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Jan 09, 2024

Assignment Task

Asssessment 

The property at 55 Princess Street Manchester, M2 4EW has been on the market for over a month. A snapshot of the key features extracted from one of the property platforms available to us and a brochure describing the available space to let are provided as part of this assignment package. You are to prepare a valuation for your client, Bridgeford Street Enterprises Ltd.

They wish to purchase the property as an investment with an intended holding period of 10 years and have instructed an assignment due (valuation) date of 16/11/2023.1 The valuation has been requested because they wish you to assess the property’s investment value via a discounted cash flow (DCF) model taking account of all existing and future tenancies including (possible) lease renewals and/or new leases. The conclusions should additionally include advice to your client whether to accept the asking price...

Task

1. Critically examine the relevant commercial real estate investment markets in Manchester City Centre and the implications for the subject property and your valuation.

2. Critically analyse the factors affecting the input parameters in the DCF model and list these parameters’ values to be used in your models. This includes, among others, market rents estimates and forecasts for both retail and office properties coming from your analysis of comps.

3. Discuss the various assumption and respective rationales related to lease renewals, new leases, void periods, concessions, etc. Assumptions that are not supported by rationale coming from market evidence/ desk research etc. will be marked down.

4. Calculate the investment value of the property clearly showing your work in an appendix, equivalent to words. One way to do this in your main body is to write paragraphs about the calculated investment value of the subject property, other relevant outputs from the DCF, the valuation method.

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