APC by KK > Case Study > Flashcards

Case Study Flashcards

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1
Q

What is the plc, what does it mean and what is the structure?

A
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2
Q

What were the terms of the lease?

A

15 year from April 2016

FRI lease

OMR upward only RR

5 yearly

No breaks

Time was not of the essence

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3
Q

When was the lease agreed?

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4
Q

When does the lease expire?

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5
Q

What is the RR date?

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6
Q

What is the NIA?

A

2483.9

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7
Q

Were there any incentives in the beginning of the lease?

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8
Q

How did you account for those incentives?

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9
Q

What is the surrounding area like?

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10
Q

What is the construction type?

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11
Q

What is the roof?

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12
Q

What are potential issues with the building?

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13
Q

Are there SC provisions?

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14
Q

What is the lease repair type?

A

E FRI?

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15
Q

What is the flat roof like?

A

I have not been there and this was included as a limitation in my report to PHP, however, I reviewed the OM and note that the roof cover was felt

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16
Q

What are common issues with felt covering?

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17
Q

What does traditional brick cavity mean?

A
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18
Q

Who is the T?

A

Watford Smile Clinic Limited -

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19
Q

What was the passing rent?

A

39,900 pax from lease start

Breaks down to £16.06 psft

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20
Q

Why did you use sqft and not sqm?

A
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21
Q

What was the agreed rent?

A

£45,000 = £18 psf

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22
Q

Who was the tenant surveyor?

A

Arvind Ram from AMR Chartered Surveyors

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23
Q

What is the address

A

2 Cunningham way

On the corner of Cunningham way and aerodrome way

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24
Q

What were PHPs key objectives?

A
  1. Maximise rental income and cap val
    2 positive L&T relationship
    3 minimise cost and quick resolution
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25
26
27
What is the impact of rent on cap val?
28
What is RICS drs?
29
What are drs’ channels?
30
What RICs guidance did you use to measure?
31
What were the comps?
32
Which one was your key comp?
33
How do you complete a lease summary/ what is a lease summary?
34
What was the permitted use?
As a health and wellbeing centre to incl dental practice and physiotherapist
35
Case law for permitted use?
36
37
Use prohibition?
Use as a cafe, retail, restaurant, med centre or pharmacy
38
Why do you think there were prohibitions of the use?
Tenant mix
39
Why was the permitted and prohibited use important when analysing comps?
40
What was the local market like?
41
Why did you refer to a wider pool of evidence?
After review of data from multiple sources, I concluded that the dental and physiotherapy units transactions are too historic..
42
How did you prepare a schedule of comp evidence?
43
What is a schedule of comparable evidence?
44
What is the RICS Comprable evidence in real estate Val?
45
Tell me about the dental surgery in Stevenage?
46
Tell me about the dental surgery in MK?
47
Tell me about the dental surgery in Knebworth?
48
What was your opinion of market rent?
£44,710 - £18psf
49
What was your quoted rent?
£52,500 pax
50
51
52
Why did you quote at 52,500 if your OMR opinion was £44,710?
- allow for evidence to emerge
53
54
What was the tenants first offer?
41,250 pax
55
What was your first counter offer?
48,450
56
Why did you drop from 52,500 to 48,450 so quickly?
57
What was tenant counter offer?
42,250 + 1k
58
What was your Calderbank offer?
47,300 (-5k from quoting rent)
59
What was the tenants counter offer?
£45,000 + 5.1k !
60
When did you conclude the review?
In early Dec 2024
61
Why was it important to inspect and measure the property before you commenced negotiations?
62
What was the discrepancy in your measurement with the tenant? How big was the area?
63
How did you complete a desktop risk assessment? Why?
64
When was the inspection for joint measurement?
24/7/24
65
Why did you measure on NIA basis?
66
What RICS publication(s) did you follow?
Code of measuring practice 2015 6th Ed Valuation of medical centre and surgery premises 2025
67
Can you tell me about the RICS publication about valuation of medical centres?
PS May 2025-effect Aug 2025 The one we referred to was guidance note 1st Ed 2010
68
How did you do check measurements?
69
Why did the surveyor adopt your measurements? 2489.9
70
What were the tenant comps?
71
Tell me about the dental practice in Hempstead Road Watford?
72
Tell me about the dental practice in Luton?
73
Why did you have reference to Val of med centres and surgery premises?
74
75
If you were to measure on IPMS which measurement would you adopt?
76
Did you refer to any other document in relation to your measurement apart from the code of measuring practice?
Yes, RICS Property Measurement Standard 2018.
77
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Why did you refer to COMP?
I checked the definitions of NIA
79
What are the four stages of inspection.
80
How did you represent the ROC?
-Met my professional obligations to PHP -acted diligently and provided good services -acted within my competency -although frustrated respected the other party - protected the reputation
81
Why did you trigger the review so late?
This is a unique medical sector and the tone at the time of the rent review date was not yet established. As time was not of the essence the landlord had the opportunity to wait before triggering.
82
What factors did you take into account when assessing the rent in comparison to the comps?
-lease terms -location -layout
83
What is the difference between GIA and NIA?
Usable tenant area v total building footprint?
84
How would you account if your comparable were all fitted out by landlord which is different to yours?
In this instance all comps were T fit out as subject However, I may have to change the comparable evidence or make adjustment (will identify % after speaking with other professionals)
85
What was the floor?
Solid Concrete -I had checked the as build docs on file -I have seen the unit without fit out -usually for commercial units there is a requirement for a higher load bearing weight materials (as opposed to resi/suspended timber)
86
What were the windows
Aluminium
87
How did you account for the services provisions on site?
The unit had the required services - water and electricity - which is all that a dentist requires. As part of their fit out they have -
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