Warwick Quadrant, Redhill

Client: Reigate and Banstead Borough Council

Instruction: Valuation Work

Reigate & Banstead Borough Council instructed us to provide a series of valuations relating to a proposed re-development in Redhill town centre.

The valuations were prepared having regard to the requirements of The Local Government Act 1972, Section 123 Disposal of land by principal councils, and also as External Independent Valuers in accordance with the requirements of the Royal Institution of Chartered Surveyors Valuation Standards 6th Edition (The RICS “Red Book”), published in November 2007, as subsequently amended.

We were required to consider a number of options relating to a proposed redevelopment of existing commercial premises, where the Council is the freeholder and the premises were let on a long-leasehold interest, and sub-let to tenants on occupational leases. We prepared a number of valuations on three bases: existing use; refurbishment of the existing buildings; and demolition and rebuild.

This valuation required us to apply our market knowledge to determine the market rental of the retail and office accommodation and also to consider the appropriate yield evidence in order to determine the capital values in each of the three scenarios, as requested by our client.