Kitchener Street, Smethwick
Development Appraisal & Financial Modelling
Property Market Analysis
AspinallVerdi was appointed by Sandwell Metropolitan Borough Council to provide a freehold Market Value of the vacant Council owned site at Kitchener Street, Smethwick. The north of the site is allocated open space whilst the southern area is allocated employment land, comprising a total area of 7.2 Ha.
Black Patch Park is a maintained municipal park with unused community buildings. The site is bounded by mature trees and there is a residential area to the south of the site. A significant area of employment lies to the north of the park with mostly low grade accommodation. This was taken into consideration during the valuation process.
In order to provide the Council with a robust valuation of the site, AspinallVerdi undertook the following tasks:
- Reviewed the proposed site allocation policy, which is critical to value;
- Prepared detailed market analysis to understand the local economic & market context;
- Gathered comparable evidence to support valuation assumptions to ensure the Council received Best Value; and
- Preparation of the site valuation and Valuation Certificate in accordance with the RICS Red Book guidelines.