Area Measurement Surveys
Due to an over reliance on inaccurate property documents, buyers, sellers and their advisors may be making poorly informed decisions that could have huge cost implications and which could quite possibly trigger issues that will last long after the property transaction is complete.
Do you rely on drawings and or maps when you are deciding how to invest, manage, sell, or plan around your property requirements?
If you answered yes, you need to protect yourself with an accurate measured survey that correctly reflects your intention and enables you to make a properly informed decision. Design drawing, in the absence of a verification validating all thereon, is no substitute for an up to date survey and will most likely compromise your decision.
Property measurement has changed and how you measure yours has to change too!
Area measurement reporting for offices has changed and from 01.01.2016 the International Property Measurement Standards – IPMS Office will be the de facto standard from them*. The RICS have incorporated and fully endorsed it through their recently released standard – Property Measurement, 1st Ed. May 2015.
The overall importance of accurate and robust area measurements cannot be overestimated as they are of fundamental importance to our property market. Murphy Surveys work in partnership with our clients and their advisors to provide a risk adverse service. We bring assurance, which is a vital part of any Area Measurement Survey. We will case manage all of your area measurement requirements leaving you free to concentrate on your investment.
Our surveys give you the most up to date area measurement results, which is specific to your property. We will reduce your risk by delivering independent, precise and accurate area measurements using the most innovative survey technology in the industry.
The new IPMS measurement standards stipulate that high value commercial property ought to provide a final valuation value of no less than +/- 0.5% and in real terms that requires a measured survey at a scale of no less than 1:20 anything else will compromise your investment and leave you exposed.
Murphy Surveys regularly measure plots of ground and buildings on behalf of clients who are looking to discharge their asset or invest in another. One such recent project delivered startling results:
Murphy Surveys produce accurate and independent survey reports on:
• Area Measurement Surveys –IPMS & others if requested
• Retail Zoning Surveys (ITZA)
• Asset Management – Portfolio Measurement
• Independent Duty of Care
• Plan, Elevation & Section Details
• Independent Area Measurement Verification
• Letter[s] of Reliance
IPMS – Mandatory Reporting Standard from 1st January 2016
In a bid to create greater consistency and confidence in the global property market, the IPMS (International Property Measurement Standards) Coalition was formed in 2013. In 2014 IPMS for Office Buildings was published and from 1st January 2016, this will be the mandatory reporting standard.* RICS have incorporated and fully endorsed it through their recently released standard – Property Measurement, 1st Ed. May 2015.
Why is IPMS important to you?
IPMS is required for robust financial reporting as it will provide a transparent and consistent methodology for property measurement worldwide. By embracing IPMS you will be able to engage, attract and advise international clients in a manner that is understood globally.
Current area measurements may vary by up to 24%.**
There are over 70 professional and not-for-profit organisations that presently endorse IPMS globally. IPMS provides transparency, consistency and clarity by having one standard for all.
It is recommended** that high value commercial property is measured to a final valuation accuracy of +/- 0.5%. To achieve this the area in question must be derived from a measured survey at a scale of no less than 1:20***.
What will Murphy Surveys do for you?
Murphy Surveys will case manage all of your area measurement requirements. Our surveys give you the most up to date area measurement results, which are specific to your property. We will reduce your risk by delivering independent, precise and accurate area measurements using the most innovative survey technology in the industry.
Murphy Surveys are listed as an IPMS partner and our staff have undergone specific IPMS training.
Our offices serve clients worldwide and for your reassurance, we have one of the highest levels of PI insurance in our industry (£10m).