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Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new...

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Slides for RICS Wales Rural Conference at Llandrindod Wells on 4 December 2012. Covers Vauation of trees for amenity purposes, valuation of renewable energy installations and the importance of Ecosystem Services (and their valuation) to future rural professional practice
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Charles Cowap MBA MRICS FAAV A Rural Jigsaw: Traditional and new challenges to valuation and estate management: trees, energy and ecosystem services Charles Cowap Llandrindod Wells 4 December 2012
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Page 1: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAV

A Rural Jigsaw: Traditional and new challenges to valuation and estate management: trees, energy and ecosystem services

Charles Cowap

Llandrindod Wells

4 December 2012

Page 2: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Valuation of trees for amenity and related non-timber uses

• RICS Guidance Note• Part of the Red Book suite• Guidance on the valuation of:

– Trees– Groups of trees– As part of property– As separate asset

• Scope: UK• Interest: worldwide!

Page 3: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

The Red Book

• RICS Valuation Standards

• Suite of:– Practice Statements– Guidance Notes– Information Papers

Page 4: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Why?

• The need to value trees for various requirements

• Emergence of various methods

• Need for guidance on their relationship to Red Book concepts like Market Value

Page 5: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

How?

Valuation Basics:• Methods• Skills and knowledge• Terms of engagement• Specific information which

may be needed• Valuation Basis

– Market Value– Worth– Fair Value– Existing Use Value

Page 6: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

How?

The Facts• Site and legal interest• Statutory designation and

other forms of protection• Current and proposed site

uses• Health and condition, signs of

stress• Liability issues• Assumptions and special

assumptions

Page 7: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

METHODS

Page 8: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Tree valuation is big newsBig figures are touted to end the chain saw massacre

Page 9: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAV

1. CAVATCapital Asset Value for Amenity Trees

Chris Neilan

Page 10: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

CAVAT

Capital Asset Value for Amenity Trees

• Basic value: unit value x size• Community Tree Index Value: population, use,

accessibility• Functional value• Adjusted value/amenity factors (+/-)• Full value/safe life expectancy

10

Page 11: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

How CAVAT (probably) worked:Tree Diameter of 184 cm x Unit Value Factor of £13.18 £350,285

Community Tree Index Factor based on pop density of 84.4/ha and relative accessibility of 200% x 100%

2

Functionality based on crown size and condition of 100%

1

Amenity and appropriateness based onTownscape and visual importance + 10%Local Designation + 10%Veteran status + 30% (but total limit of +40%)

1.4

Safe useful life expectancy of 20 to 40 years: 80% .8

Total Tree Value £750,000

11

Page 12: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAV

2. Amenity Valuation of Trees & Woodlands

DR Helliwell

Page 13: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Helliwell

Unit value per individual tree, 1.6.08 £25

Size of crown, 200 sq m: score 8 (max) 8

Safe useful life expectancy, 40 – 100 yrs, (max score 4) 3

Importance in landscape: score 4 (max) 4

Presence of other trees: some (max score 2) 2

Suitability to setting: score 4 (max) 4

Form (thick stem): score 2 (max) 2

Total tree value (compared to a maximum Helliwell value of £57,600)

£38,400

13

Page 14: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAV

3. Guide for Plant Appraisal

CTLA

Page 15: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

CTLA is not a method, but a bodyPublishing guidance on both Replacement Cost Methods…

Page 16: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

…and Cost of Cure methodsValue may be optimised without full replacement (cf Macklin)

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Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV17

Page 18: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV18

SpeciesX

ConditionX Location

Page 19: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

CTLA

Installed cost for 184 cm diameter tree @ £12.55/sq cm (unit rate)

£333,541

Environmental adaptability: v suitable @ 100% 1.0

Growth characteristics: an average of scores for size, longevity and maintenance: 100, 50 and 70% respectively

1.0

Pest and disease susceptibility 0.9 0.96

Condition (90%) and Age / Asset Life (70%) 0.6

Location, based on site rating (100%) x frequency (65%) x dominance (65%) x placement (100%)

0.4

Value £75,000

19

Page 20: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

One Tree

• 3 Values?

• £38,400

• £75,000

• £750,000

20

Page 21: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

• Helliwell: Visual Amenity Valuation

• CAVAT: Management of trees as public assets rather than liabilities, value directly related to public benefits

• CTLA: Depreciated Replacement Cost: asset valuation – amenity value

21

Page 22: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

COMPARISON• A standard unit is weighted (multiplied) for various factors• Nil value is possible• Negative value is impossible without further deductions• All are intrinsically capped• Scope for substantially different figures• No, or little, explicit recognition of land value itself

– See Lindsay and Lindsay• No Basis of Valuation in terms easily reconciled with Red

Book• DRC approaches

– Do the assumptions really work with trees?

Page 23: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

APPLICATION?

• Assessment of Worth (investment value)• Compensation claims

– Damages– Compensation on compulsory purchase

Page 24: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

FORMING A VIEW

• The need to ‘stand back’ and judge ‘reasonableness’• Bryant and Macklin (2005)

– Cost of replacement (DRC): £190,000– Diminution of freehold value: £25,000– Cost of replacement with young whips: £44,500

• With regard to:– Likely behaviour of property owner– Overall context of property market value

Page 25: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Renewable Energy Valuation

• RICS Information Paper• Part of the Red Book suite• Guidance on the valuation of

Renewable Energy Installations:– Wholesale– Own Use– Domestic– Electricity– Heat

Page 26: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Scope

• Landlord’s Interest• Owner-operator’s interest• Separately identified asset• As part of a larger asset, eg

rural estate or farm

Page 27: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Adapting Valuation Principles and Methods

• Direct Comparison and the problems of unique differences

• Some use for wind turbines?

Page 28: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Investment Method

• Assessment of Rent Levels• Reversionary Aspects• Layered Rents• Choice of All Risk Yield(s?)• Choice of capitalisation

period• A role for sensitivity analysis?

Page 29: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Layered Rents

Term

Laye

red

Ren

t

What happens here?

Reversion

Different Risk Rates?

Page 30: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Profits Method

• Identify a separate rental income stream for separate capitalisation?

• Arms’ length?

• Veracity of estimated or stated profits

Page 31: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Depreciated Replacement Cost

• Extreme caution!!

• Depreciation rates?

• Relationship to market or other basis of value?

Page 32: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Residual Method

• All the previous problems …

• Plus Developer’s Profit

• Uncertainties over planning, grid connections etc

Page 33: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

DCF Methods

• In practice widely undertaken for larger developments

• Market Value??

• Appraisal of worth to investor

• Would the market make same assumptions?

Page 34: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

BACK TO BASICS

• Purpose of Valuation• Scope of investigations to be undertaken• Assumptions and Special Assumptions• Preliminary Information• Capacity and assumed duration• After uses, continuation, redevelopment• Reporting Requirements

Page 35: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Clients Purposes Valuation Methodology (in no particular order)

Site owners

Site developers

Site occupiers

Finance providers

Statutory

Loan finance

Sale and purchase

Option agreements

Development appraisals

Asset distribution, e.g. probate, estate reorganisation, succession, divorce, administration and winding-up procedures

Taxation, e.g. inheritance tax, capital gains tax, rating

Business reorganisation

Financial statements

Compensation for compulsory purchase

Compensation to other interests, e.g. tenants, etc.

Discounted cash flow

Investment

Profits

Comparable

Residual

Depreciated replacement cost

Page 36: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

REPORTING

• Rationale for chosen method(s)• Detailed consideration of instructions,

assumptions, sources and reliability, extent of independent verification

• Sensitivity• Commentary on Risk?

Page 37: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Some Common Issues

• Development Proposals for new Sites

• Hope Value

• Operator Risk

• Complex lease or agreement terms

• Performance data

Page 38: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Some Common Issues

• Reporting Requirements

• Detailed instructions

• Market evidence

Page 39: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Investment Example

10 ha site for 7 wind turbines on 28 year lease, 3 years expired

Turbines: 7 x 2.3 MW x 27% capacity. Output (Elec + ROC) = £83/MWh

Basic Rent: £7,000 + RPI for 14 years; £12,000 + RPI thereafter

Turnover Rent: 5% of gross income for 14 years; 9% thereafter

Lease is taken from a larger site , rough grazing, of 100 ha in total

Let to a large well established generator

See Estates Gazette 18 August 2012

Page 40: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

BASIC RENT

Term: 11 years remaining

Rent 7,000YP for 11 yrs @ 8% 7.139 49,973

Reversion:

Rent 12,000YP for 14 yrs @ 10% 7.367PV £1 in 11 yrs @ 10% 0.351 31,030

Page 41: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

TURNOVER RENT

Turbines 7Installed capacity 2.3Capacity Factor 0.27£/MWh 83Gross Income 3,160,617

Term: Turnover 11 yrs remaining

Rent @ 5% of turnover 158,031YP for 11 yrs @ 10% 6.495 1,026,410

Reversion

Rent @ 9% of turnover 284,456YP for 14 yrs @ 13% 6.303PV £1 in 11 yrs @ 13% 0.261 467,953

Page 42: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

REVERSION TO FARMLAND

10 ha @ £2,000 20,000PV of £1 in 25 yrs @ 3% 0.478 9,560

£1,584,926

REMAINDER OF SITE, FH VP

90 ha @ £2,000 £180,000

GRAND TOTAL £1,764,926

Page 43: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

SUMMARY

Base Rent

Term 49,973Reversion 31,030

81,003Turnover Rent

Term 1,026,410Reversion 467,953

1,494,363Reversion to Ag Use 9,560Total 1,584,926

3%2%5%

65%30%94%

1%100%

Page 44: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

WIDER VALUATION ISSUES .....

• Worth and Value in Use v Market Value and Value in Exchange v Fair Value

• Valuation and other appraisal methods

Page 45: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Find out more …..

www.rics.org

Rural e-news

Farmland Market, Autumn 2011 edn.

Estates Gazette18 August 2012

Page 46: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

New land management Requirements are emerging

New markets

New challenges to professional practice

Page 47: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Peat’s Story

Page 48: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Page 49: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Context: Exmoor example

Exmoor

R Barle

R Exe

Wimbleball Resr & R Haddeo

ExebridgePumping Station

Replenishment PumpingApprox 5 miles, lifting water from 120 to 240 m AODCO 2

Page 50: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Top 10 Business Opportunities

1= Biodiversity Offsetting (BDO) and Conservation Banking• Estimated size of market £50 – 300 million

pa from housing, plus other sectors• Brokerage, certification and registration• Additional costs to builders/developers

deducted from land value

1= Peatland Carbon Code and Carbon Credits• Peat restoration for carbon storage• Management schemes and incentives• Certification and brokerage

Page 51: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

2. Woodfuel and Woodburning Stoves

3. UK ecosystem knowledge economy

4. Layered PES– Different Environmental Services

to different buyers– Eg

Page 52: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

6. Carbon sequestration

7. Sustainability certification– Opportunities for

intermediaries

8. Sustainable tourism

Page 53: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

9= Global centre of excellence in ESS certification

9= Water re-use technology

11 Reducing insurance risk through green infrastructure

12 Environmental bonds

http://www.valuing-nature.net/opportunities-uk-business-protect-and-value-natures-services-report-published-today [accessed 19 July 2012]

Page 54: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

NEW VALUATION REQUIREMENTS ARE EMERGING

Page 55: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Page 56: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Page 57: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

SOME WORK HAS BEEN DONE ALREADY

Page 58: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Page 59: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Page 60: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Page 61: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

ECONOMIC APPRAISALWe face challenges to valuation

Page 62: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Page 63: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

ECOSYSTEM SERVICESAnd Now

Page 64: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

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Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

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Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

ECOSYSTEM SERVICES

Page 67: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

APPROACHES FOR THE ESTIMATION OF NATURE’S VALUES

From TEEB Foundations, Chapter 5

Page 68: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Market Analysis

Group Valuation

Contingent Valuation

Cost Methods

Replacement Cost

Methods

Avoided Cost

Methods

Deliberative Valuation

Regime Shift Analysis

Insurance ValueResilience

Value Risk Analysis

Ecological Footprint

Mitigation Cost

MethodInput/Output

Analysis

Joint Analysis

Production Function

Page 69: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

WHERE DOES IT FIT?Valuation

Page 70: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Foresight Land Use Futures 2010

Page 71: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Key Questions for RICS

• Is this anything to do with us?

• Our Public Interest Function in this area?

• Our Member Services Function in this area?

• Our Global Positioning?

• What, if anything, needs to be done?

Page 72: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Thinkpiece

• Royal Charter– Promote the usefulness

of the profession to public advantage

• New opportunities in land management

• New ways of working in development

• New points to reflect in conventional valuations

• New types of valuation

Page 73: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

And we should offer:

• Our expertise

• In Land Tenure and its relationship to land management and development

• Our experience of valuation in challenging commercial markets

• Our expertise in brokerage

Page 74: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Keeping up with latest RICS Developments

Renewables Valuations

Farm Business

Tenancies

Community Infrastructure

Levy

Page 75: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Web Classes

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Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Questions?

Page 77: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Page 78: Rural Jigsaw: conventional and unconventional valuations of amenity trees, renewable energy and new challenges for land agents

Charles CowapMBA MRICS FAAVCharles CowapMBA MRICS FAAV

Contact Details

Translating new knowledge for rural professional practice

[email protected]

07947 706505

Twitter: @charlescowap

Blog: http://charlescowap.wordpress.com/

Slideshare: http://www.slideshare.net/cdcowap


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