Valuation and Ethics

LO1 Critically evaluate valuation methodologies and their usesLO2 Critically appraise aspects of ethics and regulation and provide reasoned solutions andadvice to ethical problemsLO3 Critically analyse comparable rents, yields and capital values, to evaluate the currentUK and international property markets in a range of sectorsLO4 Develop basic valuation reports and provide justified solutions to a range of real estatevaluation problemsScenarioYou are employed as a graduate surveyor by Castlebrook, a firm of general practice surveyors. Awell-established client, Cathedral Properties Ltd, owns a portfolio of different types of real estate.Castlebrook have been asked for advice concerning two properties from their portfolio.Property 1The first property comprises a ground floor mid-parade lock-up shop, with the following internaldimensions:Internal width (at front): 7.65mShop depth: 26 mAt a depth of 15m the shop widens for the remainder of the shop by 3m giving an internal width of10.65m. The shop provides an ‘L’ shape configuration.Within the shop there are three columns spaced at 5m intervals from the frontage. These columnsmeasure 0.45 m by 0.45m. At the rear of the shop there are WCs measuring overall 1.8m by 1.8m.Property 2The second property is a vacant office building known as Belmont House, situated on BelmontBusiness Park. Belmont Park was built in 2010 and comprises 10 modern office buildings, situatedon the edge of a large regional city. Basic details of the subject property are as follows:Address: Belmont House, 1 Belmont Business Park.Title: Freehold.Three-storey open-plan office.Total accommodation 1,950 square metres (20,990 sq ft) International Property MeasurementStandard 1 (IPMS 1) with 20 car parking spaces.Freehold interest to be placed on the market imminently.© University College of Estate Management 2020 Page 3 of 11Table 1: Comparable Evidence – Belmont Business ParkAddress Description Lease terms Floor areas Transaction/Rent p.a. (including
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