Principles of Valuation

Armatys, John; Askham, Phil; Green, Mike

doi:10.4324/9781315040851

Cited by 5 publications

(6 citation statements)

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“…However, when we consider the implications of a market change, be it the global financial crisis (GFC), sustainability, new building or business technology, valuers need to be able to develop new knowledge, be aware of the markets' response to change and be able to reflect this change in practice. Valuers have commonly been criticised for being backwards looking, and slow to respond to market change (Wyatt, 2007;Armatys et al, 2009;Baum et al, 2000). This has a lot in essence to do with the requirement of past transactions but also the need to develop an understanding of the consequences of the change.…”

Section: Jpif 346mentioning

confidence: 99%

Sustainability evolution in the Australian property market

Warren‐Myers

2016

JPIF

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Purpose The relationship between sustainability and value in property has been a major area of investigation over the past decade. However, in spite of the extant literature and research, the connections made by valuers in practice of the value relationship are still unresolved. The purpose of this paper is to investigate, in the Australian context, valuers’ perception of the relationship between sustainability and value; and their experience and knowledge of sustainability in valuation practice. Design/methodology/approach The research investigates valuers’ perception and knowledge of sustainability and its inclusion in valuation practice in Australia. The approach uses a longitudinal survey of valuers from 2007 to 2015 tracking valuers’ knowledge, understanding, inclusion of sustainability reporting and the perceptions of the relationship between sustainability and market value. Findings This paper presents findings from a longitudinal survey that has been conducted in Australia since 2007, identifying changes between 2007, the height of the property market and sustainability engagement prior to the global financial crisis, and the subsequent years to 2015. The growth of sustainability in the property market is significant, however, valuers’ knowledge and reporting on sustainability is not demonstrating the same level of development. As a result, this is inhibiting valuers reporting on sustainability and has implications for practice and treatment of market values. Practical implications This research highlights the need to examine how to assist valuers to more rapidly develop knowledge and experience to reflect the implications of change in practice. Current approaches being developed in the UK and Europe, like the introduction of RenoValue professional development programs and guidance documents, to assist valuers to develop their knowledge needs to be implemented in the Australian environment as current approaches are inadequate, and steps need to be taken in order to assist their development of knowledge and experience as the market demonstrates growth and acceptance of sustainability. This research identifies the need to re-examine how professional development is undertaken and knowledge developed by those practicing in the profession in Australia. Originality/value This longitudinal survey is the only research that has spanned a substantial period of time attempting to ascertain valuers’ perception of the relationship between sustainability and value; and attempts to track the knowledge development of valuers in the context of sustainability. The findings identify how the market is developing and adhering to a product model development theory, however, also identifies more fundamental issues and implications for valuation praxis, in the development of knowledge and ability of valuers to adapt to change and reflect these valuations.

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Section: Jpif 346mentioning

confidence: 99%

Sustainability evolution in the Australian property market

Warren‐Myers

2016

JPIF

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“…This rental method of valuation is used when there is insufficient comparable market data or when the particularities of a property are such that easy comparison is difficult or even impossible. The method is based upon the Ricardian Theory of Rent and assumes that a divisible balance of profit is shared between the tenant for operating the business and landlord for providing the property (Armatys et al, 2009;Hayward, 2008). This method of valuation is used for the purchase and valuation of whole company healthcare businesses with fee income less expenditure producing an EBIDTA that comprises the divisible balance.…”

Section: Hypothesis: Southern Cross Was An Unsustainable Business Modelmentioning

confidence: 99%

The problematic differentiation between property bonds and leases in healthcare provision

Ellison

Squires

Dempsey

2015

Property Management

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Purpose -There are some 487,000 places in long-stay residential care and nursing homes in the UK representing an industry worth some £15.2 billion per annum. Creating leases with guaranteed rental uplifts, a property bond in all but name, now attracts significant investment into healthcare. This is argued to be unsustainable, as evidenced by the collapse of Southern Cross Healthcare. The purpose of this paper is to provide insight into institutional investment for sustainable healthcare provision. Design/methodology/approach -It is carried out via a range of unstructured and semi-structured interviews with a purposive sample of a small elite of professionals involved at the summit of this investment market and analysis of secondary literature concerning the wider international property market regarding the way in which advisers and investors view the security and value of these new instruments.Findings -It is found that the differentiation between rental growth and indexed rental uplifts reveal a misunderstanding of the nature of the investment vehicles currently being marketed. Practical implications -The implication of the research, is that much modern private healthcare provision is financially unsustainable, as has begun to be recognised in recent government regulation and guidance. Originality/value -This research provides new and original insight into institutional investment for sustainable healthcare provision

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“…Zaledwie kilka tytułów, z niemal mitycznym, niezachowanym Legionem ulicy (1932) Aleksandra Forda na czele, spotkało się z pozytywną oceną. W drugim tomie Historii filmu polskiego można przeczytać, że tylko kilka filmów zrealizowanych w ostatnich latach przedwojennych, takich jak: "Dziewczęta z Nowolipek", "Granica", "Strachy" łączyło w sobie solidne rzemiosło i penetrację drażliwych spraw współczesnego życia (...) 3 . Przytłaczająca większość filmów powstałych w II Rzeczypospolitej została uznana za bezwartościową komercję i jedno wielkie pasmo porażek artystycznych.…”

Section: Film Jako źRódło Historyczneunclassified

“…Wychodząc naprzeciw upodobaniom widzów, filmowcy sprawnie przejęli elementy realistyczne, nie rezygnowali jednak z entymentalizmu i melodramatycznych powikłań. Niespodziewanie z ekranów kin wyświetlających filmy zaczął się wyłaniać (…) pewien klimat moralny stosunków społecznych, psychologia mieszkańców tego kraju, obraz ich życia ukazany w konfliktach autentycznych, tutejszych, a nie przeniesionych mechanicznie z innego terenu 16 . Sposób ukazywania rzeczywistości w opisywanych przeze mnie filmach jest oczywiście daleki od strategii twórców związanych z włoskim neorealizmem czy brytyjskim kinem młodych gniewnych.…”

Section: Film Jako źRódło Historyczneunclassified

Polskie kino lat 30. jako ślad rzeczywistości. Emancypacja kobiet

Uryniak

2015

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W latach 30. XX w., po wstrząsie, jaki wywołał wielki kryzys, realizm ponownie stał się popularną tendencją w polskiej kulturze. Twórczość zespołu literackiego „Przedmieście”, seria reportaży publikowanych na łamach „Wiadomości Literackich” czy powieści środowiskowe zwracały uwagę opinii publicznej na te rejony życia, które do tej pory były spychane na margines. Wychodząc naprzeciw upodobaniom widzów, filmowcy adaptowali tematy z codziennej rzeczywistości, łącząc je z konwencją melodramatu. Jednym z najszerzej dyskutowanych tematów w tym okresie była emancypacja kobiet. Zmiany dokonujące się w tej sferze życia były częstymi elementami polskich filmów lat 30. Analiza związków fabuł z rzeczywistością i tematami obecnymi w debacie publicznej pozwala na przyjrzenie się takim aspektom funkcjonowania ówczesnego społeczeństwa, jak prawodawstwo, stosunki społeczne, sytuacja ekonomiczna i obyczajowość.

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Principles of Valuation

Cited by 5 publications

References 0 publications

Sustainability evolution in the Australian property market

Sustainability evolution in the Australian property market

The problematic differentiation between property bonds and leases in healthcare provision

Polskie kino lat 30. jako ślad rzeczywistości. Emancypacja kobiet

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