We provide a range of key services to the commercial property sector in Shetland. We have provided various services to a range of clients, including some of Shetland’s largest commercial property proprietors, such as Shetland Islands Council, Lerwick Port Authority, NHS Shetland and Shetland Amenity Trust.
As Shetland’s only experienced commercial property valuers, we offer comprehensive commercial valuation services in accordance with the Royal Institution of Chartered Surveyors (RICS) Red Book standards. These services encompass assessing the market value & market rental value of commercial properties, including offices, industrial spaces, retail units, and more.
Our expertise, unrivalled local commercial market knowledge and strict adherence to RICS professional standards ensures we provide accurate, independent and objective valuations.
We can provide valuations for a range of purposes, including, sale, acquisition, investment, rent review, lease renewal, secured lending, development appraisal, pension appraisal, taxation, or financial reporting purposes.
Insurance Reinstatement Cost Assessments
A Reinstatement Cost Assessment (RCA) for building insurance purposes is a calculated estimate of the cost to rebuild a property on the basis of total loss, including situations of substantial damage where complete building demolition and rebuilding would be necessary.
An accurate cost assessment is important to ensure your building asset is insured for the correct amount, avoiding situations of under and over insurance.
If your property is undervalued, insurance payments may not adequately cover the cost of rebuilding. Likewise, if the building is overvalued, your insurance premiums will be higher than they need to be.
To carry out an RCA we need to inspect the property to collect all the construct data required, including taking detailed measurements in line with the RICS requirements.
Schedule of Condition Survey
A Schedule of Condition is a document recording the condition of a property at the commencement of a lease. While it is not compulsory to have one, tenants taking on a lease on full repairing terms without a professionally prepared schedule can be risking future dilapidations claims and liabilities at lease expiry.
This is an avoidable situation if professional property advice is sought before agreeing lease terms. The purpose of this advice is to identify the current condition of the building and, hence, the anticipated extent of the tenant’s liabilities during and at the end of the lease term. If appropriate, a schedule of condition can then be prepared to limit the tenant’s liabilities. In addition, the schedule will help the tenant to understand repairing and other obligations in respect of the fabric and services of the premises within, during and at the end of the lease term.