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Article
Publication date: 1 December 1996

Alastair Adair, Norman Hutchison, Bryan MacGregor, Stanley McGreal and Nanda Nanthakumaran

Addresses the issue of valuation variation. The fundamental research question is to establish the range of valuations which a group of qualified valuers operating in the…

Abstract

Addresses the issue of valuation variation. The fundamental research question is to establish the range of valuations which a group of qualified valuers operating in the same market and using the same basic assumptions would produce in their estimation of price. It significantly extends the approach adopted by Hager and Lord and draws conclusions about different market sectors, locations and size of firms. The results of the survey show a wide variation in value across both rack rented and reversionary interests. In terms of the former over 80 per cent of all valuations produced a variation from the mean of less than 20 per cent with a corresponding figure of over 90 per cent for the reversionary investments. These levels of accuracy fall short of the contention that valuers can value to within 5‐10 per cent of market value.

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Journal of Property Valuation and Investment, vol. 14 no. 5
Type: Research Article
ISSN: 0960-2712

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Article
Publication date: 1 February 2000

Norman Hutchison

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Journal of Property Investment & Finance, vol. 18 no. 1
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 1 January 1991

Norman J. Harker, Nanda Nanthakumaran and Simon Rogers

Reconsiders the double sinking fund problem by looking at each ofthe common methods used. Investigates the underlying assumptions and theresidual errors or…

Abstract

Reconsiders the double sinking fund problem by looking at each of the common methods used. Investigates the underlying assumptions and the residual errors or inconsistencies. Notes that the use of traditional dual rate valuations results in a mathematical error within the valuation and an under‐valuation of the interest. Concludes that the Double Sinking Fund Method must be recommended in preference to Pannell′s Method.

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Journal of Property Valuation and Investment, vol. 9 no. 1
Type: Research Article
ISSN: 0960-2712

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Article
Publication date: 1 February 1991

Norman J. Harker, Nanda Nanthakumaran and Simon Rogers

Concludes an earlier paper by analysing the problems of negativecontributions to the sinking fund. Notes that the use of traditionaldual rate valuations results in a…

Abstract

Concludes an earlier paper by analysing the problems of negative contributions to the sinking fund. Notes that the use of traditional dual rate valuations results in a mathematical error within the valuation and an under‐valuation of the interest. Concludes that should the Chancellor of the Exchequer decide to allow exemptions from tax of sinking fund contributions and income within sinking funds the logic of dual rate valuation would be removed.

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Journal of Property Valuation and Investment, vol. 9 no. 2
Type: Research Article
ISSN: 0960-2712

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Article
Publication date: 1 March 1989

Nanda Nanthakumaran

Examines the problem of multiple solutions in relation to the useof the internal rates of return (IRR) as a decision‐making criterion.Attempts to show that positive…

Abstract

Examines the problem of multiple solutions in relation to the use of the internal rates of return (IRR) as a decision‐making criterion. Attempts to show that positive multiple IRRs occur only in a limited number of cases and in such cases the IRR is not the appropriate measure of return. Argues instead that the true rate of return for such projects is shown to be dependent on the cost of capital. Suggests two methods to deal with this problem: the extended yield method and the return on invested capital method.

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Journal of Valuation, vol. 7 no. 3
Type: Research Article
ISSN: 0263-7480

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Article
Publication date: 1 February 2000

Norman Hutchison and Nanda Nanthakumaran

The Mallinson Report, published in 1994, emphasised the need for valuers to develop expertise for the purpose of estimating the worth of property investments. Implicit in…

Abstract

The Mallinson Report, published in 1994, emphasised the need for valuers to develop expertise for the purpose of estimating the worth of property investments. Implicit in attempts to estimate worth is the assumption that the property market displays some level of inefficiency and that, in such a market, price and worth may diverge. It is believed that astute investors can exploit such inefficiencies in the market to add value to their portfolios. This paper reviews the main issues relating to the calculation of worth. Specifically it examines market efficiency, individual and market worth, and the use of risk analysis in the calculation. Finally, it recommends a shorter analysis period in view of the uncertainty in the estimation of the variables.

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Journal of Property Investment & Finance, vol. 18 no. 1
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 1 March 1996

George Matysiak, Martin Hoesli, Bryan MacGregor and Nanda Nanthakumaran

Based on a multivariate analysis of long‐term total returns and inflation data over the period 1963‐1993, shows that commercial property total returns reflect both…

Abstract

Based on a multivariate analysis of long‐term total returns and inflation data over the period 1963‐1993, shows that commercial property total returns reflect both expected and unexpected components of inflation in the long term. There is no evidence that property returns systematically provide, on an annual basis, hedging characteristics against either of these components.

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Journal of Property Finance, vol. 7 no. 1
Type: Research Article
ISSN: 0958-868X

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Article
Publication date: 1 September 1995

Piet M.A. Eichholtz, Martin Hoesli, Bryan D. MacGregor and Nanda Nanthakumaran

Analyses data from the USA and UK to determine whetherdiversification within a region by property type is better thandiversification between regions within a property…

Abstract

Analyses data from the USA and UK to determine whether diversification within a region by property type is better than diversification between regions within a property type. Compares both strategies to full diversification by both property type and region. Calculates and compares property type and regional correlation matrices. Produces efficient frontiers and calculates principal components to determine if there are dominant property type or regional dimensions to real estate returns. Suggests that for the USA a purely retail portfolio diversified over all regions would have been almost as effective as a fully diversified portfolio. In the UK, there is less diversity across regions within retail property. Overall, there is no simple conclusion applicable to all regions and all property types in either country.

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Journal of Property Finance, vol. 6 no. 3
Type: Research Article
ISSN: 0958-868X

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Article
Publication date: 1 March 2001

K.G.B. Bakewell

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes…

Abstract

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

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Structural Survey, vol. 19 no. 3
Type: Research Article
ISSN: 0263-080X

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Article
Publication date: 1 September 2001

Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property…

Abstract

Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Details

Facilities, vol. 19 no. 9
Type: Research Article
ISSN: 0263-2772

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