Inspection purpose •
To ascertain the state and condition of the property as at date of inspection
•
To determine the current capital value taking into cognizance the prevailing market situation
The property The property has 3 shops in the frontal area with the back of the shops used as living rooms with each shop having a link door to a room each. In all, it has 3 rooms behind the shops At the middle, it has a bungalow with 2 three bedroom with appurtenances. The rear has a 2 bedroom bungalow. All the properties are within a sancrete perimeter fence wall and accessed through an entrance gate. It has a residential estate currently occupied by tenants. It lies on a land measuring approximately 1282.35m2. Pictorial Presentation
Location The property is on Port Harcourt Aba express way and about 400 meters from Oyigbo junction approaching from Aba. It is situated opposite MIFE construction company. Structural Details The roofs are clad with corrugated roofing sheets on timber and ceiled off with asbestos The walls are constructed of sancrete block work rendered smooth and finished with paint on both faces. The windows are of wooden batten type for shop area, louvers for the middle house and fanlight wooden type for the rear house. All are further protected with iron grille burglar proofs Doors are variously of wooden panel type and double swing metal type for the residential and shops respectively Flooring is variously of cement screed. Accomodation Details First Building •
3 shops
•
3 rooms behind
•
1 kitchen
•
1 bathroom
•
1 convenience room
Middle Building •
This has 2 three bed room flat with each having the following
•
1 sitting room
•
2 bed rooms
•
1 en suite bedroom
•
1 room with WC and Bath
•
1 kitchen
•
1 store
Last Building •
1 sitting room
•
2 bed rooms
•
1 room with WC and Bath
•
2 stores
•
1 kitchen
Services The estate is secured with wall fencing and accessed through an entrance gate. Electricity and water facilities are provided from public mains and private borehole respectively Foul effluent are channelled to soak away pits provided for the three buildings
Documentation •
Certificate of occupancy granted for a term of 40 years commencing 28 th August 1990
•
Registered as No. 79 at page 79 in Volume 240
•
Survey plan indicating boundary and size of plot
•
Plot size 1282.35m2
Basis of Valuation as at 25th October 2005 The depreciated replacement cost was used by Ofoma Associates in line with approved methods of Nigerian Institute of Estate Surveyors and Valuers, American Real Estate Appraisers, Rating and Valuation Association of Great Britain. Valuation as at 25th October 2005
Having considered the size of the estate, state of building, quality of finishes, cost of building materials, current economic trends in Oyigbo and Oyigbo property market situation, the capital value was valued atN6,500,000. The buildinds were accessed in the neighbourhood of N2,000,000. While land, fencing,borehole and sundry at N4,500,000.