Summary of Experience Flashcards
What are the 6 ethical principles
Honesty
Integrity
Competence
Service
Respect
Responsibility
What are the Rules of Conduct 2021
- Members & firms must be honest, act with integrity and comply with their personal obligations, including obligations to RICS.
- Members & firms must maintain their professional competency & ensure that their services are provided by competent individuals who have the necessary expertise.
- Members & firms must provide good quality & diligent service.
- Members & firms must treat each other with respect & encourage diversity and inclusion.
- Members & firms must act in the public interest, take responsibility for their actions and act to prevent harm & maintain public confidence in their profession.
What is the RICS conflict of interest professional statement
‘RICS Global Professional Statement on Conflicts of Interest, 2017’
Camden Works - The tenant was unrepresented - What did you make them aware of
The RICS code for leasing business premises 2022
What fee did you negotiate on Eagle Tower
1%
Are you aware of any guidance around surveying safely
yes, RICS Guidance note - ‘Surveying Safely - Health & Safety principles for Property Professionals 2018’ 2nd edition.
What is the safe person concept
Individuals are responsible for their own, their colleagues and others behaviour
What is the key health & safety acts are you aware of?
What can you tell me about this act
Health & Safety at Work Act 1974
It is the duty of the employer to ensure health & safety at work of all employees
Injuries & dangerous occurrences must be reported
It is policed by The Health & Safety Executive (HSE)
What asbestos regulation can you tell me about
What can you tell me about this regulation
Asbestos Regulations 2012
The obligation is to the duty holder & employer
Management survey vs Refurbishment survey
Certificate is needed for new builds
5 steps:
1. Duty holder to assess if there is asbestos
2. Assess the risk & produce a asbestos management plan
3. Produce a asbestos register
4. Make the register available to relevant parties who may disturb it
5. Review regularly (every 6 months)
What regulation surrounds PPE
What can you tell me about this regulation
PPE at work regulation 2022
Extends the employers duty to ensure provisions of appropriate PPE for employees & contractors.
Did Eagle Tower have a asbestos management survey
Yes - They had a 2022 asbestos register
Where did you note asbestos listed in Eagle Tower?
12th floor in ceiling of womens toilet
When was Eagle Tower Built
1960’s
When was Norfolk Tower built
1970’s
What are the differences between management & company accounts
Management are fir internal uses
Company are for external use and are audited
Tell me about the Data Protection Act 2018
This is the UK’s implementation of GDPR. The act is a complete data protection system so as well as covering personal data covered by GDPR, it covers all other general data.
Tell me about GDPR
General Data Protection Regulation - it came into force in 2018 and replaces the data protection act 1998. It covers personal data.
What is the Freedom of Information Act 2000
It gives people the right to access information held by pubic bodies. Normally the public body is required to provide the information in 20 days and can charge.
Exemption if; contrary to GDPA or it would prejudice a criminal matter under investigation.
What is the Equality Act 2010?
The act consolidates discrimination law and provides a wide range of protection. The act identifies 4 types of illegal discrimination;
Direct discrimination
Indirect discrimination
Harassment
Victimisation
The act extends the requirement to make reasonable adjustments to help disabled people if they would be at a substantial disadvantage if the work was not carried out. Obstacles must be removed or reasonable means of avoiding the obstacle provided.
The test is reasonableness; effective, practicality and financial.
It covers 9 protected characteristics;
gender reassignment, sex, marriage, pregnancy, race, religion, age, disability, sexual orientation.
What is NPPF s.8
National Planning Policy Framework - promoting healthy and safe communities.
What are part M of the Building Regulations?
Cover the access & ease of use
Outline the Key MEES dates
C by 2027
B by 2030
Must register by April 2025
Must re-register by April 2028
What are the new MEES that are effective from April 2023
All leases for commercial property require a minimum EPC of E
What is the Health & Safety at Work Act 1974
Who is it policed by
It is the duty of the employer to ensure health & safety at work of all employees
Injuries & dangerous occurrences must be reported
The Health & Safety Executive (HSE)
Who was the sensitive tenant in Abbey Gardens
The Ministry of Justice
What is the difference between the RICS Property Measurement 2018 & RICS Code of measuring practice 2015.
RICS Property Measurement 2018 - incorporates IPMS and replaces the RICS Code of measuring practice 2015 for office & residential buildings.
RICS Code of measuring practice 2015 is still used for all measurements except office & resi and covers GEA, GIA & NIA.
What are the key RICS Codes & statements for measurement
RICS Property Measurement 2018 (incorporating IPMS)
RICS Code of measuring practice 2015.
St Andrews Way, Bromley by Bow - how did you measure the unit
GIA & GEA
Measured the GIA of the office element.
What relevant deductions did you make when measuring Explorer 1 &2 to NIA?
What deductions did you take away from the IPMS3?
In your SOE were the floors single or multi-let?
Any height less than 1.5 m sq
Any columns
Communal area
Balconies
Communal areas
Single let
What floor were you measuring at Explorer and what were the leasing terms?
2nf floor the tenant was Albion Rye and the rent was £25.50 psf on a 6 year term with 9 months rent free.
When you converted the area in acres to hectares on Isis business centre what was the conversion factor?
1 acre = 0.4046 hectares
What are the 5 traditional methods of valuation?
Comparable method
Income method
Profits method
Residual method
DRC / Contractors method
What does VPS stand for
Valuations Technical & Performance Standards
Which VPS are mandatory?
What does each one relate to?
VPS 1 - 5
1 - ToE
2 - Inspections, Investigations & Records
3 - Valuation reports
4 - Basis of value
5 - Valuation approaches & Methods
Is there a professional statement for comparable evidence?
Yes,
RICS professional statement: Comparable evidence in real estate valuation 2019.
Explorer 1 & 2 - When reporting on the rental valuation what did you advise?
What other comparables did you use for the Crawley Market?
I used comparable evidence from the recent deals in the building. I advised £25.50 psf for a 5 year term with 9 months rent free.
Endeavour House had achieved £27.50 on 4,000 sq ft on a 5 year term.
The Florence Building
What was your ERV ?
What was your NIY?
What were your comparables?
£27.50
6.00%
Matrix House – Letting to Conister Finance (3,838 sq ft) – December 2022 - £27.50 psf
100 Longbarn - £40.60m / 6.00% - Single le to govt. 14 yrs, RPI 2-5% purchased by Darin. Grade B office.
Building B, Bartley Wood - What were your inputs into the residual appriasal.
What was the value that could be paid?
Did this go through?
4.8 acres
£13 psf rent
£90 psf build costs
12 months void
9 months rent free
5% contingency
£500k demolition
£150k planning
10% fees
Disposal fees
4% yield
15% profit
£16m (£3.3 per acre)
No
What is the RICS Commercial Real Estate Agency 2016 statement
It covers 12 core principles;
1 - Act in an honest, fair, transparent & professional manner
2 - Carry out work with due skill, care & diligence - ensure all staff have necessary skills to carry out tasks
3 - Ensure client are provided with terms of business that are fair & clear with the firms complaints handling procedure
4 - Avoid conflicts of interest
5 - Not to discriminate unfairly in any dealings
6 - All communications with clients are fair, decent, clear & timely
7 - All advertising & marketing material is honest & truthful
8 - Any client money is held separately and covered by adequate insurance
9 - Hold appropriate PII insurance
10 - Make it clear ad the the id of your client
11 - Give realistic assessments of selling prices / rents
12 - Ensure all meetings & inspections are carried out in accordance with the clients wishes.
Elaborate on the Estates Agents Act 1979
It promotes various points such as; clarity, honesty, keeping clients money separate.
s. 18 - specify all costs/fees in advance
s. 21 - Disclosure of personal interests
At Croydon Interchange what rent did you advise?
What was the EPC?
The rent previously passing was £23 psf
Advised to do a full refurb to Cat A and then quote £35 psf.
C
V3 Viables - What was the quoting rent?
£22 psf for the part 1st . 10,000 sq ft
Greenwood Bracknell. What was the quote?
What had the tenant offered?
What did you advise?
Was the tenant advised?
Did the lease progress, what did it complete at?
£27.50 for fitted space
3 year term. £26 psf
Increase the rent & insert a 6 month penalty.
No
Yes
Windsor 1 & 2 -
What were your clients expectations ?
What did you start rental negotiations at?
How many months rent free did you give away?
£47.00 psf, looking for minimum 5 year term with 1 year rent free
£48.50 psf. 10 (5) with 12 month RF and 6 after the break
10 (5) lease. £47.25 psf with 14 months rent free with 6 after the break. Outside the act.
Travel House Crawley. Tell me about the asset.
What was your quote price?
What was your sale price?
1.3 acre site / 25,000 sq ft NIA / 21% site coverage / EPC D
£3.7m - sold for Columbia Threadneedle
£4.5m bought by council
Eastpoint Business Park. Tell me about the asset
3.6 acres / freehold / 5 buildings / 16.5 year WAULT / 75,000 sq ft
£22m quote
£29m sale price
Genesis Business Park. what level were the bids?
Why didnt you go with the top bid.
£18m - £20.9m from 6 parties
Sold at £21.5m / 8.53%
Top bid was from institutional investor
Maritime House - Explain the sale.
LLH - ££14m quote / 8.00%
Freehold - £20m / 6.5%
Sold- £19.7m / 6.7%
Ground rent was 10% of rental income in excess of £200k
Greenwood Bracknell - What space became vacant was the top up?
Displaydata a 10,800 sq ft suite. the rent was £22 psf.
Drapers Yard - What were the ESG Credentials
BREEAM ‘Very Good’
EPC B
PV’s on the roof
EV charging popints
Norfolk Tower - What was the EPC before?
What did they upgrade?
What was the new EPC?
C
LED Lights
B
Vision House, Watford - Was it viable and what was your clients profit on cost?
What was the ERV & exit yield?
Yes - 17.50%
£25 psf / 4.75%
SIlwood Ascot -Was it viable & what was your targets profit on cost?
What were your inputs?
No - 20%
£40 psf rent, £385 psf build costs, 4.25-4.5% exit yield
