David Wood is Group Finance Director of Urban&Civic plc, an established UK property development and investment company listed on the London Stock Exchange’s main market. David joined Urban&Civic in 2010, shortly after it acquired its first asset, and helped guide the Company through a 2014 listing towards today’s market capitalisation of around £430 million.
Through its role as Master Developer, the company owns or has the stewardship over 5,500 acres in or close to Cambridge and Rugby, which will deliver approximately 34,500 new homes, in excess of seven million square feet of business space and at least fourteen primary and six secondary schools over the next 15 to 20 years.
Having qualified in audit with Touche Ross (now Deloitte), David joined Chelsfield plc in 1996. This first real estate role gave David exposure to regeneration projects of metropolitan scale, including White City and Stratford retail schemes and Paddington Basin, and when Chelsfield was taken private and sold to Westfield, Multiplex and the Reuben Brothers in 2004/5, David joined Multiplex to oversee the sub-division of the acquired Group.
In pursuit of further development experience David later joined Minerva, which was busy constructing around 1 million square feet of office and residential space in Central London.
Following a phone call from two former Chelsfield directors, Nigel Hugill and Robin Butler, who had an idea about a strategic land start-up, David joined Urban&Civic.
Q: What was your first job and what was the worst job you have ever done?
A: My first job was a shoe shop sales assistant when I was 15. It was the type of shop that would be inundated with school children and mostly mums arguing over whether they should buy Dr Martens or Clarks (often mum’s choice). It was a lot of fun mainly because the manager of the shop had such a wicked sense of humour. I learnt very early that enjoying you job makes time pass very quickly.
The list of worst jobs is very long. Looking for temporary employment during the 1991/92 recession was not much fun. I dug trenches for a plumber with bad back, greased scaffolding clips and fixed toasters – anything to earn a buck.
Q: Was finance your first career choice and what were you doing before?
A: The simple answer is No. Despite always enjoying maths I wanted to be a pilot, but colour blindness and dodgy eyesight put paid to that. Then as I approached university age an interest in marine biology started to grow.
I did eventually get my pilot’s licence and I still enjoy the wonder of our seas and oceans.
Q: Why did you choose a career in commercial real estate sector?
A: Although I didn’t know what sector I wanted to work in after my time at Deloitte, I did know I wanted to work for a company that produced something with a physical form.
Having gone through a number of interviews the standout company for me was Chelsfield. The projects were on such an enormous scale that I knew they would impact those that lived, worked and played around them for a long time – this was exciting. Add to this a handful of vibrant, smart and even handed colleagues and you had a recipe for a very enjoyable working week. I am still in touch with many of those I met in my first week outside of practice.
Q: Why do you enjoy the sector?
A: Despite buildings lasting a long time, how people use them changes all the time. I enjoy seeing how these changing trends affect the fortunes of a particular asset class.
Technology for example has and will have a profound impact on the way we use our built space – flexible working through improved IT connectivity (office space) and internet shopping (retail) to name a few. You have to try to stay one step ahead.
Q: What is a typical day like?
A: Urban&Civic has grown from 10 employees in 2010 to over 85 employees today, so it has been busy. Throw in a listing, a couple of corporate acquisitions and the usual site purchases and disposals and you can see there has been little time to get bored.
As part of my day job, I have to of course make sure that the financial systems are running smoothly and that our communications with our stakeholders and governance processes are appropriate for a listed plc.
Fortunately I have a very strong finance team supporting me who work extremely hard to make sure the business receives appropriate and timely financial support and reporting.
Q: Who or what has had the biggest impact on your career?
A: Well passing your professional examinations certainly helps set you on the right path and I am also grateful for the training I received in the Deloitte audit department – it gave me a fantastic, if basic understanding of how a business fits together.
After that it has been about three people really Nigel Hugill and Robin Butler, my fellow Directors at Urban&Civic and Damian Wisniewski, Derwent’s FD. All were formerly Chelsfield Directors and encouraged me to step up, have a go and never be afraid to flag problems early. All have been generous with their time and provided numerous opportunities throughout the 20 years I have known them. They also lead by example and have a tremendous ability to identify a problem and solve it.
Q: What advice would you give people at different levels on developing their careers?
A: I think if you care about what you do and who you work with, it will show. Sometimes you might feel let down by an event or individual, but you have to get over that if you are going to properly commit to a role. You of course also have to find a role you are going to enjoy. Property is a small world, so if you respect yourself and others and continue to work hard, opportunities will come.
Q: Who inspires you and why?
A: Not so much who, but what. I find endeavour and conviction inspiring. If you have both you stand a chance of achieving what you set out to do – whether that’s winning Olympic gold or building your garden shed.
Q: What are your strengths and weaknesses?
A: I find I can keep going and have a deep determination. That certainly helps when things get tough, but the flip side of this is that you may, on occasion, ask too much of a person, however unintentional.
Q: What do you think are the common qualities that the best leaders have?
A: I am more of a democrat and therefore tend to value leaders that listen to the opinions of individuals around them. That said I think the best leaders often adapt their style to suit the people they are dealing with – you need to be a chameleon.
Q: What are you most proud of?
A: My family of course, especially when your actions or guidance have helped them achieve something or to enjoy a particular event or period in their lives; but this is equally applies where you help to run a social club outside work, for example, or provide worthwhile advice to work colleagues.
Q: Why do you feel championing inclusion and diversity is so important?
A: One of the main problems for me is actually labelling what workplace diversity is. Gender diversity is of course a well-publicised problem, especially in real estate, but there are a whole raft of other biases in built in all of us that haven’t even hit the radar yet. I think we just have to move forward with an open mind and make sure that we as individuals or the organisations we work for are in good place against the standards of the day. We won’t find a perfect solution, but that doesn’t mean we shouldn’t try to.
Q: Where do you see the real estate sector in 10 years’ time?
A: As I mentioned earlier, technology is having a profound impact on a number of areas, not least residential, which is my sector. Fast broadband is now a pre-requisite and automated vehicles would fundamentally change the way you might Masterplan a new housing scheme – they struggle with cul-de-sacs. Add to this people working or running businesses from their homes and you can see we are in for a period of significant change.
The big question I can’t answer is how much space will be needed for a particular real estate class going forwards – especially if we are shopping online and working flexibly from home.
Q: Finally what do you do to relax?
A: Apart from being a near full time taxi service to my two children Louis and Grace, a new puppy has just landed, which is causing havoc and destroying the house from the inside. I am looking forward to taking her on long walks with my wife Ali in the Surrey Hills where we live. Fingers crossed for another fabulous summer next year.
