Valuation and Appraisal: Briefing for Assignments One and Two
ASSIGNMENT 1
This assessment has been designed to replicate key elements of a typical valuation project including initial inspection, critical analysis of rental evidence and defence of an opinion of value.
Assignment 1 is to be undertaken in your allocated groups. Students should select their groups by the end of week 4.
Working in your groups, you are to inspect and measure an office suite and calculate the area based on IPMS3 for Offices (RICS Property Measurement (2nd Edition), 2018).
Using the property details acquired during the inspection, and further research, you are to estimate the Market Rent of the suite at the date of inspection.
The subject property will be a single floor of 1 New York Street, Manchester M1 4HN.
As a group, you should develop a 1,000 word report, plus an annotated plan, to
communicate your findings about the property. You should address the following issues:
1. Area of the office suite – provide an annotated plan
2. Market Rent – report containing definition and selection, analysis and application of comparable evidence
ASSIGNMENT 2
Assignment 2 is an individual valuation report of no more than 2,000 words.
You have received written instructions from Bridgeford Street Investments Ltd. to provide a Red Book-compliant valuation report of an industrial investment, the details of which are outlined below. Your client wishes to know the value for a proposed sale of the entire portfolio.
For the purposes of this assignment you should assume that the location of the investment is somewhere in the UK; you can choose the specific location. Where necessary, you can make assumptions but they should be clearly stated.
Your client, Bridgeford Street Investments Ltd., own the freehold of the following
properties:
3 x Industrial Units located in one bank/terrace of units
The industrial units are known as Units 1 to 3 West Way
Details:
Industrial Tenant Lease Rent pa Notes
Unit 1 Bob’s Tools 5 years £12,500 FRI terms
Let 2.5 years ago
No rent review
Gross Internal Area: 250sq m
Unit 2 Retrofit Ltd. 10 years £11,500 FRI terms
Let 3.0 years ago
Rent review to Market Rent in year 5
Gross Internal Area: 300sq m
Unit 3 Sport Fit Ltd. 5 years £12,125 FRI terms
Let 2 months ago
