You have been instructed by the statutory authority known as Wonky Water PLC, which is a company that operates in the north west of England. Wonky Water PLC has been instructed by OfWAT to improve the sewer network in the Salford area. In order to achieve this, the company needs to lay an underground detention tank and sewer pipe through land owned by both Salford Council and the University of Salford. Due to existing infrastructure, the only option is to lay the pipe underneath the Salford Museum. The exact route of the required pipework is shown on the attached plan. The Museum is owned by Salford Council but let to the University by way of a 25 year, full repairing and insuring, lease effective from the 1st April 2008 with 5 yearly rent reviews. The current rent is £15,000 per annum.
Your clients Wonky Water PLC require your advice on the compensation due to each party, having reference to the relevant legislation. You should produce a valuation report compliant with the RICS Valuation – Global Standards 2017 (Red Book provided) as they would like to purchase the estate as part of a property portfolio.
You should ensure that you address all headings in VPS 3 of the Red Book, you should also include a full breakdown of your calculations as an appendix to the Report.
Maximum 2500 words report excluding references, bibliography, cover sheet or appendices (if any).
Outline of Parameters -25%
Development of Report – 35%
Valuation of Property and analysis of statutory legislation – 30%
Presentation and Referencing – 10%