That bit makes me laugh. They might as well have just put 'we didn't bother doing anything and just relied on what Wasps told us'.Wasps valuers covered themselves just in case.
It's the same as an estate agent valueing property though ,they don't do a structural Survey.That bit makes me laugh. They might as well have just put 'we didn't bother doing anything and just relied on what Wasps told us'.
I think that's why the valuation of the Ricoh is a joke, at least with houses you can point to an identical house on the same street and have confidence that is the going price and mortgage companies have confidence they could recover the money if it went tits up, wasps only paid £6.5m, no ones ever going to buy it for £35-45m or whatever the valuation it. The bond holders would never get their money back if things went pop.It's the same as an estate agent valueing property though ,they don't do a structural Survey.
Nowadays they just use a database generally and price accordingly, there's a lot less science to it than say the sixties and seventies. .
The biggest factor nowadays is whatever limits multiples on earnings accrues, obviously the ability of the lender to recoup should the mortgagee dedault, now there's a symetry with Wasps there.
You could argue that this is why the 250 year lease isn’t a joke. What’s the design life of a stadium anyhow? How many times in 250 years is the Ricoh going to need rebuilding/redeveloping in this period if only sections at a time? Who’s now responsible for meeting that cost? Not the taxpayer anymore for at least 250 years.This is why the 250 year lease was a joke. It was more financial than anything else. Older buildings were built much better. These days they just throw them up using inferior materials. Older stadiums became outdated but most were still structurally sound.
Not working for Joy are you?That valuation Strutts put on the site was significantly higher than the sale value, I work for one of their competitors and we are now involved providing advice.
considering the sums of money involved I find that staggering.
Old style stadiums could be rebuilt a stand at a time. New style stadiums are.just one stand that goes right around.You could argue that this is why the 250 year lease isn’t a joke. What’s the design life of a stadium anyhow? How many times in 250 years is the Ricoh going to need rebuilding/redeveloping in this period if only sections at a time? Who’s now responsible for meeting that cost? Not the taxpayer anymore for at least 250 years.
Tried looking for design life of a stadium and the only things I can find are about American stadiums where they rebuild them for fun and state a design life of 20-30years so using that it’s not possible to say that the Ricoh will be rebuilt 10 times in that period. However if you take another example, say Highfield Road then that might be a better indication if only on a stand by stand basis.
Scunthorpe is another example. Current stadium barely 30 years old, started looking at redevelopment in 2014, now looking at a complete new stadium.
Can they value my house? It's a 9 bedroom mansion, pool, gym and sauna.
They don't need to come and have a look, just assume.
It's too lateThey are already beginning to show
That was built in sections so can be rebuilt in sections. Even one stand is built in sections.Old style stadiums could be rebuilt a stand at a time. New style stadiums are.just one stand that goes right around.
I have been working on the new spurs ground and that is also in sections they built half of it and then had to wait until the old ground was knocked down to finish the bowl off.That was built in sections so can be rebuilt in sections. Even one stand is built in sections.
Yeah it wasn't designed to easily expand mind, would always have needed a side knocking down first rather than just going up.I have been working on the new spurs ground and that is also in sections they built half of it and then had to wait until the old ground was knocked down to finish the bowl off.
Inserter are now looking at building another tier on one stand so yes it can be done, bit by bit.
I am sure the Ricoh was built the same way so that it can be increased in capacity if needed, just need to under pin first
Yeah exactly. No concrete structure like the size of a stadium is built in a single pour of concrete. Concrete is just like any other material in that it expands and contracts so has to be built in sections to allow an expansion gap.I have been working on the new spurs ground and that is also in sections they built half of it and then had to wait until the old ground was knocked down to finish the bowl off.
Inserter are now looking at building another tier on one stand so yes it can be done, bit by bit.
I am sure the Ricoh was built the same way so that it can be increased in capacity if needed, just need to under pin first
Not unusual for multi million pound deals to be done on the strength of an AVM (computer model) or looking at comparables (similar properties) TBH.
95% of value is in location and other factors that aren’t effected by the actual building.
Even if the Ricoh falls down, they have a 250 year lease in a prime location.
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