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SURV4720 Land Valuation QUESTION 5 From the analysis of the following two industrial sales, calculate the market value of the subject industrial property, using both the capitalisation method and rate per square metre improved. SALE 1 Good basic Colorbond Iron Workshop with small office and minimal amenities. Area: 600 m2 plus six parking spaces. The property is leased for $72,000 per annum net ex GST on a five year lease, commencing from 1/9/2018. Outgoings total $15,000 per annum. Sale Price $1,000,000. Sale Date 1/9/2018 SALE 2 Basic fair older style Iron Workshop. Area 700 m2 plus four parking spaces. The property is leased for $63,000 p.a. gross ex GST on a three year lease commencing 1/3/2018. Outgoings total $12,000 per annum. Sale Price $700,000. Sale date 1/8/2018 SUBJECT PROPERTY Good Colorbond Iron Workshop with basic office and amenities. Area 650 m2 plus six carspaces. The Workshop is Vacant