|
Term |
UK Definition |
Equivalent NZ/Aus term |
|
Surveyor |
Basically anyone who has
anything to do with property. You could be a ‘valuation surveyor’,
‘dilapidations surveyor’, or ‘management surveyor’ etc. It doesn’t refer
to the person who knocks white pegs into the ground for subdivisions
etc.
eg “I am a valuation surveyor and have four years experience..” |
Valuer, Property manager,
Agent |
|
Service charge |
An amount of money over
and above the standard rent that a landlord will charge a tenant in a
multi tenanted building for the ‘operation’ of the building. Such things
include security, air conditioning, cleaning, maintenance etc. It can be
calculated any number of ways, but is often based on the pro-rata
portion of the building that each tenant occupies.
Eg “the service charge on the property is £7/sq ft per annum” |
Capex or Outgoings |
|
FRI Lease |
FRI = Full Repairing and
Insuring. This means that the tenant pays for everything related to the
property that they occupy, including maintenance of the outside,
painting, cleaning, security, etc.
Eg “The property is let on FRI terms”. |
No such thing in NZ, but
it kind of compares to Net, Semi Gross and Gross lease. |
|
Effective FRI lease |
An effective FRI is very similar to an FRI lease, but
will specifically exclude certain things that have been agreed between
the parties, eg Air conditioning, or specific plant and these are
charged back via a service charge. FRI is common in single let
buildings, Effective FRI in multi tenant buildings.
Eg "The lease is drafted on effective FRI terms" |
No such thing in NZ, but
it kind of compares to Net, Semi Gross and Gross lease. |
|
Rack Rented |
Means that the property
is let at the same amount as could be gained in the market if the
property was vacant.
Eg “The property is considered to be rack
rented” |
Any suggestions? Send
them through to Sid Kempton |
|
Red Book |
The Royal Institution of
Chartered Surveyors Appraisal and Valuation Standards is also known as
the ‘Red Book’.
Eg “the definition of Market Value as defined in the Red Book” |
Valuation
standards/Valuation Principals & Practice |
|
Market Rent |
Market Rent is the
estimated annual day one rent amount that a property would lease for in
the market at the valuation date after proper marketing within an arms
length transaction assuming both the lessor and the lessor are both
acting knowledgeably, prudently and without compulsion.
Eg “The Market Rental value on the property is £3.3m p.a. (£45/sq
ft)” |
Market Rent |
|
ERV |
ERV = Estimated Rental
Value. It is the estimated annual day one rent that the property would
lease for in the market at the valuation date, but based on the terms of
the current lease. ERV and Market rent can be the same, but they can
sometimes be very different if the current lease is much more onerous
(or beneficial) to the tenant than a ‘typical’ lease in the current
market. It is not a term defined in the RICS Red Book.
Eg “The ERV on the property is £3.1m p.a. (£41/sq ft)” |
|
|
Yield |
The yield is the annual
percentage return expressed as the relationship between the annual net
income and the gross capital value. It is a measure of an investor's
opinion of the prospects and risks attached to a specific investment.
The lower the risks and/or the better the prospects for rental growth,
the lower the yield investors are usually willing to accept and thus the
greater the capital value. The yield used is usually based on the sale
of comparable properties.
Eg “the property sold off a yield of 5.5%” |
Cap Rate |
|
Measurement of retail
shops |
In the UK this is based on the ‘Gross Internal Area’
(GIA). Defined as the
entirety of the space as measured from the inside face of the main
external walls. Loading bays are in, canopys are out. Areas under 1.5m
are in, external fire escapes are out. Balconys are out.
Eg “the GIA of the unit was 3,300sq ft” |
In NZ/Aus this is usually
based on the Gross Lettable Area (GLA) |
|
ITZA |
ITZA = ‘In Terms of
Zone A”. It is a concept that dates from the concept that the front of a
retail shop is much more valuable than the back of the shop. It enables
you to easily compare rents on retail units that are of significantly
different size and/or shape. Retail units are measured on the basis that
the first (usually) 6.1m (20ft) of depth is defined as the ‘Zone A’, the
next 6.1m is defined as the Zone B and so on. The Zone A is worth the
most, the Zone B is worth ½ of the Zone A, the Zone C is worth ¼ of the
Zone A etc. When valuing retail premises, it is customary to zone most
shops unless the unit is either particularly small or large. The general
‘rule of thumb’ is anything over 5000sq ft gets stated on an overall
basis instead of ITZA.
Eg “the ITZA of the unit was 456sq ft” |
They used to use it for
Ratable Values a long time ago in New Zealand. |
|
Floor to ceiling
height |
The height from the floor
to the ceiling.
Eg “The floor to ceiling height is 2.6m” |
Stud height |
|
Estates Department |
A property management
term.
Eg “could I please speak to someone in the Estates Department” |
Property Department |
|
Agent |
Anyone who
sells/lets/buys property. You can be an investment agent (eg buy or sell
property) or a retail agent (eg let retail property).
Eg “Who is the agent acting for the purchaser”
|
|
|
Bird |
The female gender.
Eg “ere, look at that bird” |
Sheila/Wahine/Mutton |
|
Fit |
A good looking person –
NOT a measure of cardiovascular strength.
Eg “ere, look at that fit bird” |
Hot/Cracker |
|
Football |
The game with a 11
players and a round ball.
Eg “Why would I even consider watching the football last night? The game
is full of wimpy little boys who ‘dive’ at the each and every
opportunity in order to get a penalty. That is simply not sport” |
Soccer/Poofball |
|
Cool box |
A container that you keep
your beers and/or food in while at the cricket.
Eg “take some of that food out of the cool box so we can fit more beer
in” |
Eski/Chilli bin |
|
Pants |
Your underwear – NOT your
trousers.
Eg “mate, you shouldn’t say that you like her pants – ever” |
Undies/Gruts/Daks |
|
Trousers |
Pants. The things that
you wear over your underwear.
Eg “nice trousers mate” |
Pants/Duds |
|
Flip flops |
Open toed single of
double ‘plugged’ footwear.
Eg “Where are me flip flops” |
Jandals/Thongs |
|
Thong |
Womans underwear
consisting of little more than dental floss that overweight English
women like to have hanging half way up their back while leaning over the
bar stool of the local pub. Fit chicks also wear them, but you tend not
to be able to see theirs.
Eg “I dare you to go and grab her thong and give her a wedgie” |
G-String |
|
Chips |
Potato sliced into
lengths and deep fried at the fish and chip shop. Often served with fish
and a slice of lemon.
Eg “I’m going to have fish and chips for dinner” |
Chips/Greasies |
|
Chippie |
A place where you buy
fish and chips.
Eg “I’m going down the chippie for a feed” |
Fish & Chip shop |
|
Crisps |
Potato that has been
sliced very thinly, deep fried, and put into a bag with flavoring.
Eg “can I please have a packet of chicken
crisps” |
Chips/Chippies |
|
Offie/Off License |
A place where you go buy
a bottle of milk, a loaf of bread and a newspaper on a Sunday.
Eg “I’ll just duck down to the offie to grab a paper” |
Dairy/Corner store |
|
Jar |
The term for a pint of piss/beer
Eg "Want to head down to the pub for a few jars?" |
|
