Summary of Experience Flashcards
Inspection L2: Woods Green, London
I recently conducted a valuation inspection of a one-bedroom flat in Woods Green. Prior to the on-site visit, I conducted a comprehensive desktop review, which involved assessing the surrounding area and examining the property using Google Maps. I logged the property address, contact and my out-of-office time in my calendar. Additionally, I downloaded and printed the existing floor plan and ensured my laser distometer had fresh batteries.
Upon arrival I made detailed notes on access and available transport services and I took photographs of the interior and exterior to document the building’s condition. Once back at the office I promptly informed my line manager of my return and provided the Client with my detailed notes on the building.
Inspection L2: Family Centre, Hertfordshire
I conducted an annual site inspection of a Family Centre in Hertfordshire on behalf of the Client. Before departing, I ensured access to the site was arranged. I was informed that the property would be vacant, removing operational risks.
During the inspection, I thoroughly assessed both the interior and exterior of the property to evaluate its condition. I documented my observations with photographs and detailed notes. Subsequently, I compiled these findings into the Annual Inspection Report, which was submitted to the Client.
Inspection L3: Office, Cambourne
I conducted a property inspection on a vacant office before starting the marketing process. Prior to the inspection I performed a desktop survey of the property. During this process I noted the EPC was about to run out and by the time marketing commences it would be invalid. I advised the client to instruct an EPC assessor as soon as possible so we could proceed to market the property. Upon inspection I took internal and external photos for the marketing particulars.
Inspection L3: Warehouse, Western Way, Bury St Edmunds
I inspected a vacant warehouse unit before marketing it for rent and noted several issues: vandalised windows, damaged partition walls, cut electrical cables, rubbish, blocked gully gutters causing water leaks and poor external cladding. I was informed the asbestos sheet roof had been previously inspected by my Client’s internal building surveying team who recommended it be replaced due to its condition and age. Additionally, seagulls were nesting on the roof, posing a pest problem.
I advised my Client to consult a pest control company for solutions to prevent seagull nesting, such as netting. I also recommended a survey by a specialist roofing contractor to determine if patch repairs or a new roof was necessary for long-term use.
I discussed with my Client their long-term goals for the building, weighing up whether the cost of a new roof could be covered by potential increased rent or if patch repairs could suffice.
Ultimately, I recommended replacing the roof and addressing other essential repairs.
Measurement L2: Retail Units, Ely
I was instructed to conduct verification measurements for several newly constructed retail units on behalf of my Client. These units had already been pre-let and my responsibility was to ensure that their dimensions matched those outlined in the architect’s plans accurately. I used the Net Internal Area (NIA) method measurement and utilised the zoning technique.
Measurement L2: Office and Residential Units, Regents Street Cambridge
As part of an investment report, my Client instructed me to measure a building consisting of first floor office space and second and third floor residential flats. Using a distometer, I conducted measurements using the IPMS3 for the office space and Gross Internal Area (GIA) for the residential units, as per the Client’s request.
The Client provided previous measurements and floor plans, which I used to verify and cross-reference my calculations. I ensured that my calculations were accurate within the required degree of precision.
I presented these measurements to the Client, who expressed satisfaction with my work.
Valuation L2: Bracknell Close, Haringey
My Client instructed me to provide a Red Book valuation of a leasehold flat to establish its Market Value. The Client owned the freehold of the whole residential block and needed the valuation to assist in evaluating a potential acquisition.
Following the guidelines in RICS Professional Standard: Comparable Evidence in Real Estate Valuation 1st Edition (April 2023), I employed the Comparable method. I assessed both the price per sq. ft. and the Capital Value sale price to ascertain the property’s value. Utilising online and internal databases, I located comparable properties of similar size and specification within the local area. Using the Hierarchy of Evidence, I analysed these comparables and made adjustments to their values accordingly.
Valuation L2: Industrial Land, St Ives
I was asked by a retained Client to undertake a residual valuation on Industrial land in St Ives for potential acquisition. The purpose of the valuation was to sense check the land’s worth with the agents asking price. I used Argus Developer to undertake the residual valuation. I gathered recent comparable transactions which provided the sale price per sq. ft. and yield to determine the Gross Development Value (GDV). My Client provided me with build costs, which I cross checked with the Building Cost Information Service (BCIS). Some of the inputs I considered were; acquisition costs, build costs, finance costs and developer’s profit with suitable timescales for the project. Finally, I established the residual land price.
L&L L2: Milton Road Disposal, Cambridge
I was instructed by the Landlord to let a retail unit in Cambridge. The property was still let to the current Tenant who wanted to exercise their break option in February 2025. However they never took occupation of the property, leaving it effectively vacant for the past 4 years. Despite their absence, the Tenant had been paying rent, but they were reaching a stage that they would not be able to continue these payments through to February 2025. Given this situation, I recommended that I begin marketing the property immediately to secure a new lease as soon as possible to mitigate any financial loss.
To prepare the property for leasing, I first measured it using the Net Internal Area (NIA) basis and applied the zoning technique to determine the appropriate rental value. After completing the measurements and zoning analysis, I searched for comparable evidence to determine the rental value.
I proceeded to market the property, targeting potential tenants who could take a new lease promptly. This proactive approach aimed to ensure a seamless transition and minimise any financial void period for the Client.
L&L L2: Office HQ Acquisition, Milton Keynes
I represented a retained Client seeking to relocate their headquarters in Milton Keynes. With a break option approaching within the next year, they aimed to explore their relocation options discreetly. I discussed the search criteria with the Client, who emphasised the need for an off-market approach due to the impending break option and to avoid alerting their landlord about their intentions. Instead of publishing a requirement brochure, I directly contacted local agents keeping the Client’s details confidential.
In addition to leveraging online databases, I gathered intelligence from local agents to compile an availability report, which I reviewed with the Client. Based on my recommendations, the Client prioritised viewing two properties with lower rental rates. I organised these viewings and prepared an itinerary that included detailed property assessments, relevant financial data such as price per sq. ft. and availability dates.
After viewing the properties, the Client expressed a preference for one location over the other. I then requested Heads of Terms from the Landlord’s agent and discussed leasing strategies with the Client for the chosen property.
L&L L3: Café Disposal, Greenwich
I was instructed to prepare a marketing report for a café/conference space in Greenwich, which was being used by the Client for internal conferences. The report included my assessment of rental values based on recent comparables. After discussing the report with the Client and agreeing on rental levels and terms, I was authorised to begin marketing the property.
I conducted viewings and maintained regular communication with the Client by circulating bi-weekly enquiry schedules. Upon receiving a proposal offering a rental rate £2.00 per sq. ft. below the asking rent and without any rent-free period, I consulted with my Client. I recommended negotiating for a higher rental rate and offer and, as an incentive to secure the higher rent, a three-month rent-free period to assist the tenant with fit-out costs.
The Client took my advice and I negotiated the prospective tenant to £0.50 per sq. ft. off the asking price, a £1.50 per sq. ft. increase in their proposal. I proceeded to draft the Heads of Terms and instruct lawyers.
L&L L3: Former Council Depot Disposal, Bury St Edmunds
I secured an off-market pre-let for the property, intended to be a trampoline park. I was instructed by my Client to prepare Heads of Terms for an Agreement for Lease (AFL) and Lease. The property was vacant and needed repairs.
I included in the AFL a preliminary schedule of works for the Client’s building surveyors to develop further and requested the Tenant to submit their work schedule for approval. The AFL also outlined conditions for lease completion, including receipt of satisfactory planning permission and agreement to works.
To protect my Client and reduce financial risk, I negotiated a three-month rent deposit. Additionally, I ensured the lease was outside the Landlord and Tenant Act 1954, giving the Landlord the option to redevelop the site post-lease. I also included a redevelopment clause for early termination if needed.
During negotiations the prospective tenant’s agent proposed a £2.00 per sq. ft. reduction in rent. I advised my Client to stand firm and reject this reduction. Instead, I recommended offering an additional three months rent-free, extending the rent free period to a total of six months. Additionally, I negotiated a 15-year lease with a break option at year 10. Despite the agent’s request for a five-year break option, I advised my Client against accepting this proposal.
P&S L2: Plot Disposal, Soham
While representing a longstanding industrial and care home developer, I encountered a scenario where they received an unexpected offer from a supermarket operator to purchase a 1.5-acre plot within their ownership. This offer came unsolicited, as the plot had not been actively marketed for sale. Despite this, the offer was in the realm of my Client’s expectations regarding the plot’s value and potential.
Given the favourable terms presented by the supermarket operator, we made the strategic decision to proceed with their interest without initiating a formal marketing campaign. In exchange for not openly marketing the site, I negotiated a 1.25% increase in their offered price. At this point the offer was very attractive, and exceeded the Client’s expected sale value. I was instructed to draft the Heads of Terms for the sale based on the supermarket’s revised offer. This involved outlining the terms and conditions of the agreement to ensure they aligned with the developer’s objectives and planning requirements.
P&S L2: City Road, Cambridge
I was instructed to provide market and acquisition advice in respect to a self-contained office to support my Client’s bid proposal. I measured the property and researched comparable evidence to support my market appraisal. I discussed my findings and the property’s likely value with the Client. After considering my advice and through further discussions, I was instructed to submit an offer on behalf of my Client at the level I had advised.
Unfortunately my Client was not the successful purchaser. However, I have retained a good relationship and continue to work with them on other projects.
P&S L3: Land Acquisition, Milford
Upon instruction from my Client, I sought opportunities ranging from 1 to 2 acres for roadside use along high-traffic flow roads. I identified and presented ten ‘on-market’ and ten ‘off-market’ opportunities. Following evaluation, I recommended proceeding with discussions on five sites. Three landowners were receptive, with one showing particular eagerness to advance talks swiftly.
I conducted a thorough analysis of roadside and industrial land comparables to establish a price per acre. Subsequently, I conducted a development appraisal confirming the site’s alignment with these comparables. Based on this analysis, I advised my Client to offer £850,000 per acre for a 1.3-acre plot, subject to conditions.
Upon my Client’s approval I made a proposal subject to planning, tenant’s board approval and power. I communicated this offer with the landowner’s agent and drafted Heads of Terms accordingly.
