Practice Notes
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Approved for Publication 09.08.2004
COMMERCIAL PROPERTIES COMMITTEE
Practice Note 31
REVALUATION 2005
Valuation of John Menzies (W H Smith) Station Bookstalls
1.0 INTRODUCTION
This practice note applies to the valuation of premises occupied by John Menzies (W H Smith) which are found in Railway Stations.
2.0 BASIS OF VALUATION
These subjects should be valued using the Comparative Principle with rents analysed in terms of Basic Principles Committee Practice Note 1.
2.1 Kiosk Style Bookstalls, where customers are served directly from the street or railway concourse, should be valued on the following basis.
The actual rent being paid for the bookstall should be ascertained, and a deduction made to reflect the monopoly agreement between the station operators and John Menzies (W H Smith).
The residual value of the rent being paid is taken as the NAV/RV to be entered in the Valuation Roll.
In a limited number of locations it may be appropriate to have regard to the local rental evidence of other retail kiosks in the immediate vicinity.
2.2 "Walk-in" Type Bookstalls should be valued by comparison with other shops either within, or in close proximity to, the railway premises.
If no such comparable evidence is available, the method referred to in 2.1 may be adopted.
3.0 SURVEY AND MEASUREMENT
Gross internal areas should be established for "Kiosk" type bookstalls whereas for "walk-in" bookstalls sufficient details should be obtained to permit the application of the zoning method.
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