Level Two - Example One (Norwich)

Question 1

What were your main responsibilities in this instruction?

Answer 1

To provide my opinion on Market Rent, Market Value and Market Value on Special Assumption of Vacant Possession.

Question 2

How did you check you were competent?

Answer 2

SUK (skills understanding and knowledge) – consider this myself, would potentially ask for a second opinion. Then if not, refer to the RICS find a surveyor service.

Confident I had the appropriate skills, understanding and knowledge as I had valued an industrial unit before.

Question 3

Did you measure on any other basis?

Answer 3

No, because it was not requested by the client.

Question 4

What particular elements of the specification did you note down that would impact value? How do these impact value?

Answer 4

• Generally, the property was in good condition with fair wear and tear – not a detrimental impact on the property.
• Eaves height of 3.7m (10,147 sq ft)

Question 5

Why did you adopt the investment method?

Answer 5

Given that the property was income producing and let to a reasonable covenant who was unlikely to default.
Other methods less relevant

Question 6

What is GIA?

Answer 6

The whole internal area of the unit

Question 7

What did you include and exclude?

Answer 7

Include:
WCs
Stairs

Exclude:
Canopy

Question 8

What is the specification?

Answer 8

• Steel portal frame
• Brick with plastic-coated steel cladding
• Double glazed aluminium framed windows
• 18 spaces
• Tarmac
• Eaves – 3.7m
• Power floated screed finishes to concrete floors.
• Metal framed staircase to light-weight mezzanine offices.

Question 9

What was the condition like?

Question 10

What were you looking for (spec) when trying to arrive at your opinion of Market Rent?

Answer 10

Eaves Height
Site Coverage

Question 11

Why did you adopt the investment method of valuation?

Answer 11

• Fully let and income producing
• Would be attractive to investors.