IRRV ANNUAL SCOTTISH CONFERENCE & EXHIBITION 2010
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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


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VALUATION: DOESTRANSPARENCY MEAN CORRECT?

Billy McKaig

Senior Director

BNP Paribas Real Estate


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INTRODUCTION

Valuation

Transparency

What is ‘correct’?

How transparent is our system?

Ideas to improve accuracy

The future?


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VALUATION

  • Some basics

  • Practical issues


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VALUER OPINION

Shopping Centre Analysis


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TRANSPARENCY?

  • Accessible

  • Usable

  • Informative

  • Understandable

  • Auditable

  • Achievable?

  • Historic ‘transparency’


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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


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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


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TRANSPARENCY?

  • Accessible

  • Usable

  • Understandable

  • Auditable


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WHAT IS CORRECT?

  • The Yardstick!

  • Stakeholder views


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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..


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WHAT IS CORRECT?

  • The Yardstick!

  • Stakeholder views


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HOW TRANSPARENT IS OUR SYSTEM?

  • Access

  • Summary Valuations

  • Schemes of value

  • Market data


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IDEAS TO IMPROVE ACCURACY?

  • Market database

  • Exchange market info

  • Regular Revaluations

  • Appeal System

  • Full Valuations

  • Relationship


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Future Prospects?

  • ???????

  • It’s up to us

  • Relationships


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