7.1Five fundamental types ofhereditamenthave been identified:
Type A
Similar to a retail warehouse and often located amongst similar buildings on a retail park or development. Frequently involve a significant element of retail space selling general motor or allied trade accessories. Within this type operators may also be found off retail parks in former showrooms with a large element of retail sales. Because these units are suitable for a wider range of potential occupiers the specification is likely to reflect those competing uses. The start point for survey and valuation should be that adopted for retail warehouses where values may be higher than for type B.
Type B
Purpose built modern (post late 1980s). This type is considered most likely to meet the ideal characteristics, specifications and location requirements. Valuation will be driven by rental evidence and the location.
Land used for customer and staff parking and delivery bays will be reflected in the main space value but land in excess of what would reasonably be expected should normally be valued at the appropriate prevailing rate.
Type C
Older purpose built or converted from retail or industrial building. The better and more valuable hereditaments of this type will enjoy many of the benefits of type B. This is especially the case with location since type C hereditaments are frequently situated on main arterial and similar busy roads. Those considerations, together with the level and suitability of the adaptation works, will determine the appropriate level of value.
Type C hereditaments encompass a wide range of premises and consequently will have a value range from the type B level to type D (see below).
It is therefore necessary when dealing with type C hereditaments for the valuer to exercise judgement most subjectively. Local knowledge and site appraisal will play a major role in determining the relative position within this wide band of values. It is expected that the rental evidence and survey details will be examined critically. In arriving atrateable valueappropriate adjustments to passing rents so as to properly reflect tenants improvements and the effects of any conversion from a former use will be necessary where these are not reflected in the rent.
Again, extra land should be valued at the appropriate prevailing rate.
It is not uncommon for such units to be in former showroom accommodation and rental evidence for that class may also prove to be a useful cross reference.
Type D
Hereditaments located on industrial estates, non-industrial estate locations, back-streets. Value will be determined by the prevailing industrial values within the locality.
In some circumstances value will derive from that appropriate to type C hereditaments where locational aspects or adap
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