PVVAL301A: Retail valuation Report Assessment

Assessment 2

You are to prepare a full speaking valuation on a retail property. You can use the property we see during the retail valuation field trip, or, after consultation with the lecturer, another property if it is deemed suitable.
You should attend the field trip even if you are not writing the report on the property being inspected during the field trip.

Your report should be professional in nature, logical in structure and contents and contain all the necessary information required to value and justify the value of the subject property.
It should include but is not limited to the topics discussed in class. You must also include your field notes, photos and any annexures you wish to include.

Submission Requirements

• Your written submission should be over 3,000 words and will include supporting visual materials including diagrams, sketches, photos and other relevant illustrations.

• The document will be created in Microsoft Word in 12-point Arial font with 1.5 line spacing and justified text. Handwritten reports will not be accepted.

• Your submission will be tabled in a professional report format, with a title page, table of contents, executive summary and appropriate headings identifying different sections and a conclusion.

• Relevant, reliable research sources may be consulted to support the evidence presented and must be cited and referenced using the TAFE NSW Harvard AGPS referencing style.

• Assignment must be titled as; first name_last name_A2_PVVAL301A. Do not include symbols (e.g. *, &, %, $), avoid punctuation except for underscore (_), do not include a blank space at the start of the file name, make sure your file does have a file extension (e.g. .docx, .pdf, .xlsx), and do not make file names too long – less than 25 characters.

• Field notes evidencing relevant valuation practice will be annexed at the end of your report.

• Your submission must be written objectively in the third person and be free from spelling and grammatical errors.

• Every page must include a page number, student name and student ID number in the footer of the document.

• Your document is to be converted into a PDF and uploaded into Turnitin.

• You must submit via Turnitin on the subject Moodle before the specified due date and time.

• Maximum file size upload limit 40MB.

Brief Summary of Assessment Requirements

This assessment requires students to prepare a full speaking valuation for a retail property (40% weighting). The property may be the site inspected on the retail valuation field trip or, with lecturer approval, another suitable property. Attendance at the field trip is required even if a different property is chosen.

The written report must be professional, logically structured, and justify the concluded value of the subject property. It must include field notes, photographs, and any annexures the student wishes to provide. Key submission requirements are:

• Word length: over 3,000 words, with supporting visuals (diagrams, sketches, photos, floor plans, maps).

• Formatting: Microsoft Word, 12-point Arial, 1.5 line spacing, justified text. No handwritten reports.

• Report structure: Title page, Table of Contents, Executive Summary, clearly labelled sections, Conclusion, and Annexures (field notes at end).

• Referencing: Use TAFE NSW Harvard AGPS referencing style for all sources.

• File naming: first name_last name_A2_PVVAL301A (no symbols, use underscore only; <25>

• Document elements: Each page must include page number, student name and student ID in the footer.

• Submission: Convert to PDF and upload to Turnitin on the subject Moodle before the due date & time. Max file size 40MB.

• Tone and style: Objective third person, free of spelling and grammatical errors.

• Deliverables: Complete valuation report plus annexed field notes and images.

Key content areas to cover in the valuation report (minimum):

• Property identification and description (location, legal details, site plan).

• Market overview and demand drivers (retail catchment, demographics, accessibility, competition).

• Physical inspection findings (field notes, photos, condition, services).

• Highest and best use assessment.

• Income analysis (tenancy, leases, passing rents, vacancy, operating expenses).

• Market evidence (comparable sales, leases, cap rates).

• Valuation approaches (market/comparative, income/capitalisation, and where appropriate cost approach).

• Adjustments, calculations, and sensitivity analysis.

• Valuer assumptions, limiting conditions and disclaimers.

• Reconciliation and final opinion of market value with supporting justification.

• Professional presentation: annexures, references, and evidence supporting conclusions.

How the Academic Mentor Guided the Student 

The Academic Mentor provided structured, practical coaching that combined technical valuation skills with professional reporting and presentation practice.

Step 1 : Clarify the Brief and Select the Property

• Mentor reviewed the assignment brief and confirmed the student understood submission rules (format, referencing, Turnitin).

• Advised student to use the field-trip property when possible to ensure first-hand data; if choosing a different property, mentor helped prepare a short justification for lecturer approval.

Step 2 : Pre-inspection Preparation

• Mentor taught how to gather background information beforehand: title details, zoning, council planning controls, recent sales in the precinct, and tenancy lists.

• Student prepared a checklist for the site inspection (measurements, photos, tenant contact details, observable condition issues).

Step 3 :Field Inspection and Note-Taking

• During the field trip, mentor modelled professional field practice: systematic external and internal inspection, photographic logging, measuring building areas, noting services and access, and recording observable detractors/amenities.

• Student compiled field notes and took required photos and sketches for annexure.

Step 4 : Market and Demand Analysis

• Mentor demonstrated how to characterise the retail catchment: trade area mapping, pedestrian and vehicle accessibility, demographic and spending patterns, and competitive supply analysis.

• Student collected market evidence: comparable sales and leases, typical cap rates, and recent market commentary.

Step 5 : Income and Operating Analysis

• Mentor explained how to construct a current and stabilized income statement: passing gross income, market rent reconciliation, vacancy allowance, recoverable and non-recoverable operating expenses, and capital expenditure assumptions.

• Student estimated Net Operating Income (NOI) and prepared cashflow schedules as needed.

Step 6 : Selecting Valuation Methods & Running Calculations

• Mentor reviewed the three valuation approaches and when each is appropriate:

  • Sales comparison for direct market evidence;

  • Income capitalisation (direct capitalisation and discounted cashflow) for income producing retail;

  • Cost approach only if replacement/new-build evidence is relevant.

• Student performed comparable adjustments, applied appropriate cap rates and/or DCF discount rates, and ran sensitivity checks (e.g., varying cap rate, vacancy, rent growth).

Step 7 : Assumptions, Adjustments and Sensitivity Analysis

• Mentor emphasised clear documentation of assumptions (forecast growth, market yields, residual values).

• Student prepared sensitivity tables showing how the opinion of value changes under plausible scenarios.

Step 8 : Reconciliation to Final Value and Reporting

• Mentor guided the student on reconciling results from different approaches into a single defensible market value, explaining weighting rationale.

• Student drafted the report sections in the required professional format, ensuring every claim had supporting evidence (references, comparables, photos).

Step 9 : Presentation Preparation (Speaking Valuation)

• Mentor conducted mock presentations: how to present key findings succinctly, address questions on methodology, and defend assumptions.

• Student prepared speaking notes summarising the executive summary, valuation conclusion and critical evidence.

Step 10 : Final Quality Check and Submission Steps

• Mentor reviewed the draft for clarity, impartial tone (third person), and compliance with formatting and referencing standards (TAFE NSW Harvard AGPS).

• Student implemented corrections, populated footers (page number, name, student ID), converted document to PDF, ensured file name complied with rules, and prepared Turnitin upload.

Final Outcome and Learning Objectives Covered

Final outcome produced by the student (with mentor guidance):

• A professionally structured retail valuation report (>3,000 words) in Microsoft Word that includes: title page, table of contents, executive summary, property description, market analysis, income and cost schedules, compiled comparables, valuation calculations (sales comparison and income capitalisation/DCF where applicable), sensitivity analysis, assumptions and limitations, reconciliation and final opinion of market value, and annexed field notes, photographs and sketches.

• A set of speaking notes and a practiced oral presentation to deliver the valuation succinctly and answer examiner questions confidently.

• All supporting files (calculations, data sources, photos) prepared for annexure and submission as a single PDF named per instructions and uploaded to Turnitin.

Learning objectives achieved 

• LO1 : Technical valuation skills: Demonstrated ability to apply valuation methods (sales comparison, income capitalisation, DCF) and compute NOI, cap rates, and forecasted cashflows.

• LO2 : Market analysis & justification: Conducted trade area and market research to justify assumptions about rent, vacancy, yields and demand drivers.

• LO4 : Professional reporting & communication: Produced a clear, objective, well-referenced written report in the required professional format and developed speaking notes to present the valuation orally.

• LO5 : Ethical and evidentiary practice: Maintained transparent assumptions, robust supporting evidence (field notes, photos, comparables), proper referencing (TAFE NSW Harvard AGPS), and compliant file submission practices.

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