Dominic SpencerChief Executive Officer · Essays & perspective

Dominic Spencer / Chief Executive Officer

Three arguments about owning, building and approving property

Perspectives from a life in leadership.

The latest essay

Capital recycling5 min read

An office tower we would not buy today is already for sale

Listed property groups often hold office towers because selling below book value looks like an admission. I argue that the honest test is whether we would buy the building today at its market price, and that a board should act on the answer even when acting costs income.

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The archive.

Capital recycling

  1. Capital recycling5 min read

    An office tower we would not buy today is already for sale

    Listed property groups often hold office towers because selling below book value looks like an admission. I argue that the honest test is whether we would buy the building today at its market price, and that a board should act on the answer even when acting costs income.

    Open essay

Construction contracting

  1. Construction contracting5 min read

    A fixed price from a builder is not a transfer of risk

    Owners still treat a fixed-price design-and-construct contract as the safest way to build. After the builder failures and price shocks of recent years, I argue that owners should keep the risks they are better placed to carry, pay openly for the builder's work and stop buying certainty that may not be there.

    Open essay

Housing supply and planning

  1. Housing supply and planning5 min read

    Planning delay is the costliest input in a rental home

    Debates about housing supply in Australian cities concentrate on height limits and zoning. Having written planning reports and later waited on them, I argue that time and uncertainty cost rental housing more than height does, and that developers should accept firmer limits in return for faster, predictable decisions.

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