Case Studies
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Experts in Property Valuation, Perth

Providing independent property advice in commercial, residential, development 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 Perth was established and joined the PRP Group in early 2016. Since its inception, the business has continued to expand and grow and is now a market leading firm with a diverse range of clients including Governments, ASX listed companies, public companies, private businesses, property trusts, banks, building societies, credit unions and the general public.

PRP Perth works closely with our affiliated regional WA offices based in Broome (servicing the Northwest) and Geraldton (servicing the Midwest).

“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 hold Land Valuers Licenses in Western Australia.

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Other Services

  • Mortgage Services
  • Expert Witness Services
  • Family Law Services
  • Taxation Services
  • Government and Statutory Services
  • Insurance and Depreciation 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

Family Law Services

Taxation Services

Government and Statutory Services

Insurance and Depreciation Services

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Case Studies

Property address & client details withheld for confidentiality

Residential Valuation

Residential Valuation

PRP was engaged by a specialist high net worth lender to establish the market value of a circa $15m high worth whole floor apartment in a prominent waterside location for the purpose of considering the security for first mortgage lending purposes.

The Challenge

  • There was a lack of recent settled on-market evidence to assist in establishing property value.
  • A short turnaround of 48 hours was required for the valuation.

The Result

  • We were able to source full details of off-market and off the plan transactions to provide the lender with further comfort and make an informed lending decision.
  • Funds were promptly advanced to the high-net-worth individual enabling them to apply the capital as needed.
  • Our report was returned within the required timeframe meeting the short turnaround time.

Commercial Valuation

Commercial Valuation

PRP Perth was engaged by a commercial lender to establish the market value of a multiple tenancy retail/office development in a Perth metropolitan location for the purpose of considering the security for first mortgage lending purposes.

The Challenge

  • Several of the tenancies trading were impacted by COVID-19 and Commercial Tenancies (COVID-19) legislation.
  • There was a history of prolonged vacancy evident within the development.
  • The anchor tenancy was nearing lease expiry.

The Solution

  • We established the impact of Commercial Tenancies (COVID-19) legislation on the cashflow.
  • We provided suitable risk commentary around the prolonged vacancy and addressed potential causes.
  • We provided recommendations to the lender around seeking confirmation regarding the anchor tenant exercising its option and discussing the impact on the property value if the option was not exercised.
  • Our report enabled the lender to provide refinance to the borrower on superior terms.

Mixed Use Development Valuation

Mixed Use Development Valuation

PRP was engaged by a specialist development lender to establish the market value “as is” & “as if complete” of a proposed 35 lot mixed-use development which incorporated both freehold and ground lease interests. The purpose of the valuation was for consideration of the project for first mortgage lending and construction funding.

The Challenge

  • The project had a history of failed pre-sale campaigns.
  • The ground lease interests had a finite timeframe.
  • Some of the existing presales had imminent sunset clauses.
  • An urgent turnaround was required.

The Solution

  • We provided insight into market demand and supplied and established why previous project marketing / pre-sale campaigns had failed.
  • The risk and impact of the ground lease interest to the lender was clearly illustrated.
  • We provided risk profiling of imminent sunset clauses.
  • The report was delivered within the required timeframe enabling the lender to make a prompt approval decision.

Environmentally Sensitive Acquisition

Environmentally Sensitive Acquisition

PRP Perth was engaged by a government organisation to establish the value of a 167ha landholding on the metropolitan fringe to assist the client in establishing a value at which to acquire the property. The land had significant environmental constraints including conservation category wetlands, threatened ecological species and was identified within a sensitive groundwater area.

The Challenge

  • The property had a known history of contamination.
  • Several environmental and planning constraints raised questions in regard to the highest and best use of the land.
  • The landholding was considerably larger than surrounding settled market transactions, influencing a lower rate but also raising questions as to its subdivision potential.

The Solution

  • We undertook specific research relating to the historical contamination, discussed the impact on the valuation of the property and provided recommendations to the client in order to mitigate risk.
  • We clearly discussed planning and environmental constraints to determine with clear logic the highest and best use of the asset.
  • We provided a clear graphical representation as to the impact of the size of the holding on value and addressed the potential of subdivision.
  • We also undertook a critique of the landowner’s valuation report to establish reason and provide clarity to the client on the variance in value.

Litigation Support

Litigation Support

PRP was engaged by an international property law firm to establish the retrospective market value of a 43 lot englobo subdivision, having regard to section 159 of the Planning & Development Act. The report was used to seek compensation from the adjoining landowner.

The Challenge

  • The retrospective valuation backdated 5 years presenting difficulties with sourcing suitable market evidence.
  • Improvements were to be disregarded. Merged improvements were to be included and considered.
  • Only partial historical costings from the project were able to be sourced.
  • The adjoining landowner had optimistic expectations regarding compensation.

How we assisted

  • We used both the Direct Comparison Approach by sourcing historical data and Hypothetical Development Approach in establishing compensation.
  • We used historical aerial photography to provide certainty regarding the condition of the site as at the valuation date.
  • We provided clear rationale as to the value of compensation payable in accordance with legislation.
  • Our report was used successfully by the legal team to finalise negotiations, without progressing to court.

PRP Perth Directors

Cameron Sharp

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, rural and residential sectors in both metropolitan and regional locations.

0438 069 103 cam.sharp@prp.com.au LinkedIn
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Kate Warner

Director - Residential

Kate is an experienced Certified Practising Valuer (CPV), with extensive residential market knowledge gained from over 20 years’ experience in the residential valuation industry within the Perth Metropolitan Area.

Being an energetic mother of two, Kate has exceptional planning and time management skills, ensuring deadlines are consistently met for our clients. She is committed to continuous learning and professional development and equipped with clear and concise
communication skills.

Kate has a focus on the highest levels of professionalism delivering quality reporting, providing clear rationale, and transparent communication with all our clients and staff. Kate is responsible for overseeing the Residential team within the PRP Perth office.

 

0411 666 599 kate.warner@prp.com.au
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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.

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