Measurement Level 2 - SW Retail

Question 1

Talk me through how you measured this unit?

Answer 1

• The property was a ground floor retail unit in Barnes in Shell and Core condition
• I ensured by distometer was calibrated before the inspection
• I drew a floor plan of the retail unit noting down where the internal walls and columns and W/Cs were located.
• I measured the Net Internal Area
• I also zoned the retail unit
• When reporting my measurements I acted in line with the RICS Professional Statement 2nd Edition

Question 2

How did you act in line with the RICS Professional Statement 2nd Edition?

Answer 2

• I stated the methodology used
• I stated my measurements and calculations clearly
• I noted the date the measurements were taken
• I noted down the unit of measurement used

Question 3

What is Zoning?

Answer 3

A valuation TECHNIQUE that is used to compare the rental value of retail units of different sizes. It is based on the principle that the retail frontage is worth more than the ancillary areas.

Question 4

What is Zoning used for?

Answer 4

Zoning is used for valuing retail property, specifically high street units where the retail frontage is particularly valuable

Question 5

How did you zone the retail unit?

Answer 5

• After I measured the net internal area I divided the unit into 2 zones going back by 6.1m and calculated the area of each zone.
• I then used the half back method, Zone A being full value and Zone B being half the value of Zone A.
• I then added the areas together to come to the total ITZA area.

Question 6

If the retail unit had a protruding fit out how would you measure?

Answer 6

• Try to find a ceiling tile to pop out and measure from the internal wall
• if the unit had a basement and first floor I could measure the basement and first floor and if they were conducive I could assume the ground floor was the same.

Question 7

When would you not Zone a property?

Answer 7

• in some cases zoning may not always be used if rents are considered globally and not compared ITZA.
• for larger retail units like supermarkets, or if the retail unit was not on the high street and was serving a residential area.

Question 8

What due diligence did you carry out prior to your measurements?

Answer 8

I checked details of the location plan, flood risk report, EPC rating.

Question 9

What is due diligence?

Answer 9

reasonable care and caution undertaken by a person who is giving professional advice.

Question 10

If your property had a return frontage how would you measure?

Answer 10

Depending on how prevalent the frontage was I would add a premium to this zone.

Question 11

How would you measure a development site?

Answer 11

Edozo mapping system or trundle wheel