You were a valuation officer of the Rating and Valuation Department. You are required to value...
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You were a valuation officer of the Rating and Valuation Department. You are required to value a ground floor Shop Orchidaceae measuring 6m (shop front) by 17m (depth), located on a secondary street in Wan Chai, to determine its 2022/2023 rateable value. It is occupied by the owner. The overall headroom of the shop is 6m, but the owner has constructed a half size timber cockloft of headroom 2m. You have collected the following information in your market research: > Shop Nelumbo, an adjoining shop on the left-hand side measuring 5m (shop front) by 9m (depth) currently commands a monthly rental of $157,000 effective from 1 June 2021. Shop Salvia, another adjoining shop on the right-hand side, measuring 4.5m, (shop front) by 16m (depth) is presently let at $126,000 per month effective from 1 March 2022. ▸ Shop Dianthus, a couple of shops away, a corner shop measuring 4m (shop front to the same side of the secondary street) by 6m (shop front to another street) has a passing rent of $70,000 per month effective from 1 September 2021. (a) Ascertain the designated valuation reference date: (DD/MM/YYYY): (1 mark) (b) Describe the physical feature of Shop Dianthus to be consider in the quantum allowance. (c) Using ITZA and EITHER of the three shops as reference, provide a valuation for Shop Orchidaceae. Make necessary or appropriate assumptions, show calculation steps, set out the details of adjustment and allowance made and propose and discuss the specific figure. (8 mark) You were a valuation officer of the Rating and Valuation Department. You are required to value a ground floor Shop Orchidaceae measuring 6m (shop front) by 17m (depth), located on a secondary street in Wan Chai, to determine its 2022/2023 rateable value. It is occupied by the owner. The overall headroom of the shop is 6m, but the owner has constructed a half size timber cockloft of headroom 2m. You have collected the following information in your market research: > Shop Nelumbo, an adjoining shop on the left-hand side measuring 5m (shop front) by 9m (depth) currently commands a monthly rental of $157,000 effective from 1 June 2021. Shop Salvia, another adjoining shop on the right-hand side, measuring 4.5m, (shop front) by 16m (depth) is presently let at $126,000 per month effective from 1 March 2022. ▸ Shop Dianthus, a couple of shops away, a corner shop measuring 4m (shop front to the same side of the secondary street) by 6m (shop front to another street) has a passing rent of $70,000 per month effective from 1 September 2021. (a) Ascertain the designated valuation reference date: (DD/MM/YYYY): (1 mark) (b) Describe the physical feature of Shop Dianthus to be consider in the quantum allowance. (c) Using ITZA and EITHER of the three shops as reference, provide a valuation for Shop Orchidaceae. Make necessary or appropriate assumptions, show calculation steps, set out the details of adjustment and allowance made and propose and discuss the specific figure. (8 mark)
Expert Answer:
Answer rating: 100% (QA)
Shop Orchidaceae valuation a Designated Valuation Reference Date The designated valuation reference date for this property is 01062022 This is because ... View the full answer
Related Book For
South Western Federal Taxation 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
Posted Date:
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