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Valuing Commercial Real Estate

How Certified Property Valuers Develop Their Final Figure

How Certified Property Valuers Develop Their Final Figure

Certified property valuers bring together a complex mix of considerations into their final valuation of a property, whether this is for refinancing, selling, purchasing or insurance purposes. We take a brief look into the specialist area of commercial property valuation services and which factors contribute most towards the final figure.

 

Land and location
Primarily the valuer will visit and measure the land itself, recording its location, land area, topography, any environmental considerations and other physical measurements. Land can account for the vast majority of the property’s final value as it generally appreciates, while structures and buildings tend to depreciate. The final valuation will outline major advantages and disadvantages of the property’s location, available services as well as a description of the applicable planning zoning.

 

Building structures
The property valuer will take into account all building structures on the property and what these may be used for when valuing commercial real estate. A property valuer does not complete a whole-building assessment, so factors such as plumbing, electrical systems and so forth will not be valued or assessed.


Commercial property returns
There is one figure that all commercial property investors will be keen to know. The final commercial real estate valuation will include a calculated basis of return in the form of commercial rent per square metre of floor area. This figure will be compared to market rental research to ensure the figure is reasonable and fair for the location.

Your commercial property valuation will clarify recoverable and non-recoverable outgoings that can or cannot be passed onto the tenant, enabling you as the landlord to consider the net annual income receivable from the property. It will also include a yield figure that reflects returns for nearby comparable commercial properties: a calculation which could be crucial in your future investment decisions.

 

Other factors
Additional factors included within the valuation will typically include a statement of any proposed improvements to the property, as well as a section on “Assumptions Requiring Further Consultancy”. This will cover any assumptions that can be confirmed by consulting further with other experts such as surveyors, pest inspectors, engineers or architects. The report will also include comparable sales evidence, which covers recent similar sales in the area.

 

What should I look for in a property valuer?
When you’re choosing a commercial property valuer, confirm that they hold Certified Practising Valuer (CPV) status, which indicates that the valuation will be recognised by courts of law and other professionals and that the valuer holds the correct studies, experience and professional development to provide accurate property valuation services. At Burgess Rawson, all of our property valuers in Melbourne, Perth and Canberra are certified and widely experienced in their local areas.

Keywords: Commercial Property Valuation, Commercial Real Estate Valuation, Property Valuation Services, Valuing Commercial Real Estate

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A Glossary to Commonly Used Strata Terms

A Glossary to Commonly Used Strata Terms

If you are an owner or investor new to the world of strata schemes, you may have heard a few terms being used that you haven’t heard before. Here are the main terms you’ll need to know, and how the new NSW strata law reform may be affecting them.


Annual General Meeting
Just as it sounds, your strata’s Annual General Meeting is the opportunity for all owners to attend, introduce motions and vote on any number of important management factors. These can include strata building insurance, adding and amending by-laws and agreeing on building management and services.


Annual General Meeting
Just as it sounds, your strata’s Annual General Meeting is the opportunity for all owners to attend, introduce motions and vote on any number of important management factors. These can include strata building insurance, adding and amending by-laws and agreeing on building management and services.


Common Property
Common property will include all of the property that is not included within your lot, which can consist of hallways, corridors, entryways and foyers, as well as structural and external elements of the building.

 

Lots
Your lot is the space that you purchase within the strata scheme, including all of the property you are responsible for maintaining and managing. In the case of commercial investment, this could be known as a utility lot.


Levies
These will be the payments you make, typically on a quarterly basis, to cover the expenditures of the strata scheme. Your levies will contribute to an administration fund, which covers non-capital works in common areas such as repairs and building services, as well as a sinking or reserve fund, which is used for major capital works such as the replacement of roofing or elevators in the building.


Proxy Vote
If a committee member is unable to make it to a strata meeting, they can choose a person to cast a proxy vote on their behalf. As of November 2016 the new NSW strata law reforms will update the proxy vote regulations, restricting any one person’s proxy votes to only one for a scheme with fewer than 20 lots, or 5% for schemes with over 20 lots.


Section 109 Certificates
A Section 109 Certificate enables you to conduct due diligence when investing in a strata scheme. Made available by the strata committee or strata manager, this document will include insurances, outstanding funds, management details, levy contributions and other relevant information.


Strata Manager
Although not vital in a strata scheme, a strata manager plays an important role in your residential or commercial property management, resolving disputes before they escalate further and ensuring your strata stays compliant with the complex legislation and regulations. The new strata law reforms will put in place a number of measures to minimise conflict of interest from any unscrupulous strata management services, which is welcome news for the industry.

 

Strata Manager
Although not vital in a strata scheme, a strata manager plays an important role in your residential or commercial property management, resolving disputes before they escalate further and ensuring your strata stays compliant with the complex legislation and regulations. The new strata law reforms will put in place a number of measures to minimise conflict of interest from any unscrupulous strata management services, which is welcome news for the industry.

 

Are you looking to find the right commercial strata for your next investment? Burgess Rawson can assist you in finding the ideal property for your portfolio as well as providing residential or commercial strata management services for your strata scheme.

Keywords: Building Management, Commercial Property Management, Commercial Strata Management, Strata Management Services

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Five Things Your Commercial Property Manager Should Be Doing for You

Five Things Your Commercial Property Manager Should Be Doing for You

There can be a vast difference in the services you receive from property managers throughout Australia. Whether you’re looking for commercial property management for your shopping centre, retail shop, industrial unit or office building investment, there are several key activities that will prove that your property manager is going above and beyond for you.

 

1. Minimising tenant turnover
Ensuring your commercial property is kept occupied is the foremost role of a property manager, but this isn’t limited to finding the ideal commercial agreement with a long-term tenant. An effective commercial property manager will conduct regular inspections, stay proactive with maintenance and repairs and do everything they can to ensure the tenant wants to renew their lease in order to maximise your return.
 
2. Protecting you against hassles and inconvenience
Most of the day-to-day administration for a commercial property can add up in both hours and dollars for someone without the right experience. Your commercial manager should be capable of arranging all minor maintenance, building management and issue resolution on your behalf while keeping you well informed. If you find yourself managing your property manager, it’s time to look for someone else.

3. Identifying the true potential of your commercial property
A property manager worth their salt will have an in-depth understanding of the local market, including information on similar recently sold and leased properties and an informed process for
rental rate calculations. Ideally, you will feel that your commercial property manager has a clear idea of your property’s best features and how to market and set the rental rate appropriately.


4. Keeping you up to date with new opportunities
With a clear awareness of the local market, your property manager should also be able to identify
any renovations, additions or changes that could fetch a higher rental rate in your area. For example, increased parking spaces might improve the return of your shopping centre investment, while upgrading your phone or internet infrastructure might boost the appeal of your business property in a competitive office market.
 

5. Keeping your compliance and administration in order
You should feel reassurance knowing that the contracts, compliance and administration for your investment property are all completely in order. Your commercial property manager should be your first port of call for all questions regarding to safety regulations, compliance and admin, so make sure you feel confident that yours is across every detail.

 

Burgess Rawson’s commercial property management services are available nationally, from our network of offices in Perth, Canberra, Sydney, Melbourne and Brisbane. Contact us today to discuss commercial property management, shopping centre management or commercial strata management services for your needs.

Keywords: Building Management, Commercial Property Management, Commercial Strata Management, Shopping Centre Management, Strata Management Services

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Considering a Commercial Investment at Auction

Considering a Commercial Investment at Auction

Do you have your eye on a commercial property? Here’s what to look out for before you attend the investment property auction.


Have you done your research on the property?
Before you buy commercial property, it is of course vital to ask the important questions before the auction day comes around. What are the recent sale prices of comparable properties? What is the property zoned for, and could this knock potential tenants and businesses out of your market? Remember, there will be restrictions and opportunities for both commercial and industrial property for sale.


What’s happening nearby?
One of the key aspects of the property is its location and how this will expand in the future. What is the vacancy rate of surrounding properties? Select the right location and you’ll have very little trouble finding suitable tenants. Choose the wrong one, and your investment could potentially sit unoccupied for months on end while you’re searching for tenants. If there are any developments to begin nearby in the near future, consider how these are likely to affect the traffic and accessibility to your property investment.

 

Will the property complement your existing portfolio type?
You’ll likely have short-term and long-term plans for your portfolio, whether you’re focusing on aggressive growth, a diverse range of investments or sustained income. Does this particular property fall into line with your portfolio type and your future investment goals? A logical approach to your next commercial investment property will help you make smarter, strategic moves towards your investing objectives.

 

View Burgess Rawson’s available commercial real estate for sale at auction, and if you’re looking for a
specific type of commercial investment property, get in touch with the team.

Keywords: Buy Commercial Property, Commercial Property For Auction, Commercial Real Estate Auctions, Commercial Real Estate For Sale, Industrial Property For Sale, Investment Property Auction, Investment Property For Sale

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