Sally is one of the five founding partners at Clearbell Capital LLP, a niche real estate fund manager and advisory business with three value-add/opportunistic funds and two separate advisory mandates.
Sally was born and grew up in the historic city of Durham and was one of the first girls from her school to be accepted by Oxford University, where she read Chemistry at Wadham (one of the very few mixed colleges at the time). She quickly realised that a career in Chemistry was not for her and following graduation joined Deloitte Haskins & Sells (now part of PWC), London where she qualified as a chartered accountant. After a promotion to manager and experience across a mix of retail, insurance and manufacturing clients, she left to join her first property company in 1987 – just as the UK property market was peaking.
Sally spent 14 years with Wates City of London Properties plc, a niche development and investment company listed on the London Stock Exchange and then five years with Grosvenor Group Limited, the Duke of Westminster’s international private property group before joining Manish Chande and her other partners, to form Clearbell.
Q: What was your first job and what is the worst job you’ve ever done?
A: My first job was a Saturday job at the university bookshop in Durham. This was a great job for a 16-year-old and the best part was being allowed to borrow any book, provided the spine was not broken when I returned it. A real perk of the job.
My worst job was a summer job at the local Co-op laundry; the hottest summer on record in 1976.
Q: Was finance your first career choice and what were you doing before?
A: I had no particular career in mind when I went up to Oxford. However, I realised I did not have a deep interest in chemistry necessary to pursue a career in the field. Instead I was swayed by the recruiters doing the milk-round and decided a professional qualification would stand me in good stead. With hindsight this proved to be a very good choice.
Q: Why did you choose a career in the commercial real estate sector?
A: I was lucky in that my introduction to the property sector was at a very interesting and exciting time, joining Wates City, a recently listed developer and investor with huge ambitions to develop trophy assets within the Square Mile. Wates City had complex sites, all within walking distance of the office and with a full range of issues. This was a perfect opportunity to learn quickly about the challenges of site assembly, planning, development, financing and property management and all on the public stage. I was hooked from the start.
Q: Why do you enjoy the sector?
A: There are many reasons why I enjoy the real estate sector, but a key reason for me has always been the people. Being able to work with talented individuals is a privilege; the complex and sizable nature of each property asset or project requires a multi-disciplined approach. Each project or investment is different, whether it is an industrial portfolio across the UK or the reconfiguration of a shopping centre or the conversion of offices to residential. The ownership structures vary considerably and are often tailored to suit investors, reflecting legislation and regulations. The investing landscape is always changing, so there are plenty of opportunities to keep learning and deploying new strategies.
Q: What’s a typical day like?
A: For October the whole Clearbell office was participating in the Landaid charity Steptober and so we were all making excuses to get out and about a lot more to keep the step-count up! It has become a bit of an office obsession.
That aside, no day could be regarded as typical. I try to empower the team to take responsibility for their areas and so I am mostly involved as a sounding board for them. I spend time monitoring and controlling the funds and the underlying investments. We take a real pride in the quality of our reporting and our communication style. I do also enjoy the design and implementation of new investor products and investment structures. I spend a fair bit of my time at my desk – either in informal meetings, on calls, reviewing documents and, of course, email traffic – but I also like to get out to see the assets, advisors, meet industry experts and fellow private equity real estate CFO’s possibly at a breakfast, lunch or seminar.
Q: Who or what has had the biggest impact on your career?
A: Looking back the biggest impact on my career was witnessing rents peak at £72psf on office suites within City Tower (City of London) in 1988 and then fall by half over the following months. With 100% exposure to the City of London (consistently the most volatile property market) and some large development sites, Wates City was in the eye of the storm; yet with nimble footwork and hard graft, we survived and continued to build out the business. For me, this was a dramatic introduction to the world of property and its cycles and it proved to be an exceptional learning experience and a time to forge valuable relationships with lenders and others in the industry. This experience and the more recent global financial crisis prove so valuable when navigating todays challenges.
Q: What advice would you give to people at different levels on developing their careers?
A: I think it is essential to enjoy your work and respect the people you work with. We all spend a lot of time at work and so it is important that we enjoy most of what we do and are open to learn from colleagues. Property firms are often small and so if your interest wanes and you stop learning, it is probably time for a change.
I would also suggest that you should not be fearful of change or of making honest mistakes. Both are excellent learning opportunities and inevitable in the fast-changing world of business.
A lot of people find it difficult to delegate and manage others. So I would recommend developing communication and management skills; team skills will help you progress in any working environment.
Q: Who inspires you and why?
A: I come from a family of strong women; my mother, many aunts and my grandmothers. None of whom had the advantages or opportunities that I have enjoyed but they have strongly influenced my sense of self-belief, determination and moral compass.
A public figure that I admire is Joanna Lumley – her acting has come a long way from being Purdy in the New Avengers and she has supported many charities over the years. But most of all she makes me smile!
Q: What are your strengths and weaknesses?
I think my biggest strength comes from building on the wealth of my experiences. I have always enjoyed the technical aspects and complexity of property ownership. An understanding of tax, financing and the risks have been core skills I have relied on over the years. At Clearbell, the five partners all contribute very different and complimentary skills. I am the one that provides the steady hand that keeps the business and the funds operating efficiently.
I sometimes forget to explain things that may seem obvious to me; I could probably do with being more patient.
Q: What do you think are the common qualities that the best leaders have?
A: It seems to me that the best leaders successfully combine a number of qualities including distinctive, engaging personalities, clear vision, foresight and good judgement, humility, the ability to energise, inspire, motivate and instil self-belief. At the same time they challenge accepted norms and, importantly, retain their moral compass. This last point is an absolute imperative in today’s world.
Manish Chande is an excellent role model – he has created a highly functioning multi-skilled team. He is a great communicator, has an open style, engaging equally with investors and junior members of staff with sincerity.
Q: What are you most proud of?
Being part of Clearbell Capital. Clearbell is a unique business which has evolved over the last decade. To steal a quote from Lewis Hamilton: ‘Every team has smart people, but ultimately when it comes to being under pressure and making the right decisions, the right calls – that’s when we are the best team.’ I am very lucky to be part of the team at Clearbell and will always be grateful to Manish for having confidence in me.
Q: Why do you feel championing inclusion and diversity is so important?
A: It is refreshing to see a more balanced and diverse work force emerging over recent years. Without a concerted effort, we all have unconscious bias and there has been a strong tendency to recruit similar people, which can only be a limiting factor for any business or industry.
Q: Where do you see the Real Estate sector in 10 years time?
A: In 10 years’ time I would like to think the impact of Brexit will have worked its way through the UK economy and that property owners and occupiers will be focused on other matters.
I expect that retail space will have completed its current structural change process, through shrinking and becoming more experiential.
The property cycle will continue its relentless march but this may be less severe due to more flexible leases, more fluid occupational arrangements and restrained lending. All these changes may lead to a less volatile and lower yielding asset class that gives a more predictable return profile.
Q: What are key challenges for business directors/partners in 2018?
A: Not being too distracted by the Brexit rhetoric.
Q: Finally, what do you do to relax?
I run, read books, yoga and garden.
