PRO200: Commercial Office Building Valuation Essay - Management Assignment Help

Assignment Task:

Commercial office building valuation report.

In this exercise, you are required to derive a valuation figure for a subject 4 storey building in Parramatta, NSW. The property address is 42 Phillip Street, Parramatta. The date of the valuation is 31 December 2012.
1. All tenancy information and comparable rental and sales information are provided herein. Your task is essentially fourfold.
2. Determine a value for the building based on comparable sales information. You will need to first determine a unit rate of rental per annum for the upper three floors and a separate one for the ground floor which is inferior as it includes a public foyer and access areas.
3. Once this has been done, you will need to strike a capitalisation rate to apply to the subject property and derive the value by capitalisation.
4.Undertake a number of PV adjustments to the otherwise found value of the building
5. Reconcile this figure with a ‘check method’ valuation based on a direct comparison, a unit of value approach.
6. Include a factual market commentary for the Parramatta office market, and all references cited in the college style.
 
The subject premises are good quality, four-level, reinforced concrete, a commercial office building of some 3,995 square metres in Net Lettable Area. Designed by the architects, the Kann Finch Group it was built by renowned builders of the time, Baulderstone Hornibrook and completed in late 2004.
Originally built in slip form and roofed in steel decking over a suspended concrete slab, the building has attractive blue-tinted and bonded glass, curtain walling with a number of internal mullions extended in clear glass to provide vertical garden features and lesser heat penetration and loss.
The centre of the floor plates house all services including elevators, water, trunk air conditioning and wastewater. In addition, there is a fire stair egress adjacent to the central stack that adjoins each floor

At Phillip Street, the ground floor has a double glass sliding door entry to a common foyer area leading directly to the lift reception areas for upper floor tenancy access. There is also single door access to the rear and eastern walls, presumably in line with fire egress requirements and marked as such. The ground floor tenant shares bathroom facilities with the public access and has a dedicated reception hob that fronts the foyer with the rest of the office space petitioned off from the public foyer.
In turn, each successive floor has a dedicated reception hob and waiting room foyer, with offices internally petitioned off. Because of the construction type, large clear span office areas can be provided that a tenant can separate according to design requirements. Internal cabling and communication lines run through the ceilings, dedicated mullions and skirting profiles, while the central trunk air conditioning is fed through branch ductwork in the ceilings and through to successive floors in the rise.

The general fit-out surfaces to each floor are:

    Ground floor: Grey marble to the entry foyer and to public and lift well and stair foyers; ceramic tiling to major walk areas in the office area and then dark grey, commercial-grade carpeting to the remainder of floor areas; standard internal petition walling and well-appointed bathroom areas in grey marble and ceramic tile. There are also plasterboard ceilings with concealed low wattage lighting to main floor areas, and low voltage fluorescent lighting at ceilings adjacent to the curtain walling. In addition, there is fire-safety lighting to lift and stairwells.

First floor: Pink ‘egg-shell’ marble to the entry foyer and in public lift well and stair foyers; ceramic tiling to major walk areas in the office area and then maroon coloured commercial-grade carpeting to the remainder of floor areas; standard internal petition walling and well-appointed bathroom areas in pink marble and ceramic tile. There are also plasterboard ceilings with concealed low wattage lighting to main floor areas,
and low voltage fluorescent lighting at ceilings adjacent to the curtain walling. In addition, there is fire-safety lighting to lift and stairwells.

Second floor: Pink ‘egg-shell’ marble to the entry foyer and in public lift well and stair foyers; ceramic tiling to major walk areas in the office area and then maroon coloured commercial-grade carpeting to the remainder of floor areas; standard internal petition walling and well-appointed bathroom areas in pink marble and ceramic tile. There are also plasterboard ceilings with concealed low wattage lighting to main floor areas, and low voltage fluorescent lighting at ceilings adjacent to the curtain walling. In addition, there is fire-safety lighting to lift and stairwells.

Third floor: Pink ‘egg-shell’ marble to the entry foyer and in public lift well and stair foyers; ceramic tiling to major walk areas in the office area and then maroon coloured commercial-grade carpeting to the remainder of floor areas; standard internal petition walling and well-appointed bathroom areas in pink marble and ceramic tile. There are also plasterboard ceilings with concealed low wattage lighting to main floor areas, and low voltage fluorescent lighting at ceilings adjacent to the curtain walling. In addition, there is fire-safety lighting to lift and stairwells.

Generally, the internal fit-out appears in good quality with acceptable finishes and facility and is considered at market standard.

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