Commercial Property Valuation is at the heart of our property services since it underpins all property transactions and ownership. We work with clients across the South West offering an integrated commercial property service from business rates consultancy through to commercial agency.
All Vickery Holman offices across the South West offer property valuation as a core service. Our team consists of 22 RICS Registered Valuers and 8 Graduates based from Truro to Bristol, giving us the ability to provide accurate and reliable valuations for our clients based on local knowledge.
Valuation For Tax & Legal Purposes
Our ethos is to provide an affordable service without compromising on quality. All of our Valuers are qualified surveyors and are RICS registered, guaranteeing you will receive a professional and impartial valuation. Our team of Valuers is based in Truro, Plymouth, Exeter or Bristol, giving us excellent regional and local market knowledge which we use to inform our valuations. In addition to our detailed knowledge of local markets, we value the following types of properties and specialisms.
Types of properties:
- Commercial – Office / Retail / Industrial
- Residential – Owner Occupied / Investment / Holiday Lets / HMO
- Development – Land / Commercial / Residential
- Healthcare – Care Homes / Doctor Surgeries/ Dentists / Pharmacy / Nurseries / Schools / Vets
- Leisure – Pubs / Hotels / Bed and Breakfasts / Holiday Parks / Restaurants
- Trading – Wedding Venues / Amusements and Attractions
We carry out valuations for many reasons, including on behalf of individual purchasers through to lending panels and for pension funds. To make things easier for you, we’ve put more detailed information about the most common types of commercial property valuations and asset valuations we are asked to do. We have also answered many of the questions we are asked regularly. If we haven’t answered your question, please get in touch and we’ll be delighted to help you.
Frequently Asked Questions
What is an RICS Registered Valuer and What is the Red Book?
RICS is the Royal Institution of Chartered Surveyors, a global professional body dedicated to promoting and enforcing the highest international valuation, land development and management, real estate, construction and infrastructure standards. Using an RICS Registered Valuer means that you get an impartial, professional valuation based on in depth local knowledge.
An RICS Valuation is a professional assessment by a RICS registered valuer of the Market Value of property or land, taking several factors into account which impact on a valuation, including current market conditions, location, size and condition of property and any adverse factors that may impact the value. Valuations may be carried out for a number of reasons, the most common being for a mortgage or lending purpose, insurance or as part of an investment / asset valuation.
The Red Book is simply the publication that covers the valuation standards set by RICS that all registered valuers have to adhere to. The Red Book sets out the professional standards and guidelines that valuers have to meet.
Why do I need a valuation on my commercial property?
You may need a valuation on your commercial property because you need an impartial opinion for mortgage or lending purposes, or because you plan to sell or let your property. There are many reasons why you would want to have a valuation but you should use a registered RICS Valuer to ensure you receive the highest professional level of service.
The most common reasons for a commercial property valuation include:
- Assessing the value to put the property on the market
- Reassuring a buyer or tenant that the price/rent you are charging is reasonable and inline with market values
- For a mortgage underwriter, so they know your property is worth the money they are lending
- For compulsory purchase
- Valuing assets as part of liquidation, merger or acquisition
How do you value a commercial property?
A commercial property can be valued by for example, calculating the value based on the passing rent and Market Rent for the property. Market Rent is assessed by comparison of open market rental transactions of similar properties within the locality. If a commercial property is vacant, similarly we would compare vacant possession transactions in order to establish a value.
For a residual development valuation, a valuer would calculate the value of the finished development then minus costs, for example of construction and professional fees, to give a value for the property or land. Valuers also look at the market values of similar properties in the locality and consider the factors that would increase or decrease the value of your property.
A professional valuation of a commercial property can be complicated and will look at a multitude of factors from the location to the rental income to the quality of the building materials.
What is a ‘Red Book’ valuation?
A Red Book valuation is a term used to signify that a valuation has been carried out by a fully trained and registered professional RICS Registered Valuer. The Red Book is simply the publication that covers the valuation standards set by RICS that all registered valuers have to adhere to. The Red Book sets out the professional standards and guidelines that valuers have to meet.
What are the most important factors in a valuation?
The most important factors in a valuation are;
- Who carried out the valuation? Using an RICS Registered Valuer will give you a professional, impartial opinion
- Market Values in the region
- Current purpose of the land / property and potential development options
- Condition of the land / property
There are many factors that impact on a valuation, so please contact us to talk to an RICS Registered Valuer in your area. We have 22 Valuers across the South West.
What is a lending panel?
A lending panel is a list of approved firms who can act on behalf of a particular mortgage provider or lender. Those providers or lenders will only accept valuations from approved valuation companies, like Vickery Holman.
We are on the panel for most of the main high street lenders, as well as more specialist lenders for residential or commercial properties.
Which geographical area does Vickery Holman cover?
Vickery Holman covers the South West of the UK with 22 Valuers based from Truro to Bristol. We have 4 offices, in Truro, Plymouth, Exeter and Bristol but our Valuers have in-depth local knowledge in addition to our regional and national expertise. Please see the map on the Valuations page to see where our Valuers are based.
Vickery Holman has recently provided valuation advice on a large multi-unit light industrial estate in one of Chippenham’s prime business locations.
The valuation for the lender of a London based investor facilitated the purchase of the £3m+ estate, which is fully let to a number of local, national and international companies.
The investor intends to enhance value through proactive asset management and has expressed interest in securing other similar multi-let estates across the south west.
Vickery Holman has recently undertaken a valuation of a development site on the outskirts of Truro which has planning consent for 275 dwellings.
The valuation advice was required to inform negotiations with the landowner in relation to its potential acquisition.
As the scheme detail was minimal, we appraised the site on what we considered to be an ‘optimal’ development, having regard to local planning policy and market conditions. Vickery Holman have the benefit of an extensive database of land transactions (over 200) and were therefore able to cross reference residual values with market comparables to substantiate the figures reported.
The valuation advice was well received and negotiations are on-going.
The Team for Valuation
Case studies for Valuation
Valuation advice provided on exclusive single new build project with build cost of £1.1 million and estimated GDV of £1.8 million. Acting on behalf of […]
Vickery Holman have recently valued several guest houses and hotels within the North Devon coastal village of Lynton. With a population of around 1,200 the […]
Lease extension valuation For many, one of the drawbacks of owning a flat or a maisonette on a long leasehold basis, is the concern the […]
Lease Extension Valuation We were recently instructed by the Landlord of a ground floor, 2 bedroom flat in Bude, to provide advice on the premium […]