By 2018, the cadastral value of shopping centers in the total mass has decreased. However, for a number of malls that are not included in the list of high-quality shopping and entertainment centers, this valuation still shows overestimated results.
For example, the company Valrus was valued a forensic examination in the framework of the case challenging the cadastral value of the little-known shopping center "Start". This shopping center is located at a distance from the metro in the depths of the block bounded by Leningradsky Prospekt, Marshal Shaposhnikov and Aircraft Designer Mikoyan streets. The main tenants are individual entrepreneurs who bring clothes from Europe. As part of the cadastral valuation, this object was estimated at 141 thousand rubles/sq.m.
At the same time, it is worth noting that more well-promoted, with significantly better location and better quality both in terms of the composition of tenants and in terms of management, shopping and entertainment centers located in areas close to the third transport ring (TTR) were priced much cheaper. For example, the Aviapark shopping center was estimated at 88 000 rubles/sq.m, Savelovsky shopping Center – 111 000 rubles/sq.m, Ok shopping center – 108 000 rubles/sq.m, Raikin Plaza – 114 000 rubles/sq.m, Capitol Shopping Center – 102 000 rubles/sq.m.
As the experience of the employees of the company Valrus shows, many valuers determine the cost of shopping centers without delving into the specifics of the object, but simply selecting retail premises or premises for free use, including those located in residential buildings, as analogues. However a shopping center is primarily a business and only secondarily it is a building. And, accordingly, its value is estimated primarily by the level of cash flows generated.
When implementing a profitable approach, the concept of an object is analyzed taking into account its type, layout features, competitive environment, and the profile of existing tenants. The rental rate for premises in shopping malls varies significantly depending on a variety of parameters: the floor of the location, the level of traffic, the profile of the tenant, the type of tenant (anchor, shopping gallery), the occupied area, etc. Thus, the rental income of a shopping center depends on what the concept of the shopping center is and how high-quality the composition of its tenants is.
Obviously, calculating the cash flows of the shopping center from the rental of built-in premises of the street-retail segment, it is impossible to obtain adequate results. In this regard, for all shopping centers for which forensic examinations are assigned to experts of the company Valrus, a request is always sent for requery of additional information on the composition of leasable areas, rental plans, conditions of actually concluded lease agreements, as well as the consolidated budget of income and expenses for the shopping center.
In the situation with the "Start" shopping center, it was found that the actual rental rates for the premises of the shopping gallery are lower than the average market ones, and at the same time the object is characterized by high vacancy associated with the low attractiveness of this shopping center, a high level of competition. This situation does not make it possible for the shopping center in question to reach the optimal level of income, but only allows you to close the operating costs associated with the operation of the facility.
Unfortunately, the actual operational activities of shopping centers and the methodology of their valuation are not analyzed and studied, including by employees of the Department of Urban Property, as well as the subordinate State Budgetary Institution conducting cadastral valuation, who continue to write in their comments to the examination of retail facilities about the "corridor coefficient", about the fact that potential gross income should It can be calculated based on the total area of the building and compare the prices of shopping centers with an area of more than 25 000 sq.m with the prices of premises with an area of 300-500 sq.m located in residential buildings.
The head of Varus Ltd., expert Pavel Kartsev continues to respond to such comments and prove to the court the validity of his conclusions both in this and other similar cases. In the vast majority of cases, courts and interested disputes agree with the expert's arguments and confirm the validity of the conclusions drawn. So in this case, the court accepted the results of the forensic examination and decided to determine the cadastral value in the amount of the market value based on the expert's opinion.
We hope that our methodological and explanatory work will help market participants and all interested parties to reach better understanding of the methodology and features of the assessment of complex objects and will contribute to the normalization of professional interaction.