Valuation

“It’s a pleasure to be the Chair of the Valuation Property Professional Group Panel and work with highly knowledgeable members across the valuation industry. Working with the RICS staff teams to understand key plans and activities and to help support the RICS with useful insight and member feedback has been the focus of the first 6 months since we formed. If you’d like to engage with us, email pgp@rics.org.”

Nick Knight

Chair

The Purpose of the Valuation PGP is to provide market insight and advise RICS on programmes of work covering technical standards, CPD, conferences and training, journals, policy, research, and relevant competences for APC pathways, all related to valuation.

The key market insights that the PGP have been discussing are:

Prudent value and what this will mean for the valuation industry.
ESG issues e.g. banking regulations requiring ESG disclosures at a corporate level and how this contradicts with what valuations are instructed for; risks in real estate valuations for commercial lending; EPCs and MEES and how these affect valuations.
Data and AI will dramatically change how we access information, how valuers compile their reports, the expectation on contextual data and how members of the public / lenders will instruct valuers. This will also influence the tools and systems used.
AVMs and how they will affect the level of work needing to be done by valuers.
Leasehold and Freehold Reform Act and how this will impact ground rents as investment.

The PGP are advocating for the work RICS is doing in the valuation sector e.g.:

Participating in and Nick Knight Chairing the RICS UK&I Valuation Conference.
Updating the Global Red Book.
RICS response to the leasehold reform and what potential changes there are.
Work undertaken on data and AI to support Members so far.
Engaging with RICS on prudent value.

Read the journal article 'How social impact drives award-winning valuer's career' by PGP member Joshim Uddin MRICS and Nicole Setterfield.

This PGP covers a range of areas of expertise in valuation, including but not limited to academia, arts & antiques/personal property, business valuation, finance, plant & machinery, residential valuations, commercial valuations, public sector valuations, rating & taxation, trade related property valuation and secured lending.

The RICS Podcast

Listen to the PGP Valuation podcast featuring members of the PGP: Mona Shah FRICS, Alvah Beander FRICS, Joshim Uddin MRICS along with RICS Head of Practice Ben Elder

This episode features a discussion around the Valuation PGP, which covers all-important areas like trends in capital investment, prudent value, pension funds and REITS, bank valuation and support for the housing markets, and the importance of trust and standards.

Also available on Apple Music and Spotify.

Chair

Nick Knight MRICS

Executive Director, Valuation and Advisory Services UK & Ireland, CBRE Limited

Nick is an experienced leader in the valuation of commercial and residential real estate in the UK market. He is trusted by many market participants and is committed to maintaining the highest ethical and technical standards in the valuation industry. Valuation is the cornerstone of the real estate industry and has a key role to play in attracting capital, driving economic growth and the efficient working of the market. Valuation is thus integral to the reputation and trust of the UK economy on the global stage. Nick has 30 years of working in Valuation in UK & Europe across both commercial and residential sectors. Nick sits on the UK Executive Board. He has extensive experience providing valuation advice across all sectors to a broad range of clients in the UK REIT Sector, UK Fund Managers, Private Equity, Sovereign Wealth and lenders to the UK market.

Vice Chair

Christopher De Gruben

Director - Head of Property, Artefact

Christopher de Gruben is an RICS Chartered Valuer with over 20 years of global urban sector experience. His particular passion is around the emergent use of data and AI in the property sector. Chris has started his career working for an international property developer across Asia, focused on its Mongolian operations. His primary tasks revolved around designing, developing and selling high-end real estate to foreign investors and corporates. This interest in emerging markets led Chris to eventually co-found his own firm dedicated to research on the property investment landscape in Mongolia and the region. This quickly grew into becoming a primary investor in the city centre of Ulaanbaatar but also contributing and leading urban development projects for the World Bank, EBRD and Asian Development Bank. During this work, Chris became fascinated with the potential uses of data to improve the operations and the understanding of our urban environments. Today, Chris is the UK Head of Property for a global data-focused management consultancy (Artefact) which combines advanced data science with transformation led management consulting. Chris and his team build bespoke AI models for some of the UK’s FTSE250 property companies. Models he has built can accurately predict market movements, define the optimal use of a residential site, carry out dynamic pricing for lease renewals for BTR operators or suggest an ideal mix of tenant types in retail centres. Above all, Chris maintains a strong belief that accurate and timely property valuations are the bedrock of our financial systems and contribute to a stable economy where investment decisions are made on sound basis. To do this Chris believes that we must better use the wide variety of data tools and datasets available to valeurs to paint a more accurate and contextual picture of the market and highlight significant uncertainties. Chris holds an MSc in Sustainable Urban Development from Oxford University, an MSc in Real Estate from the University of Reading, an EMBA from INSEAD business school and finally, a PGDip from Said Business School in Global Business. He also continues to develop his urban planning skills as an AssocRTPI. Within the RICS, Chris has sat on the North Asia Valuation Board, is an APC assessor and has supported a number of working groups. Today Chris is a PropTech member and a member of the Valuation Professional Group Panel and continues to promote the use of data and AI within the valuation profession.

Members

Cate Agnew, FRICS

US Head of Real Estate Valuation , NATIXIS

Cate Agnew is the US Head of Real Estate Valuation for Natixis CIB (Groupe BPCE). Her professional and educational background is in finance, valuation, asset management, and risk management. Cate holds the designations of FRICS, CRE, MAI, and HypZert MLV; she is on the Americas World Regional Board of RICS, and serves on multiple boards of directors and advisory boards for PropTech. At Natixis, Cate effected multiple impact technology solutions using existing systems, optimizing business- to-financial-reporting.

Joe Arnold

Managing Director, Arnold and Baldwin

Managing Director of Arnold & Baldwin, Joe is responsible for all commercial and residential valuations within the firm, which in one single year undertook over 6,500 valuations for its clients, for a multitude of purposes. Specialising in London and the Home Counties, Joe is representing Residential Property in the Valuation PGP, having already helped create Risk, Liability and Insurance, 1st edition, Valuation of buy-to-let and HMO properties | RICS and Home survey standard. In 2020 Joe won Surveyor of the year at The Specialist Lending Awards, and the 2021 British Mortgage Awards, a first for any SME business owner. He also won Best SME in South London. As a member of the former Survey & Valuation Professional Group, Joe is here to continue to shape the future of the residential industry.

Alvah Beander

President, Melanin Art Appraisals LLC

Alvah T. Beander, FRICS, FRSA, MBA, President of Melanin Art Appraisals, LLC, is a Red Book and Uniform Standards of Professional Appraisal Practice (USPAP) compliant personal property valuer/appraiser. In 2021, she became the first African American to be awarded the designation of Fellow in the Royal Institutes of Chartered Surveyors (RICS) in Fine Arts & Antiques. She is also a Fellow of the Royal Society of Arts, Manufactures, and Commerce (RSA). She is an adjunct business, management, entrepreneurship, and ethics professor. Her company is SWaM (Small Woman and Minority) certified and has previously won government contracts. Her articles have been published in prestigious publications internationally. https://www.linkedin.com/in/alvahtbeandermrics-91199312/

Graham Bearman

UK Real Estate Sector Lead & Head of Property Team, Forvis Mazars

Graham Bearman FRICS is the Head of UK Real Estate Valuations and Real Estate Sector lead at Mazars LLP, a global accounting, auditing, and business advisory firm. He has over 26 years industry experience and over 22 years in valuation and has previously sat on the RICS UK Valuation Board, as well as contributing to numerous working groups and RICS publications, including: RICS UK National Supplement (2023), RICS Depreciated replacement cost method of valuation for financial reporting – Guidance Note (2018), RICS IFRS 16: Principles for UK real estate professionals - Information Paper (2022), RICS Existing Use Value (EUV) valuations for UK public sector financial statements - Professional Standard (2023). He oversees a team of RICS Registered Valuers in reviewing valuations for financial reporting to support the auditing function at Mazars, as well as providing a range of real estate advisory services to clients in the Mazars global network.

Jonathan Cooper

National Valuation Lead, Valuation Office Agency

I am passionate about attracting and inspiring future generations towards RICS qualification. My surveying career has provided me with many wonderful opportunities and has seen me visit and learn about some of the most iconic properties in the UK, whilst giving me the chance to appear as an Expert Witness at the Royal Courts of Justice. Outside of work, I’m a keen cyclist who can often be found touring the mountains of southern Spain by bike or practicing my Spanish in a bar with a calimocho (red wine and coke) in hand.

Sam Hinder

Senior Director, Hilco Valuation Services Europe

Sam has over 17 years experience in the valuation and sale of plant, machinery and equipment assets for various clients including investors, insolvency practitioners, banks, private equity, local authorities; and corporate entities. He has undertaken valuations for a wide range of purposes, including market value opinions, asset backed lending, sales, tax, financial reporting (IFRS, FRS 102, CIPFA), business combinations, due diligence, restructuring, asset sale and purchase; all across numerous sectors and jurisdictions. Sam’s work has included undertaking, reviewing and testing valuations for financial reporting purposes under IFRS, UK GAAP and CIPFA standards, and therefore developing strong familiarity with the accounting standards and valuation reporting standards. Prior to his current role, Sam worked in a Big-4 valuation team for six years working on assignments throughout the UK, Europe and MENA covering a range of plant and equipment assets for mainly financial reporting and advisory purposes. Sam worked and qualified at UK boutique valuation firm, where he undertook valuations across various plant and equipment asset classes, including conducting sales of assets via online auction including site management and clearance. As part of his current role, Sam undertakes valuation work of plant and equipment portfolios for asset sale, asset backed lending and on behalf of buyers and sellers as part of transaction due diligence. He also carries out market valuations, due diligence, dispute resolution, divestment, restructuring, asset finance advisory, and strategic asset advice covering Financial Services, Industry & Services, Privately Owned Business, Public Sector, and Private Clients. Sam is experienced across various plant and equipment asset classes and sectors, including construction, automotive, plastics, paper and packaging, renewable energy (wind/ solar farms, anaerobic digestors, biomass), recycling plants and energy from waste plants, electrical power plants (gas, coal, hydro), steel manufacturing, aluminium smelting, metal fabrication, pharmaceutical manufacturing and bio-sciences, chemical and industrial process plants. Sam has acted as counsellor for machinery and business asset candidates as part of their APC process and he provides training to candidates. He was appointed as a member of the RICS Valuation Professional Group Panel (PGP) in a non-executive role in November 2023, and was previously a member of the RICS MBA board for four years. Sam holds a degree in engineering and prior to moving into valuation, worked in manufacturing for global pharmaceutical and cosmetics corporate entities. He is an RICS member and RICS Registered Valuer.

Mona Shah

Founder and Director, Vayati Systems and Research Ltd (Also Academia)

Mona N. Shah is known for her pioneering work in India and globally, in built- environment education and research. In her capacity as member of leading boards of universities, professional associations and industry, she is able to suggest strategic direction and counsel. Her areas of interest are Sustainability, Management and Leadership. Her original research in competencies mapping, leadership, sustainability and urban development is highly cited. She serves as a peer reviewer for reputed international journals viz. IJCM, IJMPB, Construction Innovation Journal. In her role as consultant, she contributes to the corporate world in strategic advising. In the past she has lead several studies for government and corporates. As Founder and Director of Vayati Systems and Research, she continues her original work in futuristic learning designs, training and consulting.

Kelly Smith

Team Leader – Commercial Team, Valuation Office Agency

Kelly is a valuation surveyor with a decade of qualified experience within the surveying profession. She has worked in both public and private sector and has experience predominantly in accounting valuations, secured lending and rating. She is currently leading a team of surveyors within the Commercial team of the National Valuation Unit in the VOA.

Joshim Uddin MRICS

Director, JJ Viability

Joshim is a Chartered Surveyor specialising in development viability for planning purposes, exclusively acting and advising local authorities to achieve maximum viable levels of affordable housing/developer contributions. As an advocate for the public sector, Joshim is also involved in other areas of planning/development including Local Planning and Community Infrastructure Levy.

Jeremy Tonge

Client Partner

Jeremy was born in Liverpool and started in General Practice in Surrey in the ‘80s before specialising in direct Development, and latterly residential Valuation including for development, HRA, BTR, and prime central London secured lending. He has been the Head of Residential Valuation at Cushman & Wakefield (UK), the Head of Residential Secured Lending Valuation at Gerald Eve, an Expert Witness and is a trusted adviser to Banks for secured lending valuations. His principal work interest now is developing and upholding standards for the benefit of members and clients.

Atam Verdi

Executive Director, Aspinall Verdi

Atam has been active in the Development Consultancy sector for over 30 years. He started his early career at a Local Authority as a Trainee Valuer and subsequently secured his Land Management degree. He qualified as a Chartered Surveyor (1993) whilst working in the City of London with Jones Lang Wootton and then moved back to Yorkshire in 1996. He has been active in the regeneration and development sector nationally, working with DTZ and King Sturge where Atam headed the northern consultancy team. In 2009 AspinallVerdi was founded together with Ben Aspinall and the business has grown with offices in Leeds, London, Newcastle, Birmingham and Liverpool. The RICS Regulated practice provides a range of services, including valuation, to both public and private sector clients. His experience is focussed around assisting in the delivery of new development and regeneration including market analysis, public sector funding, viability, land assembly, heritage and strategic advice. Work with the public sector often includes valuation and advice in relation to best consideration and value for money. Atam was a member of the working group which is preparing the RICS Assessing Viability in Planning Guidance Update, providing a practitioner’s insight into the process and particularly from a Northern perspective. He has also been a member of the RICS Planning Policy Panel and Yorkshire & Humber Regional Boards in the recent past. Atam is a member of the Historic England Historic Places Panel, a Design Council /High Streets Task Force Expert and a Director of the social enterprise Headingley Enterprise and Arts Centre. He has been active in the regeneration and development sector nationally, working with DTZ and King Sturge where Atam headed the northern consultancy team. In 2009 AspinallVerdi was founded together with Ben Aspinall and the business has grown with offices in Leeds, London, Newcastle, Birmingham and Liverpool. The RICS Regulated practice provides a range of services, including valuation, to both public and private sector clients. His experience is focussed around assisting in the delivery of new development and regeneration including market analysis, public sector funding, viability, land assembly, heritage and strategic advice. Work with the public sector often includes valuation and advice in relation to best consideration and value for money. Atam was a member of the working group which is preparing the RICS Assessing Viability in Planning Guidance Update, providing a practitioner’s insight in to the process and particularly from a Northern perspective. He has also been a member of the RICS Planning Policy Panel and Yorkshire & Humber Regional Boards in the recent past. Atam is a member of the Historic England Historic Places Panel, a Design Council /High Streets Task Force Expert and a Director of the social enterprise Headingley Enterprise and Arts Centre.

Paakow Winful

Consulting Director, Saudi Authority for Accredited Valuers (TAQEEM)

Paakow is a Consulting Director for TAQEEM, The Saudi Authority of Accredited Valuers. With experience across five continents, managing complex valuation and advisory instructions, primarily for financial reporting, NAVs for funds, insurance and tax, Paakow combines a global perspective with local knowledge to provide optimal solutions for clients. Currently on contract to TAQEEM, the Saudi Valuation Regulator, as an advisor, Paakow consults on topical valuation issues on behalf of TAQEEM, to government and regulatory bodies, and corporate entities. He advises on the professional development of valuers, their training pathways, their continuing professional education post accreditation, and the review and assurance of valuation reports issued by valuers. Prior to joining TAQEEM, Paakow was director of Kroll, formerly Duff & Phelps’, Real Estate Advisory Group and, before that, at American Appraisal (a division of Duff & Phelps’) Industrials Valuation Group, the specialist tangible assets team (oil & gas, petrochemicals, energy & power generation, iron & steel, healthcare, pharmaceutical & medical devices, data centres and infrastructure, among others) operating across EMEA and the Americas. Paakow sits on the IVSCs Tangible Assets Board and is a member of the Inspections Working Group, Prudential Value and Market Value Working Group and the ESG Working Group. He is a member of the RICS Global Valuation Professional Group Panel, a Fellow of the Royal Institution of Chartered Surveyors, an Accredited Senior Appraiser with the American Society of Appraisers, a chartered Project Manager and a TAQEEM Fellow. Paakow holds a BSc in Real Estate, an MSc in Construction Project Management, and a certification in Sustainability, Leadership and Corporate Responsibility from London Business School.

Rachel Wright

Partner, Knight Frank

Rachel Wright FRICS is a partner within Knight Frank’s Valuation & Advisory service line based in London. Her main area of responsibility is within valuation quality and risk, both in the UK and globally. Rachel is an RICS Registered Valuer with extensive professional experience of property valuation, particularly within the UK and Europe. Rachel holds an BA Hons in French Studies from The University of Nottingham and a diploma in Real Estate from The University of Reading. Rachel is passionate about leveraging her expertise to provide guidance to professionals in the field of valuation in her role on the Valuation Professional Group Panel.