Glossary

Obtaining legal rights to real estate by occupying it for a certain period and paying rates and taxes.

Rights granted by the owners of land to another party to permit use of the air space above the surface or a specified stratum of airspace of the owners’ land. Also potential floor space rights that exist particularly over a heritage property and which can be sold and transferred to another development.

The process of recovering, over a period of time, the capital investment through scheduled, systematic repayments at regular intervals. Periodic contributions to a sinking fund to discharge a debt or make a replacement at a future date.

The prime tenant(s), for example, a supermarket in a shopping centre, which is a main attraction to the centre.

Australian Property Institute.

American term for valuation.

Increase in value due to many factors directly and indirectly impacting externally or internally on assets.

The determination of a dispute by one or more independent third parties rather than a court. Arbitrators are appointed by the parties in accordance with the terms of the arbitration agreement or in default by a court. The arbitration is conducted pursuant to the Arbitration Acts in each State and the award given by the arbitrator/s binds the parties.

A covered walkway or passageway usually connecting two streets, with retail shops along one or both sides.

The surface extent of a site, building, suburb, farm, or region, measured in square units, usually in square metres or hectares.

Total square metres of floor space within a building envelope.

Australian Securities and Investment Commission.

The apportionment of an investment portfolio among different asset classes (shares, bonds, property, cash and overseas investments) from time to time in accordance with the investment outlook of the investor or investment manager.

A systematic approach to the procurement, maintenance, operation, rehabilitation and disposal of one or more assets which integrates the utilisation of assets and their performance with the business requirements of asset owners or users.

A record of items considered work of identification as discrete assets. An asset register includes information about each asset, such as type of construction, technical details, date of acquisition, original cost, accumulated depreciation, written down value, etc.

Australian Stock Exchange.

Australian professional body in the field of property and valuation. Formerly known as Australian Institute of Valuers and Land Economists (AIVLE), Australian Institute of Valuers and Land Administrators (AIVLA), Australian Institute of Valuers (AIV), and Commonwealth Institute of Valuers (CIV).