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Don E Gilbert

With 30 years of hands-on experience in multiple facets of the property industry, the last 20 focused on retail dynamics, including retail shop leases, retail property valuation and current market rent, Don is an experienced retail leasing consultant.

  • Australian Lease & Property Consultants Pty Ltd
  • B Com/B Econ; Dip Prop Val; Cert Med & Arbit.
    (RICS accredited valuer expert and arbitrator; Firm Regulated by RICS)
  • Specialist Retail Valuer & Arbitrator
  • Accredited across Australia

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Phone: +61 1300 413 789
Phone: +61 (0)40963 4223
Address: Mitchelton, Brisbane, QLD 4053, Australia

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Valuation of retail leases is increasingly inaccurate as industry moves away from substantive analysis. While simplification is partly understandable, the vast oversimplification that has occurred is disastrous for the retail sector, the economy, and the environment.

Current practice excludes from the retail lease valuation process every applicable valuation, economic, legal and accounting concept/analysis that contributes to consistent, robust and accurate valuations. Key concepts ignored include: ‘market value’, ‘effective rent’, ‘reasonable rent’; matching Supply & Demand (willing landlord/willing tenant); Contract Law (fully informed parties); auditing, accountability, business goodwill, and IFRS 16 guidelines.

Primary factors/problems contributing to this oversimplification include the:
1. Nature of the evidence: it is non-homogeneous in ways that make it difficult to compare;
2. Imbalance of information access and market power between landlords and tenants;
3. Differing levels of knowledge/skill of each valuer and conflicts of interest; and
4. Lack of analysis tools incorporating structured methods and built-in checks/balances to
overcome problems 1-3.

Using actual case studies, this paper describes several (typical) flawed valuations and explores how the first retail lease analysis product in the world uses a ‘Body of Evidence’ approach and multiple analysis methods to overcome these problems.

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