Level 1 Flashcards
(39 cards)
Have you Measured any High Street Retail?
Yes
What is Zoning?
Zoning is a valuation technique not a method of valuation.
Used for the comparison of retail properties to create a unit of comparison for different sized Buildings.
Why is it used?
It allows consistent comparison of shops of different shapes/sizes and floors on the premise that the frontage of the shop is the most valuable.
When would you not zone?
For larger properties on the high street (greater than 10,000 sqft) department stores, out of of town retail.
Zoning Principles?
The frontage is more valuable than ancillary areas.
We represent this by ‘halving back’
The property is divided into zones of 20 feet
What is the rationale
The rental value of the property reduces away from the street. The halving back principle with 6.1m (20 ft).
What is the difference between NIA and GIA?
What is In Terms of Best Space?
How do you measure using NIA?
Useable area in the building measured to the internal face of the perimeter walls
How do you measure using GIA?
Everything inside the internal envelope of the building
What do you include in NIA
kitchens, built in cupboards, entrance halls if not used in common areas, lift ,lobbies and fire door corridors
What do you exclude in NIA
toilets, columns, areas under 1.5m
What does the RICS Property Measurement 2018 incorporate?
it incorporates the International Property Measurement Standards
What does IPMS stand for?
International Property Measurement Standards
What are members encouraged to do in relation to IPMS?
The RICS encourages members to record measurements on both bases, to encourage IPMS to become market practice. (Paragraph 1.2 - members expected to advise their clients / employers on the benefits of using IPMS & also that it is mandatory to adopt it for offices and residential).
What are the general principles / mandatory actions of measurement and calculation in RICS Professional Statement Property Measurement 2018?
- Provide a date when measurements are taken
- State the measuring methodology adopted
- Provide the reference and scale of any plans
- State the conversion factor from metric to imperial
- Clearly document any measurements / calculations
What is IPMS1 - Offices used for?
For planning or build costs purposes. (Closest to GEA).
Measures the area of a building including the external walls on a floor by floor basis.
What is ‘IPMS2 - Offices’ used for?
For agency and valuation purposes. (Closest to GIA)
Used for measuring the interior of an office, includes all areas available for direct use, measured to the internal dominant face of the wall on a floor by floor basis.
What is ‘IPMS3 - Offices’ used for?
Also for agency and valuation purposes. (Closest to NIA)
IPMS 3 is the same as IPMS 2, but measures the areas in exclusive use to the occupier.
What are the main differences between IPMS3 and NIA?
The main differences include:
1. Perimeter measurements are taken to the internal dominant face.
2. No exclusions for restricted height of 1.5m
3. All columns are included
4. Area occupied by the reveals of a window when measured and assessed as the internal dominant face are included.
5. On floors with multiple occupiers, the area is taken to the midpoint of the partition wall between tenancies.
6. Covered galleries and balconies for the exclusive use of one tenant are included and stated separately.
What does IPMS say about the measurement of residential buildings?
IPMS Residential comes into effect on the 1st May 2018
- IMPS1 External
- IMPS2 Residential (Internal)
- IPMS3 Residential (Occupier) (This is then split 3A, 3B, 3C)
What is the code of measuring practice that governs GEA, GIA, NIA?
The RICS Code of Measuring Practice 2015
What basis of measurement do you use for ancillary offices in a Warehouse?
You use GIA as you would with the warehouse.
You include columns, lift wells, mezzanines with permanent access and loading bays.
What is the internal eaves height?
The clear height between the floor and the lowest point on the underside of the roof, e.g. at the eaves
