States that the issue of contamination can have a substantial impact on land and property values. Reviews contaminated land valuation theory from the USA and the UK. Describes methods employed to determine “best practice” valuation approaches for the valuation of contaminated land and property. Focuses on reversionary freehold investment properties and discusses issues which need to be considered and addressed in the process of valuing or appraising contaminated land or property. Notes that the most suitable valuation and appraisal framework is found to be a “cost‐to‐correct” approach. Presents a worked example, detailing factors to be considered and methods employed. Suggests improvements to professional guidance and the establishment of a “contaminated comparables” database.
Richards, T. (1996), "ACADEMIC PAPERS: Valuing contaminated land and property: theory and practice", Journal of Property Valuation and Investment, Vol. 14 No. 4, pp. 6-17. https://doi.org/10.1108/14635789610153434Download as .RIS
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