• Discounted Cashflows: Making them mainstream in real estate | Workshop

  • 26/10/2023

  • 09:00

  • 13:30

  • 4.5

  • 38 Merrion Square East, Dublin 2, D02EV61

  • Following the introductory CPD with David Hourihan MSc Prop Invest FSCSI FRICS in June, looking at Office Investment Appraisals Using The Discounted Cash Flow Model, we are pleased to offer the follow-on, one day workshop on the use of Discounted Cashflow modelling in the appraisal of commercial property.

    Traditionally, the ‘Hardcore’ (or ‘Layer’) and the ‘Term & Reversion’ methods have been commonly used in the Ireland and the UK to carry out Red Book valuations or non-Red Book appraisals of commercial investment property.  More sophisticated investors now expect a level of transparency in valuations or appraisals of commercial property, which these traditional methods struggle to meet.

    In 2021, a RICS sponsored independent review (led by Peter Pereira Gray) called for a much more analytical profession and one that uses DCF as the principal approach to valuation.  As a result, new RICS standards for valuing investment property using DCF will be introduced in 2024.

    Throughout the course of this in-person, one day workshop, the following topics will be covered:

    • Irish Investment scenario.
    • Basis of Appraisal.
    • Property & Market assessment using SWOT analysis.
    • Investment Categorisation.
    • The DCF Model.
    • Measuring Returns (NPV and IRR).
    • Analysing the 5 key variables.
      • ERV – Hierarchy of Rental Comparisons
      • Hurdle Rate
      • Exit Yield
      • Growth Rate
      • Purchase Rate
    • Stress Testing Key Variable
    • Conclusions / Recommendation

    About the trainer

    David Hourihan MSc Prop Invest FSCSI FRICS qualified as a Chartered surveyor in Dublin, Ireland in 1994 under the mentorship of John Oliver Costello at Costello Commercial.  He has over fifteen years of industry experience in office agency, shopping centre asset management and commercial property valuations in both Ireland and the United Kingdom.  During this time, he worked with several leading real estate firms such as JLL and Colliers International and other firms (eg Nelson Bakewell, Drivers Jonas), which have since been subsumed into international firms such as Capita and Deloitte.

    In 2011 David became a full-time academic at the University College of Estate Management (UCEM) specialising in property investment, property asset management and property agency in the commercial property sector. He is the programme leader for the MSc Real Estate.  He is a knowledge expert at UCEM on the subject of ‘Ethics’ and on apprenticeships working groups.  UCEM is the leading provider of supported online education for the built environment.

    David is currently a geographical seat holder for the UK and Ireland on RICS Governing Council and an RICS ‘Inspire Ambassador’ encouraging UK secondary school students, our ‘next generation’, to pursue careers in construction and real estate.

    He is also an APC assessor/chair for both the RICS and Society of Chartered Surveyors Ireland (SCSI).  He is a member of the ‘Education and CPD’ standing committee and ‘Commercial Agency’ committee at the SCSI.

    David regularly runs a series of ‘Introduction to Office Investment’ webinars at Bayfield Training in which he and industry guest speakers review office investment dynamics in cities such as Budapest, Dublin, Frankfurt, Hamburg, London, Lyon, Hong Kong and Paris.  He has also provided webinars for the École Supérieure des Professions Immobilières (ESPI), France and Northern Business School (NBS), Germany in recent years (2021-2023).


    Workshop details

    Registration & networking: 09:00

    Workshop: 09:30-13:30

    CPD hours: 4.5 (upon complete attendance, SCSI members will have their hours automatically uploaded to their CPD record).


    Delivery Format: This workshop will be delivered in-person, at SCSI HQ, 38 Merrion Square East, Dublin 2, on 26 October 2023.


    *Places Limited to 15

  • SCSI Education Team

  • SCSI Education Team

  • 016445500

  • education@scsi.ie

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