Practice Notes
Download Document - (Opens in a new window)
MISCELLANEOUS PROPERTIES COMMITTEE
Practice Note 5
REVALUATION 2005
Valuation of Sports Clubhouses and Pavilions
1 INTRODUCTION
This practice note applies to the valuation of clubhouses and pavilions associated with sports subjects such as bowling greens, golf courses, tennis courts and the like. It is intended to apply to licensed and non-licensed clubhouses provided that in the case of the former, the overall sporting characteristics clearly outweigh any licensed social club activities. Where this is not the case consideration should be given to valuing the subjects (or in appropriate cases part of the subjects) as a licensed social club (Commercial Subjects Committee PN 18).
2 BASIS OF VALUATION
For the 2005 Revaluation it is recommended that sports clubhouses be valued on the comparative principle using the following rates/m2 which have been derived from rental evidence.
3 MEASUREMENT
All categories of subject should be measured overwalls.
4 CATEGORIES OF SUBJECT
|
1 |
Brick/ stone built to a superior standard eg cavity walls, facing brick externally, high quality internal finishes. |
£32.50 |
|
2 |
Brick/stone built to a reasonable standard eg brick/block cavity walls, rendered or fairfaced concrete block externally. Plain but good finishes internally |
£27.00 |
|
3 |
Brick/block built to an inferior standard eg single skin brick, flat felt roof with very basic internal finishes. Also older brick/ stone built adapted properties with very basic internal finishes. |
£24.00 |
|
4 |
Timber medway or cedarwood building on brick dwarf base walls. Adequate amenities |
£16.00 |
|
5 |
Precast concrete panel construction. Lined internally, limited amenities. |
£16.00 |
|
6 |
Timber frames clad with weather boarding. Lined internally, limited amenities. |
£10.00 |
|
7 |
Timber frames clad with weather boarding. Unlined internally, limited amenities |
£6.50 |
Notes:
The above rates are intended to apply to all areas of the clubhouse including, for example, locker rooms etc. No reduction should be applied to upper or lower floors. However, where significant parts of the subject are markedly inferior to the quality specified above, these rates may be reduced by up to 25%. This will most commonly be the case for additional buildings which are clearly of inferior quality e.g. boat storage sheds, but in exceptional circumstances may also be applied to basement stores etc.
|
Classes 1 - 4: |
Assume acceptable central heating. |
(Deduct 5% no heating classes 1 - 4). |
|
Classes 5 - 7: |
Assume no central heating. |
(Add 5% for heating classes 5 - 7). |
5 DEDUCTIONS FOR AGE AND OBSOLESCENCE
The recommended scale of deductions for age and obsolescence is noted below. However, subjects of this type have frequently been improved over the years. In some cases it may be appropriate to apply a restricted allowance for age and obsolescence.
|
Year |
Allowance |
Year |
Allowance |
Year |
Allowance |
|
2005 |
0.00% |
1985 |
15.00% |
1965 |
35.00% |
|
2004 |
0.50% |
1984 |
16.00% |
1964 |
36.00% |
|
2003 |
1.00% |
1983 |
17.00% |
1963 |
37.00% |
|
2002 |
1.50% |
1982 |
18.00% |
1962 |
38.00% |
|
2001 |
2.00% |
1981 |
19.00% |
1961 |
39.00% |
|
2000 |
2.50% |
1980 |
20.00% |
1960 |
40.00% |
|
1999 |
3.00% |
1979 |
21.00% |
1959 |
41.00% |
|
1998 |
3.50% |
1978 |
22.00% |
1958 |
42.00% |
|
1997 |
4.00% |
1977 |
23.00% |
1957 |
43.00% |
|
1996 |
4.50% |
1976 |
24.00% |
1956 |
44.00% |
|
1995 |
5.00% |
1975 |
25.00% |
1955 |
45.00% |
|
1994 |
6.00% |
1974 |
26.00% |
1954 |
46.00% |
|
1993 |
7.00% |
1973 |
27.00% |
1953 |
47.00% |
|
1992 |
8.00% |
1972 |
28.00% |
1952 |
48.00% |
|
1991 |
9.00% |
1971 |
29.00% |
1951 |
49.00% |
|
1990 |
10.00% |
1970 |
30.00% |
1950 |
50.00% |
|
1989 |
11.00% |
1969 |
31.00% |
1949 |
50.00% |
|
1988 |
12.00% |
1968 |
32.00% |
1948 |
50.00% |
|
1987 |
13.00% |
1967 |
33.00% |
1947 |
50.00% |
|
1986 |
14.00% |
1966 |
34.00% |
1946 |
50.00% |
N.B. No allowance should be granted in excess of 50% unless the property is in its original state, with no evidence of improvement or refurbishment.
6 DEDUCTIONS FOR LACK OF SERVICES
It will be unusual to find a clubhouse lacking in basic services but if necessary the following allowances should be made.
-
No toilet facilities Deduct 20%
-
No lighting Deduct 15%
-
No water Deduct 10%
7 CAR PARK OR PARKING AREAS
The above rates are exclusive of car parking. If appropriate, an addition should be made for parking in accordance with local evidence, normally to a maximum of 10% of the value of the subject.
8 END ADJUSTMENTS
It is accepted that for this category of subject, by virtue of poor location, historic over provision, or otherwise, there may be circumstances in which the membership or extent of use of the club is so low that it would affect the rental offer made by the club. In such circumstances an allowance may be granted of up to 50% in the most exceptional cases.
Download Acrobat Reader - (Opens in a new window)
