Experts in Property Valuation, Broome, Karratha, and the Northwest
Providing independent property advice in commercial, residential and specialised sectors
Preston Rowe Paterson was founded in 1988 to offer a superior service in the valuation and management of all forms of real estate, infrastructure, asset, plant machinery and equipment by a team of property valuers, analysts, advisers and consultants. Now, more than 30 years later, PRP has 37 offices throughout Australia and New Zealand and global partnerships in China, Japan, Thailand, Philippines and Dubai.
PRP Broome & North West joined the PRP Group in 2020. Based in Broome, the local office provides property valuation services covering areas from Exmouth, east to Newman, north to Kununurra and everywhere in between including the major towns of Karratha and Port Hedland. Local Directors Jeremy Callan and Caleb Weatherston and staff have extensive experience in all facets of the valuation industry including residential, commercial and rural work for finance, government and private clients. We have a focus on locally focussed quality personalised service.
“We know that people make the difference.”
At PRP, we know that people make the difference so we only engage the best professionals who are committed to delivering a superior service. Our aim is to always provide superior property advisory services, consulting and valuations, as well as property market and economic research to assist our clients to make better property decisions.
Our professional property consultants are members of the Australian Property Institute and registered valuers in the State of Western Australia.
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Featured Services
We provide valuation, analytics, and consultancy services for all forms of real estate including but not limited to residential, commercial and rural.
Other Services
- Mortgage Services
- Expert Witness Services
- Family Law Services
- Taxation Services
- Government and Statutory Services
- Insurance Services
Mortgage Services
- Mortgage valuations of existing & proposed real estate
- Desktop assessments based on local knowledge
- Mortgage valuations of development sites including group dwelling, multiple dwelling and land subdivisions
- Building progress inspections
- Investment, development and occupancy real estate advice
- Strategic mortgage portfolio risk review
- Mortgagee in possession valuations
- Bank and financial institution valuation panel appointments
- Valuation aggregator panel appointments (VALEX and VALOCITY) – B2B Connectivity
Expert Witness Services
- Lease & rental disputes including determinations
- Family law matters
- Partnership disputes
- Taxation and rating disputes
- Compensation and resumption matters (Section 241 of LAA, Planning & Development Act)
- Deceased estates
- Specialist litigation support
Family Law Services
- Portfolio assessment and valuation
- Historical valuations (date of cohabitation)
- PRP Senior valuers are experienced in acting as Single Expert Witness or Shadow expert
- All valuation reports are in compliance with the Family Law Act 1975, Family Law Rules 2004 (Single Expert), Federal Circuit Court Rules 2001(Court Expert), Common law and Practice directions of the Family Court and Federal Circuit Court
Taxation Services
- Capital gains tax valuations
- Land tax reviews
- Valuations for GST margin scheme
- Valuations for superannuation fund compliance
- Stamp duty valuations
- Tax depreciation schedules (compliant with ATO requirements)
- Valuation-based statutory assessments returned in rates and land tax notices
Government and Statutory Services
- Advice for property disposal and acquisitions
- Project feasibility analysis
- Public and open space contributions
- Asset and financial reporting valuations
- Leasing and rental review
- Heritage and specialised asset valuations
- Valuations for rating and taxing purposes
- Property portfolio analysis
- Compulsory acquisition (resumption) and compensation valuations
- Statutory valuation review
Insurance Services
- Insurance replacement cost valuations
- Strata Insurance replacement cost valuations
- Insurance reinstatement cost valuations
- All types of building insurance valuation
Case Studies
Property address & client details withheld for confidentiality
Residential Valuation
Residential Valuation
PRP was engaged by a private client to provide independent advice relating to their investment property in Kununurra. The property has a long lease to a corporate tenant and they wanted to understand the impact of the lease on the property. The specific purpose of this valuation was Pre-sale advice.
The Challenge
- There was a lack of recent settled market evidence of residential properties with long term leases.
- The client was unsure as to whether to provide the tenant with further lease options and how the reviews should be structured.
The Result
- We were able to use our well established database of local market evidence, ensuring every sale of relevance was considered within our assessment.
- We were able to provide in-depth knowledge of the local market with regard to recent trends from both a sale and rental point of view.
- Lease options with favourable renewal terms was negotiated by the client.
The client became comfortable with their investment decision in the short to medium term.
Mixed Use Commercial Valuation
Mixed Use Commercial Valuation
PRP was engaged by a commercial lender to establish the market value of a multiple tenancy retail/office/residential development in South Hedland for the purpose of first mortgage lending purposes.
The Challenge
- Several of the tenancies trading were impacted by COVID-19 and Commercial Tenancies (COVID-19) legislation.
- A number of tenancies were subject to Retail Shops Act.
- A number of the leases had expired and transitioned to monthly, impacting the WALE and term certain income.
- Outgoings were difficult to obtain and the impact off the same was difficult to establish.
- Located within a historically highly volatile market with rents currently on the rise.
The Solution
- We established the impact of Commercial Tenancies (COVID-19) legislation on the cashflow.
- We provided recommendation to the lender regarding tenants on a monthly basis and management of building outgoings.
- Gave comfort to the lender around historical occupancy and longer term sustainable rental levels.
- Our report enabled the lender to provide refinance to the borrower on superior terms.
Tax Depreciation Report
Tax Depreciation Report
PRP was engaged by a private client to prepare tax depreciation reports for various investment properties throughout Broome.
The Challenge
- Inspecting multiple properties in a timely manner whilst also meeting the needs of the various tenants.
- A quick turnaround was required to meet a taxation deadline.
The Solution
- Being locally based, we were able to make ourselves available throughout the week to ensure each property was inspected within 3 business days, whilst still being able to accommodate each tenant’s specific timing requests.
We were able to compile each report within a timely manner to ensure the client’s deadlines were met.
Industrial Valuation
Industrial Valuation
PRP was engaged by a commercial lender to establish the market value of a high-value industrial development in Karratha for the purpose of first mortgage lending purposes.
The Challenge
- There was a lack of recent settled market evidence to assist in establishing property value, particularly given the high value.
The Result
- We were able to use our well established database of local market evidence, ensuring every sale of relevance was considered within our assessment.
We were able to provide in-depth knowledge of the local market with regard to recent trends from both a sale and rental perspective.
Mortgagee In Possession Valuation
Mortgagee In Possession Valuation
PRP was engaged by a private organisation working on behalf of a major lender to provide advice in a ‘mortgagee in possession’ scenario. The property was situated in Derby.
The Challenge
- There was a lack of recent settled market evidence to assist in establishing property value.
- A short turnaround of 48 hours was required for the valuation.
- Remote area that had a history of vandalism and the property was extensively damaged.
How we assisted
- We were able to use our well established database of local market evidence, ensuring every sale of relevance was considered within our assessment.
- We were able to provide in-depth knowledge of the local market with regard to recent trends from both a sale and rental perspective.
- We were able to provide advice on recommended and required repairs to assist with the sale of the property and how this may impact the sale outcome.
Our report was returned within the required timeframe meeting the short turnaround time.
PRP Broome Directors
Director
Jeremy is a distinguished property professional boasting more than a decade of comprehensive experience in the Property Industry. His expertise spans across a variety of key areas including Valuations, Commercial Property Sales, Leasing, and Property Management. Throughout his career, Jeremy has successfully collaborated with an extensive array of clients, encompassing corporate entities, private investors, and local stakeholders.
Possessing an in-depth understanding of the North West of Western Australia property market, Jeremy has cultivated a wide-ranging and versatile skill set that covers all aspects of the property sector. His profound knowledge and hands-on experience have enabled him to deliver exceptional results and foster strong client relationships, solidifying his reputation as a trusted expert in his field.
Jeremy’s ability to navigate the complexities of the property market and his commitment to excellence have consistently led to successful outcomes in various property transactions and projects. His strategic approach and meticulous attention to detail ensure that all client needs are met with the highest standards of professionalism and efficiency.
Director
Caleb is a seasoned professional in the Valuation and Property industry, with a career extending over a decade since beginning in 2012. His broad experience covers a variety of locations including metropolitan, regional, and remote areas of the Northern Territory, Western Australia, and Victoria.
His expertise is diverse and comprehensive, encompassing Residential and Rural Residential properties, Commercial properties, and a spectrum of transactional activities including sales, rentals, and building replacement insurance. Caleb’s proficiency extends to leasing, construction, and property development, serving a wide range of sectors such as mortgage security, government, and private enterprises.
Caleb possesses a profound understanding of the Valuation and Finance industries, which complements his practical experience and enhances his ability to navigate complex property landscapes. His in-depth knowledge and hands-on approach have positioned him as an expert in handling intricate property transactions and development projects.
Renowned for his strategic insight and meticulous attention to detail, Caleb has successfully managed numerous high-stakes projects, consistently delivering results that meet and surpass client expectations. His dedication to achieving excellence in every facet of his work ensures that he remains at the forefront of the industry, providing reliable, high-quality service to every client.
Director
Cameron established the PRP brand in Western Australia, opening the Perth office in 2016.
With some 16 years of experience in the property valuation profession, of which the last 10 years have been at a Director level.
Cameron has a wealth of experience and knowledge, having conducted property valuation and consultancy projects on a broad range of asset classes including commercial, industrial, retail and residential sectors in both metropolitan and regional locations.
FAQs
An independent property valuation is a comprehensive legal report provided by a qualified, independent licensed valuer recognised by the court of law. The report determines a property’s market or rental value for lawful purposes like refinancing, mortgage, capital gains tax, and other specialised valuation requirements.
What do property valuers include in a property valuation report?
The content will vary depending on the property type and purpose, however, generally, a full property valuation report prepared by a licensed property valuer will include detailed legal and physical descriptions of the property, such as description of land and improvements, council zoning restrictions, fixtures and features and ancillary improvements. An extensive analysis of variables that contribute to the market value of the property will be carried out as part of the valuation including recent comparable sales, market evidence and overall market conditions.
Bank valuations are done as part of working out an amount of money to loan to ensure the home loan does not exceed a property’s value. This is because the property is used as security for the loan. If the borrower defaults on payments, the lender has the right to take possession and dispose of the property to recover the outstanding mortgage.
The main difference is that a property appraisal conducted by a real estate agent has no legal basis and will not stand in a legal court in Western Australia. Property appraisals can be targeted towards a marketing strategy to list the property for sale. On the other hand, property valuations completed by an independent licensed valuer hold no conflict of interest and can be used to resolve legal disputes in court.
Our team of property valuers located in Perth, Western Australia, use our internal systems, skills and experience to meet client requirements. We ensure due diligence is taken at every step of the process throughout a property valuation. From obtaining written agreement from our clients, undertaking a formal inspection of the property (where required), researching and analysing relevant property information and finally generating a detailed report providing rationale as to the value of the property.
PRP has some 36 offices across Australia & New Zealand. Our presence in Western Australia has progressively grown and we now have Western Australian offices in Perth (Servicing Perth, Peel & Wheatbelt), Geraldton (Servicing Midwest Region) and Broome (Servicing the entire Northwest). We also offer coverage across the rest of Western Australia as required.