皇冠体育app

1.1 This guidance concerns the assessment of bullion/money stores which may range from warehouse conversions on industrial estates to purpose built buildings designed to provide a wide range of secure facilities.

1.2 皇冠体育app first purpose built bullion stores were constructed by banks in the late 1970鈥檚 using what could be described as fortress methods of construction: walls, doors, floors and roofs were all very heavily constructed. 皇冠体育app hereditaments have very few windows, if any at all, as openings of any sort were regarded as a point of weakness.

1.3 Since that time bullion store design has tended to rely more on electronic surveillance equipment rather than physical barriers but having said that the stores are still reasonably heavily constructed with very expensive doors and strong room linings. Stores constructed since the middle 1980鈥檚 will almost certainly have air-conditioning.

1.4 During the 1980s the banks built up their own networks throughout the country servicing their own branches. Since that time some rationalisation has taken place as the banking industry has responded to changes in technology and working practices. 皇冠体育app introduction of ATMs, the greater use of plastic payment (credit cards, debit cards etc.) direct debit and standing orders has meant a general reduction in the demand for banking facilities in the form of high street banks and this in turn has meant a general reduction in the bullion store / cash centre requirements.

1.5 To counter balance this somewhat there has been a shift in the storage of money in high street banks to that of central storage in bullion and money stores. 皇冠体育app policy now is to have a strong and reliable distribution system which allows the bullion /money store to respond to the branch cash requirements 鈥榡ust in time鈥�.

1.6 Consequently bullion / money stores are usually located reasonably close to good road transport facilities to allow them to adopt this practice.

1.7 Recently a number of vaults have been repurposed for use as secure safe deposit box facilities following the major banks withdrawing these facilities.

List description: warehouse and premises

SCAT code: 034

Scat suffix S

This is a national specialist class dealt with by the National Valuation Unit.

4.1 皇冠体育app Industrial Specialist Rentals Class Co-ordination Team (CCT) Valuation Panel 3 have responsibility for this class ensuring effective co-ordination across the network. 皇冠体育app CCT is responsible for the approach to and accuracy and consistency of bullion and money store valuations. Reference should be made to the Practice note relevant to the Rating List within which the assessment is to be included. Caseworkers have a responsibility to;

• follow the advice given at all times

• not depart from the guidance given on appeals or maintenance work, without approval from the co-ordination team

5.1 皇冠体育app Lands Tribunal case of Barclays Bank PLC v Gerdes (VO) 1987 RA 117 considered the valuation for rating purposes of a purpose-built money store/cash centre. 皇冠体育appre was no useful rental information and whereas the VO argued that indirect evidence of 22 secure stores was so diverse as to be of no assistance (consequently valued the appeal hereditament using the Contractor鈥檚 Basis) the Lands Tribunal accepted the approach of the ratepayers. 皇冠体育appy argued that the appeal property could properly be valued by reference to six of the VO鈥檚 comparables, which had all been valued according to the warehouse tone for their localities with a variety of 鈥減lus鈥� factors for security.

6.1 皇冠体育app basis of measurement is Gross Internal Area (GIA). Reference should be made to the Code of Measuring Practice 6th edition or its replacement for guidance.

6.2 Adequate information regarding all items of plant and machinery should be recorded, including those frequently found, such as electrics, air conditioning, fire protection, security camera systems, etc. Details will be required not only to assess their effect on value, but also in the event of particulars being sought by the ratepayers or their agents under the relevant statutory provisions. Reference should also be made to Rating Manual: section 6 part 5.

6.3 Care should be taken to take detailed note of the special fit out in respect of security provision including strong rooms.

7.1 Rating surveys should be captured on the Rating Support Application (RSA). Plans and surveys should not be stored in the Electronic Document Records Management (EDRM) system, but retained in a separate securely stored folder.

8.1 Rental evidence for this type of hereditament is extremely limited.

8.2 皇冠体育app Rentals plus basis should be adopted. 皇冠体育app hereditament is to be valued by reference to the level of value associated with warehouses in the locality with uplifts to reflect security enhancement as set out in the practice notes.

9.1 Valuations are supported by the Rating Support Application (RSA), Survaid and the Non Bulk Server (NBS) plant and machinery template.

1. Market appraisal

1.1 This is a small specialist class of property with falling numbers. 皇冠体育appre are 59 hereditaments nationally, a decrease of 31 since the last practice note was written.

1.2 皇冠体育appy remain geographically spread out, with location historically driven by security provisions e.g. one boundary protected by a railway line or river. In more recent years a number of more modern stores have been located on industrial estates close to good transport links.

1.3 Much of the stock is dated, with few new builds. It is apparent however that regular security upgrades are made.

1.4 Rental evidence of the complete hereditament is rare, as are cost details of security fit out. 皇冠体育app available evidence does however indicate an uplift in value over rental levels of equivalent warehouses.

1.5 Whilst there has been a reduction in numbers of High Street bank branches, cash in circulation has increased since the last AVD in 2015. As a result, the need for Bullion or money stores remains to service cash handling services, and more traditional bullion storage in some areas.

2. Changes from the last practice note

皇冠体育app valuation approach is as for previous Rating Lists. 皇冠体育app costs set out in paragraph 4.3 have been updated. 皇冠体育app scheme of valuation follows the pattern applied in assessing bullion stores for previous rating lists.

3. Ratepayer discussions

皇冠体育appre have been no ratepayer discussions.

4. Valuation scheme

4.1 This scheme applies to bullion stores in England and Wales.

4.2 皇冠体育app basis of valuation is by rental comparison with uplifts to reflect the extra value associated with the security elements.

4.3 皇冠体育app property is to be valued by reference to the level of values associated with warehouses in the locality. 皇冠体育app method of measurement is GIA.

i. 皇冠体育app base value is to be uplifted by 拢57/m2 to reflect the value of the secure elements. 皇冠体育app uplift is to be modified by reference to a factor appropriate for the locality. (This location factor can be found in the Cost Guide 2023 鈥� Guidance Notes and Common Adjustments). Accommodation not having high security features such as a separate office block will not be subject to the uplift.

ii. To the result of this add the value of the strong room by adopting 拢526/m2 (Cost Guide reference 50U00B) x statutory decapitalisation rate to give a rate per square metre in terms of RV. This is applied to the GIA of the strong room. If the strong room requires piled foundations these should be in addition at 拢245/m2 (50U00C) cost x statutory decapitalisation rate of strong room GIA. In each case apply the location factor as in i) above.

iii. To the result of ii above add the value of strong room doors at 拢10,342 to 拢20,685 each in terms of ERC.

皇冠体育appse figures will depend upon the specification. 皇冠体育app standard is likely to be at the lower end of the range.

iv. Allowances for age and obsolescence may be made to those elements valued by reference to cost. See Cost Guide 2023 Guidance Notes and Common adjustments: Section 8 Allowance scales. 皇冠体育app strong rooms should be treated as 鈥楤uildings鈥� and the strong room doors treated as 鈥楥ivils鈥� for the purpose of the adjustments.

v. Allowances for layout and other disabilities are to be applied as appropriate in accordance with the local basis for industrial hereditaments.

vi. Make additions for the associated yard area not used for access/circulation as per the local basis for industrial hereditaments.

vii. Make additions for any P&M not accounted for, in accordance with Rating Manual Section 4 Part 3 and the Cost Guide 2023.

viii. 皇冠体育app costs shown in this section are for ease of reference. In all cases where a cost guide code is shown it is this that which must be input into the NBS template, not the costs shown here. Where the cost guide code shows options, the costs shown in this practice note should be used to aid selection. Should the cost guide show different costs to those shown in a current version of this practice note please refer to the class co-ordination team.

4.4 In all cases of doubt reference should be made to National Valuation Unit 鈥� Industrial Commercial and Crown team for the appropriate advice.

4.5 In terms of carrying out the valuation within RSA, the hereditament should be valued on a matrix (address or size as preferred) drawing values from the local tone for warehouse units for the appropriate size and age.

4.6 皇冠体育app bullion store scale works on the assumption that central heating is present in a hereditament, but air conditioning is not. Caseworkers should therefore ensure that matrix prices reflect this assumption, as adjustments will be required where the actual circumstances of a particular property do not accord with it.

4.7 皇冠体育app uplift for the security element should be carried out within the 鈥極ther Additions鈥� table using code ZO0. Although there is an accommodation use code (AUC) for strong rooms, the addition for the strong room element should also be treated as an 鈥極ther Addition 鈥榰sing code ZO1, recording the area of the strong room. OA tables need to be created specifically for the valuation of Bullion Stores and should have the unit prices for ZO0 and ZO1 set to the prescribed amounts. In all instances, the default text for the codes must be overwritten with 鈥淪ecurity鈥� and 鈥淪trong room鈥� accordingly.

4.8 Plant and machinery

4.8.1 Common items of plant and machinery likely to be found include, standby power, air conditioning, security elements including cameras, gates, fencing, turnstiles and rising road blockers. 皇冠体育appse should be captured and valued in accordance with the Plant and Machinery sections of the Rating Manual and the Cost guide.

4.8.2 皇冠体育app 2023 prescribed rate of decapitalisation should be applied where appropriate.

1. Market appraisal

This remains a small, specialist class of property, with approx. 90 hereditaments nationally.

皇冠体育appy remain geographically spread out, with location driven by security provisions, for example, one boundary protected by a railway line or river/stream for example. Although many are located on industrial estates. Rental evidence of the complete hereditament is very rare. As are cost details of the security fit out.

皇冠体育app stock is now becoming dated, with few new builds. It is apparent that regular security upgrades are made however.

皇冠体育app demise of the High Street bank branch has been offset by the increase in the number of ATMs appearing in other locations, and the need for Bullion / Money Stores remains.

2. Changes from the last practice note

皇冠体育appre have been no changes from the 2010 Practice Note.

3. Ratepayer discussions

皇冠体育appre have been no discussions for 2017 with agents representing the industry and the IBRF (Inter Banking Rating Forum).

4. Valuation approach

皇冠体育app costs shown in this section are for ease of reference. In all cases where a cost guide code is shown it is this that which must be input into the NBS template, not the costs shown here. Where the cost guide code shows options, the costs shown in this practice note should be used to aid selection. Should the cost guide show different costs to those shown in a current version of this practice note please refer to the CCT.

I. 皇冠体育app Rentals Plus Basis should be adopted.

皇冠体育app hereditament is to be valued by reference to the level of values associated with warehouses in the locality. 皇冠体育app method of measurement is GIA. 皇冠体育app base value, 拢/sq m. Is to be uplifted by 拢50 m2 (RCG 201, 拢47.50 + 5% to cover the general increase in security provision) to reflect the value of the Bullion Store element.

皇冠体育app uplift is to be modified by reference to a factor appropriate for the locality (location factor found in the Cost Guide 2017 鈥� Guidance Notes and Common Adjustments).

Should there be any specific reinforced strength to walls and/or roof, for example, refer to CCT or via the NVU inbox.

皇冠体育app Alarm security installation is referred to the P&M section of RCG2017.

ii. To the result of this add the value of the Strong Room by adopting 拢475 (50U00B) x statutory decapitalisation rate (SDR)/ sq m GIA in terms of RV. If the Strong room requires piled foundations these should be in addition at 拢222m2 (50U00C) cost x statutory decapitalisation rate (SDR) of Strong room GIA. In each case apply the location factor as in i) above.

iii. To the result of ii above add the value of Strong room Doors at 拢9,000 to 拢19,000 each in terms of ERC.

皇冠体育appse figures will depend upon the specification. 皇冠体育app standard is likely to be at the lower end of the range.

iv. Allowances for age and obsolescence in accordance with the scales contained in Rating Manual - section 4 part 3: 皇冠体育app Contractor鈥檚 Basis of Valuation: R2017 Practice Note: Stage 2 - Age and Obsolescence Allowances.

皇冠体育appse may be made to those elements valued by reference to cost. 皇冠体育app Strong rooms should treated as 鈥楤uildings鈥� and the strong room doors treated as 鈥楥ivils鈥� for the purpose of the adjustments.

v. Allowances for layout and other disabilities are to be applied as appropriate in accordance with the local basis for industrial hereditaments.

vi. Make additions for the associated yard area not used for access/circulation as per the local basis for industrial hereditaments.

vii. Make additions for any P&M not accounted for, in accordance with Rating Manual 4, Section 3 and the Cost Guide 2017. 皇冠体育app Alarm security installation is referred to the P&M section of RCG2017

4.2 In all cases of doubt reference should be made to National Valuation Unit - Industrial for the appropriate advice.

In terms of carrying out the valuation within RSA, the hereditament should be valued on a matrix (address or size as preferred) drawing values from the Local Office tone for warehouse units for the appropriate size and age.

4.3 皇冠体育app Bullion store scale works on the assumption that central heating is present in a hereditament but air conditioning is not. Caseworkers should therefore ensure that matrix prices reflect this assumption, as adjustments will be required where the actual circumstances of a particular property do not accord with it.

4.4 皇冠体育app uplift for the security element should be carried out within the 鈥極ther Additions鈥� table using code ZO0. Although there is an AUC for strong rooms, the addition for the strong room element should also be treated as an 鈥極ther Addition 鈥榰sing code ZO1, recording the area of the strong room. OA tables need to be created specifically for the valuation of Bullion Stores and should have the unit prices for ZO0 and ZO1 set to the prescribed amounts. In all instances, the default text for the codes must be overwritten with 鈥淪ecurity鈥� and 鈥淪trong room鈥� accordingly. 皇冠体育app strong room doors should be added as plant and machinery [Class 2 table 2 (f) Protection from Hazards 鈥� doors] along with other security elements (security cameras and gates etc.) Accommodation not having high security features such as a separate office block will then be left out of the floor area used within 鈥極ther Additions鈥�.

4.5 皇冠体育app 2017 prescribed rate of decapitalisation should be applied where appropriate.