We provided valuation and agency services to The Salvation Army for the sale of a redundant worship hall in Seaham.
Valuations for charities act purposes are guided by the sale of other, similar properties in the local area. However due to the distinctiveness of this worship and community centre property, our team were required to work with limited market evidence to reach their valuation.
Our valuation and commercial agency teams were able to pool expertise and identify similar transactions from throughout the region to arrive at an opinion of market value, which was subsequently communicated to The Salvation Army so that they had the opportunity to obtain trustees approval prior to offering the property for sale on the open market.
To ensure a quick sale, our agency team chose the most appropriate method of disposal which on this occasion was by private treaty. It was essential for The Salvation Army that the valuation work conducted was in line with the requirements of section 119 of the Charities Act 2011.
Robert Patterson from our Newcastle office said “With the ability to combine the skills and knowledge of our Valuation and Agency teams we were able to consider all the issues and provide The Salvation Army with the key advice on how to maximise the sale price.”
We were then able to secure a timely sale to a party seeking to operate a children’s day nursery.”