LCP Proudreed PLC - Irish Stock Exchange
LCP Proudreed PLC - Irish Stock Exchange
LCP Proudreed PLC - Irish Stock Exchange
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4.0 VALUATION ASSUMPTIONS<br />
4.1 SOURCES OF INFORMATION<br />
4.1.1 Third parties have provided us with such information as details of tenure, use, town planning<br />
consents and the like. Where appropriate, <strong>LCP</strong> has confirmed that our assumptions are correct<br />
so far as they are aware.<br />
4.1.2 We have relied upon the tenancy details provided to us by <strong>LCP</strong> Real Estate as at 15 June 2005.<br />
We have been provided by The Simkins Partnership and Lawrence Graham with certificates<br />
of title (including sample lease reports) in respect of each of the Properties, and we confirm<br />
we have taken these into account in our valuations. We have assumed that all occupational<br />
leases have been drawn on a full repairing and insuring basis unless advised to the contrary.<br />
4.1.3 We have not effected official searches and for the purposes of the valuations we have assumed<br />
that, unless advised to the contrary, full planning consent exists for the existing use of the<br />
Properties, or established use rights are available for the existing buildings and present uses<br />
and the Properties are not adversely affected by town planning or road proposals.<br />
4.1.4 We have not inspected the title deeds or other legal documents pertaining to the Properties<br />
and our valuations are based upon the assumption that, save as disclosed in the certificates of<br />
title dated 16 September 2005, there are no unusually onerous restrictions or obligations<br />
attaching to the Properties and that they enjoy good and marketable title.<br />
4.2 STRUCTURAL SURVEYS AND DELETERIOUS MATERIALS<br />
4.2.1 We have not carried out structural surveys nor have we inspected those parts of the Properties<br />
which are covered, unexposed or inaccessible and such parts have been assumed to be in good<br />
repair and condition. We cannot express an opinion about, or advise upon the condition of<br />
uninspected parts and this certificate should not be taken as making any implied representation<br />
or statement about such parts. We have had regard to the general condition of the<br />
Properties as observed in the course of our inspection for valuation purposes.<br />
4.2.2 We have not arranged for any investigation to be carried out to determine whether or not high<br />
alumina cement, calcium chloride additive or any other potentially deleterious material has<br />
been used in the construction of the Properties and we are therefore unable to report that the<br />
Properties are free from risk in this respect. For the purpose of this valuation we have assumed<br />
that such investigations would not disclose the presence of any such material in any adverse<br />
condition.<br />
4.2.3 No specialist tests have been carried out on any of the services systems and for the purposes<br />
of this valuation we have assumed that all are in reasonable working order and in compliance<br />
with any relevant statutory or Bye-Law regulations.<br />
4.2.4 No allowance has been made in our valuation in respect of rights, obligations or liabilities<br />
arising under the Defective Premises Act 1972.<br />
4.2.5 Assuming an ongoing programme of maintenance on the unlet buildings and a rigorous<br />
enforcement of the repairing liabilities on the let units we consider that the vast majority of<br />
the buildings could have a useful economic life of at least 20 years.<br />
4.2.6 You have also asked for our opinion of the reinstatement value of the Properties. In the case,<br />
particularly, of the retail properties we will not have any information as to the gross areas and<br />
the figures noted should be treated with extreme caution.<br />
4.3 SITE CONDITIONS AND CONTAMINATION<br />
4.3.1 No load bearing tests have been carried out by us and we cannot offer any opinion either as<br />
to the suitability of the sites for existing or proposed developments nor the condition of or<br />
potential liability for any embankment and river, wharf or retaining wall.<br />
4.3.2 We are aware of the content of certain environmental audits, which have been carried out<br />
previously on the Properties and we can confirm we have taken these into account in our<br />
valuations. We have set out at Appendix 3 a schedule of those Properties where we have<br />
previously seen environmental reports. However, we are not aware of any subsequent<br />
contamination which may have taken place at any of the sites and therefore have not reflected<br />
this in our figures. For the purposes of this valuation we have assumed that there are no such<br />
issues of contamination associated with any of the sites.<br />
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