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1. INTRODUCTION / PREAMBLE
The report is stated as a result of the instruction given to us to choice property and write a report to evaluate and inspect which Alhaji Ahmad of Block 22 flat 3 of around low cost street opposite tantalite hotel Nasarawa, Nasarawa state.
2. DATE OF INSPECTION
This property was inspected on Friday 8-Jan-2016 during which all field data were collected, measured and valuated.
3. PURPOSE OF VALUATION
The purpose of this valuation is to prepared a valuation report of a property.
4. LOCATION OF THE PROPERTY
The property is at Nasarawa, Nasarawa state block 2, flat 3 at around low cost street opposite tantalite and by the right is block industry and by the left is former federal polytechnic club site.
5. DESCRIPTION OF THE PROPERTY
The property is situated on a fairly rectangular piece of land approximately 1500m2 in are with building around the property with perimeter fence around it. The building consist of 3 bedroom flat and the fence was made up of block concrete and concrete slab for the drainage.
6. CONSTRUCTION DETAILS
Foundation:- Well laid strip foundation
Floor:- It is made up of strip foundation and ceramic tiles is use throughout the sitting room, veranda, toilet and kitchen.
Wall:- Hallow sandcrete blocks walls, plastered and veranda and finished internally and externally with emulsion paints.
Door:- Metal panel doors at the entrance and wooden panel doors internally for the utilized half all hinged on mental and wooden frames respectively.
Roof:- long span Aluminium roofing sheets.
Ceiling:- polished poly wood.
Window:- glazed aluminum windows all ringed on aluminum.
7. SERVICES
Electricity supply to the subject property is from public means.
Water: – water supply is also well sunk within the premises. Drainage of waste water is channeled through a network of PVC pipes to septic tank and soak-away pits located within the premises.
8. ACCOMMODATION DETAILS
Details of accommodation provided by each segment of the subject property are given below.
2 NO. Bedroom
1 NO. Sitting Room
1 NO. Dining Room
2 NO. Toilet
1 NO. Store
1 NO. kitchen.
9. INTEREST / TITLE
The property held on a statutory right of occupancy granted by the Nasarawa state government for the term of 99 years commencing from 10tth June 2002. The title document was registered in the land registry of the state ministry of environmental and physical development as G/LUAC/RES/SRO/321202 in page 1102 of the land register.
10. COMPARABLE / LETTING
Letting in similar property in design with a typical floor providing offices space and three toilet facilities, the whole block provides a total net let table space of approximately 823.59 square meter. The rental income from the subject property rent of N150 per square metre per annum.
Total rental income from the property is N112,213.20 p.a
11. INFORMATION AND ASSUMPTION
1) All the information supplied to me as part of the data collected in course of the appraisal survey are correct.
2) That the title of the property is renewable and that it will be renewed.
3) Volatile changes in the property market have not been taken into account in arriving at the ceiling figure.
4) The property is not adversely affected or subject to compulsory acquisition, road reconstruction proposal or other planning scheme.
12. OPINION OF VALUE
I am of the opinion that the open market capital value of the property, subjected to the renewal of certificate of occupancy for at least another 27years is 4,400,000.00 as at 20thJan, 2016.
13. DISCLOSURE
In accordance with our standard practice we must state that this valuation certificate is only for the use of persons to whom it is addressed, and no responsibility is accepted to any third party for the whole or any part of its co-interest. The basis is of valuation should be stated if it is proposed to publish the figure. It is desirable that we should approve the firm and context in which it is too appear before hand.
14. CERTIFICATION
I hereby certify that this valuation was carried out In accordance with the rules and regulation governing Estate surveyor and valuer registration board of Nigeria (ESVABORN). If you require any further information regarding the above property please do contact me.
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