Vickery Holman were instructed by a lender to carry out a valuation of 4no. high quality residential houses across two sites in order to consider their suitability for mortgage security in Silverton & Thorverton, Devon.
The valuation was required to support the facilitation of a development loan to undertake a speculative development of the residential units.
Undertaking an RICS Red Book valuation which included providing the following advice:
To provide this advice we used our experience and knowledge of the residential and development land sales markets.
We used the Residual Method of valuation to support our opinion of the sites existing value, cross-referenced to evidence of the sale of similar properties on the open market. The residual valuation effectively assesses the end sales prices of the development and then deducts all costs including profit to determine the residual value of the site.
We were able to provide the valuation within an agreed timescale which supported the loan enabling the lender to proceed with the finance the development scheme.
