A rental assessment will provide an independent opinion of what premises could reasonably be expected to lease for on the open market.
The valuation process involves an inspection, measurement of the premises, followed by analysis of other comparable lettings that have taken place.
The analysis process includes, where appropriate, a series of adjustments for factors such as location, size, time, lease terms & conditions, quality, age of premises and any incentives, such as landlord funded extras (i.e. carpet, partitions, rent free periods). Upon completion of this process the Market Rental for the subject premises can be assessed.
A Rental Assessment will reflect the existing presentation/condition of premises, but can also be extended to determine a rental value upon completion of proposed improvements such as renovations or additions. The benefit of seeking valuation advice before improvements to premises are undertaken is that the correlation between cost and added rental value can be determined before any money is spent.
Rental Assessments can be undertaken for landlords with vacant premises to lease, tenants seeking independent advice before they enter a lease agreement, and for landlords/tenants at the time of rent reviews. Most lease agreements provide for market rental reviews at periodic intervals during the duration of the lease.
If we can be of assistance with any rental valuation requirements, please get in touch with us directly or by enquiry below.Enquire about a valuation