The following sites were valued using traditional valuation methods and dcf

Project Details You have been appointed by C-19 Property Investment Ltd. This is a London based private property investment company looking for advice and guidance on the management of their portfolio. They have asked you to undertake a dcf appraisal of the investment value and traditional market valuation on the following investment opportunity. Quartermile One, 15 Lauriston Place, Edinburgh, EH3 9EN This 5-star award winning building (designed by Foster and Partners) is arranged over seven floors offering office accommodation over the ground and five upper floors and a gymnasium on the lower ground floor. The building is built on a slope and provides entrances on both Lauriston Place and Nightingale, and contains 9,738m2(104,819ft2) of high quality office space and 1,548m2(16,659ft2) of space current let as a gymnasium. The current tenancy schedule is as follow: Level 01,548m2(16,659ft2) which is currently let to Pure Gym Ltd. The 25 years lease was agreed on 4th December 2010 at 160,000, and is quoted on a net basis. The annual rent is paid in arrears and index-linked to the Retail Price Index (RPI). Levels 1 \& 2 These two floors (3,446 sqm/37,087sqft IPMS3) are currently let and occupied by Skyscanner Ltd on an FRI lease for a term of 21 years with 7 yearly rent reviews. The lease was signed 4th December 2013. The current passing rent is 1,101,500 per annum and in advance. Six parking spaces are attached to this lease. Level 31,838 sq m (19,785 sq ft) IPMS 3 on this floor was let in 4th December 2012 by Investec Wealth and Investment Ltd. The 15 years lease is set at the current market rent (IRI) per annum in arrears and has five yearly rent reviews. This space is let with four car parking spaces. Levels 4,5&6 The top three floors were taken by Dentons LLP. This space represents an IPMS3 office area of 4,454sqm(47,947sqft). The FRI lease signed on 30 th November Real Estate Valuation and Appraisal 2019 was set at 1,394,569 per annum in arrears with rent reviews every five years. The lease was for 15 years. Ten parking spaces are let with the office accommodation. You estimate a current gross initial yield of 5.25% (for leases with 5/7 yearly rent reviews), an implied growth rate of 4.11% per annum on non-index-linked rents, a long run average RPI of 3%, and a suitable target rate of return of 8%. You also reckon it will take 12 months after an existing lease ends to find a new good quality tenant under current Edinburgh market conditions, and you are required to explicitly allow for rental income voids. The seller is asking for offers over 32,250,000. Your client has asked you to critically appraise the market rent for the office space in the Edinburgh City Core submarket, the investment quality of this asset and likelihood of achieving the implied rental growth rate. In addition, you are required to recommend how much your client should offer to purchase this asset, and to evaluate and compare the rents achievable, market conditions and rental growth prospects for prime offices in Edinburgh's City Core with Downtown Manhattan (New York) and Singapore's Downtown Core submarkets where your client is considering alternative investment opportunities quatermile 1.pdf 15 Lauristen PI = Quartermile One For Lense Service Cta... Wtined Space To Let Leasing Highlights - Maisbiv torimmed ale occupsion - Flodizle lesco a salsole Leasing Activity 7 anar casse Camps Market Conditions Vicane; Falia Euzmarhel 3-6 3ts Eusysot Frepery Waiks. Cusidl About the Owner Marken Bent Pre Ases About the Architect Foeter and Po thers bs one of the moat in owsitve anchbeitire any inisgrated deelgn proct oes h the world. Caer fe parit four decoses the to privis heuzse and pred cot design. Project Details You have been appointed by C-19 Property Investment Ltd. This is a London based private property investment company looking for advice and guidance on the management of their portfolio. They have asked you to undertake a dcf appraisal of the investment value and traditional market valuation on the following investment opportunity. Quartermile One, 15 Lauriston Place, Edinburgh, EH3 9EN This 5-star award winning building (designed by Foster and Partners) is arranged over seven floors offering office accommodation over the ground and five upper floors and a gymnasium on the lower ground floor. The building is built on a slope and provides entrances on both Lauriston Place and Nightingale, and contains 9,738m2(104,819ft2) of high quality office space and 1,548m2(16,659ft2) of space current let as a gymnasium. The current tenancy schedule is as follow: Level 01,548m2(16,659ft2) which is currently let to Pure Gym Ltd. The 25 years lease was agreed on 4th December 2010 at 160,000, and is quoted on a net basis. The annual rent is paid in arrears and index-linked to the Retail Price Index (RPI). Levels 1 \& 2 These two floors (3,446 sqm/37,087sqft IPMS3) are currently let and occupied by Skyscanner Ltd on an FRI lease for a term of 21 years with 7 yearly rent reviews. The lease was signed 4th December 2013. The current passing rent is 1,101,500 per annum and in advance. Six parking spaces are attached to this lease. Level 31,838 sq m (19,785 sq ft) IPMS 3 on this floor was let in 4th December 2012 by Investec Wealth and Investment Ltd. The 15 years lease is set at the current market rent (IRI) per annum in arrears and has five yearly rent reviews. This space is let with four car parking spaces. Levels 4,5&6 The top three floors were taken by Dentons LLP. This space represents an IPMS3 office area of 4,454sqm(47,947sqft). The FRI lease signed on 30 th November Real Estate Valuation and Appraisal 2019 was set at 1,394,569 per annum in arrears with rent reviews every five years. The lease was for 15 years. Ten parking spaces are let with the office accommodation. You estimate a current gross initial yield of 5.25% (for leases with 5/7 yearly rent reviews), an implied growth rate of 4.11% per annum on non-index-linked rents, a long run average RPI of 3%, and a suitable target rate of return of 8%. You also reckon it will take 12 months after an existing lease ends to find a new good quality tenant under current Edinburgh market conditions, and you are required to explicitly allow for rental income voids. The seller is asking for offers over 32,250,000. Your client has asked you to critically appraise the market rent for the office space in the Edinburgh City Core submarket, the investment quality of this asset and likelihood of achieving the implied rental growth rate. In addition, you are required to recommend how much your client should offer to purchase this asset, and to evaluate and compare the rents achievable, market conditions and rental growth prospects for prime offices in Edinburgh's City Core with Downtown Manhattan (New York) and Singapore's Downtown Core submarkets where your client is considering alternative investment opportunities quatermile 1.pdf 15 Lauristen PI = Quartermile One For Lense Service Cta... Wtined Space To Let Leasing Highlights - Maisbiv torimmed ale occupsion - Flodizle lesco a salsole Leasing Activity 7 anar casse Camps Market Conditions Vicane; Falia Euzmarhel 3-6 3ts Eusysot Frepery Waiks. Cusidl About the Owner Marken Bent Pre Ases About the Architect Foeter and Po thers bs one of the moat in owsitve anchbeitire any inisgrated deelgn proct oes h the world. Caer fe parit four decoses the to privis heuzse and pred cot design