What is the method of construction?
- Newly built in 2016
- Steel frame
- Unit provided in shell condition
- Concrete floor
- Capped off services
- Shop fronts installed
What EPC rating did it have?
How did you measure the unit?
NIA and GIA
What did you include / exclude when measuring GIA?
As it was in a shell condition I included the general open space, only element I included was columns
Looking at your marketing details, it looks like you've measured this on a NIA basis even though you are marketing this as a restaurant unit, can you tell me why?
- Yes, the marketing details within my submission are the second lot of marketing details
- After unsuccessfully attracting an A3 occupier for the whole, we received a lot of interest from other uses mainly A1
- We then changed the details to reflect this so that retailers were able to know the measurements on a NIA basis
- I am aware restaurant units are measured using GIA
Who owns the building?
I see there's a premier inn on top, were there any conditions that needed to be met before being able to carry out works and did they support a restaurant?
Yes because they only had a small café therefore the more amenities / restaurants, the better
Premier Inn required an Acoustics survey to be carried out and the relevant acoustic sound proofing floors and ceiling to be installed to allow the threshold to be less than 75 dB
Who owns the land at the front?
I understand the client was accepted prior to the instruction, what usual checks are required?
- AML checks
- COI check
- Agree and sign TOE's
Did you zone the unit?
Yes I did zone it as well
You don't typically subtract an amount for compromised shape when valuing on a overall basis, why did you do that here?
I understand you don't typically do this, however the unit was very shallow which isn't practical for restaurant occupiers plus there was a number of other more regular units on the high street for less (mainly due to its location)
Unit would also be handed over in a shall condition
Bella Italia and Creams weren't doing too well therefore we feared this unit would be left vacant for quite some time
Why did you use headline psf and not net effective?
I understand you usually use net effective rents when obtaining comparable evidence however my client is an income producing client therefore all their reporting is done on a headline basis.
I was requested by my client to use headline figures for the purposes of obtaining the ERV
You say you provided advice on the tenant / tenants accounts, what did you provide?
First and foremost, I advised my client seek further professional advice from a certified accountant however I did request a P&L account for the 5 existing sites they own plus expected turnover / gross and net profit accounts
I see there are tables and chairs to the front of the property, was this incorporated in the lease?
No, the tenants have to obtain a licence from the local authority