Inspection Level 2 - Resi development

Question 1

Describe the property

Answer 1

Situated in High Holborn
Property was entirely stripped out and under construction

Nineteenth century self contained office building over ground and 3 upper floors

construction was solid red brickwork, ornate facade, iron railings, timber casement windows
at time of inspection strip out works had taken place behind facade

Question 2

talk me through your inspection of the property

Answer 2

I undertook an inspection of a vacant office building that had planning permission to covert into 9 residential flats for valuation purposes.

I undertook due diligence before the inspection, I had a copy of the title plan, location map, I checked if the building was listed and had reference to the planning consent.

I arranged access with the site manager and confirmed they could provide me with the correct PPE on site.

I carried out an inspection of the local area and noted down transportation links and nearby developments that had recently completed for comparable evidence.

I carried out an external inspection of the property I noticed the complexity of the building location for access during development.

I carried out an internal inspection of the property, I noted that the property was in poor condition and would require complete refurbishment in order to become habitable. I noted the site had been secured and demolition works were due to take place behind the facade.

Question 3

Why was the building location complex?

Answer 3

two buildings either side and to the rear, would make demolition and labour more expensive due to restricted access.

Question 4

in what ways might the stage of construction impact your valuation assessment?

Answer 4

early stages - valuation based on plans, specification provided. The report contained Market Value on the special assumption that the proposed development was complete.

later stages - as the project is nearer completion valuation will become more precise.

Question 5

What information were you seeking when you asked the construction team for relevant details regarding the development?

Answer 5

construction timeline - to help understand time frames and stage of construction. I established that demolition was due to take place behind the facade.

Building boundaries - accurate assessment of the site.