Commercial Services
Gibbs Gillespie Surveyors have experience in undertaking surveys and valuations upon many types of different commercial premises, including offices, shops and industrial units. As well as providing valuations for secured lending purposes, we also act for private clients in valuing freehold and leasehold premises, and advising upon lease related issues, including rent reviews and lease renewals.
RENT REVIEWS
We act for both landlords and tenants in the assessing of market rents upon commercial premises. The majority of commercial leases entitle the rent to be reviewed after a certain number of years, and with our local knowledge within the North and North West London areas, we are able to prepare an initial leasehold valuation, which can then enable the landlord or tenant to enter into negotiations with the opposing party with a clear understanding as to the level of rent which is appropriate as at the date of review. Such an initial valuation can prevent a tenant from agreeing a rent increase when it is not appropriate, or assisting a landlord in obtaining an increase when the tenant does not believe it can be justified.
We have experience in acting for either landlord or tenant in rent review negotiations, and if necessary in submitting expert evidence to an RICS appointed valuer, should negotiations prove unsuccessful.
LEASE RENEWALS
Upon the expiry of a commercial lease, it is often the case that the tenant has a right to a new lease on similar terms as those which were previously agreed, with the exception of the rent. We have experience in advising landlords and tenants upon their rights under the current Landlord & Tenant legislation, and can assist either party in negotiating the terms of a new lease and protecting their interests by serving notices under appropriate legislation.
SCHEDULE OF DILAPIDATIONS
A schedule of dilapidations is a report which is prepared by a freeholder prior to the expiry of a lease, which identifies items of disrepair to a building which must be rectified prior to the expiry of the lease. It is frequently the tenant’s liability to return the property upon the expiry of the lease in a far better condition than was the case when they took occupation of the building, and a schedule of dilapidations enables the freeholder to quantify the works which are required and ensure that the tenant is provided with the required period of notice.
SCHEDULE OF CONDITION
This is a survey which simply records the condition of a property at a particular point in time. It is often prepared by a lessee prior to taking a new lease of a building, so that at the expiry of the lease it can be agreed with the landlord that the condition will be returned in a similar condition as at the date the lease was initially signed. Such a schedule of condition is frequently accompanied by photographic evidence.
COMMERCIAL VALUATIONS
Commercial valuations are often required by owners of buildings to assist with their tax planning and to assess the value of their property portfolio. We are familiar with preparing freehold valuations for investment purposes, taking into account rental income.
We are also able to advise prospective purchasers looking to acquire commercial premises at auction, and as to the potential value which the property could achieve.
We also prepare valuations of residential development sites for builders looking to acquire sites for the construction of houses or flats, or for commercial premises. Residual valuations and development appraisals are prepared in accordance with the client’s specific requirements.
SITE SURVEYS / BOUNDARY DISPUTES
A site survey is undertaken when an area of site is in dispute with a neighbour over the exact line of a boundary wall or fence. Such surveys are also often required when owners of sites are looking to extend their property, so that the lines of the boundaries can be clearly defined.
ASSET VALUATIONS
We have experience in undertaking valuations of commercial premises for company asset valuation purposes. Under current legislation companies preparing valuations for their accounts require a formal valuation in accordance with RICS guidelines.
VALUATION FOR SECURED LENDING
We have experience in preparing valuations for secured lending purposes for many high street lenders, of both residential and commercial premises.
Whilst we are on the panel of a number of high street lenders, we would be only too pleased to discuss your individual requirements and advise as to whether we would be able to undertake the type of secured lending valuation required. Where such valuations are necessary, formal instructions would need to be received from the individual lender before we can proceed.
EXPERT WITNESS
Expert witness reports are prepared to assist a Court upon the value of a property, or specific items in relation to a building or its boundaries.
We have experience in preparing valuations for Court purposes, and providing evidence in person at Court. We are familiar with current guidelines in relation to the instructions of an Independent Expert, and in relation to the preparation of witness statements.
FEES
Due to the specialist nature of these reports and valuations, fees will vary. Please call us to discuss your particular requirements and to obtain a quotation.
If you would like any further information on any of the above services, please do not hesitate to contact Andrew Barton, MRICS or Ros Small, Practice Manager, on: 0208 866 6565,
or by email: ggs@gibbs-gillespie-surveyors.co.uk, or use our contact form.