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Case Study - Commercial Property Valuations 2

Case Study - Commercial Property Valuations 2

Published on Monday, 16 July 2007

Ref: JH/16/7'07           Jean Howe – Partner Kirkby & Diamond

Objective
The client, a major charitable institution operating as a well known museum, required a five year updated valuation of the assets both for accounting purposes and also to enable those accounts and the valuations to be used as part of submissions for funding through various sources.
 
Strategy
The valuation involved looking at various elements of the substantial property which included; a historic dwelling where a function room facility was producing regular income, other parts of the building being used as in house offices and other parts of the same building being let out as office suites.
 
The site also included industrial property some of which were let on commercial terms, other parts being let on “grace and favour” tenancies. Parts of the outbuildings were let commercially as offices whilst others were in use as museum properties and yet further complicating the valuation was the development site potential identified to parts of the property.
 
Implementation
The valuation included looking both regionally and nationally at comparable evidence for this somewhat unusual use and to present the valuation in such a way that it would comply with the requirements of the charity commissioners and the potential funders as well as achieving the main objective of being compliant for the purposes of public accounts presentation.
 
The Result
The breadth of expertise held by the Valuers within Kirkby & Diamond and ability to obtain comparable evidence of unusual properties from both regional and national sources, enables Kirkby & Diamond to undertake valuations of the more unusual type of property as well as the more common business properties.
 
The charity obtained a very useful guide as to the value of the individual elements of the property as well as an overall value and further guidance in respect of where necessary repairs and refurbishments would further enhance the value.