University of Western Sydney student, Dr Mark Steglick, is the recipient of the 2014 Peter Barrington Gold Medal Award.
Dr Steglick received the Australian Property Institute (API) prize at the New South Wales 50th Kiparra Day conference, awarded for his thesis entitled: A critical analysis of the management of property development risk.
Dr Steglick’s research investigated property development risk concentrating on six key risks, via a mix of research methods, including a targeted survey of three groups of risk assessors (property developers, financiers and valuers), a content analysis of publicly disclosed risks, and a financial analysis of various property development companies’ business performance.
Participants in the study were selected on the basis of size within their respective industry sub-groups. The results were combined with several risk models, which were modified to create an improved model of property development risk. The research has added depth to the relatively small body of knowledge on property development risk.
A great contender
The thesis was originally submitted in fulfilment of the requirement for the Degree of Doctor of Philosophy at the University of Western Sydney (UWS) and was awarded an engraved gold medallion, a framed certificate and a cheque for $1000. Dr Steglick said that having been a member of the API for 20 years, he had always been aware of the Peter Barrington Award.
“Universities do not award academic prizes to PhD students, so for academic property researchers the Peter Barrington Award is the most coveted award,” Dr Steglick said.
“When I commenced my PhD research, my supervisor, Professor Graeme Newell, advised me that my research topic would be of interest to the property profession and, if well done, it would be a contender for the Peter Barrington Award.
“It was all the motivation I needed, and I wanted that award from the beginning. I am absolutely delighted to have received it.”
Significance of award
The Peter Barrington Award was established in 1985 as an endowment by the Hammerson Group of Companies in recognition of the contribution to the property profession by Peter Barrington. The purpose of the award is to encourage research and excellence in the study of land economy through the presentation of a major work in support of an approved academic program.
Entries can be a thesis or paper that has been prepared during a course undertaken by a student at either undergraduate or postgraduate level. A panel of eminent Institute Fellows judged the award, including Dr Terry Boyd, Andrew Bird, and Gary Longden. API National Senior Vice President and NSW Divisional President, Tyrone Hodge, congratulated Dr Steglick on his award.
About Peter Barrington
Peter Barrington commenced work with Sir William Baird and Partners, quantity surveyors, on leaving St Paul’s School, London in 1938. His articles were supposed to run for three years but World War II intervened and he found himself working on major construction projects, supervising costing of aerodromes and other defence establishments, and later in post-war reconstruction services.
Mr Barrington was a founding member of the Building Owners and Managers Association (now the Property Council of Australia), was a state and national president of that organisation, and was appointed a Life Fellow. In 1983, Mr Barrington became first chairman of the Society of Land Economists (SLE), holding the position until 1988.
Mr Barrington successfully guided the SLE to a membership of 1700 in just seven years. He served on the Australian Institute of Valuers and Land Administrators (AIVLA — previous name for the API)/SLE Amalgamation Committee and, following the merger, became the first Chairman of the National Land Economy Board of the new AIVLE. He was also a member of the Interim National Council and the National Executive of the AIVLE. Mr Barrington died in 1996 after a long battle with cancer.