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Investment valuation
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North East England
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Ambition
Horizon required valuation advice in relation to their proposed acquisition of the property, a registered care home providing accommodation for adult residents with autism and or/complex learning disabilities.
Approach
Once instructed by the client, JLL arranged to inspect the property (located between Durham and Newcastle.) We attended with one of their representatives, the client’s funder and a building surveyor. Our strategy was to provide a report valuing the property, on the basis of Market Value and also on the Market Value on the Special Assumption of Vacant Possession considering that the property, should it become vacant, would be used as a care or supported living facility in the future. We also collaborated with colleagues in the JLL Healthcare valuation team in order to provide fully comprehensive advice to the client.
“Horizon run two FCA regulated specialist UK residential and care home institutional investment funds as well as a lending vehicle. Horizon launched, managed and fully invested and levered two funds, backed by UK institutional investors with £125m AUM and were supported in these acquisitions by JLL"
Paul Casey, Horizon Infrastructure LLP
Challenges
Due to the vulnerable nature of the tenants, inspections were at the discretion of the manager. We managed to gain sufficient access to satisfy our requirement for the valuation, although we were unable to measure the property.
Added Value
We recommended to the client that they should consider a building survey prior to their purchase. The client decided to instruct JLL RBC which gave us as valuers additional detail and provided our client with greater information prior to their purchase.
Achieved:
Our valuation supported the purchase at the agreed asking price which pleased all parties involved. The building continues to be occupied, providing supported living accommodation for those who need it.