Inspection Level 3 - Auction Canterbury

Question 1

Describe the property

Answer 1

Mid terrace Victorian Grade II listed retail building

over ground and 5 upper floors

exterior
- ornate facades
- turrets
- large windows
- solid brick construction

Internal
- high ceilings
- vacant with tenant fit out

Question 2

Talk me through your inspection

Answer 2

I inspected a Grade II listed mid terrace vacant retail building for the purposes of an auction sale.

I carried out due diligence prior to inspection, I checked the planning website, obtained a title plan, downloaded a location map.

I Inspected the local area, I noted that there were high levels of vacancy on the high street.

I inspected externally, I noted that the property was Victorian due to its ornate façade, large windows and turrets. I checked for any defects in the brickwork.

Internally I noted that the upper floors were unconventional layouts I also noticed an area of damp coming from the top floor.

I took photographs and notes of the inspection and advised my client that the unconventional layouts will impact the guide price of the property. I also advised that they should contact a building surveyor to further investigate the damp.

Question 3

What type of damp was it?

Answer 3

it was penetrative damp coming from the roof at top floor level from corner of internal wall.

there was damp patches on the wall, musty smell and crumbling plaster.

Question 4

Why were the floor outs unconventional layout?

Answer 4

The floors became smaller less useable sales space as the floors went up. They also contained columns which affected use ability.

Question 5

what was your advice to the client?

Answer 5

• I advised that unconventional floor layouts could impact value such as reduced income potential as tenants may not be able to utilise the space, it also reduces flexibility.
• I advised of potential strategies, such as marketing as a lower than originally suggested pricing to account for the unconventional floor layout and costs for repairs.

Question 6

What discount did you apply to your pricing?

Answer 6

I spoke to local agents regarding the upper floors which were compromised in terms of layout and condition, I applied a lower pound per square foot rate than originally priced to account for this.

Question 7

How do you market a property that has defects at auction?

Answer 7

If there were serious defects that could impact the liquidity of the property it would have to be disclosed in the marketing particulars

If it was minor issues such as damp I would be open and honest with parties who enquired about the property and encourage them to view in order to make an informed decision.