WHAT DO ALL THESE FIGURES MEAN? - valuation and measurement explained

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1 WHAT DO ALL THESE FIGURES MEAN? - valuation and measurement explained by Torquil Gyngell FRICS MCIArb Hargreaves Newberry Gyngell (HNG) Torquil Gyngell is a fellow of the Royal Institution of Chartered Surveyors, a member of the Chartered Institute of Arbitrators and an accredited mediator. He is a senior director in Hargreaves Newberry Gyngell. His principal areas of responsibility relate to landlord and tenant matters. In his capacity as negotiator and expert witness, he regularly acts in disputes on such matters as rent reviews, lease renewals and dilapidations valuations under S.18 of the Landlord & Tenant Act He also received appointments in respect of cases of alleged negligence by Chartered Surveyors, solicitors and others. He has frequently attended Arbitration Hearings in the capacity of an Expert Witness or in the capacity of an Arbitrator. He has also attended Court in the capacity of an Expert Witness. Torquil regularly takes appointments from the Royal Institution of Chartered Surveyors as Arbitrator or as Independent Expert. In addition, he receives appointments from the Law Society and privately from the parties. Primarily, his work relates to matters in London and the Home Counties, but has dealt with disputes in the Ukraine, Russia, Gibraltar, Guernsey and the Republic of Ireland. He is one of a small number of surveyors who is appointed by the RICS to train new Arbitrators and Independent Experts, and he sits on the re-assessment panels for existing Arbitrators and Independent Experts. Torquil was President of the Arbrix Club which is responsible for providing CPD to existing Arbitrators and Independent Experts. In addition, he is a frequent lecturer on rent review, arbitrations and other landlord and tenant matters. He has lectured for the Commercial Bar Association and presented a Blundell Memorial Lecture on tenant break clauses. In addition, he was a Chairman of the RICS Disciplinary and Appeals Boards for approximately 10 years. HARGREAVES NEWBERRY GYNGELL 3 rd Floor, 7-10 Chandos Street London W1G 9DQ Tel: Fax:

2 WHAT DO ALL THESE FIGURES MEAN? valuation and measurement explained The vast majority of valuations are prepared using the comparison method, i.e. valuing land or buildings by reference to open market transactions, agreed values (e.g. at rent review) or determined values. Given that only very rarely are two buildings identical, then it is necessary to find a common unit of comparison that is a value per square metre/square foot. This, in turn, relies upon a common method of measurement. Hence, we must first understand how the buildings are measured. 1. Measurement Not all buildings are measured in the same way and sometimes the same building can be measured different ways for different purposes. There is, however, a codified method of measurement the RICS Code of Measuring Practice. This provides three core definitions: i) Gross External Area (GEA) the area of a building measured externally at each floor level used for residential insurance, Council Tax for houses and bungalows and Town Planning. (ii) Gross Internal Area (GIA) the area of a building measured to the internal face of the perimeter walls at each level used for department and variety stores, food superstores, industrial buildings, retail warehouses, new homes for development purposes and warehouses. (iii) Net Internal Area (NIA) the usable area within a building measured to the internal face of the perimeter walls at each level used for most business uses (except those mentioned above) i.e. offices, shops, restaurants, clubs, etc.

3 Apart from the three core definitions, there are other specials, e.g. (a) Shops these are usually zoned in 6 metre (20 ft) zones from the frontage to recognise that the area fronting the street is the most valuable; (b) Large, high eaves warehouses can be measured by their cubic content, given that they will be racked out and their volume will be important. (c) Leisure properties many properties used for leisure are valued having regard to their trading potential, e.g: Hotels room rate Restaurants and night clubs profits method Petrol filling stations throughput 2. Rental Value When assessing the rental value, the context of the valuation can affect the answer or the correct rental value: (a) A Red Book valuation Market Rent is defined as assuming appropriate lease terms. What does this mean if the property is vacant? What lease length should be assumed? The one that secures the highest rent? (b) A Rent Review this will normally assume a stated lease length whether or not it produces the highest rent. (c) For Lease Renewal under the Landlord & Tenant Act 1954, the Market Rent is defined. It does not allow for a fit out rent-free period to be ignored (unlike most rent reviews). If a rental valuation is being carried out, then all three of the above examples could produce a different answer. 2

4 There is also a hierarchy of comparable evidence where more weight is given to some rental evidence than others: Open market lettings Agreed lease renewal Agreed rent reviews An Independent Expert Determination An Arbitrator s Award A decision from the Court Account must also be had to what really happens on the open market, i.e. a headline rent is agreed and a rent-free period is granted. This leads to debate as to how to deal with (decapitalise) the rent-free period to arrive at a day one rent or Net Effective Rent (NER) for it is this which is the Rental Value for most purposes. Rent-free periods usually have two elements: The fit out element The incentive or market element And only the incentive element is decapitalised, but: How long is the fit out element? Over what period does one decapitalise? How does one decapitalise straight line or DCF? 3. Capital or Freehold Value There is (can be) a difference is the capital value of a building if it is vacant or tenanted. 3

5 (i) A vacant building here one might be valuing for its development potential, i.e. after major works or a change of use. In this case, a development appraisal will produce the capital value taking risks, costs and time into account. Alternatively, it may be that one is simply looking to let the building, as is, and the value will largely depend upon the anticipated income flow, and when it might be achieved. (ii) An occupied (tenanted) building here the valuation seeks to reflect the anticipated income flow. This approach assesses the relationship between the price paid by a buyer and the expected income flow. This is expressed as the multiplier or YIELD. The higher the anticipated growth, the higher the multiplier, and the lower the yield hence 2% yield on Bond Street assuming that the capital value is 50X earnings. Yields also vary to reflect actual or anticipated income. The All Risks Yield reflects the value of future income by looking at matters such as value stability, potential rental growth, covenant strength, potential capital growth, etc. There can also be special circumstances valuations, e.g. a valuation under S.18 of the LPA1927 when there are set assumptions as to repair and disrepair. 4. Experts Reports How does one decide if an Expert has produced a good Report? The matters I look for include: Is he/she qualified by experience to provide the Report of that type, on that property, in that location? 4

6 Does it consider all the evidence available, whether it help their case or hinders it? Can the Expert identify where the weak areas are? Can he/she estimate the range in which the decision maker might decide? Does it tell a story leading to a conclusion? Or are there gaps in the logical progression to the answer, i.e. do you ask yourself why? 5. Valuation Tolerances Valuation is not an exact science and, when dealing with negligence actions, the Courts have looked at tolerances: 10%? Supported by a body of opinion? Text books? 6. Cost, Value and Worth (a) Cost does not equal value the cost of a home extension may not add an equal amount to the value (b) Worth defines the value to a particular purchaser. This may be a matter of taste, convenience or special situation. (c) Value in property terms has a defined meaning as illustrated above. 5

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