Vickery Holman were asked to undertake a Charities Act Valuation on behalf of a Charity who were looking to sell a premises. The legislation requires a qualified Chartered Surveyor to undertake a valuation report.
The property comprised a vacant hall in an unusual location which offered development potential, subject to planning and therefore finding comparable evidence may be difficult. It also had a residential house on the same area of land.
The Charity needed to know the best way in which to dispose of the property. The key issues of the valuation were to establish if it should be sold as a single lot, or split the legal interests of the hall and the house and sell each element separately; establish the most appropriate disposal method and if any repairs were required to enhance the value prior to the sell.
We met a representative from the Charity and inspected the property together where it was established that there could potentially be a clear split of the land between the hall and the house.
An internal inspection of the hall showed that it had been well maintained and therefore no repairs were required.
Following the inspection, we undertook a comprehensive search and were able to source a number of recent sales of comparable halls and houses.
We were able to provide a Market Value of the whole property using the comparable evidence sourced and recommended that there were no repairs required in order to enhance value. In terms of splitting the legal interests of the hall and the house, we advised that this was not necessary as the property could be marketed for sale as a single lot.
Due to the versatility of the site, we advised a sale by auction to be the most appropriate disposal method as we consider this method would attract the highest level of interest and ensure a sale is completed within a short timeframe.
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