APC Submission

Question 1

Different ways you measured Corby?

Answer 1

• The rent review provisions were to be the greater of a fixed uplift, open market rent or 120% of shell rent (not fitted out).
• Measured on NIA and GIA.
• Size difference of 500 sq ft (4,100 sq ft vs 3,600 sq ft).
• Differences as a result of extensive toilet fit out (its a nursery) and plant room + services cupboard.
• Negotiations still ongoing.

Question 2

Tell me about how you measured Swindon?

Answer 2

• 5 trade counter units.
• All had different specifications.
• All had different eaves heights
• Differences including, loading doors, eaves height, new roof vs old roof, mezzanine storage, frontage, gas air blowers, suspended strip lighting, modern portal frame, painted breeze blocks, roller shutter door vs up and over door, service yard provisions, half block half cald elevations, first 2 recently refurbished, other in need of refurbishment.
• Looked at evidence to help decide rental ranges.
• different sizes ranging from 4,.5k - 13.5k sq ft

Question 3

Milton Keynes - Fast Fit?

Answer 3

-Instructed to conduct an inheritance tax valuation
- Inspected upstairs, then downstairs, then outside and lastly drove past comparables.

Question 4

Lewisham lease renewal?

Answer 4

Instructed by the landlord for a lease renewal.
- inspected to measure but also made sure to check condition of the premises - sime minor wants of repair.
- identified a mezzanine which was carried out as a tenants improvement.
- advised the tenant carried our wants of repair as part of the new lease - at tenants expense.

Question 5

Maidenhead inspection?

Answer 5

Difference in roofs, how could you tell? - google maps and taking a few steps back.
Asbestos cement sheet roof
- deal with asbestos?

Question 6

Maidenhead mezzanine floor?

Answer 6

Following CCC, I requested all lease infomration - lease - alterations etc.
Found a mezzaine - double checked with LL - they had not approved or recieved a request for any alterations.
Advised my client as per the rent review provisiosn they were able to rentalise mezzanine?

Question 7

Basingstoke valuation?

Answer 7

-Valuation of a car dealership for secured lending purposes.
- Following CCC
- Supplied with information from bank re loan amount and ltv ratios.
- Due dilligence
- conducted inspection with POC
- Followed RED BOOK
- Evidence - Hierarchy of evidence.
- Held on a long leasehold.
- Investment and comparable metod
- term and reversio approach to account for the long leasehold interest.
Ground rent is 10% of rent value of the site. 5 year reviews - next in 2021.
Profit rent at a yield and then the reversion at the same yeild due to short time period until the review.
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Question 8

Milton Keynes red book?

Answer 8

-Fast fit investment.
-Held on a lease 20 year lease with 14 years remaining.
- Rent review provisions were to RPI or Market Rent - next RR in 2026.
- Higher rent than market
- Investment and comparable methods
- adopted a yield of 5.5%
- Quality location