Specialty valuation
Recreational Property — Parkland Valuation
A focused land valuation associated with proposed improvements to an existing recreational property.
The assignment
gsi prepared a land valuation associated with proposed improvements to an established recreational property for cash-in-lieu of parkland purposes. The scope focused on the land value component relevant to the proposed works, on the basis specified for the assignment.
Key considerations
The property’s continued recreational use was central to the valuation premise. The assignment did not call for a valuation of the operating business or an assumption that the broader property would be converted to another use. It was necessary to distinguish the land component from buildings, equipment and business value, and to identify how the proposed works related to the instructed scope. The valuation assumptions were therefore particularly important to interpreting the result.
Our approach
gsi considered market evidence relevant to the continued recreational use of the lands and developed a land value rate exclusive of the other property and business components. That evidence was applied to the proposed works on the specified valuation basis. The report explained the scope, hypothetical conditions and limitations associated with this focused analysis.
Purpose of the advice
The report provided valuation evidence for the review of a parkland contribution associated with the proposed improvements. Its conclusion was specific to the instructed land component and was not presented as the market value of the entire operating property.
Related expertise
Assignment details have been generalized to protect client and property confidentiality.