About Realty Income
Realty Income (NYSE: O), an S&P 500 company, is a real estate partner to the world's leading companies. Founded in 1969, we invest in diversified commercial real estate and have a portfolio of 15,600 properties in all 50 U.S. states, the UK and six other countries in Europe, with a gross book value $58bn. We are known as "The Monthly Dividend Company®” and have a mission to deliver stockholders dependable monthly dividends that grow over time. Since our founding, we have declared 656 consecutive monthly dividends and are a member of the S&P 500 Dividend Aristocrats® index, having increased our dividend for the last 30 consecutive years.
You will be joining one of the largest Real Estate Investment Trusts in the world as we rapidly expand into the UK and European markets, including moving into new offices at 3 St. James’s Square.
The European portfolio, including the UK, has experienced consistent growth quarter-on-quarter since our first international acquisition, a £429m 12-property portfolio from Sainsbury’s in 2019. In just five years the portfolio now includes investments of over $11bn, and 483 distinct properties.
Those joining the real estate development team at Realty Income are stepping in at an exciting stage, with direct accountability over segments of an extensive and evolving portfolio. Team members manage a diverse array of projects; including non-standard developments, ground-up construction, and other dynamic initiatives. This environment offers exceptional opportunities for professional development and career advancement as both the company and its portfolio continue to expand.
Position Overview:
The Senior Development Manager (SDM) will support the Development Director (DD) with the successful delivery of projects across a wide-ranging £10bn+ International portfolio, including retail & industrial projects. The Senior Development Manager will be responsible for appointing the design team, securing planning permissions, and procuring and delivering projects from start to finish. The Senior Development Manager has a highly collaborative role with multiple touchpoints daily with departments across Realty Income and with many external clients, advisors, and stakeholders. This role supports the Development Director in the growth of a new capability within an established and rapidly growing business.
Key Responsibilities:
- Coordinate a proportion of the development pipeline across the international portfolio and is responsible for delivering all capital expenditure initiatives determined by the DD and relevant Asset Managers including ground up developments, amalgamations, upsizes, downsizes, and maintenance, with regular reporting to the Development Director on progress, commercial performance, key risks, and issues.
- Collaborate with the US Construction and Procurement Team on all CapEx projects (including maintenance) regarding internal procedures, reporting, drawdowns, etc...
- Collaborate with the Property Management Team on maintenance and CapEx initiatives across the portfolio.
- Manage all pre-contract activities in the development process, including leading the planning application and procurement processes.
- Support the Development Director in all CDM, Health & Safety, and statutory regulatory approval processes for all international construction activities, including appointment of consultants where required.
- Agree with the Development Director on the appointment of consultant project teams and manage coordination across the international portfolio on all allocated projects.
- Ensure all allocated projects are procured using the most appropriate forms of construction contract and procurement methodology to ensure the most efficient commercial delivery across the portfolio.
- The Senior Development Manager is required to visit assets regularly across the UK and Ireland.
- Act collaboratively with the Asset Management Team on development feasibility opportunities.
- Provide input into development appraisals, acquisitions, and other repositioning strategies for the asset management and investment teams.
- Develop client briefs on construction projects across the portfolio and ensure that all works are delivered to agreed project outcomes.
- Maintain and manage reporting processes across the portfolio and multiple consultant teams.
- Assist the Development Director in reviewing, approving, and processing project invoices alongside the finance team.
Collaboration & Relationships :
Internal Contacts:
- Collaborate and communicate with the Asset Management department to ensure an organised approach, transparency of workflow, and pursuit of the optimum solution for a given property; Provide projections that are to be incorporated into their reporting.
- Collaborate and communicate with the Development Team and Construction & Procurement Team in the US to ensure alignment of approach and regular reporting.
- Collaborate with and provide information/direction to the accounting department, including budget forecasting, job cost allocation, and issue resolution.
- Present to the Investment Committee as required.
- Provide information to the Legal department, including Attorneys and Paralegals; Work in concert to assess risk, provide solutions, and complete transactions.
- Work with Sustainability to employ environmentally friendly initiatives in development.
- Communicate with Lease Administration and Real Estate Operations to ensure a seamless flow of information throughout the development process.
External Contacts:
- Create and maintain relationships with third-party support, tenants, real estate developers, and brokers; Help negotiate agreements for leases and specifications, leases, development agreements, commission agreements, third-party documents, etc.; oversee, inform, and direct throughout the development process.
- Engage, advise, and negotiate with government entities, planners, and other specialists.
- Performs other duties as assigned.
Candidate Requirements
Knowledge, Skills, and Abilities
Must have for the role:
- Suitable commercial retail real estate-related experience gained at an established landlord or development consultancy; with extensive retail development experience (including extensions, amalgamations, downsizes, facade replacements), refurbishment, new development projects, and asset repositioning projects.
- While we do not set upper or lower limits of years’ experience for our vacancies, candidates with at least 8-10+ years’ Commercial Real Estate Development experience is likely to have the right level of knowledge and experience for this role; strong candidates outside of this range will be considered.
- Experience in leading consultant and project teams on multiple projects & programmes at any one time.
- Either consultancy or client organisation experience for delivery of capital projects across the UK and Europe.
- Must have substantial knowledge of the JCT & SBC forms of contract and be able to guide & advise on contract selection and implement suitable contract amendments.
- Experienced in the negotiation of legal planning agreements.
- Experience in reviewing and critiquing an agreement for leases, technical negotiations, and development of landlord shell specifications.
- Chartered Surveyor (MRICS) qualified.
- Solid analytical, problem-solving, and financial analysis and IT skills (Inc. Excel and Word).
- Excellent professional communication skills both verbal and written, able to establish and maintain effective working relationships.
- Exceptional problem-solving skills, with the ability to effectively identify issues, research and analyse complicated matters, assess potential exposure and minimise risk, propose alternative courses of action, and make well-reasoned recommendations.
Desirable but not essential:
- Industrial and logistics development experience, including large single-box development and multi-unit development projects.
- Undergraduate degree: BSc or BA in related field (or equivalent work experience).
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This role is subject to enhanced compliance and disclosure requirements consistent with those of a financial services organization.
Our Mission & Values
For more than 50 years, Realty Income has been guided by our mission to invest in people and places to deliver dependable monthly dividends that increase over time. We do this by nurturing long-term, meaningful relationships that enable people to achieve a better financial outlook. We understand that when individuals succeed financially, they are able to provide for their families, support local businesses and pursue their greatest ambitions, creating a lasting positive impact on communities.
Realty Income is committed to diversity and inclusion and welcomes all applicants regardless of age, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race, religion or belief, sex, sexual orientation or educational background.
