This paper arises out of an attempt to present an integrated approach to the investment valuation of a building in a way that (i) allows complications to be introduced, (ii) keeps in mind that different investors will have different income requirements, and (iii) is likely to be understood by and acceptable to not only valuers but also those from other disciplines who from time to time become involved in the analysis or production of building valuations. The basic approach is to regard a building as an asset that will bring in a stream of annual incomes for a finite period and then have a (possibly zero) ‘final’ value that may be realised with perhaps a consequent capital gain. Rent reviews, maintenance, refurbishment and other matters complicate the position, but they can all be accommodated within the approach now presented.
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