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Question 3: Effective Rents and Stepped Rents A property has just been let on a 15 year lease with 5 year reviews. Over the period until the first review rents are stepped from 7,500,000 in year one to 8,500,000 in year five in increments of 250,000. Thereafter rents return to market value. Estimate the effective rents implied by the stepped rent over the first five years of the lease and estimate the value of the property. Assume a target return of 5% and a vield of 3.5%. Use this area to show your calculations:

B E Question 3: Effective Rents and Stepped Rents A property has just been let on a 15 year lease with 5 year reviews. Over the period until the first review rents are stepped from 7,500,000 in year one to 8,500,000 in year five in increments of 250,000. Thereafter rents return to market value. Estimate the effective rents implied by the stepped rent over the first five years of the lease and estimate the value of the property. Assume a target return of 5% and a vield of 3.5% Use this area to show your calculations: B E Question 3: Effective Rents and Stepped Rents A property has just been let on a 15 year lease with 5 year reviews. Over the period until the first review rents are stepped from 7,500,000 in year one to 8,500,000 in year five in increments of 250,000. Thereafter rents return to market value. Estimate the effective rents implied by the stepped rent over the first five years of the lease and estimate the value of the property. Assume a target return of 5% and a vield of 3.5% Use this area to show your calculations