |
| Date | 03 February 2012 |
| Pages | 69-82 |
| Published date | 03 February 2012 |
| Author | Claire Roberts,Steven Rowley,John Henneberry |
| Subject Matter | Property management & built environment |
The impact of landscape quality
on property investment decisions
Claire Roberts
Oxford Brookes University, Oxford, UK
Steven Rowley
Department of Property Studies, Curtin University, Perth, Australia, and
John Henneberry
Department of Town and Regional Planning, University of ShefïŹeld,
ShefïŹeld, UK
Abstract
Purpose â The purpose of this paper is to explore the investment decision-making process of major
stakeholders in the property sector, with a speciïŹc focus on determining the impact of location quality
(the quality of the immediate and wider environment within which the site is located) on the property
investment decision.
Design/methodology/approach â The research was undertaken in the context of UK business
parks in two regional property markets; South Yorkshire and the South East. Interviews were
undertaken with key stakeholder groups adopting an innovative approach utilising graphics and
visualisations to explore the impact of landscape quality on investment decisions.
Findings â When landscape quality in business parks is considered holistically, it has only an
indirect role to play in the property investment decision. Occupiers in South Yorkshire and the
South East have low expectations of landscape quality on business park sites, but there are elements of
landscape quality that occupiers appreciate and consider to add to the quality of the site. However,
investors and developers do not consider landscape quality plays a role in their decision process. There
exists the potential for the âremovedâ perspective of investors and developers to result in a dislocation
between their perception of occupiersâ requirement and reality.
Originality/value â This study represents the ïŹrst attempt to explore, in detail, the role of landscape
quality in property decisions of key stakeholders in the UK property market. It also uses innovative
methods to convey complex concepts of landscape quality to non-technical participants.
Keywords United Kingdom,Investors, Property investment, Commercialproperty, Landscaping,
Occupiers, Developers, Decision making,Landscape quality
Paper type Research paper
The current issue and full text archive of this journal is available at
www.emeraldinsight.com/1463-578X.htm
This paper is based on work undertaken for an international, collaborative research programme
on CSI funded by the ERDF under its INTERREG IIIB, North-West Europe, Community
Initiative concerning Trans-national Co-operation on Spatial Planning 2000-2006. The project
partners are: South Yorkshire Forest Partnership, ShefïŹeld City Council, UK; Services Promotion
Initiatives en province de Lie
`ge (SPI ĂŸ), Belgium; Universite
ÂŽde Lie
`ge, Belgium; Institut fur
Landes und Stadtentwicklungsforschung und Bauwesen des Landes Nordrhein-Westfalen (ILS
NRW), Germany; Montan-Grundstucksgesellschaft mbH (MGG), Germany; and University of
ShefïŹeld, UK. The authors are grateful for the support of the ERDF. The views presented in the
paper are those of the authors and cannot be taken as indicative in any way of the position of CSI
colleagues/partners or of the ERDF on the subject. Any remaining errors are similarly those of
the authors alone.
The impact
of landscape
quality
69
Journal of Property Investment
& Finance
Vol. 30 No. 1, 2012
pp. 69-82
qEmerald Group Publishing Limited
1463-578X
DOI 10.1108/14635781211194818
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