This is the follow-on module for the subject of Valuations I RECE9010. It deals with more advanced technical and legal aspects of commercial property valuations, and introduces some of the wider issues associated with the valuation profession.
This module addresses the valuation aspects of Landlord and Tenant legislation and leases. It introduces students to the Royal Institution of Chartered Surveyors (RICS) Red Book (current edition 31 January 2022) and in particular the practice statements in the area of general valuations. The module is grounded in professional practice and takes an approach based on examples from the Irish commercial property market.
The aim of this module is to develop an appreciation in the learner of the interaction between valuations and the relevant statutes in the form of landlord and tenant legislation and other key indicators in a property market context. There is particular emphasis on sustainablity, climate risk and envirnomental factors through the legislation at national and EU level that influence the context for valuation of assets.
Landlord and Tenant legislation; other statutory issues eg CPO / rating
Lease contract – summary / proforma; Lease issues; lease advice; context legislationa and relevant case law
Calculation of net effective rent based on market evidence and class examples/ workshops
Calculation of Estimated rental value of property/properties in the context of one-off and portfolio of property
Preparation of a red book valuation / report;
Preparation of a due diligence asset management report based on market issues; statutory and legal issues;
Asset management issues explored eg planning/ sustainability/ market statistics/ market evidence from real market stats.
Preparation of appraisals for worth and report with asset valuation and management advice
Linking together all property market indicators and evidence with a firm practical context based on relevant current issues/ legislation and key indicators to formulate an asset management report setting out advice t client.
Module Overview
This module develops the participants understanding of the real property world within context of landlord and tenant statutory issues. Participants of this module will engage in the process of identifying the key aspects to a real world commercial valuation through inspection and survey of a commercial building. They will be encouraged to explore and interpret relevant data to assist them in critically evaluating the valuation of a real case study commercial building. They will critically analyse relevant data to reach their decision. Building on context from valuation in module RECE9010 this course further develops learner's skills in relation to valuations practice in both statutory and market context.
Module aim
The aim of this module is to equip learners with the skills necessary to perform commercial red book valuations; survey commercial properties on site and using the relevant measurement guidelines from industry prepare an analysis of a commercial property from a valuation, statutory, lease analysis and market perspective. Learners will analyse actual market data and critically appraise relevant commercial property comparable data; understand rating and compulsory purchase orders and their impact in the context of the commercial market. Building on contextual valuations learners are introduced to the concepts of loading/ inducements and the practical implications of both in the context of analysis of market data and information.
Lectures; work shops; seminars; guest lectures; site visits; self directed learning and project work.
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Formal Examination | 40 |
| Other Assessment(s) | 60 |