Specialist PropertiesSpecialist properties are best summarised as properties that are out of the ordinary and ones that have a niche or very thin market. For example here are a few of these:
The key to providing a quality and objective assessment for the likes of the above, is in finding where the marketplace is at. In other words the Valuer needs to find comparable market evidence to compare to the subject property. Now this is not always possible, as for example, cemeteries are generally Council or Government owned and simply do not sell. Whilst they might have contractual agreements in place for an Operator to run the complex, they do not, at this time, sell them. So when faced with this challenge, the Valuer required is one with good experience and one that has sufficient life skills to think through and make logical considerations and decisions. This work should always be conducted by Senior Valuers within the Valuation industry. Conversely in some of the examples above, there will be sales, albeit not many and maybe not that current. However it is then the Valuers role to establish the full detail of this narrow group of comparable sales and supplement that with commercial yield evidence, underlying land value sales and the like.
Basically it is a multiple pronged approach and assessment to what on the face of it, might be an everyday property.
Market evidence and logic are the key.
Tel: (07) 3221 2444 Fax: (07) 3221 2497 Email: admin@australianvaluers.com.au
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