Graham + Sibbald’s Edinburgh Residential Team were instructed to carry out a valuation of the detached dwellinghouse at 83 Pentland View, Edinburgh on behalf of Buckley Building (UK) Ltd, which had been acquired for residential development.
Currently unoccupied, the former farmhouse property is situated in the heart of the desirable residential area of Comiston, several miles South of the City Centre. The subjects comprise a substantial 19th century detached villa, private gateway to large circular driveway, separate outbuilding (previously used as a gym), vestibule, entrance hall with storage, drawing room with bay window and fireplace, sitting room/dining room, kitchen and utility room, seven bedrooms, bathroom, shower room and garden grounds surrounding thereby extending to approximately 1 acre.
Led by G+S Partner, Paul Docherty, his relationship with the client and key personnel has assisted with impressing on all parties regarding the necessity for prompt decision making in order to ensure tight timescales are achieved.
Initial engagement with Graham + Sibbald colleagues within the in-house Agency and Planning teams assisted with unit acquisition and ensuring proposed usage was accepted under Planning policy.
Thereafter, Paul engaged with the client organisation and other design team members to determine the specific project brief, co-ordinate designs and progress the tender process through to appointment of a main contractor to carry out the necessary works required.
The detached dwellinghouse is in the region of 150 years old and was originally a farmhouse but has been utilised as a residential institution (Class A) but is now vacant and in need of substantial upgrading/refurbishment with the obvious proposed use being residential. A change of use to Class 9 would be required.
The subjects occupy a clearly delineated site extending to approximately 1 acre or thereby, the proposal being that the dwellinghouse would be refurbished to create 4 flatted dwellinghouses in addition to 4 new build detached dwellinghouses within the ground, all subject to relevant Planning Consents. The property had been purchased subject to all relevant planning for the sum of £1,079,250 concluded 28 March 2019.
Graham + Sibbald’s remit was to value the buildings on the site taking cognisance of an additional dwelling supplement that would be applicable at 4% of the value excluding development potential. The date of valuation would be the 28th March 2019.
The value of the main house and any other buildings that were capable of being used for residential purposes would be subject to 4% tax and must be valued in relation to the whole site and taking cognisance of the purchase price reflecting development potential. The lower the value, the less Tax Liability.
The approach adopted was to value the dwellinghouse only (there are no other buildings on the site capable of residential use) factoring in the likely costs of refurbishment for the house and what would be considered as a reasonably proportioned area of garden ground excluding the development site per se.
After carrying out a residual valuation of the property all as noted above we reported a value in the region of £550,000. Our report will be submitted to the inland revenue and may be subject to further negotiation with the district valuer.