In May, Parkinson Real Estate were instructed by a commercial lender to provide valuation advice on a large, high-street premises situated on Preston city centre’s primary retailing street, Fishergate.
The valuation was required in order to support a lending package being provided by the client to a third-party borrower who was seeking to purchase and potentially redevelop the property in question.
Upon receipt of formal instructions from our client, Rob Greenwood from our valuation advisory team attended the site and conducted a full inspection on both an internal and external basis. The property was a large multi-storey building, having previously been used solely for retail purposes, and spanned near to 20,000 square feet. Together with the knowledge that the borrower intended to reconfigure the property, Rob ensured that he obtained detailed floor plans and measurements whilst on site in order to enable the zoning valuation technique to be adopted during the reporting process.
In formulating our opinion of value, we felt it best to adopt the investment method of valuation and we undertook a full review of the occupational agreements in order to provide our client with a complete overview. In addition to this, we also conducted a thorough analysis of local and regional market transactions before compiling a hierarchy of comparable evidence. The valuation process involved making use of our local knowledge before combining this with a valuation calculation utilising contemporary valuation investment software.
We advised the client by providing them with a detailed RICS (red book) compliant valuation report, which enabled us to demonstrate our expertise in the valuation sector as well as our in-depth knowledge of the local market conditions. The report provided a breakdown of value for the overall property together with a Market Rent and an Insurance Reinstatement Estimate.
Rob received excellent feedback from the Relationship Manager and our use of technology allows us to provide valuation updates on a regular basis throughout the term of the loan within quick timescales and at a lower cost to the client moving forward.
Mark Smith, Director – Valuation Advisory at Parkinson Real Estate, added; "It was pleasing to receive such glowing feedback and have recognised the expert advice and thorough report that Rob prepared. As a countersigner to all reports that are issued, I was supremely confident in the content and in total agreement with the methodology Rob utilised. As an external auditor I am enthused by how Rob’s reports excel in the nature of ancillary advice above that of just providing a ‘Value’ that other external reports I audit often fail to do."
Rob Greenwood MSc MRICS
RICS Registered Valuer
Associate Director – Valuation Advisory
M: 07960 612765