VAL7VAE Property 1. You have recently let the retail premises on behalf of Green Properties Ltd and on receipt of your letting report: Valuation and Ethics Assignment, UCEL, NZ

Task
Your director has asked you, as a first step, to prepare a report for internal use that will address the three tasks (a–c) set out below:
a. Property 1. You have recently let the retail premises on behalf of Green Properties Ltd and on receipt of your letting report, they were surprised to learn that the areas reported to them for the letting of the shop were smaller than the areas they have on record for insurance purposes. Explain why there is a difference and calculate the appropriate areas for insurance and letting purposes (for letting purposes, this is the area expressed In Terms of
Zone A (ITZA) for the retail unit). Set out your calculations clearly so that they can be understood by your client, especially for the zoning of the shop unit. (approximately 400 words)

b. Property 2. The likely Market Rent that could be achieved for the property, if fully marketed now, based on your analysis of the comparable rental evidence in Table 1 (next page). You should show your analysis of all of the comparable evidence and then justify your selection of the best comparables that you will use to derive an appropriate market rental rate per square foot (or per square metre). You should then set out the rental valuation in
detail, to show how you have arrived at your Market Rent figure from the analysis of this evidence.
All assumptions and adjustments required to support your rental analysis should be stated
alongside your analysis and appropriately referenced. (approximately 700 words)

c. The clients are concerned with Environment Social Governance (ESG), and you should outline to your director how you could demonstrate good ESG principles with reference to the RICS Rules of Conduct and the key Rules and Behaviours that will apply as a Chartered Surveyor and as a firm. You should also include your awareness of the impact of sustainability on your valuation practice