Inspection level 3 - Kendal

Question 1

Please can you describe the building?

Answer 1

The property was a period looking building.
Arranged over basement, ground and two further storeys.
ground floor had a galzed frontage
interior was of a modern but average condition.
basement was used as storage
ground retail and so was upper floors.
small rear bin storage area to the back with bike rack.

Question 2

Was the property reversionary

Answer 2

My original due diligence through calling costar and speaking to agents suggested that the property was rack rented. Through my due diligence of calling up the agent marketing the almost identical property I discovered that Card factory had taken this unit at £16.50 psf.

Question 3

What is the hierarchy of evidence?

Answer 3

The relative weight attached to different types of evidence.

Question 3

Please can you describe the different category’s in the hierarchy of evidence?

Answer 3

Category A - direct comparables of contemporary
- TOP END: Completed transactions of near identical properties for which full and accurate information is available.
- BOTTOM END: Asking prices (only with careful analysis)

Category B - general market data that can provide guidance
- TOP END: Information from published sources or commercial databases; its relative importance will depend authority and verifiability
- BOTTOM END: Historic evidence

Category C: other sources
- transactional evidence from other real estate types and locations
- other background data (interest rates, stock market movements)