Level 3 - Retail Flashcards
Tell me about your retail inspection in Bristol?
Point 1 – I inspected a high-street bank for valuation purposes, noting specification that can drive value
Point 2 – I analysed the micro-location to understand demand and supply in the area, and noted the exterior specification of the property
Point 3 – I noted the internal specification and advised my client on the ITZA
Tell me about the property?
It was a 3 storey building
c.4,000 sq ft
Hard frontage retail property
Good prominence and located in a good high street location
Pitched roof
Terrace of period buildings
Steps and wheelchair elevator into the premises
Why is position and surrounding location important for retail?
Footfall for passers by
Any obstructions or if it is a secondary pitch
other occupiers usage
Tell me about the micro location
Located on a high street within a residential suburb of Bristol
It was situated just off a roundabout, with competitors in the neighbouring units
It has high street names located along the same road
Good pavement size but not pedestrianised
Some marketing signs in nearby shops - poor covenant tenants
Why is prominence important?
Footfall attractiveness for passers by
What is the significance of marketing boards on inspection?
I can identify what the demand and supply levels are like in the market
make adjustments from the vacant units to my property to understand why vacant
Enquire with local agents about interest to determine demand for this location
Comparisons in prominence and location
What is hard frontage?
Hard frontage is made of stone or brick
I.e. cannot be seen through / cannot be easily adapted by tenant
Security factor - banks often have them
What is soft frontage?
Façade that is more flexible and adaptable and can create different openings with little disruption
What is return frontage?
Multiple frontages that goes around a corner
High visibility from pedestrians and more footfall
Valuable feature in retail
What is recessed frontage?
A frontage of the property that is set back from the main building
May be an entrance that is set back from windows
What accessibility features were there to note from your inspection?
The property had a flat entrance, with then steps and a wheelchair elevator to navigate steps
This was a tenant fit out however
What was the use above the shop?
It was for storage and staff facilities
Why does use above shop matter?
It may influence value
If it were flats, this would bring an income and value
It may be used as sale space and therefore would need to be considered in valuation
What was the rental tone?
What is ITZA?
In Terms of Zone A
