Independent Retail Property Advisors
Address: 541 Cavendish Road, Coorparoo Qld 4151
Phone/Fax: 0011 61 7 3342 1735
Mobile: 0409 634 223
E-mail:
qldleasecons1@optusnet.com.au
ACN No. 25 520 831 827
Registered proprietor: Don E. Gilbert
B.Com/B.Econ, Dipl.Prop.Val; Cert. Med. & Arbit. AAPI Certified Practicing Valuer; MRICS; AIAMA (Arbitration); Specialist Retail Valuer; Val. Reg. No. 2652
CV and professional papers subject to copyright can be downloaded.
Area of work: Retail tenancy & business consultant; specialist retail valuer; arbitrator for Lessors and Lessees.
I provide commercial advice with regard to retail property leases, leasing, rent and lease disputes.
A lease or package of leases is an "intangible asset" (or liability). A lease or leases can add additional "value" to a company's balance sheet under AASB 138. Alternatively it can decrease the intangible asset value.
Depending on the quality of income streams, security of tenure etc. leases can (significantly) add or detract from the value of a business, a property investment, a prospective investment for all stakeholders including financiers.
Too little emphasis has been placed or is placed on the quality of income streams here and overseas. A valuation can be 100% + out if the quality of a rental income stream has not been assessed, quantified and calculated into the "value" per se.
Professional services: provide specialist advice with regard to:
- Market rental valuations and advice (including joint appointments to settle disputes) for Mergers and Acquisitions, formation of trusts and companies, insolvency matters, receivers and managers, separating assets for taxation purposes, formation and dissolution of partnerships and companies etc;
- Arbitration of disputes;
- Tenancy lease disputes;
- Reviews of rental valuations;
- Due diligence for acquisitions;
- Compensation matters;
- Expert witness reports and representation up to Supreme Court;
- Outgoings - , business - and centre performance analysis & benchmarking.
Lease consultancy services: provide advice with regard to:
- All aspects of lease negotiations (new leases, existing, renewing), structuring leases, ensuring greater balance in leases, market rental assessments etc essentially adding intangible asset value to a lease or a package of leases.
Professional experience: Twenty five years in the property industry, 19 in Australia and 6 in South Africa. Worked in leasing, management, valuation, portfolio and facilities management. Also fast moving consumer goods marketing in supermarket industry.
Other areas of involvement
- Seek to define "market rent" in 1995 (wording adopted by the International Valuation Standards Committee "IVSC" into fourth edition of the International Valuation Standard published in 2000). The aim was to benchmark rents, to bring about consistency in process and outcomes resulting in better quality income streams. This would flow-on into more accurate asset valuations (capital value).
- Present papers "Market rent: what is it?" and "Market rent revisited" at first World Association of Valuation Organisation congress in Singapore November 2006
- Present "Settling rental (and other retail lease) disputes by Expert Determination" at second WAVO congress, Beijing, China. Awarded "Best Research Paper".
- Present "Back to basics an Australian REIT case study of the Shopping Centre Industry" at Pan Pacific Valuers Congress, Seoul, Korea in September 2008.
- The material supports previous research and papers written above, in that the A-REIT (retail sector) has seen a loss of shareholder value of minus - $51 billion from $97.4 billion (with Westfield and CFS Gandel moderating percentage losses) or - 52%, and minus - $38.9 billion from $49.4 billion or - 79% excluding Westfield and Gandel, from November 2007 to November 2008. The Australian share market fell by - 38% over the same period. Had the industry adopted these principles, the "bubble" would have been smaller and secondly, rather than being a defensive investment class, investors have moved elsewhere.
- Review of South Australian retail tenancy legislation, proponent of Outgoings Code of Conduct and part of QRTSA review team for Queensland Legislation.
- Submissions to "Inquiry into Fair Trading" (1997) and Senate Review of "Effectiveness of the Trade Practices Act 1974 in protecting small business" (2003).
- Prepare submissions for QRTSA The Retailers Association and clients to Retail Tenancies Inquiry by Productivity Commission (2007) - see Link
Other interests: Paper for "Proposed foundation for more efficient consumption", seeking to bring about behavioral change in mankind's interaction with its environment. Sir David Attenborough stated "I wholly support your aims".
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