8 An assessment of the value of a site in the most valuable alternative use should be based on the advice of suitably qualified and experienced valuation surveyor.2 Either in-house valuers or external experts can be commissioned to carry out the valuation.
9 Valuations should be based on the definitions of 'market value' (MV) or 'open market value' (OMV) used in the 'RICS Appraisal and Valuation Manual'. Valuations should take into consideration the prospects for development and the presence of any purchaser with a special interest, insofar as the market would do so. To take into account such potential purchasers, it may be necessary in instructing the valuer to adapt the RICS definition of MV/ OMV.
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2 For instance, a corporate member of the Royal Institution of Chartered Surveyors or the Institute of Revenues, Rating and Values.