Prendos was engaged to carry out valuations of five properties that were subject to a compulsory acquisition order for a new section of motorway, to establish the levels of compensation due to property owners. With any compulsory acquisition under the Public Works Act, there is a high chance of encountering contentious property owners, and an increased likelihood of disputes, which presented obvious challenges for our valuations team.
The properties to be valued were a mix of residential/lifestyle and commercial/industrial titles. Some of the properties were to be acquired in full, while others were subject to partial acquisition, which involves a more complex valuation process. These properties required pre- and post-development valuations, taking into account both the loss of land and the injurious effects of the motorway development on the property.
Scheduling inspections required diplomacy and coordination from our dedicated valuations admin team. We then selected valuers with relevant experience in compulsory acquisition and proximity to sites, delivering a high-quality service and best value to our client. Valuations were carried out with the utmost sensitivity, by valuers who are well briefed in the Public Works Act legislation.
With work of this nature we anticipate disputes, and one such dispute over a valuation was resolved quickly through a formal mediation process, with a settlement figure negotiated that both our client and the property owner agreed on.
A further property was the subject of a prior unresolved dispute, and we were engaged as the third valuer to assist with settlement. Our valuation β which was in line with the original valuation provided to the client β was used to reach an agreement with the property owner, allowing the motorway development works to progress on schedule.
The Prendos Valuations team offers a range of specialist valuations services, from compulsory acquisitions under the Public Works Act, to specialist asset and going concern valuations. To find out more and request a quote for a specialist valuation, simply contact us.