development land, wolica village, nadarzyn municipality, poland

Transcription

Savills Sp. z o.o.
Ul. Złota 59
00-120 Warszawa
T: +48 22 222 4000
11 March 2014
savills.pl
KRS 0000206831, NIP 526-27-71-913
Share Capital: PLN 2,206,500
Abetrans Group Ltd
Frangipani Sp. z o.o.
Slaney Sp. z o.o.
42th Herbert Samuel ST
ul. Wolica 114D
ul. Wolica 114D
Tel Aviv 61500
05-830 Nadarzyn
05-830 Nadarzyn
Israel
Dear Sirs,
DEVELOPMENT LAND, WOLICA VILLAGE, NADARZYN MUNICIPALITY, POLAND
On 30 September 2013 we prepared a valuation report of development land property consisting of
eight parcels; numbers 987/2, 1003/2, 990/2, 989/2, 992/2, 992/3, 997/2 and 996/4 in zone 19 Wolica
with total area of 271,901 m² on behalf of Abetrans Group Ltd, Frangipani Sp. z o.o. and Slaney Sp. z
o.o. for financial reporting purposes with a valuation date as at 30 September 2013.
Based on analyses of the land market situation in the subject location, we can confirm that since the
previous valuation date, there have been no material changes in the market and, assuming all other
circumstances such as condition, title and planning situation remain unchanged, the Fair value as at
31 December 2013 remains unchanged at PLN 90,490,000 (Ninety Million Four Hundred and Ninety
Thousand Zloty) as previously indicated. The Fair Value in Euro is subject to exchange rate
fluctuations and as at 31 December 2013 equalled EUR 21,820,000 (Twenty One Million Eight
Hundred and Twenty Thousand Euro) based on the exchange rate EUR = PLN 4.1472.
Please note this letter should be read in conjunction with the above mentioned valuation report and is
subject to the same terms and conditions. In particular this letter is confidential to you and your
professional advisers and we accept no responsibility whatsoever to any third party. However we
understand that the valuation and the letter may be referred to and/or published in official Abetrans
Group Ltd documents relating to IFRS standards requirements.
1
IFRS 13 requires classification of the Fair Value measurement level, which in this case we believe to
be Level 3. This reflects specific adjustments made to available data of comparable properties to
establish the Fair Value of the subject property.
No part of our report or this letter may be reproduced in any published document, circulars, prospectus
or statement without the written approval of Savills Sp. z o. o. as to the form and context in which it
might appear.
I trust this letter is satisfactory for your purposes but should you have any questions then please do
not hesitate to contact us.
Yours faithfully
Mark Freeman MRICS,
Magdalena Bednarska, MRICS
Director, Head of Valuation & Consultancy
Senior Valuer
on behalf of Savills Sp. z o.o.
2
Report and Valuation
prepared for
Abetrans Group Ltd
Development Land
Wolica village
The Nadarzyn municipality, Poland
30 September 2013
Savills Sp. z o. o.
ul. Złota 59, 00-120 Warsaw, Poland
E: info@savills.pl
EXECUTIVE SUMMARY
Address:
Wolica village, Nadarzyn municipality, Poland
Valuation date:
30 September 2013
Purpose:
Financial reporting
Location:
Development land located on former agricultural areas in the vicinity of the
Maximus wholesale centre and new single family developments, located in close
proximity to national road no 8, ca. 16 km from the Warsaw City Centre.
Description:
Development land of 271,901 m² land plots no 987/2, 1003/2, 990/2, 989/2, 992/2,
992/3, 997/2 and 996/14 constituting four not connected complexes. The sites are
flat, vacant and not fenced.
Planning:
Commercial / industrial uses with symbol UP and partly residential and commercial
uses with symbol MU
Tenure:
Freehold ownership over the land
Fair value:
EUR: 21,440,000
Exchange rate:
EUR 1 : 4.2163 PLN
The above executive summary is to be used in conjunction with the valuation report to which it
forms part and is subject to the assumptions, caveats and bases of valuation stated herein and
should not be read in isolation.
Development land
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CONTENTS
1
1.1
1.2
1.3
1.4
1.5
1.6
1.7
1.8
1.9
1.10
1.11
2
2.1
2.2
2.3
3
3.1
3.2
3.3
4
4.1
4.2
4.3
5
5.1
6
6.1
6.2
6.3
6.4
6.5
INTRODUCTION ........................................................................................................................ 5
INSTRUCTION ............................................................................................................................ 5
VALUATION STANDARDS ............................................................................................................ 5
PURPOSE & BASES OF VALUATION ............................................................................................. 5
NO CONFLICT OF INTEREST ....................................................................................................... 6
DATE OF VALUATION & INSPECTION ........................................................................................... 6
VALUER COMPETENCY .............................................................................................................. 6
SOURCES OF INFORMATION ....................................................................................................... 6
RELIANCE & CONFIDENTIALITY ................................................................................................... 6
PROFESSIONAL INDEMNITY INSURANCE ...................................................................................... 7
CURRENCY & EXCHANGE RATES ............................................................................................... 7
MARKET CERTAINTY .................................................................................................................. 7
LOCATION ................................................................................................................................. 7
MACRO LOCATION ..................................................................................................................... 7
MICRO LOCATION ...................................................................................................................... 8
ACCESSIBILITY .......................................................................................................................... 9
DESCRIPTION ........................................................................................................................... 9
OVERVIEW ................................................................................................................................ 9
SITE ....................................................................................................................................... 10
SERVICES ............................................................................................................................... 11
ENVIRONMENTAL CONSIDERATIONS ................................................................................. 11
CONTAMINATION ..................................................................................................................... 11
HIGH VOLTAGE OVERHEAD POWER LINES .................................................................................. 11
FLOOD RISK............................................................................................................................ 12
PLANNING & PERMITS........................................................................................................... 12
ZONING .................................................................................................................................. 12
TENURE ................................................................................................................................... 14
OVERVIEW .............................................................................................................................. 14
TITLE DETAILS ........................................................................................................................ 14
EASEMENTS ............................................................................................................................ 14
MORTGAGES ........................................................................................................................... 15
PROPERTY TAX ........................................................................................................................ 15
7
MARKET COMMENTARY ....................................................................................................... 15
8
LAND MARKET ........................................................................................................................ 15
8.1
8.2
9
OVERVIEW .............................................................................................................................. 15
LOCAL MARKET ....................................................................................................................... 18
VALUATION APPROACH AND CONSIDERATIONS ............................................................. 19
9.1
9.2
9.3
COMPARATIVE APPROACH ....................................................................................................... 19
SWOT ANALYSIS .................................................................................................................... 19
MARKET VALUE OF LAND ......................................................................................................... 20
10
VALUATION ............................................................................................................................. 23
10.1
FAIR VALUE OF LAND............................................................................................................... 23
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Appendices
Appendix I
-
Instruction
General Assumptions and Conditions
Standard Terms and Conditions of Business for Valuers
Definitions and Bases of Valuation
Appendix II
-
Location Plan
Appendix III
-
Photographs
Appendix IV
-
Extract from the Land Registry
Appendix V
-
Extract from the Master Plan
Appendix VI
-
Market Value Calculation
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30 September 2013
Abetrans Group Ltd
Slaney Sp. z o.o.
42th Herbert Samuel ST
ul. Wolica 114D
ul. Wolica 114D
Tel Aviv 61500
05-830 Nadarzyn
05-830 Nadarzyn
Israel
DEVELOPMENT LAND, WOLICA VILLAGE, NADARZYN MUNICIPALITY, POLAND
1
INTRODUCTION
1.1
INSTRUCTION
1.1.1
In accordance with your instructions dated 13 November 2013, we have inspected the
above property and made all relevant enquiries in order to provide you with our opinion of
Fair Value.
1.2
VALUATION STANDARDS
1.2.1
Our valuation has been carried out in accordance with the RICS Valuation – Professional
Standards incorporating the International Valuation Standards published by the Royal
Institution of Chartered Surveyors (RICS), and International Financial Reporting Standards
(IFRS).
1.3
PURPOSE & BASES OF VALUATION
1.3.1
The valuation is required for financial reporting purposes and, as agreed, we have
undertaken valuations on the following basis:

1.3.2
Fair Value of land
Fair Value is defined in IFRS 13 as ‘the price that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants at the
measurement date’. According to the Valuation Standards of the Royal Institution of
Chartered Surveyors (RICS): ‘Fair Value is a broader concept than Market Value. Although
in many cases the price that is fair between two parties will equate to that obtainable in the
general market, there will be cases where the assessment of Fair Value will involve taking
into account matters that have to be disregarded in the assessment of Market Value, such
as any element of special value’. However, we do not believe an element of special value
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5
will arise in this case and therefore we have valued the property on the basis of the Market
Value, which is equated to Fair Value.
1.3.3
IFRS 13 requires classification of the Fair Value measurement level, which in this case we
believe to be Level 3. This reflects specific adjustments made to available data of
comparable properties to establish the Fair Value of the subject property.
1.4
NO CONFLICT OF INTEREST
1.4.1
We confirm that we are not aware of any conflict of interest, either with the borrower or with
the property, preventing us from providing independent valuation advice, and therefore are
acting as External Valuers, as defined in the Valuation Standards.
1.4.2
As you are aware we have previously valued the property on your behalf for the same
purpose in January 2013. We do not consider this creates a conflict of interest or prevents
us from providing independent valuation advice.
1.5
DATE OF VALUATION & INSPECTION
1.5.1
The date of valuation is 30 September 2013.
1.5.2
The property was inspected externally and internally by Maria Wiśniewska on 21 November
2013.
1.6
VALUER COMPETENCY
1.6.1
This valuation and report has been prepared by Maria Wiśniewska and has been checked
and approved by Mark Freeman, MRICS. We confirm these valuers have the appropriate
market knowledge and necessary skills to competently undertake this valuation.
1.7
SOURCES OF INFORMATION
1.7.1
We have been provided with ownership, environmental and planning data and upon which
we have relied as being correct and complete for the purpose of this report.
1.8
RELIANCE & CONFIDENTIALITY
1.8.1
This report is for the sole use of Abetrans Group Ltd, Frangipani Sp. z o.o. and Slaney Sp. z
o.o. and is confidential to you and your professional advisers. We understand that the
valuation may be referred to and/or published in official Abetrans Group Ltd documents
relating to IFRS standards requirements and Israeli SEC. We accept the responsibility for
the skill, care and diligence expected of a professional valuer, but no responsibility
whatsoever to any third party. No part of our report may be reproduced in any published
document, circulars, prospectus or statement without the written approval or Savills Sp. z o.
o. of the form and context in which it might appear.
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1.9
PROFESSIONAL INDEMNITY INSURANCE
1.9.1
Savills Sp. z o. o. warrants that it currently has and will continue to maintain professional
indemnity insurance (Savills Plc and their Subsidiary Companies). Our maximum liability for
this valuation is limited to the lower of one quarter of the valued asset’s value or EUR
1,000,000.
1.9.2
Where our report is to be relied upon by more than one party, the liability cap is an
aggregate figure, regardless of the number of parties to whom reliance is extended.
1.10
CURRENCY & EXCHANGE RATES
1.10.1
This valuation is expressed in Euro.
1.10.2
Unless otherwise stated and where necessary the following exchange rate published by the
National Bank of Poland as at the valuation date 30 September 2013 has been used in our
valuation:

1.10.3
EUR 1 : PLN: 4.2163
Since inception of the Euro in 1999 the exchange rate with the Polish Złoty (PLN) has
averaged ca EUR 1 : PLN 4.0 but fluctuated by in excess of
+ / - 20%. Fluctuating
exchange rates can impact on value where part of income or costs are denominated in a
currency other than that in which Market Value is expressed.
1.11
MARKET CERTAINTY
1.11.1
We have reported on the market conditions according to the sources stated in this report
and according to our knowledge. Global and local markets have experienced an extended
period of uncertainty since 2008, initially arising over concerns as to the solvency of banks
and latterly the solvency of countries in the Eurozone which impacts on business and
consumer confidence, investor sentiment and liquidity in financial markets. In such times
markets can be prone to sudden and extreme fluctuations.
2
LOCATION
2.1
MACRO LOCATION
2.1.1
The subject property is located in Wolica in the south - western of the mazowieckie
voivodeship approximately 16 kilometres south from Warsaw.
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Source: Bing
2.1.2
The nearest large population centre is the capital city of Poland, Warsaw.
2.1.3
The area of the Nadarzyn municipality is developed with mix of single family residential
estates as well as commercial and warehouse developments clustered along ul. Katowicka,
part of the national road no. 8.
2.2
MICRO LOCATION
2.2.1
Administratively the property lies in Wolica village, the Nadarzyn municipality at the junction
of national road no 8 (Trasa Katowicka) and ul. Na Skraju. Road no. 8 is an important
transportation route connecting Warsaw with the south of Poland.
2.2.2
The intersection is planned to undergo major redevelopment when road no. 8 will be
modernised and upgraded to an express road with connection to the S8 express road.
According to the information provided on the General Directorate for National Roads and
Motorways web site the project is under preparation and construction works should be
finished in Q3 2016. The subject intersection will provide direct access to the new express
road in both directions.
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2.2.3
The surroundings of the property are dominated by a mix of farm land, single family
residential developments as well as commercial and warehouse buildings, most significantly
the Maximus retail centre and Tulipan Park.
2.2.4
The immediate surroundings of the property include:

To the north are the Maximus retail centre, forest and single family residential areas
of Wolica.

To the east-south are national road no. 8 (Trasa Katowicka) as well as forest and
vacant land on its other side, including some ponds connected to Utrata river.

To the west is Utrata river and further warehouse complex Tulipan Park and the
Nadarzyn fashion centre.
2.2.5
Location plans are attached in Appendix II.
2.3
ACCESSIBILITY
2.3.1
Direct vehicular access to the property is available from ul. Na Skraju leading to national
road no. 8 and from an internal road leading to Tulipan Park for the plot no 1003/2. The
crossroads of ul. Na Skraju and national road no. 8 (Trasa Katowicka) provides access in
both directions and is traffic light controlled.
2.3.2
Direct access to national road no. 8 will be provided once the redevelopment of the
intersection will be completed as currently the land for the extension separates the property
from the existing road.
3
DESCRIPTION
3.1
OVERVIEW
3.1.1
The subject property consists of eight parcels totalling 271,901 m². The plots create four
separated sites divided by public roads and the Utrata river. Generally the property is flat
and irregular in shape. The property is not fenced however there is some fencing along the
Katowicka road used for advertising purposes.
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9
3.1.2
Land plot no. 990/2 is occupied by number of movable containers used as offices for the
Maximus property management team. Land of 250 m² is used based on a land lease
agreement concluded between Slaney Sp. z o.o. and Sybil Maximus Sp. z o.o. dating from
20 October 2007. The monthly fee is PLN 500 net and the lease is for an indefinite period of
time.
3.1.3
Our valuation does not include income from this lease.
3.1.4
Photographs of the property are attached at Appendix III.
3.2
SITE
3.2.1
The Land Register (Ewidencja gruntów) extract dated 21 November 2013 confirms the site
area to be 271,901 m² comprising eight parcels located in precinct 19 - Wolica in Nadarzyn
municipality. Three plots are owned by Slaney Sp. z o.o. and the remaining five by
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10
Plot no.
Owner
Area (m²)
987/2
Slaney Sp. z o. o.
18,500
989/2
Slaney Sp. z o. o.
49,300
990/2
Slaney Sp. z o. o.
153,000
Subtotal
220,800
992/2
Frangipani Sp. z o. o.
538
992/3
2,900
997/2
3,554
996/14
34,709
1003/2
9,400
Subtotal
Total
51,101
271,901
3.2.2
A site plan is attached at Appendix IV.
3.3
SERVICES
3.3.1
We understand only gas, electricity and water are available to the property with the nearest
connections available along the main road.
3.3.2
Having regard to the developments surrounding of the property we have assumed the
capacity of services is adequate for it future use according to the Master plan but not sought
to clarify this is the case.
4
ENVIRONMENTAL CONSIDERATIONS
4.1
CONTAMINATION
4.1.1
We have requested but not been provided with a Phase I or Phase II environmental audit.
4.1.2
Whilst undertaking an inspection of the subject property and its immediate vicinity we
considered the possibility the property may be contaminated but did not observe any
evidence of contamination likely to influence value.
4.2
HIGH VOLTAGE OVERHEAD POWER LINES
4.2.1
Part of land plots 997/2, 996/14 and 1003/2 are located under a high voltage overhead
power line which limits development within 19 m from the power line midpoint. This is a
significant restraint on use of land plot 1003/2 as the line occupies ca. 20% of the plot. In the
case of two other plots the line is located along their western border thus the limitation does
not influence the development potential significantly.
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4.3
FLOOD RISK
4.3.1
We have not been provided with a geological survey regarding the subject Property,
however, the site is located within a former agricultural zone with water reclamation network
and high level of water table, which limits or excludes any underground construction works
including basement.
4.3.2
A small river, Utrata, flows along the western border of the property with a ditch between
plots 996/14, 997/2, and 992/3 and through plots no. 990/2 and 989/2. We have made
enquiries of the Hydrogeological State Administration and understand that the site is not
located on a flood plain. The details have been reviewed using the online database
maintained by the Hydrogeological State Administration (http://spdpsh.pgi.gov.pl/PSHv7/).
Additionally the Preliminary Flood Risk Assessment prepared by the National Council of
Water Management indicates there to be no history of flooding in the neighbourhood or on
this site.
5
PLANNING & PERMITS
5.1
ZONING
5.1.1
The planning situation of the property is described in two local master plans.
5.1.2
Based on the Local Master Plan (Miejscowy Plan Zagospodarowania Przestrzennego
części wsi Paszków (obecnie Wolica) w gminie Nadarzyn – Uchwała Rady Gminy Nadarzyn
no XIV/355/2003) dated 25 August 2003, the subject sites are located within two zones:

Plot no. 987/2 in zone MU and designated for single family residential (detached and
semi-detached) and supplementing commercial uses.
o
The minimum area of development plots for residential is 1,000 m².
o
The minimum area of development plots for residential and commercial use is
1,500 m².
o
The minimum area of development plots for commercial use only is 3,000 m².
o
The minimum width of a plot for detached houses is 20 m.
o
The minimum biological active area (green area) is 50%.
o
No basement is allowed on plots where the water table is less than 1 m deep.
o
Where the water table is less than 1 m deep a geological survey has to be
conducted prior to any construction works.
o
The maximum height of any new development – 2.5 storey for single family
developments; 1 storey for garages and auxiliary buildings; 1.5 storey for
commercial developments.
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12

The remaining plots are located in zone UP and designated for commercial –
industrial uses supplemented by hotel uses. No residential, health care or farm
developments are allowed. The master plan allows retail (up to 1,000 m² of sale
area), wholesale, production, construction, hotels, restaurants, warehouses as well as
other services.
o
The minimum area of development plots is 3,000 m².
o
The minimum biologically active area (green area) is 20%.
o
No basement is allow on plots where the water table is less than 1 m deep.
o
Where the water table is less than 1 m deep a geological survey have to be
conducted prior to any construction works.
o
The maximum height of any new development – 12 m on plots of 3,000 m²
and if directly neighbouring with residential developments; 20m on plots of
4,000 m².
5.1.3
Additionally according to the plan the entire area has been covered with a water reclamation
network and the plan allows redeveloping or removing the existing agricultural drainage as
well as changing the ditch layout or covering them.
5.1.4
The master plan indicates that the existing Utrata river should be preserved in its natural
state including riversides. Any fencing along the river should be located not closer than 6 m
from the riverside as marked in the Master Plan.
5.1.5
The area covered by the Master Plan includes the high voltage overhead power line which
limits the possible development 19 m from the line passage midpoint. The line leads along
the western border of land plots 996/14 and 997/2 (ca 10% and 5% respectively) and
through 20% of the land plot 1003/2.
5.1.6
There is a separate Local Master Plan for the area under the high voltage overhead power
line (Miejscowy Plan Zagospodarowania Przestrzennego części wsi Paszków w gminie
Nadarzyn – Uchwała Rady Gmiany Nadarzyn no XLVI/454/2002) dated 28 June 2002.
According to this document part of plots no 996/14, 997/2 and 1003/2 are covered by this
plan.
5.1.7
According to this Master plan any projected development should be consulted with the
power supplier and no residential, health services as well as child care developments are
allowed.
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6
TENURE
6.1
OVERVIEW
6.1.1
The interest valued comprises ownership of land.
6.2
TITLE DETAILS
6.2.1
Ownership of the subject property is recorded by the Regional Court for Pruszków, VI
Division of the Land and Mortgage Register.
6.2.2
6.2.3
A summary of title details is set out below:
Perpetual book
(księga wieczysta) no.
Owner
KW WA1P/00037480/3
Slaney Sp. z o. o.
KW WA1P/00080624/1
Area (m²) Plots
256,800 987/2, 989/2, 990/2,
51,098 992/2, 992/3, 997/2, 996/14, 1003/2
The area recorded in the land register differs from one contained in the perpetual books.
According to law the land register prevails over the perpetual book when determining the
physical features of the property thus for the purpose of valuation we have applied the area
as stated in the land register.
6.2.4
Title details have been reviewed using the online land register database maintained by the
Ministry of Justice (www.ekw.ms.gov.pl).
6.3
EASEMENTS
6.3.1
The following rights connected with ownership are recorded in the perpetual books:

Passage of electricity through plot 993/1 in favour of each subsequent owner of land
plots no. 987/1 or 990/1.

Passage of rain water drainage through plot 996/12 limited to 3m width land strip in
favour of each subsequent owner of land plots no. 987/1 or 990/1.

Right of way and passage of utilities through plots 1025, 1027 in favour of each
subsequent owner of the plots constituting the property.
6.3.2
The following encumbrances and easements are recorded in the perpetual books:

Passage of utilities such as gas and electricity through the plots constituting the
property in favour of utility providers including development and maintenance of the
high voltage overhead power line on the plots 996, 997 and 1003.

Passage of utilities such as gas and electricity through the plots constituting the
property in favour of each subsequent owner of the plot 996/13
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14

Restriction on development of a petrol station or liquid gas station on land plots 992/2,
992/3, 997/2, 1003/2 and 996/14 in favour of each subsequent owner of the plot
996/13
6.3.3
Based on the information contained in the title documents all above except for the last one
appear to be typical for a property such as the subject and should not impact on value.
6.3.4
Unless otherwise noted we have assumed there is a good marketable title and that there
are no encumbrances or unduly onerous or unusual easements, restrictions, outgoings or
conditions likely to have an adverse effect on value.
6.4
MORTGAGES
6.4.1
The following mortgages are registered in the perpetual books:
6.4.2

EUR 3,165,901.55 in favour of Bank Polska Kasa Opieki S.A.

EUR 3,610,000 in favour of Bank Polska Kasa Opieki S.A.

EUR 7,285,629.23 in favour of Bank Polska Kasa Opieki S.A.

EUR 8,300,000 in favour of Bank Polska Kasa Opieki S.A.
Please note our valuation does not take into account any mortgage to which the property
may be subject.
6.5
PROPERTY TAX
6.5.1
Property tax estimated by the owner in their tax declaration for 2013 was PLN 187,680
(EUR 45,000) for land held by Slaney Sp. z o.o. and PLN 43,436 (EUR 10,300) for land held
by Frangipani Sp. z o.o..
7
MARKET COMMENTARY
8
LAND MARKET
8.1
OVERVIEW
8.1.1
According to the Main Statistic Office (GUS) total transactional activity for land in 2012
amounted to 3 billion m² which translates into 18.5 billion PLN in value showing 42%
increase in terms of volume and 36% increase in terms of value. The majority of
transactions were agricultural land (67%), this includes land designated for development but
classified as agricultural due to its former use.
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15
8.1.2
Transactions of development land reached PLN 5.9 billion in 2012 and were 31% higher
than the 2011 results.
8.1.3
In 2012 transactions involving development land were concluded mainly in in-town
locations. Such locations evidenced an improvement in number and value with a decrease
in transactions for out-of-town locations.
8.1.4
In 2012 the average area of transacted site in rural areas decreased by ca. 20% for
residential land and by ca. 15% for industrial land. The average prices for residential land in
rural areas increased by ca. 25% and for industrial land located in rural areas by 50%.
8.1.5
The change in prices should be considered in conjunction with the types of sold land. For
the last two years investors were mainly interested in land with planning approval, equipped
with in infrastructure and ready to develop. Due to unstable economic conditions they are
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16
unwilling to freeze their money and are expecting to complete an investment within five
years of purchase.
Largest land transactions
Year
2012
2012
2012
2012
2012
2012
2013
2013
8.1.6
Developer
J.W. Construction
Dom Development
Echo Investment
Skanska
HB Reavis
New City
Hochtief
Hines
Location
Warsaw, Kasprzaka
Warsaw, Powązkowska
Warsaw, Konstruktorska
Wrocław, Skargi
Warsaw, Inflancka
Warsaw, Cybernetyki
Warsaw, 1 Sierpnia
Warsaw, Przyokopowa
Area m²
81,185
99,000
74,000
30,000
28,700
16,255
24,883
13,311
Price PLN in
million
174
168
63
36
267
35
112
69
Total transactional activity in 2013 is forecast to be close to, or even exceed. the 2012
result. Still the most interesting are sites for residential and office developments, where
construction can start immediately.
8.1.7
With the new legislation for residential developments, imposing additional financial
requirements on developers, the market is expecting some consolidation including mergers
and takeovers of smaller financially weaker developers. This should lead to an increase in
the supply of residential land.
Significant commercial land transactions
Year
Designation
2011
2011
2011
2012
DIY
Shopping centre
Karawela shopping centre
Shopping centre incl. DIY
Brama Mazur shopping
centre
Residential and commercial
uses
2012
2013
8.1.8
Katowice, Szybowcowa
Jaworzno, Grunwaldzka
Toruń, Szosa Bydgoska
Olsztyn, Jarocka
13,662
79,932
144,186
80,000
Price PLN in
million
7
35
43
16
Ełk, Kościuszki
18,495
14
Gdańsk, Grunwaldzka
35,611
16
Location
Area m²
At the same time we are note increasing interest in land designated for commercial uses,
especially shopping centres. This interest concentrates in smaller regional cities with
populations of ca. 100,000 inhabitants where the markets are usually immature and there is
a shortage of modern retail schemes.
8.1.9
Transactional evidence confirms that investors search for land with a clear planning
situation and preferably with building permits.
Development land
17
8.2
LOCAL MARKET
8.2.1
The land market in the Nadarzyn municipality is divided between agricultural land with
increasing residential uses and commercial development sites, clustered along national
road no. 8. The supply of first type is provided mainly by private individuals and comprises
relatively small plots of ca 1,000 – 3,000 m² suitable for single family developments. The
majority of supply in Nadarzyn municipality is focused in the area of Nadarzyn, Kajetany,
Rusiec and Stara Wieś. Those are also the most attractive areas in the locality.
8.2.2
The majority of sites, designated for commercial uses, offered for sale are located along
national road no. 8 or roads directly connected to it and are usually covered by a valid
master plan or even have building permits. Single sites offered for sale range in size from ca
4,500 to 35,000 m².
8.2.3
The commercial land is of interest to retail and industrial entities willing to develop
commercial centres or a warehouse/industrial complex. The most prominent commercial
developments along the national road no 8 include a shopping centre in Janki (the Janki
shopping centre and the IKEA retail park), Maximus retail centre and Nadarzyn fashion
centre in Wolica, as well as a number of small and medium size warehouses or small
production facilities. There are also a number of car service centres and car showrooms.
New commercial developments are expected to be of similar type supplementing the
existing market offer.
8.2.4
According to recorded transactions prices for commercial land located along or in the vicinity
of the national roads no. 8 and no. 7 within the last two years range between PLN 106/m²
(EUR 25/m²) to PLN 414 /m² (EUR 98/m²). The lowest transaction (1 PLN/m²) related to the
land on which Maximus is built while the highest transaction was recorded next to Maximus
and relate to land sold for a petrol station (PLN 1,167/m² net). Those two transactions were
excluded from an analysis.
8.2.5
Transactions for single family residential developments range between PLN 67/m² to PLN
199/m² with the highest prices achieved in Kajetany, Rusiec and Nadarzyn.
8.2.6
The asking prices for development sites are on average PLN 277/m² (EUR 66/m²) for
commercial / industrial land and PLN 114/m² (EUR 27/m²) for residential land with the
majority of supply concentrated in Stara Wieś, Rusiec and Kajetany where average prices
are higher than in Wolica.
Development land
18
8.2.7
It must be emphasised that no recent sales evidence was found of a sufficiently comparable
nature to the subject property when treated as a single asset, thus there is no completely
reliable information on large sites as the majority of transactions were small plots. The
information is, however, useful in providing a basis to review trends for large sites.
8.2.8
In conclusion, the transactional price of commercial land in the subject locality is strongly
influenced by the possible use as well as the type of the existing developments. Some of
the existing developments are of monopolistic type, like petrol stations; limiting similar
developments in their close vicinity. Additionally such purchasers usually impose limitations
of use on neighbouring sites to secure their position and in result are willing to pay for land
above the market level.
9
VALUATION APPROACH AND CONSIDERATIONS
9.1
COMPARATIVE APPROACH
9.1.1
The basis of valuation is Fair Value as defined in RICS Valuation - Professional Standards
in reference to IFRS (International Financial Reporting Standards) for financial reporting
purposes.
9.1.2
Fair Value is defined in IFRS as the price that would be received to sell an asset, or paid to
transfer a liability, in an orderly transaction between market participants at the measurement
date.
9.1.3
A comparative approach has been adopted whereby recent sales are used to determine the
likely value of the subject.
9.2
SWOT ANALYSIS
Strengths
Weaknesses

Location along or in close vicinity to
national road no. 8


Direct visibility from national road no.
8 (except for land for residential uses)
Large areas of interest only to large
commercial developers, except for
the plot 1003/2

Direct neighbourhood of an existing
retail centre as well as other
commercial developments that limit
choice of potential commercial uses

Restriction imposed by the owner of
the land developed with the petrol
station limiting potential use of the
property

Location next to existing retail centre
and warehousing

Location next to an existing housing
area (for land designated for
residential uses)

Valid Master Plan for commercial/
industrial or residential uses
Development land
19
Opportunities
Threats


Redevelopment of the national road
no. 8 resulting in better access
through the only hub for several
kilometres
New commercial developments
located closer to Warsaw that will
discourage expansion of commercial
developments
9.3
MARKET VALUE OF LAND
9.3.1
Market value has been determined using a comparable approach.
9.3.2
We have collected recent sales evidence from the Geodesy Department in Pruszków (for
Nadarzyn municipality including Wolica) and Piaseczno (for Lesznowola municipality
including areas along national road no. 7) which forms the basis of our analysis.
9.3.3
The approach adopted assumes the variation in price between comparable properties can
be explained by the differences in their individual attributes such as neighbourhood and
surroundings, accessibility and development potential. The influence of each of these
characteristics on value is assigned a percentage weighting and the characteristics of each
comparable and the subject are then rated, typically from 1 – 5, very good to very poor. The
price of each comparable is adjusted according to how it differs from the subject with the
resulting adjusted average price from the comparables taken as providing a reasonable
indication of the subject’s value.
9.3.4
Details of the comparable properties and our calculations for each of the use category are
attached as Appendix VII.

Table 1 provides a summary of all comparables.

Table 2 provides a summary of selected comparables together with a map indicating
their location.

Table 3 sets out those attributes though to have the greatest impact on the value of
the subject and comparables.

Tables 4 and 5 shows the rating of the subject together with that of each comparable
and the resulting adjusted average price.
9.3.5
The subject property consists of four unconnected complexes with following characteristics:
Land plot
987/2
1003/2
Area (m²) Designation
Access
MU – residential
From local road
with commercial
PU – commercial/ From internal road
9,400
industrial uses
/ direct visibility
18,500
Development land
Direct surrounding
Limitation in
use
Single family
residential areas
No
Warehouse complex
High voltage
overhead line
20
crossing the
land
Restriction of
use excluding
petrol or liquid
gas station
990/2,
989/2
992/2,
992/3,
997/2,
996/14
9.3.6
202,300
41,697
PU – commercial/ From local road /
industrial uses
direct visibility
PU – commercial/ From local road /
industrial uses
direct visibility
Forest, residential
areas and commercial
centre
No
Commercial centre,
vacant areas
High voltage
overhead line
along the
border;
Restriction of
use excluding
petrol or liquid
gas station
Each estate was valued separately having regard to its specification, designation and any
limitation in use. Additionally it is more likely that the land located directly next to the existing
retail centre will be used for similar commercial uses benefiting from the existing group of
clients. Land with no direct connection to the retail centre will be of less interest and are
more likely to be used for mixed commercial or light industrial.
9.3.7
For the purposes of our valuation we have made an analysis of land transactions, which
took place in Nadarzyn and Lesznowola municipalities within the last two years.
9.3.8
There were 20 transactions completed since 2012 for commercial / industrial lands of which
six was identified as relevant for the purpose of this valuation with prices ranging from PLN
106/m² to PLN 414/m² net. For direct comparison we have chosen the three most relevant
transactions in terms of designation located in Wolica and Kajetany in Nadarzyn
municipality as well as one in Wolka Kosowska in Lesznowola municipality.
9.3.9
The property located in Kajetany has excellent visibility from national road no. 8 and direct
access to it but only in the Warsaw direction. The nearest cross road is some 700 m away.
It was sold in January 2012 for 414/m². The site has a regular rectangular shape and a size
of 25,000 m².
9.3.10
The property located in Wolka Kosowska is next to existing industrial / commercial
developments with access only to a local road, ul. Polna, indirectly connected with national
road no. 7 with access in both directions supported by traffic lights. The site of 12,000 m²
was sold in July 2012 for PLN 320/m². The designation of the property is slightly worse
compared to the subject as it is mostly for industrial / warehouse uses.
9.3.11
The last site adopted for calculations is located in Wolica, close to existing developments.
Access to national road no. 8 is provided via ul. Sękocińska, in both directions. The site of
21,500 m² was sold in May 2013 for PLN 106/m². The designation of the property is mostly
for industrial and commercial, with sales areas restricted to 1,000 m² and with a high voltage
overhead line crossing part of the land.
Development land
21
9.3.12
We identified 17 transactions concluded for residential land in Nadarzyn municipality within
the last 2 years with prices ranging from PLN 67/m² to PLN 199/m². The majority of
transacted sites have areas of ca 1,000 m² with one site having 6,000 m² and one of over
19,000 m².
9.3.13
For direct comparison we have chosen five most relevant transactions in terms of
designation located in Walendów, Rusiec, Wolica, Stara Wieś and Kajetany of which all
were sold between private individuals.
9.3.14
Sites transacted between private individuals are not subject to VAT as in the case of sales
by companies. When the entity is selling the development site to other entity it can write off
the tax (23%) however when selling to a private individual the tax remains the cost of the
company and decreases the actual income from sale.
9.3.15
In valuing subject property, in part designated for residential uses, we assumed that the site
will be sold to an entity thus with VAT being written off. When undivided, the property will be
of interest to residential developers or investors seeking profit in dividing the site.
9.3.16
The indicated property value from the comparative approach is PLN 90,490,000 (EUR
21,440,000). The above result reflects the current planning status of the site, its location and
specification including limitation in use and physical features compared to recently
conducted transactions.
Land plot
987/2
990/2, 989/2
1003/2
992/2, 992/3, 997/2, 996/14
Development land
Area (m²)
Value PLN / m²
Value in PLN
Value in EUR
95
329
Slaney Sp. z o.o.
9,400
314
41,697
460
1,749,691
66,626,008
68,375,699
2,951,519
19,166,450
22,117,970
414,618
15,788,153
16,202,772
699,412
4,541,812
5,241,225
18,500
202,300
22
10
VALUATION
10.1
FAIR VALUE OF LAND
10.1.1
Having regard to the foregoing we are of the opinion the Fair Value of the ownership interest
in the subject land as at 30 September 2013 is:
PLN 90,490,000
(NINETY MILLION FOUR HUNDRED AND NINETY THOUSAND ZLOTY)
EUR 21,440,000
(TWENTY ONE MILLION FOUR HUNDERED AND FORTY THOUSAND EURO)
Yours faithfully
Mark Freeman, MRICS
Katarzyna Kotkowska, MRICS
Director , Valuation and Consultancy
Associate
on behalf of Savills Sp. z o. o.
Development land
23
APPENDIX I
INSTRUCTION
GENERAL ASSUMPTIONS AND CONDITIONS
STANDARD TERMS AND CONDITIONS OF BUSINESS FOR VALUATIONS
DEFINITIONS AND BASES OF VALUATION
Development land
APPENDIX II
LOCATION PLANS
Development land
LOCATION OF THE PROPERTY
DETAILED LOCATION OF THE PROPERTY
Development land
APPENDIX III
PHOTOGRAPHS
Development land
Development land
APPENDIX IV
EXTRACT FROM THE LAND REGISTRY
Development land
APPENDIX V
EXTRACT FROM THE MASTER PLAN
Development land
APPENDIX VI
MARKET VALUE CALCULATION
Development land
Table 1: Summary of comparables
Comp. Date
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
19-kwi-12
15-cze-12
04-wrz-12
14-wrz-12
23-paź-12
16-lis-12
21-lis-12
27-cze-12
08-paź-12
06-wrz-13
27-wrz-13
09-sie-13
18-lip-13
13-cze-13
20-cze-13
30-kwi-13
21-mar-13
Address
Plots
Nadarzyn / Stara Wieś
Nadarzyn / Kajetany
Nadarzyn / Kajetany
Nadarzyn / Walendów
Nadarzyn / Rusiec
Nadarzyn / Wolica
Nadarzyn / Kajetany
Nadarzyn / Rusiec
Nadarzyn / Nadarzyn
Nadarzyn / Wolica
319
73 000
251
200 000
50/1
234 500
34/58
170 000
693
120 000
92/6
290 000
42/2
140 000
427/8
1 414 000
364/14
100 000
38/64, 38/74, 38/75, 38/51
250 000
285/8, 284/6, 285/4
157 500
484/1
130 000
159/15
265 000
115/20, 115/21, 115/22, 115/18, 315
115/19
000
260/12, 260/13, 260/14, 260/17, 610
260/18,
000 260/19
2109/13, 2109/14, 2109/15
450 000
483
320 000
Highest
Lowest
∆
* PU (powierzchnia użytkowa) or usable area
Price (PLN)
1 414 000
73 000
1 341 000
Site area (m²)
PLN/m² site
area
923
1 137
1 178
1 227
1 800
4 300
1 000
19 129
1 000
2 308
1 241
1 562
1 761
3 582
6 306
3 137
3 100
79
176
199
139
67
67
140
74
100
108
127
83
150
88
97
143
103
19 129
923
18 206
199
67
132
Zoning
Comments
M
M
M
M
M
M
M
M
M
MN
MN
MN
MN
MN
MNU
MNU
MN
some buildings
zalesiona
public tender, land purchased from the municipality
restriction in MP, min 20 m from road
Table 2: Summary of selected comparables
Comp. Date
10
15
12
14
13
06-wrz-13
20-cze-13
09-sie-13
13-cze-13
18-lip-13
Address
Plots
Nadarzyn / Walendów
Nadarzyn / Rusiec
Nadarzyn / Wolica
Nadarzyn / Kajetany
Price (PLN)
Site area (m²)
38/64, 38/74, 38/75, 38/51
250 000
260/12, 260/13, 260/14, 260/17,
610260/18,
000 260/19
484/1
130 000
115/20, 115/21, 115/22, 115/18,
450115/19
000
159/15
265 000
Highest
Lowest
∆
610 000
130 000
480 000
2 308
6 306
1 562
3 582
1 761
6 306
1 562
4 744
12
13
14
15
10
PLN/m² site
Zoning
area
108 MN
97 MNU
83 MN
88 MN
150 MN
150
83
67
Comments
Between private individuals
Between private individuals, restriction in MP-building line min 20m
Table 3: Attributes and influence on value
Weighting
Features
Macro Location
30%
Character of the surrounding
30%
Rating
1
2
3
4
5
1
Considerations
Extensive residential area with many new developments and percieve as attractive
Area with new single family houses and vacant land
Mixed of farm land and some residential developments mainly older houses
New single family houses with suporting infrustructure
2
On the outskirts of new residential areas with vacant land in the surrounding expected to
be developed in the near future
3
Older single family houses or large commercial / industrial developments; lack of
supporting infrustructure
4
Farm land and old houses; lack of supporting infrustructure
5
Development possibilities based
on master plan
Size and physical features
10%
30%
1
2
3
4
5
1
2
Residential and commercial uses allowed
Only residential uses allowed
Only residential uses allowed but restrictions in MP
single plot of a size 1,000 - 2,000 of regular shape
single plot of a size 2,000 - 4,000 or of irregular shape limiting flexible development
single plot for division into smaller sites with possible loss on internal roads
3
4
5
100%
Rating: Best = 1, Worst = 5
Table 4: Assessment & price adjustments
Attributes
Date
Address
Subject
Comparables:
10
15
20-cze-13
Nadarzyn /
Rusiec
260/12, 260/13,
260/14, 260/17,
260/18, 260/19
2 308
6 306
108
97
108
97
06-wrz-13
Nadarzyn /
Walendów
38/64, 38/74,
38/75, 38/51
Plots
Site area (m²)
PLN/m² site area
Adjustments applied to:
18 500
PLN/m² site area
14
13-cze-13
Nadarzyn / Stara
Wieś
115/20, 115/21,
115/22, 115/18,
115/19
1 562
3 582
83
88
83
88
3
3
2
2
2
1
2
3
3
2
2
2
3
3
2
3
1
3
1
2
1
Attribute
Macro Location
on master plan
Total (PLN/m²)
Adjusted price (PLN/m²)
Weighting
30%
30%
10%
20 67
Table 5: Value
Indicated value (/m²)
Special adjustment
Adjusted value (/m²)
Site area (m²)
Market Value
say
Value /m² site area
Value /m² / density
Value /m² PU
PLN
95
0%
95
18 500
1 749 692
1 700 000
92
EUR Comments
414 983
400 000
22
10
20
-
12
1 761
150
150
Rating
2
3
1
PLN/m²
20
20
7
15
13
18-lip-13
Nadarzyn /
Kajetany
159/15
Attributes
Macro Location
on master plan
30%
100%
10
12
09-sie-13
Nadarzyn /
Wolica
484/1
15
-
20
3
-
20
3 112
-
14
12
-
14
13
20
-
7
20 77
13
20 13 70
20
3
-
10 27
61
20
3
154
3
Comp. Date
1
24-sty-12
2
05-cze-12
3
12-lip-12
4
01-sie-12
5
6
11-sty-12
08-maj-13
Address
Plots
Lesznowola / Wolka
Kosowska
Lesznowola / Kolonia
Lesznowola
Lesznowola / Wolka
Kosowska
Lesznowola / Wolka
Kosowska
Nadarzyn / Kajetany
Nadarzyn / Wolica
45
3 846 508
2/1
1 084 800
2 712
48/10
3 850 000
12 001
321 UPTS
71/15
700 000
4 000
175 UPTS
10 209 000
2 280 000
24 642
21 503
414 PU
106 UP
10 209 000
700 000
9 509 000
24 642
2 712
21 930
414
106
308
Highest
Lowest
∆
398
809/10
Price (PLN)
Site area (m²)
PLN/m² site
Zoning
area
15 675
245 UPTS
Comments
400 UM
WA1P/102935/5
high voltage overhead line corssing part of the plot, sales
area for commercial uses - max. 1000m2
Comp. Date
5
3
6
11-sty-12
12-lip-12
08-maj-13
Address
Plots
Price (PLN)
Nadarzyn / Kajetany
398
Lesznowola / Wolka Kosowska
48/10
Nadarzyn / Wolica
809/10
Highest
Lowest
∆
Site area (m²)
10 209 000
3 850 000
2 280 000
PLN/m² site
area
24 642
414
12 001
321
21 503
106
10 209 000
2 280 000
7 929 000
24 642
12 001
12 641
Zoning
Comments
PU
UPTS
UP
PU
UPTS
UP
414
106
308
7
5
3
Features
Weighting
Location
20%
20%
Attractivness of the surrounding
Development possibilities in
accordance with the Master Plan
20%
Rating
1
Considerations
Location directly along national road with direct and easy access in both directions
2
Location along side road providing direct access to the main national road in both directions
with very good visibility from the main road
3
Location along side road providing direct access to the main national road but only in one
direction with very good visibility from the main road
4
Location along side road providing direct access to the main national road in both directions
with no visibility from the main road
5
direction with no visibility from the main road
1
Proximity to a commercial / retail centre of regional importance
2
Mix of warehouse and commercial buildings
3
Few warehouse/industrial buildings
4
Vacant land for development
5
Residential areas
1
Land designated for commercial or industrial uses UP
2
Land designated for industrial uses with allowance for commercial
3
Land desingated for industrial only
4
5
1
No restriction of use
2
Restriction in use
10%
Restriction limiting use of the property for a very profitable use
3
4
5
Limitation in development
10%
1
No limitation
2
Limitation of development along the borders of the property due to existing easements or
infrastructure
3
4
5
Limitation of development in significant part of the property due to existing easements or
infrastructure
1
Shape and size allow for a flexible development of a site, with size of ca. 10,000 m2
2
Shape and size
20%
Regular shape with an area greater than 10,000 m2
3
Irregular shape of the property limiting flexibility in development and possibly causing part of
the property left unused, with size of ca 10,000 m2
4
Irregular shape of the property limiting flexibility in development and possibly causing part of
the property left unused, with size greater than 10,000 m2
5
Very large area suitable only for phase development of area greater than 100,000 m2
100%
Attributes
Date
Address
Plots
Site area (m²)
PLN/m² site area
Subject
Comparables:
11-sty-12
Nadarzyn /
Kajetany
5
3
12-lip-12
08-maj-13
Lesznowola /
Nadarzyn /
Wolka Kosowska Wolica
398
48/10
9 400
809/10
24 642
414
414
PLN/m² site area
12 001
321
321
Rating
3
2
1
3
4
1
5
2
2
4
3
1
2
5
1
1
1
2
1
1
1
2
2
4
Attribute
Location
Restriction in use
Shape and size
Total (PLN/m²)
Weighting
20%
20%
20%
10%
10%
20%
100%
5
21 503
106
106
Attributes
Location
Restriction in use
Shape and size
PLN/m²
62
62
62
31 31 62
308
6
3
6
5
62
-
3
62
62
6
31
31
-
31 31 21
21
435
31
31
62
382
62
123
229
Table 5: Value
Special adjustment
Site area (m²)
Market Value
say
Value /m² PU
PLN
349
-10%
314
9 400
2 951 520
3 000 000
319
EUR Comments
Limitation of development - high voltage overhead line crossing the land
700 026
700 000
76
Comp. Date
1
24-sty-12
2
05-cze-12
3
12-lip-12
4
01-sie-12
5
6
11-sty-12
08-maj-13
Address
Plots
Lesznowola / Wolka
Kosowska
Lesznowola
Lesznowola / Wolka
Kosowska
Lesznowola / Wolka
Kosowska
Nadarzyn / Kajetany
Nadarzyn / Wolica
45
3 846 508
2/1
1 084 800
2 712
48/10
3 850 000
12 001
321 UPTS
71/15
700 000
4 000
175 UPTS
10 209 000
2 280 000
24 642
21 503
414 PU
106 UP
10 209 000
700 000
9 509 000
24 642
2 712
21 930
414
106
308
Highest
Lowest
∆
398
809/10
Price (PLN)
Site area (m²)
PLN/m² site
Zoning
area
15 675
245 UPTS
Comments
400 UM
WA1P/102935/5
Comp. Date
5
3
6
11-sty-12
12-lip-12
08-maj-13
Address
Plots
Price (PLN)
Nadarzyn / Kajetany
398
48/10
Nadarzyn / Wolica
809/10
Highest
Lowest
∆
Site area (m²)
10 209 000
3 850 000
2 280 000
PLN/m² site
area
24 642
414
12 001
321
21 503
106
10 209 000
2 280 000
7 929 000
24 642
12 001
12 641
Zoning
Comments
PU
UPTS
UP
WA1P/102935/5
414
106
308
7
5
3
Features
Location
Restriction in use
Weighting
Rating
1
20%
20%
20%
10%
10%
2
Location along side road providing direct access to the main national road in both
directions with very good visibility from the main road
3
direction with very good visibility from the main road
4
directions with no visibility from the main road
5
direction with no visibility from the main road
1
2
3
4
5
Residential areas
1
2
3
4
5
1
2
3
4
5
1
2
3
4
5
1
2
Shape and size
3
20%
Considerations
4
5
No limitation
Limitation of development along the borders of the property due to existing easements or
infrastructure
Limitation of development in significant part of the property due to existing easements or
infrastructure
Shape and size allow for a flexible development of a site, with size of ca. 10,000 m2
Irregular shape of the property limiting flexibility in development and possibly causing part
of the property left unused, with size of ca 10,000 m2
Irregular shape of the property limiting flexibility in development and possibly causing part
of the property left unused, with size greater than 10,000 m2
100%
Attributes
Date
Address
Plots
Site area (m²)
PLN/m² site area
Subject
Comparables:
11-sty-12
Nadarzyn /
Kajetany
5
3
12-lip-12
08-maj-13
Lesznowola /
Nadarzyn /
Wolka Kosowska Wolica
398
48/10
41 697
Attributes
Rating
Location
2
1
Development possibilities in accordance with
1 the Master Plan
Restriction in use
2
2
Shape and size
2
Attribute
Weighting
PLN/m²
Location
20%
62
20%
62
20%the Master Plan
62
Restriction in use
10%
31 Limitation in development
10%
31 Shape and size
20%
62
Total (PLN/m²)
100%
308
809/10
24 642
414
414
PLN/m² site area
12 001
321
321
5
3
4
1
1
1
2
5
31 31 414
6
4
3
1
2
2
4
3
62
62
21 503
106
106
3
5
2
2
1
1
1
-
6
6
31
31
62
31
31
21
41
362
41
103
209
Table 5: Value
Special adjustment
Site area (m²)
Market Value
say
Value /m² PU
PLN
328
40%
460
41 697
19 166 451
19 200 000
460
EUR Comments
Better location and attractiveness of the surrounding
4 545 799
4 500 000
109
Comp. Date
1
24-sty-12
2
05-cze-12
3
12-lip-12
4
01-sie-12
5
6
11-sty-12
08-maj-13
Address
Plots
Lesznowola / Wolka
Kosowska
Lesznowola
Lesznowola / Wolka
Kosowska
Lesznowola / Wolka
Kosowska
Nadarzyn / Kajetany
Nadarzyn / Wolica
45
3 846 508
2/1
1 084 800
2 712
48/10
3 850 000
12 001
321 UPTS
71/15
700 000
4 000
175 UPTS
10 209 000
2 280 000
24 642
21 503
414 PU
86 UP
10 209 000
700 000
9 509 000
24 642
2 712
21 930
414
86
328
Highest
Lowest
∆
398
809/10
Price (PLN)
Site area (m²)
PLN/m² site
Zoning
area
15 675
245 UPTS
Comments
400 UM
WA1P/102935/5
Comp. Date
5
3
6
11-sty-12
12-lip-12
08-maj-13
Address
Plots
Price (PLN)
Nadarzyn / Kajetany
398
48/10
Nadarzyn / Wolica
809/10
Highest
Lowest
∆
Site area (m²)
10 209 000
3 850 000
2 280 000
24 642
12 001
21 503
10 209 000
2 280 000
7 929 000
24 642
12 001
12 641
PLN/m² site
Zoning
area
414 PU
321 UPTS
86 UP
Comments
WA1P/102935/5
414
86
328
7
5
3
Weighting
Features
Location
20%
accordance with the Master
Plan
20%
20%
Restriction in use
Rating
1
directions with very good visibility from the main road
3
Location along side road providing direct access to the main national road but only in
one direction with very good visibility from the main road
4
directions with no visibility from the main road
5
Location along side road providing direct access to the main national road but only in
one direction with no visibility from the main road
1
2
3
4
5
Residential areas
1
2
3
4
5
1
2
10%
3
4
10%
5
1
2
3
4
5
1
20%
2
No limitation
Limitation of development along the borders of the property due to existing easements
or infrastructure
Limitation of development in significant partof the property due to existing easements or
infrastructure
Shape and size allow for a flexible development of a site, with size of ca.10,000 m2
2
Shape and size
Considerations
3
Irregular shape of the property limiting flexibility in development and possibly causing
part of the property left unused, with size of ca 10,000 m2
Irregular shape of the property limiting flexibility in development and possibly causing
part of the property left unused, with size greater than 10,000 m2
4
5
100%
Attributes
Date
Address
Subject
Plots
Site area (m²)
PLN/m² site area
Comparables:
5
3
12-lip-12
Lesznowola /
Wolka
Kosowska
48/10
24 642
12 001
414
321
414
321
6
11-sty-12
Nadarzyn /
Kajetany
08-maj-13
Nadarzyn /
Wolica
398
809/10
202 300
PLN/m² site area
Attributes
Rating
Location
2
1
1 the Master Plan
Restriction in use
1
1
Shape and size
4
5
3
4
1
1
1
2
Attribute
Weighting
PLN/m²
Location
20%
66
20%
66
Development possibilities in accordance 20%
with the Master Plan
66
Restriction in use
10%
33
10%
33
Shape and size
20%
66 Total (PLN/m²)
100%
328
3
5
2
2
1
1
1
5
66
44 22
436
21 503
86
86
6
4
3
1
2
2
4
3
66
66
66
66
386
6
33
33
33
33
131
217
Table 5: Value
Special adjustment
Site area (m²)
Market Value
say
Value /m² PU
PLN
347
-5%
329
202 300
66 626 008
66 600 000
329
EUR Comments
Better location and surrounding but worse shape and size
15 802 008
15 800 000
78

development land, wolica village, nadarzyn municipality, poland

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