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IRRV ANNUAL SCOTTISH CONFERENCE & EXHIBITION 2010 ‘YEARS OF CHALLENGE – securing the future for public services’

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IRRV ANNUAL SCOTTISH CONFERENCE & EXHIBITION 2010 ‘YEARS OF CHALLENGE – securing the future for public services’. 1-2 SEPTEMBER 2010 Crieff Hydro Hotel Crieff. VALUATION : DOES TRANSPARENCY MEAN CORRECT?. Billy McKaig Senior Director BNP Paribas Real Estate. INTRODUCTION. Valuation

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IRRV ANNUAL SCOTTISH CONFERENCE & EXHIBITION 2010‘YEARS OF CHALLENGE – securing the future for public services’

1-2 SEPTEMBER 2010 Crieff Hydro Hotel Crieff

valuation does transparency mean correct

VALUATION: DOESTRANSPARENCY MEAN CORRECT?

Billy McKaig

Senior Director

BNP Paribas Real Estate

introduction
INTRODUCTION

Valuation

Transparency

What is ‘correct’?

How transparent is our system?

Ideas to improve accuracy

The future?

valuation
VALUATION
  • Some basics
  • Practical issues
valuer opinion
VALUER OPINION

Shopping Centre Analysis

transparency
TRANSPARENCY?
  • Accessible
  • Usable
  • Informative
  • Understandable
  • Auditable
  • Achievable?
  • Historic ‘transparency’
sources of information
SOURCES OF INFORMATION
  • FORs
  • Auction details
  • Court Decisions
  • EGI
  • Local Knowledge
  • SPN
  • Clients
  • Focus
  • Agents letting/ investment details
  • Internet
  • Land Register
  • Third party determinations
  • AN Other
sources of information8
SOURCES OF INFORMATION
  • New leases
  • Interconnected – L/L package to generate market data
  • How useful all/ any for rating hypothesis?

Aberdeen £25psf

Newcastle £25psf

Manchester £30psf

transparency9
TRANSPARENCY?
  • Accessible
  • Usable
  • Understandable
  • Auditable
what is correct
WHAT IS CORRECT?
  • The Yardstick!
  • Stakeholder views
what is correct11
WHAT IS CORRECT?
  • The Yardstick!
  • NAV: shall be the rent at which the lands and heritages might reasonably be expected to let from year to year if no grassum or consideration other than the rent were payable in respect of the lease and if the tenant undertook to pay all rates and to bear the cost of the repairs and insurance and the other expenses, if any, necessary to maintain the lands and heritages in a state to command that rent..
what is correct12
WHAT IS CORRECT?
  • The Yardstick!
  • Stakeholder views
how transparent is our system
HOW TRANSPARENT IS OUR SYSTEM?
  • Access
  • Summary Valuations
  • Schemes of value
  • Market data
ideas to improve accuracy
IDEAS TO IMPROVE ACCURACY?
  • Market database
  • Exchange market info
  • Regular Revaluations
  • Appeal System
  • Full Valuations
  • Relationship
future prospects
Future Prospects?
  • ???????
  • It’s up to us
  • Relationships
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