Our work

Valuing a Historic Building for Loan Security: Allied Irish Bank

23/06/2009

Darron Barker

Allied Irish appointed us to provide an open market valuation for a Manor House, reputed to have been a hunting lodge of King Henry VIII, for loan security purposes.

With foundations dating back to the 12th Century, the Grade I Listed Manor House is located on the largest European village green in West Auckland, County Durham.

Refinancing property

Allied Irish Bank (AIB) in Newcastle was given an opportunity to refinance the property and following our appointment, we provided valuation advice for loan security purposes on a range of options, including the business having ceased trading and on an alternative use basis.

Valuation value in excess of £2.525m

The final valuation was calculated to be in excess of £2.525m on a freehold going concern basis and having regard to trading potential.

Darron Barker, Head of our Newcastle office, said: Identifying comparable evidence to be able to provide the required opinion on market value, proved to be a near impossible challenge as the building is so unique. It only was down to our in-depth market knowledge of the leisure sector across the North East along with access to a comprehensive property data that enabled us to provide a reasoned valuation within agreed timescales.”

International Financial Reporting Standards

The valuation was undertaken in accordance with Red Book guidelines concerning International Financial Reporting Standards (IFRS) and AIB are now fully aware of any associated risks should the business become jeopardised in the future.

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