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RICS APC Commercial Pathway > Casestudy > Flashcards

Casestudy Flashcards

1
Q

What is the address of your case study?

A

30 Brookhill Road, Barnet, EN4 8SN

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2
Q

Why was the inspection date different to the valuation date?

A

The valuation was for accounts purposes - client requested that the date was the 31st January 2021

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3
Q

Are there any issues that could be associate with inspecting the property on a different date to the valuation date?

A

The property could have materially changed eg. conditions, specification
This was flagged as a limitation in the report

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4
Q

Were you competent to undertake this valuation?

A

Knowledge, Understanding, Skills

Have previous experience valuing supermarkets within greater London

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5
Q

How did you undertake the conflict of interest check?

A

Uploaded the job onto Colliers internal system. Checked to see if a colleague was or has previously been involved with the client or the property.
No conflict arose.

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6
Q

What would I have done if a conflict had arose?

A

I would assess the instruction, gather all facts and determine whether the job should be avoided or if the conflict can be managed

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7
Q

How would I have run the instruction had a conflict arisen and it could be managed?

A

I would ensure that both parties have a full understanding of the conflict and that they have all of the facts.
Would get informed consent.
Then implement the appropriate management techniques such as an information barrier

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8
Q

What do you include in Terms of Engagement for a Valuation?

A

18 compulsory parts
Identification and status of the valuer, identification of the client, identification of any other intended users, The asset, Currency, Purpose of the valuation, basis of value, Valuation Date, Extent of investigation, Nature and source of the information to be relied upon, Assumptions and special assumptions to be made, Format of the report, Restrictions for use, distribution and publication, Confirmation of Red Book G lobal/IVS Compliance, Fee Basis, Complaints Handling Procedure to be made available, Statement that the valuation may be subject to compliance by the RICS, Limitation on Liability agreed

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9
Q

What additional information would I have included in the Terms of Engagement had the valuation been for a loan security report?

A

Disclosure (any previous involvement), the extent of the investigation must state in the TOE: EPC, Flood Risk, Asbestos, Building Survey, Planning Enquiries, Demographics, Tenant covenant strength, Reinstatement, Measured Survey

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10
Q

What part of the Red Book Global covers Terms of Engagement?

A

VPS 1

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11
Q

What is Fair Value?

A

The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at a measurement date.

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12
Q

What section of the Red Book Global covers Fair Value?

A

VPGA 1, IFRS 13, FRS 102

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13
Q

What is market value?

A

The estimated amount at which an asset should be exchanged between a willing buyer and willing seller, in arms length transaction, after proper marketing period, where each parties has acted knowledgably, prudently and without compulsion

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14
Q

What is the timeline for a valuation instruction?

A

16 Steps. Receive instruction, check competence, check independence and run a conflict of interest check, issue terms of engagement, agree terms of engagement, gather information, statutory due diligence, inspect and measure, research market and assemble comparable evidence, undertake valuation, draft report, get supervisor to check report, finalise and sign report, report to client, issue invoice, ensure calculation file in good order for archiving

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15
Q

How long was the timeline for your casestudy?

A

5th January - 31st January 2021

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16
Q

What was the fee and how did you decide on it?

A

£5,000 - proportional to the scope of the work and the time requirement

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17
Q

What is the age of the building?

A

Completed in 2018

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18
Q

Did you need to be aware of any deleterious materials?

A

No evidence of deleterious materials on site

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19
Q

Did you need to be aware of any asbestos on site?

A

New building - therefore the use of asbestos was illegal - there would have been a certificate on site
If an older building I would have checked the asbestos register before undertaking the inspection

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20
Q

What would I have done if there was asbestos on site?

A

Check to see where it is on the asbestos register. Undertake the inspection as normal and be aware of where it would be located. if you think that it had been disturbed leave the building.

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21
Q

What is the current RPI Rate?

A

7.1% in November 2021 up from 4.8% in August 2021

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22
Q

What is the current CPI Rate?

A

5.15 in November 2021 up from 3.1% in August 2021

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23
Q

What was the RPI rate at the valuation date?

A

1.2% in December 2020.

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24
Q

What is the difference between RPI and CPI?

A

RPI is higher as it includes mortgage costs
RPI = measure of consumer inflation which considers the changes in the retail prices of basket of goods and services
CPI = measures the weighted average prices of baskets of goods and services consumed by a household.

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25
Q

Who would be the typical purchaser of this kind of investment?

A

Institutional investors

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26
Q

What statutory due diligence did you look at?

A

Occupational lease, tenure, planning, H&S, Fire Safety, Asbestos Report, flooding, environmental assessment, highways , business rates, use classes

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27
Q

What is the difference between an assumption and a special assumption?

A

Special Assumption = is a supposition that is taken to be true and accepted as fact even though it is not true
Assumptions = are made where it is reasonable for the valuer to accept that something is true without the need for specific investigation
Assumptions and special assumptions must be made in writing prior to accepting the instruction

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28
Q

Where in the Red Book covers special assumptions?

A

VPS 4 = Bases of value, assumptions and special assumptions

VPS 3 = special assumptions must be stated in any executive summary as well as the body of the report.

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29
Q

What are the minimum requirements for a valuation report?

A

16 compulsory sections
Identification and status of the valuer, Client and any other intended users, purpose of the valuation, identification of the asset to be valued, basis of value, valuation date, extent of investigation, nature and source of information relied upon, assumptions and special assumptions, restrictions use, distribution and publication, instruction undertaking in accordance with IVS standards, Valuation approach and reasoning, Valuation figure, Comment on market uncertainty, Statement setting out any limitations on liability that have been agreed

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30
Q

What did you notice around your property?

A

Predominantly residential, 3 local retailers, The East Barnet Royal British Legion was behind the property (similar to a village Hall), nursery north of the property

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31
Q

Was there any nearby sources of water?

A

45 meters from the property, but it is very minor. The property was in a flood zone 1 and therefore at very low risk of flooding. 1 in a 1000.

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32
Q

What kind of things were you looking for on your inspection which may have impacted value?

A

Proximity to other supermarkets, car parking, condition of the building, any defects or hazards

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33
Q

What is the closest competing centre to Barnet?

A

Sainsburys within 5 minutes

No Aldi or Lidl within a 10 minute drive time

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34
Q

If there were any competing supermarkets nearby would this have impacted value?

A

If there was an Aldi or Lidl nearby this would have impacted the market rent and yield. Increased competition

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35
Q

Why did you specifically mentioned that there was no Aldi or Lidl nearby? Could you just talk me through why? Why you mentioned that and why you thought that was a factor?

A

Affects the level of competition and demand for the store - increases value.
Affects customer demand for the store

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36
Q

Do you know the parking ratio? Is this standard for a supermarket?

A

1:250 sq ft - 64 spaces and 4 disabled

Standard for supermarkets usually range from 1: 200 - 300 sq ft

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37
Q

How did measure the property?

A

GIA

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38
Q

What is GIA?

A

Measurement from the internal face of the external wall accounting for all accommodation within the boundaries

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39
Q

Why did you measure on a GIA basis?

A

RICS Code of Measuring Practise 2015

Standard Practise for supermarkets

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40
Q

What is the difference between GIA and NIA?

A

GIA includes: lift wells, mezzanine that is permanently accessible, loading bays, storage cupboards, columns, WCS
NIA excludes: WCs, plant and lift rooms, stairwells, electrical cupboards, less than 1.5m in height, cleaners room

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41
Q

How would you measure the offices within a supermarket?

A

GIA

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42
Q

What was the size of the property?

A

15,771 sq ft
Retail = 11,375 sq ft
Store Area = 4,396

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43
Q

What was the construction of the property?

A

Single-storey steel frame construction with red brick walls and profile metal sheeting under a flat roof. The building has full-height double glazer frontage. Internally the building has a large sales area, dedicated storage, office accommodation and WCS. The service yard is separated from the customer car park by a fenced wall

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44
Q

What is the hierarchy of Evidence?

A

The relative weight attached to different types of evidence
Category A = Directly Comparable
Category B = General Market Knowledge
Category C = Other Asset Types

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45
Q

What would you rank higher a lease renewal or a rent review?

A

A lease renewal - closer to an open market letting.

Rent reviews are typically upwards only

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46
Q

What is typically considered under category A?

A

Subject Property
Transactions nearby of similar property types – for which information is available
Similar transactions but missing information
Offers but not contracted
Lease renewals
Rent reviews
Asking prices

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47
Q

What would you consider when analysing comparable evidence?

A

Rent free, rent reviews, lease length, condition of property, specification, covenant

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48
Q

If a property is sold or let in this case two years before, how would you compare that?

A

Given the shortage of supply of evidence for supermarkets I would still consider it but would not weight it as highly as a supermarket transacting today

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49
Q

Did you apply a separate rent to the sales area to what you did to the store area?

A

No - applied the same rent. Consistent with the market approach for supermarkets

50
Q

What are the current lease terms of the property?

A

let to Aldi on a 20 year FRI lease from the 15th November 2018 subject to a tenant only break option on the 14th November 2033. The current passing rent is £435,000 pa (£27.58 psf). 5 yearly RPI rent reviews subject to a collar and cap of 1-3% pa compounded

51
Q

What is Aldi’s covenant strength?

A

Creditsafe = A - 100

52
Q

Your comparable evidence is over a year old and pre-Covid 19 do you think this may impact how much you can rely on this evidence?

A

Given that they are supermarkets which have remained resilient to Covid- 19 and the lack of available evidence - they are still relevant

53
Q

How would you change your valuation approach to analysing ERV change if the rent reviews were to the higher of OMV or RPI?

A

Would still look at OML for comparable evidence. However, valuation approach would change to term and reversion or hardcore or layer.

54
Q

Why are discount supermarket rents sometimes falsely inflated?

A

Due to the high level of demand and level of competition for a specific store

55
Q

You identified 3 rental comparable, which of those did you deem the most similar?

A

Lidl, Weybridge

56
Q

Talk me through your Lidl, Weybridge rental comparable?

A

Lidl let the 15,055 sq ft unit in December 2019 for a 25 year term at a rent of £31.25 psf subject to RPI reviews with a C&C of 1 -3%.
Former Mothercare unit - that had been comprehensively refurbished for Lidl including a new glass frontage.
Situated on a retail park with competing stores including Tesco and M&S
83 car parking spaces = 1:181 sq ft

57
Q

How does Lidl Weybridge compare to Aldi Barnet?

A

Longer lease - 20 years term certain
Higher rent = £31.25 psf vs £27.58 psf
Same RR provisions
Similar specification - both being developed / comprehensively refurbished
Weybridge is better than Barnet - more affluent
Lidl is located on a retail park - more desirable location has a higher footfall.
Better car parking ratio. 1:181 vs 1:250.

58
Q

Talk me through your Aldi, Watford rental comparable

A

Aldi let the 20,000 sq ft unit in November 2019 on a 20 year term at £25.00 psf with RPI reviews with a C&C of 1 - 3%.
Worse specification - second hand retail space in a terrace of 5 units.
Former toys r us unit

59
Q

How does Aldi Watford compare to Aldi Barnet?

A

Same covenant
Same RR provisions
Cheaper rent = £25 vs £27.58 psf
Worse specification - 2nd hand in a terrace of 5 units
Watford better location and better micro location being on a retail park

60
Q

Talk me through your M&S Southgate rental comparable?

A 
Reversionary lease - M&S have been in occupation since 2000 expiring in 2025. July 2020 M&S have signed a reversionary lease for 25 years expiring 2045.
£480,000 pa reflecting £27.23 psf. 
17,630 sq ft  
Older building 
Lease Renewal
61
Q

How does M&S Southgate compare to Aldi Barnet?

A 
Lease Renewal vs OML - less reliant 
Inferior specification 
Better micro location 
Worse car parking ratio 
Same RR provisions 
£27.23 psf vs £27.58 psf - expect some growth at SP.
62
Q

Talk me through the self generated evidence at the subject property?

A

November 2018 letting to be slightly historic. Limited evidence since.
Some rental growth would have happened occurred since.
Conservative estimate of £28.50 psf for an ERV

63
Q

What was the Market Rent for the Valuation?

A

£449,500 per annum = £28.50 psf

64
Q

How can you be so precise that the property is 3.33% overrented?

A

This is based on market assumptions and what is an applicable ERV

65
Q

What level of inflation did you assume for your RPI calculations?

A

1% per annum

66
Q

Did you just assume 1% per annum from 2018 - 2023? Why when you would have had 2 / 3 years of documented exact figures?

A

At the time of valuation the RPI index was 1.2%. Given that we were in a tight lockdown and the level of uncertainty in the market it was appropriate to adopt the worst case scenario.

67
Q

If you were to do the RPI valuation today would you do it differently?

A

Yes - given that RPI is currently at 7.1% and we have 3 full years of figures it is not realistic to assume that it will have only been 1% for the full 5 years

68
Q

How would your valuation have changed if the asset had OMV reviews?

A

Given the property was reversionary – would have adopted the term and reversion approach

69
Q

If you had included letting voids within your valuation how would you have decided on how long?

A

Used comparable evidence. 12 months void and 9 months rent free

70
Q

There is a break option in 2033 - how did you account for this in your valuation?

A

Valued the property on the assumption that the break would be exercised

71
Q

Was it a tenant only break option?

A

Yes

72
Q

Why was the initial yield approach the standard approach for supermarkets? Why is this?

A

Value the day 1 income.
Long income not accounting for voids
Value on a headline basis as market rent is not being activate until 2033
Comparing like for like assets as all comparables being subject to RPI uplifts

73
Q

When would you value a supermarket in a different way?

A

There were RR to OMV
Lease expiry was approaching
If the rent review was within less than 2 years

74
Q

Did you consider any other method?

A

Considered the hardcore and layer approach to account for each individual uplift

75
Q

Talk me through your M&S Southgate investment comparable?

A

Sold in January 2021 for £12.70m at a NIY of 3.54%
24 years unexpired with 5 yearly RPI reviews 1-3%
North london - similar rental profile
Similar
Older and worse specification - constructed 2000
Better mico location - commercial hub
Key difference lease term 24 vs 12.75. 20 bps differential - applicable given the worse specification

76
Q

Talk me through your Sainsbury’s, East Barnet investment comparable?

A

Sold in Jan 2020 for £51.10m at a NIY of 3.57%.
15 years remaining - RPI 2.5% - 3.5%
Same location - opposite station
Larger store
Longer unexpired term
Different RPI C&C
Lower yield for micro location, size, lease term

77
Q

Talk me through your Aldi, Romford investment comparable?

A

Sol in Sept 2018. £11.00m at a NIY of 3.45%
20,732 sq ft
24.50 years remaining RPI 1-3%
Built in 2007 - older
Same covenant
East london - inferior location but better micro being on a retail park.
Lower yield for length of lease term

78
Q

Talk me through your Aldi, Wirral Investment comparable?

A 
Sold Dec 2020 for £6.10m at 4.15%. 
18,947 sq ft 
14.80 years to break 
RPI reviews 1% - 2.5% 
New - purpose built for Aldi 
Worse location
79
Q

Why have you only applied a 25 bps discount to your key investment comparables?

A

Longer lease terms with an additional 12 years of income but both Southgate and Romford are older buildings
Southgate constructed in 2000 – worse specification, no glass frontage, suffered from greater supermarket competition with the ASDA nearby and weaker covenant M&S, worse car parking of 1:327 sq ft
Romford constructed in 2007 worse location Romford.
Compared to Aldi in Wirral which had 15 years term certain – viewed the property having 35bps premium for being in Greater London as appropriate. 2.5% cap on RPI

80
Q

What is the Fair Value

A

£10,870,000

81
Q

What are the IY, RY, EY?

A 
IY = 3.75% 
RY = 3.86% 
EY = 3.88%
82
Q

Why is the EY higher than the Initial Yield?

A

The rent in the future is going to go above the market rent before reverting back

83
Q

If the next uplift was a year away would you still use the NIY?

A

Most likely value on a hardcore and layer approach

84
Q

What did your running yield look like? What did it go to in 2023/2028 etc?

A 
2023 = 4.08% 
2028 = 4.30% 
2033 = 3.97% when it reverts to market rent
85
Q

Why is it important to look at the running yield?

A

To see where the yield goes to at the RPI rent reviews

86
Q

What is the running yield?

A

Running yield is the annual income on an investment divided by its current market value

87
Q

What incentive was given to Aldi when they first took the lease? What about your Romford comparable of M&S Southgate or LIDL?

A

Subject Property - 6 month rent free at the start of the lease
Lidl, Weybridge – 9 months’ rent free – December 2019
Aldi, Century Retail Park – 8 months rent free from January 2020
M&S, Southgate – lease renewal – July 2020 – less weight £27.25 psf
Aldi, Romford – Reversionary Lease – April 2018 – Does not come in to place until December 2022 – No rent free on the new lease

88
Q

Why did you adopt 9 months rent free?

A

In line with comparable evidence

89
Q

Why did you not factor in L&L and rates into your VP valuation?

A

Applied this implicitly in the yield. 50bps differential and 25 bps for L&L and rates. Have been conservative on rent free and voids given that there is strong demand for the store

90
Q

What yield did you use for your VP valuation?

A

4.50%

91
Q

What tenants would be keen for this store?

A

Lidl

92
Q

Was 75 bps an appropriate discount?

A

Given the strong demand from supermarket operators and the knowledge that Lidl have an existing requirement.
Verified with in house supermarket team
75 bps is an appropriate discount

93
Q

You have RPI rent reviews what other types can you get?

A

OMV, fixed, CPI

94
Q

How did you go about getting your comparables?

A

Costar, EGI Radius, speaking to our inhouse supermarkets team

95
Q

Are there any circumstances when you don’t pay for stamp duty?

A

SPV, JPUT

96
Q

Please could you talk me through the inspection of your casestudy and how you conducted yourself?

A
  1. Personal Safety - COVID proforma / risk assessment / PPE
  2. Local Area
  3. External
  4. Internal
97
Q

In undertaking your inspection, what pieces of RICS documentation did you have in mind?

A

RICS Surveying Safely, 2018
Health and Safety at Work Act, 1974
RICS Code of Measuring Practice 2015

98
Q

In what ways did you property adhere to relevant government legislation?

A

Equality Act 2010 - flat entrance, disabled car parking space, automatic doors

99
Q

When was the foodstore built?

A

2018

100
Q

Was there any contamination on site?

A

No

101
Q

How did you know there was no contamination on site?

A

The building was recently constructed - looked at the surveys
Did not appear any on inspection - not a specialist - advise for specialist help
Look at previous use of site

102
Q

What was the internal specification of the property?

A

Concrete floor and plastic coating, open grid suspended ceilings finished with ceilings tiles, Recessed diffused halogen strip lighting plus additional spot lighting along the aisle, plastered and painted walls, air conditioning
Storage = profiled metal sheeting with suspended strip lighting and exposed services suspended on metal trunking. Eaves of 4.05 m. Breeze block walls, concrete floors, large chillers

103
Q

How did you know the property was Freehold?

A

Told by the client

Looked up on Land Registry

104
Q

Have you ever come across a Report on Title? – What is the purpose of a RoT and what does it typically include?

A 
Restrictive Covenants 
Easements 
Freehold 
Leaseholders 
Occupational Leases
105
Q

What is an Onerous Covenant?

A

The right that a third party has over the land

eg. Right of light

106
Q

What other documents would you find on Land Registry?

A

Title plan
Leases
Deed

107
Q

What is a Deed?

A

Paper documents showing the chain of ownership for land and property. Used for a change of ownership. Also used when a lease is over 7 years.

108
Q

Was the loading bay included in your GIA measurement?

A

Yes

109
Q

Why did you not measure on a IPMS basis?

A

Has not been made effective for retail yet. Code of Measuring Practice 2015 is still standard practise for supermarkets

110
Q

You reported you valuation on the basis of Fair Value, what is the difference between FV and MV?
Who can rely on an accounts valuation?

A

Shareholders

111
Q

How did you conduct a conflict of interest check for personal conflicts, does that get flagged in your system?

A

Checked that no colleague or team working on the project had a personal relationship or connection with the property or client

112
Q

How can you be sure that there isn’t a personal conflict then when you accept an instruction?

A

Personal conflicts have to be disclosed - Sect 21 Estate Agency Act 1979.
In order to comply with the RICS Professional and Ethical Standards 2015

113
Q

Why did you assume that the tenant would exercise the break?

A

Hard to predict future - you only know what is happening today
Therefore valued on the assumption of the known term certain

114
Q

If the break was so far in the future, why did you not capitalise the income into perpetuity? You say that you did not adopt any voids but you assumed that the break would be exercised – how does that add up?

A

Valued on the initial yield - therefore into perpetuity

The break is too far away to account for

115
Q

What is a hypothetical term?

A

Hypothetical Lease means the lease by which the Premises will be assumed to be let at the Relevant Review Date.

116
Q

What is an initial yield?

A

Current income divided by the current price

117
Q

What were the standard purchaser costs that you deducted?

A

Stamp Duty, Legal and Agency Fees

118
Q

You have experience of working in pretty low interest rates, how would it affect your industry if interest rates increased?

A

More expensive borrowing
Property as an alternative asset would look less attractive when compared to a bond with the interest rate rising - especially when looking at industrial when prime yields have fallen below 3%

119
Q

VP Valuation - You say that the letting market for supermarkets is very strong, why did you select a 12 month letting void?

A

Still takes time to go out and market and to sign a lease

120
Q

You say that you deferred the income to reflect time value of money, how did you do this?

A

The PV Formula

Future Value x (1/(1+r)^t)

RICS APC Commercial Pathway (19 decks)

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