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Red Book Valuation

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We have a team of RICS Registered Valuers across our offices which enables us to undertake “Red Book” valuations to support the development process. We specialise in the valuation of development sites and regeneration projects for private and public sector clients.

‘Red Book’ valuations

Red Book valuation of development sites. We have a proven track record of residual appraisals and sensitivity analysis which is more in-depth for complex lending solutions. We are RICS Registered Valuers.

Site Sale and Purchase Agreements

We undertake Red Book valuations to support the negotiations for the acquisition and disposal of development sites for clients.  Our valuers analyse market data, site constraints and opportunities and planning policy to ensure they are reflected in the purchase price.  We are regularly required to produce ‘Franking Valuations’ for Homes England and other public bodies follow a period of marketing.

Best Value consideration / S.123 valuations

Our valuers work with Local Authorities to demonstrate that land is not sold at “a consideration less than the best that can be reasonably obtained” as set out under Section 123 of the Local Government Act 1972.

Local authorities are given powers under the 1972 Act to dispose of land in any manner they wish, including sale of their freehold interest, granting a lease or assigning any unexpired term on a lease, and the granting of easements. The only constraint is that a disposal must be for the best consideration reasonably obtainable.

However, it is recognised that there may be circumstances where an authority considers it appropriate to dispose of land at an undervalue, in which case the Local Government Act 1972 requires consent to be obtained from the Secretary of State.  We are used to preparing valuation reports to support the disposal in these circumstances.

CPO Compensation

The general principle of compensation for land taken by compulsory purchase is that of equivalence i.e. the landowner should be no worse (or better) off in financial terms.  Therefore, it is necessary to value the land on the basis of its open market value without any increase or decrease attributable to the CPO scheme. As part of the CPO compensation claim the Market Value will need to be determined on the assumptions of a “no scheme world” i.e. assuming the proposed redevelopment does not occur. This will have to have regard to the various Planning Assumptions. Our valuers are trained to advise on the Market Value to inform the CPO process and we have agreed CPO compensation for various infrastructure schemes (including HS2).

Hope value is often a contentious issue. Hope value is the element of open market value of a property in excess of the existing use value, reflecting the prospect of some more valuable future use or development.  It takes account of the uncertain nature or extent of such prospects, including the time which would elapse before one could expect planning permission to be obtained or any relevant constraints overcome, so as to enable the more valuable use to be implemented.

Hope value should not be in excess of policy compliant market value (RLV).  Arguably, the premium in the EUV + premium approach to planning viability represents the hope value.

Ransom Strips / Shared Value

We value and negotiate ransom strips. A ransom strip is where a small parcel of land holds the key access to open up a much larger development site.  The owner of the larger land parcel cannot develop the site without sharing some of the value with the landowner of the access.

We also advise on the use of ransom strips as a mechanism to secure land value capture from major public sector road schemes.

Development Funding

We work at the interface between private sector schemes and public sector investments. We have a proven track record in the preparation of business plans and the delivery of funding for both the private and public sector.

Funding Economic Case

We undertake Red Book valuations for “before” and “after” works valuations to support grant funding applications.  Our valuations are used to support the uplift in land value calculations that are required as part of the HM Treasure Five Case appraisal model etc.

Development Appraisals / Feasibility Studies / Economic Viability Assessments

Whilst not strictly Red Book valuations, bring Registered Valuer discipline to residual valuations and feasibility studies ensures that our projects are fundable and deliverable.

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Other Core Services

We offer fully integrated planning, economic and development services covering all aspects of property regeneration from concept stage to start-on-site.

Our Clients

We advise a wide range of clients including:

Private Developers & House-builders • Landowners • Local Authorities • Combined Authorities • Homes England & Registered Providers

On behalf of Amber Valley, I would like to express grateful thanks to you all, for your hard work and expertise throughout the process and ensuring that we compiled a robust application, providing us with the best possible business case to secure funding for the town.

You have all been very professional and worked with our sometimes challenging set of Consultees and not least myself to provide a timely service and keep the project moving. I know that the changes to the extended project timeline and supplementary requirement to respond to the Covid situation has been protracted and I appreciate you sticking with us and maintaining your service and good humour throughout. Please pass on my thanks to your teams.

Joanne Bamford

Growth & Town Centres Manager  Amber Valley

Wirral Metropolitan Borough Council has employed the services of Aspinall Verdi, as lead contractor on two significant contracts that will form part of this evidence base. Specifically, these were a detailed housing market review of Birkenhead and a Whole Plan Viability Review.

All of this work has been to a very high standard, with excellent quality work. I have found the company to be excellent in the execution of all aspects of their contracts.
Aspinall Verdi provided us with information and advice that was at an appropriate level of detail to not only meet the requirement of a planning inquiry, but was also commercially realistic.

I have no hesitation in commending Aspinall Verdi as an Outstanding Small Practice of Chartered Surveyors.

Keith Keeley

Head of Regeneration Strategy  Wirral Metropolitan Borough Council

Aspinall Verdi has provided for us a range of property market, viability and delivery related advice on a succession of our development projects. All this work has been to a very high standard, carefully considered with excellent quality work.

I have found the company to be excellent and exceptionally diligent in the execution of all aspects of their work with us. The Aspinall Verdi staff, with whom I have worked, are extremely thorough, diligent and professional and have tailored their work to the needs of ourselves the client.

The advice provided is also mindful of the evolving sustainability agenda and the social impact of planning and regeneration policy. I have no hesitation in commending Aspinall Verdi as an Outstanding Planning and Development Consultancy.

Mark Kitts

Managing Director  Tawd Valley Developments

Tamworth Borough Council have employed the services of Aspinall Verdi, as lead contractor on two significant contracts over the past 3 years. Specifically these were a viability focused Masterplan on a large Town Centre regeneration site and the completion of a HM Treasury Green Book Compliant business case, for the Future High Street Streets Fund.

In my experience and that of my team I have found Aspinall Verdi to be excellent in the execution of all aspects of their contracts. The output delivered in both of our specific cases was carried out to the highest standard and quality. Aspinall Verdi also provided us with information and advice that was relevant, realistic and commercial and both contracts focused on what was actually deliverable and achievable under the market conditions.

Matt Fletcher

Head of Economic Development and Regeneration  Tamworth Borough Council

Working with Aspinall Verdi provided a good service and high quality technical data. Written material from Aspinall Verdi was good, with a number of addendums of the main assessment required to satisfy the Council as client and the local plan examination inspector in short time.

The Craven Local Plan was adopted in November 2019 and Aspinall Verdi has recently assisted the Council by providing important text on viability and procedures for the consultation draft supplementary planning document on affordable housing. I also oversaw this work.

In conclusion, I have no hesitation in recommending Aspinall Verdi, as a reliable, conscientious and ‘fit for purpose’ consultancy to provide a very good product on local plan viability assessment and related matters.

David Sykes

Planning Officer  Craven District Council

Working with Aspinall Verdi has been a transformative experience. Their true expertise in site development management coupled with a deep understanding of the local market, made a significant difference in our project. From the initial consultation, then acting as site agent all through to the final execution, their attention to detail, innovative solutions and collaborative support were evident in every step of the way.

They not only helped us maximise the potential of our site but also ensured that the project aligned with our vision. We would highly recommend Aspinall Verdi to anyone seeking a sound professional approach, stakeholder engagement and timely delivery from start to finish on any property planning or development type.

James Bolton

Langho Resale 

AspinallVerdi played a pivotal role in this commission, providing a Red Book valuation for our purpose-built schemes, which comprise a mix of cluster rooms with shared communal facilities and self-contained units of varying sizes. Their analysis considered the legal position of each scheme and assessed the impact of various investment scenarios on asset values. In addition, detailed marketing advice was provided, enabling us to make informed decisions that align with our strategic objectives.

AspinallVerdi showed professionalism, the ability to work collaboratively, and delivered to a high standard. The team was approachable, thorough, and highly knowledgeable throughout the process.

I would not hesitate to use AspinallVerdi services again or recommend them for any Red Book valuation, particularly those involving Strategic Asset Management Support.

Claire Ruff

Portfolio Analyst  Clarion Housing