Commercial property appraisal
What is a commercial property?
HOTELS, NURSING HOMES, SHOPPING CENTRES... ARE ASSETS LINKED TO A BUSINESS
Properties or activities that are usually carried out in buildings or parts of buildings that can only be used for a single purpose and are or may be linked to a business (i.e. can produce income). Among other properties, these include:
- Hotel establishments of whichever category (hotels, hostels, B&Bs, inns, self-catering accommodation, health resorts, holiday cottages, holiday resorts, camping sites, etc.).
- Healthcare or care establishments, such as clinics, hospitals, day-care centres, pharmacies, etc.
- Recreational and sports facilities such as theatres, venues, sports centres, etc.
- Teaching and cultural centres, such as schools, museums, etc.
- Accommodations of all kinds, like student halls, nursing homes, care homes, etc.
- Transport hubs, including bus stations or parking lots.
- Industrial facilities (factories, industries, etc.).
- Other establishments, such as petrol stations, tobacconist’s shops, etc.
Who needs a Commercial property appraisal?
INDIVIDUALS OR COMPANIES OF ANY KIND WHO NEED AN APPRAISAL AND/OR ADVICE ON A PROPERTY OR OPERATION LINKED TO A BUSINESS
This is for companies, financial entities, hotel chains, holding companies, investors, real-estate investment trusts, family office, corporations, owners, tenants, shareholders, expert operators, public sector in general (government agencies, autonomous communities, town councils and regional governments), public bodies, non-governmental organisations, professional associations and foundations or religious institutions.
In general, anyone who needs an appraisal and/or advice to make a decision on an investment, divestment, construction, corporate operation and/or the operation of a real-estate asset or goodwill.
Frequently Asked Questions
No. For a property to be considered a commercial property (ILEE, property linked to a business) the operations run in/on the property must produce income, now or in the future, and must be used for a specific purpose or operation in terms of town planning, or the change of purpose or operation will entail a large investment. This is usually defined as a “single purpose” property.
The specific documents that are usually required for this type of appraisal, when available, will be the Business Licence and the detailed income statements for the last three years and, depending on each case, other documents that may be relevant according to the business, such as agreements, subsidies, rental agreements and receipts of last rents paid, etc.
The value of a business under a licence that is run under a specific regulatory framework. For instance, the business run in a pharmacy, tobacconist’s shop or a lottery outlet, without taking into account the properties where they are run.
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