By Chris Noble, Director, Garness Jones
When it comes to commercial property valuations for borrowing, lenders want to be safe in the knowledge that the process has been thorough and controlled before they part with their money.
Influencing factors including market conditions, location and comparable property sales, condition and age, occupancy rates and tenant quality, rental income, lease structures, and expected return on investment, all need to be taken into consideration.
Independency and accuracy are two key factors lenders seek assurances over, with strict professional standards set by bodies such as the Royal Institution of Chartered Surveyors (RICS) needing to be followed.
Another two key factors are trust and reliability – and this is why many lenders don’t appoint commercial property valuers themselves, but turn to the expertise of valuation management services (VAS Panels)
VAS Panels have memberships of trusted, specialist commercial property-chartered surveyors who are properly qualified, provide high-quality reports at speed, and meet all regulatory requirements.
Panels provide access to firms with the right expertise for each instruction, specific to geographical areas, and also the many different kinds of property types on the market.
Expertise across Yorkshire and Lincolnshire
At Garness Jones, we are VAS Panel members for valuations across Yorkshire and Lincolnshire, with expertise in particular popular cities and towns such as Hull, York, Beverley, and along the Yorkshire coast.
Our expertise covers a wide-range of commercial properties, from offices and retail spaces to industrial units for warehousing and distribution.
We’re immensely proud of our commercial property valuation expertise, with a team boasting more than 130 years of collective RICS Chartered Surveyor experience.
Significantly, we not only have the experience and expertise of our people, but essential comparable data of all deals we have completed over the years at Garness Jones, in all commercial property sectors, giving us a huge database of valuations to help us assess the market.
We have continually refined and improved our valuation work and reports to make the process easy and efficient for lenders, valuers, and brokers, providing reports which are right the first time, are turned around quickly – usually within 10 days of inspection – and leave few, if any questions unanswered.
Contact us today
Our team is able to value and advise on all kinds of commercial property and can act on behalf of private individuals, businesses, or Trusts.
We use the universally-recognised standard for valuation reports, issued and governed by RICS and known as The Red Book – Red Book Valuations.
Contact Chris Noble, Director of Professional Services on 07525 591999, or Rosie Crux, Director of our York office on 07950 403318.
