Technical Competencies Flashcards
Inspection: Recreational Centre, Aldermaston - Property Management
Purpose:
Document condition of the property and advise on action required for lease renewal.
Actions:
- Complex of buildings reaching end of life and required investment.
- Arranged to be escorted by occupier to discuss condition.
- Photographed peeling paint and cracks in ceiling, water stains on floor and ceiling.
- Recognised penetrating damp likely caused by defect of flat roof.
ADVICE
Advised client that property was in a poor condition and that flat roof defect was making part of the property unsafe. Advised this area should be closed and secured until it was assessed. Advised outside of competence and to appoint a building surveyor to understand timelines and costs for works.
Inspection: Residential at Keogh - Rent Review
Purpose:
Five Yearly Rent Review Exercise
Actions:
- Read the Lease for assumptions and disregards. Assumption of proximate car parking facilities being available. Disregard that property is within a controlled perimeter.
- Desktop research to understand the socio-economic standing, flood risk, crime rates, EPC of D and impact on value.
- External inspection to understand size/number of bedrooms, car parking arrangements, garden size.
- Internal inspection to understand fixtures and fittings required modernising including bathrooms and kitchen. Photographs for records.
ADVICE
Fixtures and fittings were outdated and basic which would impact Market Rent. Location was desirable, property was larger than most comparables. Advised it would achieve a Market Rent in the mid-range of my comparables.
Measurement: Office, Sandhurst - Asset Measurement
Purpose:
Carry out measurements for a potential refurbishment and planning for smarter working requirements.
Actions:
- Measured to IPMS 3 Office and NIA.
- Dual reported.
- Two separate plans to annotate the differences and made a note of the common terms and exclusions that applied to each measurement basis.
Measurement: Dog Daycare, Abingdon - Valuation
Purpose:
Measured for the purpose of a dog daycare valuation.
Actions:
- Measured to NIA using floor plans to annotate as I took measurements.
- Disto laser, carrying out measurements twice for consistency.
- Calculated measurements whilst on site to avoid missing any.
- Uploaded measurements and calculations for records.
- Wrote up valuation report.
Valuation: Feltham Residual Valuation
Purpose:
Residual valuation of sizeable development opportunity inhouse. Provide accurate proposition of Market Value.
Actions:
- Special assumption that planning consent would be achieved for a solely residential scheme.
- Inspected site making note of the access, building conditions and size, topography.
- Desktop research to find suitable scheme for the site.
- London Housing Market was strong despite increasing interest rates at the time.
- Comparable evidence to find the Gross Development Value (GDV).
- Sourced demolition and build costs from BCIS.
- Assumptions of marketing fees, professional fees, finance, developers profit, contingencies.
- Costs deducted from GDV to provide Market Value of land.
- Red Book Report, compliance with PS 1-2 mandatory. VPS 1-5 did not apply as valuation was for internal purposes.
Valuation: Office, Northolt - Comparable Valuation
Purpose:
Market Rent valuation of 2nd floor room in office block.
Actions:
- Inspected property making notes of factors considered at valuation.
- Property was old and lacked modernisation. Access and facilities shared by other occupiers.
- Location in Greater London meant comparables mainly high street offices above shops or in small buildings. Values vary greatly in London so radius of under 3 miles.
- Costar and Rightmove and some internal databases from site. Verified all.
- Benefits of security of the site, disadvantages of access and low office spec.
- Most recent evidence was close but newer build.
- Downward adjustment based on condition and spec to arrive at assessment of MR.
Landlord and Tenant: Office Rent Review - Andover
Purpose:
Open market rent review on a 25 year lease.
Actions:
- Understood assumptions and disregards, hypothetical lease terms, and time was not of the essence.
- Made client aware of ADR mechanism being arbitrator or expert determination.
ADVICE
Commercial contract meant that the tenant could recharge the rent plus 8%. Decision made not to implement the rent review as market showed it had increased. Left rent review open. Shows that factors outside of the market can impact on the strategic decisions.
Landlord and Tenant: Sandhurst - New Lease
Purpose:
Agree terms for new lease to the scout association who were currently protected by the 1954 Act, and were holding over for a number of years.
Actions:
- Desktop research and site inspection.
- Appointed solicitors to conduct new lease and followed stat dec route to exclude it from the Act. No notices were required to be served as both parties had agreed to enter new lease.
ADVICE
Advised client to negotiate contracting out the 1954 Act to provide the flexibility required and prevent future liability for compensation. Would have to be done via negotiation to avoid this. Willing to grant 21 year lease to provide longevity for tenant.
Leasing and Letting: Hair Salon, Worthy Down - New Letting
Purpose:
New letting of the hair salon at Worthy Down.
Actions:
- Understood the complex background i.e., previous lease had been surrendered due to an accumulation of debt and an unwillingness to provide the services required by my client.
- Premises restricted clientele due to no public access.
- Undertook review of the potential tenants.
- Negotiated terms and proceeded with the lease.
ADVICE
Advised client that terms needed to be transparent about flexibility and qualifications required. Advised a mutual break option would be sensible to prevent rent arrears from occurring again. Advised that Army welfare team should be responsible for marketing to find a suitable tenant. Advised that potential rent free periods or stepped rent could be negotiated if required.
Leasing and Letting: Land and Buildings at Upavon - New Letting
Purpose:
New lease negotiation for tenant that had been on a Tenancy at Will since 2011.
Actions:
- Carried out measurements and inspection recording occupation on site.
- Negotiated complex terms.
- Proceed subject to legal entity matter concluding, and subject to contract.
ADVICE
Advised my client that they should not enter into the lease with the tenant until they had become a registered legal entity as otherwise the individual would be personally liable. Advised that my client seek maintenance charges for the upkeep of the airfield. Advised that there should be a military break clause should an emergency be declared.
Data Management: Data Storage System
Purpose:
Advice on data storage systems and business filing systems i.e. SharePoint.
ADVICE
I advised my clients through a working group on how folders should be set up effectively. I have become a superuser on the site and advised on best practice for record keeping and how best to search on the database for records they are seeking. I control who can access the site and ensure this is kept to the relevant personnel to protect the data.
Data Management: New IT Interface
Purpose:
Development of a new interface for IMS called ELMA.
ADVICE
I advised software developers on the information required to be captured in the app and helped create solutions to record more useful data. Advised that one of the fields used for capturing the permitted use needed to be reduced in numbers to allow more accurate benchmarking data. I advised this could be used as a comparable evidence tool.
SREC: SFA in South Cerney
Purpose:
Produce data that would aid prioritisation of funds across the wider SFA Estate assessing against the options of retain or replace and best value for money.
Actions:
- Used an Excel modelling sheet with a built-in rating system to assess quality of location and quality of house.
- Inspected site and used desktop research to pull data from various sources for input into the model.
- Calculated a score against a set of benchmarks for the options of Retain and Upgrade, Demolish and Rebuild, Build, Buy and Build, and Buy.
ADVICE
I led a presentation to review the scores given and open discussion for any changes required. I presented and justified my advice to my client which strategically contributed to the live aspect of the MOD objective of optimisation.
SREC: EMP - Estate Strategy
Purpose:
Worked towards the EMP for Middle Wallop to produce future planning on how the military will utilise a sites infrastructure.
Actions:
- Presented data on proposed infrastructure projects to my client during stakeholder engagement sessions to discuss prioritisation.
- Matters ranged from must do to could do. Must do were statutory compliance risks or issues.
- Identified the repair of the runway and dispersal areas, and improvements to SLA as ‘must do’ as stat compliance risks.
ADVICE
Presented data as a table for input into the EMP to make the recommendation and justify the prioritisation. Forecasted expenditure as part of the report in the short to medium term. Advised client to undertake formal reviews to ensure alignment with financial and delivery timelines to reduce the impact on military capabiltiy.
