Project summary
- We were appointed by Metro Bank to complete a two-week valuation of a mixed-use commercial portfolio (18 properties (219 units) in predominantly urban locations across London, the South East and the North West) reporting an aggregate market value in excess of £50million
- Many assets were in poor condition, requiring material capex allowances
Solution
- We mobilised a siz-surveyor cross-office team (London and Liverpool), supported by graduates, to meet the deadline
- We built asset-level capex into valuations and kept Metro Bank closely informed
- When inspections revealed poorer-than-expected condition, lowering market value, we worked with the bank and the borrower to manage implications and keep the deal on track
Benefits
- Metro Bank were satisfied with our delivery against the tight deadline, the clarity and depth of our reporting, and our communication throughout, leading to further instructions on subsequent projects
- The borrower also valued our approach and reporting standards and is likely to commission valuations on elements of their wider portfolio
