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Chris Thorne, FRICS

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RE: Project development added value

Posted By Chris Thorne 16-07-2026 10:49
Found In Egroup: Valuation \ view thread
You do not state for what purpose the valuation is required, e.g. is it for the site owner for financial reporting or a lender. While both will require a current Market Value/Fair Value, a lender is likely to also be interested in the value when complete and comment on the risks remaining in completing ...

RE: Property valuation: approaches, methods and models

Posted By Chris Thorne 15-04-2026 09:06
Found In Egroup: Valuation \ view thread
I suggest that if Accountants make the statement you mention you refer them to IFRS 13, or in your case AASB 13, which explains all three approaches and that any one, or a combination thereof, can be used to estimate Fair Value. ------------------------------ Chris Thorne FRICS Director Valuology ...

RE: Valuation in a disagreement between joint owners of a commercial property each with their own SIPP!

Posted By Chris Thorne 09-03-2026 09:17
Found In Egroup: Valuation \ view thread
Your duty is to the party who first instructed you. Without their consent you cannot talk to other parties about it, whether that be others with an interest in the property or not. Even if your existing client were to consent, you still have to consider if you have a conflict. Unless the beneficaires ...

RE: Valuation - Valuation Review - Valuation Process Review - Value Review

Posted By Chris Thorne 29-12-2025 09:54
Found In Egroup: Valuation \ view thread
Hi Martin I sympathise with you. The problem arises because of the conflict between those who believe the IVS should be a set of principles that can be widely applied for different valuation purposes, different asset types and across as many jurisdictions as possible and those who want a set of rules ...

RE: Red Book Departure Or Not

Posted By Chris Thorne 18-12-2025 09:22
Found In Egroup: Valuation \ view thread
Alex I agree that a RICS member cannot depart from the Red Book if providing a valuation opinion under these circumstances. With hindsight it was a mistake to ask the prospective client if they wanted a Red Book valuation. Very few clients understand what this is and some have funny ideas, including ...

RE: Residual Valuation vs. Development Appraisal – Practical Implications for RICS Members

Posted By Chris Thorne 16-09-2025 08:55
Found In Egroup: Valuation \ view thread
ARY or DCF techniques can be used in either a residual method or development appraisal. A residual is a method that can be used to estimate the current value of a property with development potential, and can use DCF or ARY as part of the calculation depending on the size, complexity and likely duration ...

RE: RICS decides on rules for UK public sector valuer rotation in new report

Posted By Chris Thorne 30-07-2025 12:32
Found In Egroup: Valuation \ view thread
The lack of consensus on if, how and when government owned assets should be valued has long been a source of frustration, and not just for valuation professionals. Here is a link to an article I wrote about this almost a decade ago. https://www.valuology.org/single-post/2016-1-7-a-framework-for-the-future ...

RE: RICS decides on rules for UK public sector valuer rotation in new report

Posted By Chris Thorne 30-07-2025 09:59
Found In Egroup: Valuation \ view thread
This is referring to RICS standards that apply only in the UK, and public sector means any central or local government run organisation responsible for providing public services, such as health, education, emergency services, armed forces etc. The public sector should not be muddled with public companies, ...

RE: RICS decides on rules for UK public sector valuer rotation in new report

Posted By Chris Thorne 30-07-2025 09:01
Found In Egroup: Valuation \ view thread
https://www.rics.org/content/dam/ricsglobal/documents/standards/Public-Sector-Valuer-Rotation-Working-Group-Report_SRB-Response.pdf ------------------------------ Chris Thorne FRICS Director Valuology cthorne@valuology.org ------------------------------

RE: Nature of third party with regard to an internal valuation

Posted By Chris Thorne 19-06-2025 09:20
Found In Egroup: Valuation \ view thread
Hi Charles I have considerable sympathy with your point. The equivalent exception 20 years ago was simply "Valuations by Internal Valuers solely for internal use by their organisation where no part of the report, including the valuation figure is to be seen by, or communicated to, any third party." ...

RE: Cost Approach and Land Value Relationship

Posted By Chris Thorne 09-06-2025 09:19
Found In Egroup: Valuation \ view thread
Although the current IVS has some information on the Cost Approach in IVS 103 Appendix A30, it previously had published a more detailed Technical Information Paper on the subject following receipt of questions such as this. It is fair to say this generated a lot of debate since the cost approach is very ...

RE: Cost Approach and Land Value Relationship

Posted By Chris Thorne 09-06-2025 09:18
Found In Library: Valuation

RE: Material valuation uncertainty.

Posted By Chris Thorne 15-04-2025 16:24
Found In Egroup: Valuation \ view thread
@Francesca Farina asked "I am wondering if the 2025 RICS Valuation – Global Standards (Red Book) has updates on the material valuation uncertainty (MVU)." It does - see my earlier post. ------------------------------ Chris Thorne FRICS Director Valuology cthorne@valuology.org -------- ...

RE: Material valuation uncertainty.

Posted By Chris Thorne 11-04-2025 11:39
Found In Egroup: Valuation \ view thread
While warning clients that the future impact of current or anticipated events on the reported value is important for many valuation purposes, such a warning is distinct from MVU. The latter is used to indicate where there is insufficient data to provide a valuation with confidence on the valuation date. ...

RE: Valuation Report – Minimum Content Requirements

Posted By Chris Thorne 04-04-2025 08:50
Found In Egroup: Valuation \ view thread
Hi Lahiru The required report contents listed in VPS (or for that matter those for the Terms of Enagement in VPS1) do not have to be reproduced in the order they appear. Many of the items simply appear in the chronological order in which they were added to the standards. As you say, many clients ...

RE: Valuation of a Plot of Land Used as a Railway Corridor!

Posted By Chris Thorne 25-02-2025 10:56
Found In Egroup: Valuation \ view thread
If it is a valuation for financial reporting the answer depends on the country where your client is based, if it is a private or public entity and whether it is operational or surplus property. In this case you say it is a government entity. Unfortunately, there is very little international uniformity ...

RE: Discounted Cash Flow - some thoughts

Posted By Chris Thorne 21-11-2024 17:27
Found In Egroup: Valuation \ view thread
"RICS published "Discounted cash flow for commercial property investments" though I don't recall seeing a date on it. It was to be part of the Red Book when a later edition was to be published. " In response to the Pereira Gray recommendations RICS issued a replacement for the 2010 Guidance Note ...

RE: What is Market Value?

Posted By Chris Thorne 25-10-2024 09:19
Found In Egroup: Valuation \ view thread
"Great comments and yes, the obvious answer is, we all adopt the $1,800,000 (imagine trying to explain to the lender the value is something less than what it was purchased for)." If the winning bid was not that that a typical buyer would make it is your absolute duty to tell a lender this! Others ...

RE: Client changes valuation

Posted By Chris Thorne 20-05-2024 09:48
Found In Egroup: Valuation \ view thread
The auditor is correct in that it is the reporting entity that is responsible for the numbers that appear in the reported financial statements. You do not say what are the applicable reporting standards, but under IFRS there is only an obligation on the reporting entity to indicate if the reported values ...

RE: Applying Energy Rating to Domestic Valuations

Posted By Chris Thorne 04-04-2024 14:21
Found In Egroup: Valuation \ view thread
Look at the effect of energy ratings on prices in the market? There cannot be a one size fits all answer. ------------------------------ Chris Thorne FRICS Director Valuology cthorne@valuology.org ------------------------------