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Valuation Report Valuation Report Colonnades Leisure Park, Purley Way Croydon Vegagest SGR SpA, Fondo Europa Immobiliare 1 July 2015 Colonnades Retail Park, Purley Way, Croydon July 2015 Contents 1 Introduction ...................................................................................................................................... 1 2 Basis of the Valuation ................................................................................................................. 2 3 General Principals .......................................................................................................................... 3 3.2 Measurements and Areas .....................................................................................................................................................3 3.3 Titles .......................................................................................................................................................................................3 3.4 Town Planning and Other Statutory Regulations ...............................................................................................................4 3.5 Site Visit ..................................................................................................................................................................................4 3.6 Structural Survey ...................................................................................................................................................................4 3.7 Deleterious materials and Pollution .....................................................................................................................................4 3.8 Environmental Contamination ..............................................................................................................................................4 3.9 Disposal Costs and Liabilities ..............................................................................................................................................4 3.10 Confidentiality to Third party and Liabilities .......................................................................................................................4 4 Location ............................................................................................................................................... 5 4.1 Geographical Description .....................................................................................................................................................5 4.2 Situation..................................................................................................................................................................................5 4.3 Communication ......................................................................................................................................................................5 5 Description ......................................................................................................................................... 6 5.1 Property Description .............................................................................................................................................................6 5.2 State of Repairs......................................................................................................................................................................8 5.3 Accommodation .....................................................................................................................................................................9 6 Planning ............................................................................................................................................. 10 6.1 Town Planning .....................................................................................................................................................................10 7 Non-Recoverable Costs ............................................................................................................ 11 7.1 Annual Non-recoverable Costs ..........................................................................................................................................11 7.2 Tax Matters ...........................................................................................................................................................................11 7.3 Other Non-recoverable Costs .............................................................................................................................................12 8 Tenancy .............................................................................................................................................. 13 8.1 Tenancy Status ....................................................................................................................................................................13 8.2 Lease Summaries ................................................................................................................................................................13 8.3 Covenant Status .................................................................................................................................................................16 9 Market Commentary ................................................................................................................... 18 9.1 Economy ...............................................................................................................................................................................18 9.2 Retail & Leisure Market Overview ......................................................................................................................................22 9.3 Local Market Overview ........................................................................................................................................................29 10 Valuation Commentary ............................................................................................................. 35 10.1 Valuation Approach .............................................................................................................................................................35 10.2 Value and Commentary .......................................................................................................................................................35 10.3 Discounted Cash Flow 5 Year Analysis .............................................................................................................................35 11 Valuation ........................................................................................................................................... 37 11.1 Market Rent ..........................................................................................................................................................................37 11.2 Market Value .........................................................................................................................................................................37 Colonnades Retail Park, Purley Way, Croydon July 2015 Appendices Appendix 1……………………………………………………………………………………………………………………Location Appendix 2……………………………………………………………………………………………………………….Photographs Appendix 3……………………………………………………………………………………………………Valuation Calculations Appendix 4…………………………………………………………………………...General Terms and Conditions of Business 1 Introduction Further to the instruction of the Independent Value assigned by Vegagest Immobiliare SGR SpA we have performed the necessary analysis aiming to provide the valuation of The Colonnades Leisure Park, 619 Purley Way, Croydon, CR0 4RQ. The scope of the subject valuation exercise is to provide you with our professional opinion of the following values as at the valuation date 30 June 2015 Market Value of the property in its current state of repair and use, subject to the existing leases; Market Rent of the property in its current state of repair and use as at the market conditions available at the valuation date. We bring to your attention that the subject analysis has been carried out taking into consideration market conditions and market information available on 30 June 2015 COPYRIGHT © JLL IP, INC. 2015. All Rights Reserved 1 2 Basis of the Valuation Our valuation has been prepared in accordance with the RICS Valuation- Professional Standards, January 2014 published by the Royal Institution of Chartered Surveyors on the basis of Market Value. Below please find the definition and interpretive commentary reproduced from the RICS Valuation – Professional Standards January 2014, VPS 4 and IVS Framework. The definition of Market Value as defined in IVS Framework is: The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion. 2.1 Market Rent The definition of Market Rent as defined in IVS framework is: The estimate amount for which an interest in real property should be leased on the valuation date between a willing lessor and a willing lessee on appropriate lease terms in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion. COPYRIGHT
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