Managing commercial property within the With Profits Fund

Around 10% of Wesleyan's With Profits Fund is made up of a UK commercial property portfolio worth around £400 million*.

The portfolio is managed by our Property Team, a group of in-house and qualified chartered surveyors. They make up part of our award-winning† Investments Team.

 

Containing over 110 properties, the portfolio holds everything from shops, offices and industrial units to solar farms and waste management businesses. There are around 200 tenants paying rent, including high-street names such as The Ivy restaurant, Costa Coffee, Pret A Manger, Sainsbury's (image left) and Furniture Village.

Driven to succeed, the Property Team's aim is to get the best return for our investors, while being mindful of their impact at all times. This leads them to also recognise the need to act as socially responsible property owners.

* Based on data for year ending December 2023
† Wesleyan's investments team was named Investment Team of the Year at the Insurance Asset Risk Awards 2023

Why we own and manage a commercial property portfolio

As part of managing the commercial property portfolio, the Property Team focuses on holding assets in desirable locations, with environmentally-friendly credentials and good tenants. This focus contributes towards the aim of generating positive returns for our With Profits customers.

For 2023, the portfolio generated an income of £28.2 million for the With Profits Fund, demonstrating the value that holding and successfully managing commercial property can have.

Meet our property team

Our Head of Property, Joe Curlett, introduces the team tasked with managing the commercial property portfolio.

Watch the video and find out more about the individual team members, including what they enjoy most about being part of the property team, and how they go about creating value within the portfolio.

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The Property Team and ESG

Along with their aim to generate positive returns for our investors, the Property Team also considers wider environmental, social and governance (ESG) factors when managing the commercial properties in the portfolio. This aligns with the three pillars that underpin our Sustainable Investing Policy - 'reducing harm', 'having a positive impact' and 'driving change'

Here are some of the considerations the Property Team gives to ESG factors in their daily work:

  • Energy Performance Certificates (EPCs) – Our commercial property portfolio is fully compliant with Minimum Energy Efficiency Standards regulations, with 92% of properties rated 'D' or above.
  • Contractor obligations – Appointed contractors must meet a national standard and pay their staff a minimum of the 'real living wage'. They must also adopt an anti-slavery policy.
  • Tenancy obligations – We don't rent to businesses (such as those related to gambling) who fail to meet our policy requirements. This falls under our 'reducing harm' pillar.

The Property Team members

Headed up by Joe Curlett, a group of qualified chartered surveyors (Property Asset Managers) makes up the Wesleyan Property Team.

Joe Curlett, MRICS

Joe is responsible for all aspects of Wesleyan's commercial property investments. He maintains a portfolio of commercial properties located throughout the whole of the UK and is supported by a team of Property Asset Managers.

With a degree in Estate Management, Joe is a fully qualified chartered surveyor and member of the Royal Institution of Chartered Surveyors (MRICS). He previously worked as an Asset Manager for a well-known UK property company and for several property consultants, providing advice to landlords.

Peter Millyard, MRICS

Peter has been a Property Asset Manager with Wesleyan since 2004. A member of the Royal Institution of Chartered Surveyors (MRICS), his role involves managing the wide range of properties held within our commercial property portfolio. His goal is to improve income returns and capital value for the benefit of our With Profits customers.

As well as acquisitions and sales, Peter's role includes finding ways to improve the environmental, social and governance (ESG) credentials of the properties. He also liaises with third-party companies on the portfolio's legal and commercial requirements.

Mitchell Spencer, MRICS

Mitchell joined Wesleyan as a Property Asset Manager in 2022, having previously advised at a senior level in all aspects of commercial property management for public and private sector clients. His role involves the acquisition and disposal of commercial properties, along with landlord and tenant management across Wesleyan’s property portfolio. The aim being to enhance both financial and sustainability-focused returns.

Mitchell studied Estate Management at the University College of Estate Management, Reading, receiving a First-Class Honours degree. He was also named 'Young Surveyor of the Year 2022' (commercial property category) by the Royal Institution of Chartered Surveyors (RICS).

Tom Holland, MRICS

Tom joined Wesleyan in 2022. As a Property Asset Manager, he shares in the responsibility for the commercial property portfolio, with a key focus on maximising the value of the assets held within it.

Prior to joining our Property Team, Tom worked at a commercial property management company, advising institutional investors and Fund Managers from a range of investment firms. He is a member of the Royal Institution of Chartered Surveyors (MRICS) and has a Master of Science (MSc) degree in Real Estate Management.

Morgan Mckenzie

Having joined Wesleyan on a degree apprenticeship scheme in 2018, Morgan is now a Property Surveyor. He takes care of assets within our commercial property portfolio, managing transactions and lease events to provide returns via rental income and capital uplift for our With Profits customers.

Morgan has a BSC (Hons) 2:1 in Real Estate, obtained from Birmingham City University and is currently undertaking an Assessment of Professional Competence (APC). Successful completion of this 24-month structured training process will see him become a fully-fledged member of the Royal Institution of Chartered Surveyors (MRICS).

Find out more about the Wesleyan Property Team

Q&A with Wesleyan's Property Team

To get a greater insight into the team, what they do, and their commitment to ESG, please visit our Property Team's Q&A spotlight.

Read the Q&A

Our Property Team and ESG case studies

Read some of the case studies related to Wesleyan's Property Team, our Sustainable Investing Policy, and the commercial property portfolio.

Read the case studies