By Paul Syms(auth.)
The redevelopment of former business websites, so-called 'brownfield' websites, is turning into more and more vital as area is needed for internal urban advertisement advancements and as housebuilders are pressured via govt coverage to recycle land instead of utilizing 'greenfield' websites. This consultant, initially issued in 1999 by means of the integrated Society of Valuers and Auctioneers lower than the identify reference Desk Reference advisor to in all probability Contaminative Land makes use of identifies these commercial land makes use of probably to be encountered by way of valuers and builders, supplies assistance at the form of infection more likely to be current and provides normal recommendation on what activities have to be taken.
It is geared toward non-specialist pros advising landowners at the attainable sale in their land and structures, their power redevelopment or attainable environmental liabilities, and covers a few forty kinds of commercial land more likely to bring about contamination.Content:
Chapter 1 creation and coverage Context (pages 2–35):
Chapter 2 methods to Valuation (pages 36–56):
Chapter three boundaries to Redevelopment (pages 57–75):
Chapter four Recording Land situation (pages 76–91): Judith Lowe
Chapter five a couple of criminal Predictions (pages 92–104): Paul Sheridan
Chapter 6 Modernising the British making plans procedure (pages 105–123): Ted Kitchen
Chapter 7 Geographical info structures (pages 124–142): James Cadoux?Hudson and Donna Lyndsay
Chapter eight commercial actions and Their capability to reason infection (pages 144–155):
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Additional resources for Previously Developed Land: Industrial Activities and Contamination, Second Edition
Example text
They preferred to reserve this method for the valuation of specialist industrial units, which cannot be valued by the use of comparable information. In a second study by Richards (1997) the respondents were asked to indicate the methodologies which they would use to produce market valuations (MV) and calculations of worth (CoW), given a choice of: PDLC02 8/9/05 12:05 PM Page 45 Approaches to Valuation 45 • • • traditional (ARY) methods discounted cashflow (DCF) approaches other The majority indicated that they would use the traditional approach to produce open market valuations and DCF approach when calculating worth.
He pointed out that one danger in using information from ‘impaired’ properties is that it is highly unlikely that two contaminated sites will be sufficiently alike as to be truly comparable. In view of this problem, he suggested that it might be more realistic to use unimpaired comparable information and then use site-specific information in order to adjust the figures and arrive at a valuation based upon the ‘cost to correct’. Another valuation method considered by Richards and his interviewees was that of adjusting the All Risks Yield (ARY) and he suggested that, by including implicit assumptions relating to contamination (in addition to existing assumptions such as growth, risk of illiquidity and risk of tenant default), it may be possible to reflect both remedial costs and ‘stigma’.
PDLC01 8/9/05 12:06 PM Page 35 Introduction and Policy Context 35 Checklist • • • • • • • • • Is the property in question to be redeveloped or is the existing use expected to continue? If the site is to be redeveloped, does the proposed development accord with current land-use policies? Do the contaminants analysed as part of the site investigation relate to current and/or previous uses on the site? Was the site investigation report prepared after December 2002 and, if so, has the CLEA model or a similar approach been used?