- Sneaton Castle, a Grade II Listed building in Whitby, North Yorkshire was operating as St Hilda’s Priory with a large chapel, Sisters bedrooms and a nursing home.
- The property had been used as a private school a number of years ago but was listed for sale for the first time since 1915.
- The Bank’s Customer required Bank funding to purchase the building and change its use into a hotel and wedding venue.We were instructed as specialist valuers for HSBC Bank in the north of England.
Our challenge was to provide our expert opinion of Market Value with limited transactional evidence.
- We valued the building on a per sq ft capital value basis, referencing comparable sales of closed former schools across the north of England.
- As this was a practicing Priory we were only granted limited access to the whole building. To overcome this, we requested Architects drawings for the building as existing.
- We provided a valuation report within a short time frame which satisfied the requirements of HSBC Bank’s credit committee and allowed Bank lending for the purchase of the building.
- We continue to provide HSBC Bank with specialist reports based on the licensed and leisure and healthcare sectors.