Do you know a staircase within a commercial building can be compensated?

• Jan 29, 2023

Recently, Asia Valuation had acted a compensation matter for institutional clients in 54-60 Young Street, Frankston, Victoria for the replacement of a staircase into a new secondary lift. Whenever we think of the concept of compensation, we always imagine a private parcel of land or property being taken. The compensable property does not necessarily have to be private, it can be in the form of communal facilities or common area.

These institutional clients, 3 owners of a company, had rented the building to 5 tenants including VCAT across 4 storey of a medium-rise commercial development. They wanted to find out the fair market value of an old demolished staircase, the ‘before valuation’ of the staircase prior to converting into a secondary lift travelling from ground floor to basement level while the same staircase on the higher levels (first floor and above) remained undemolished.

In this scenario, we had adopted ‘Direct Comparison’ valuation approach in finding out the current market value of the staircase. Based on our physical inspection, we presumed the old demolished staircase had the same condition as the existing staircase on the upper levels. We obtained multiple comparable ‘staircase’ sales evidences which reflected the similar condition, age, physical layout in the immediate area of Frankston.

As a result, the valuation report was delivered within 5 days and the internal corporate stakeholders or institutional clients were happy about the numerical outcome from all aspects. Asia Valuation took effort in considering the needs of our clients and understand the reasons why they need valuation in the first place. We listen to your needs and issues first prior to receiving instruction. We are your go-to chinese property valuer and property valuation company.