CERTIFICATE OF VALUE

AND
VALUATION REPORT
ON
PREMISE OF YABA COLLEGE OF TECHNOLOGY, HERBERT
MACAULAY ROAD, YABA, LAGOS

FOR
THE RECTOR, YABA COLLEGE OF TECHNOLOGY

PREPARED BY:

GROUP 2, HND2 ESTATE MANAGEMENT &

VALUATION

DECEMBER 2022
 REPORT AND VALUATION
OF
PROPERTY AT

PREMISE OF YABA COLLEGE OF TECHNOLOGY, HERBERT

MACAULAY ROAD, YABA, LAGOS

Valuation Certificate
This is to certify that the property asset located at PREMISE OF YABA COLLEGE OF
TECHNOLOGY, HERBERT MACAULAY ROAD, YABA, LAGOS has been valued by us
as hereunder specified and supported by the report that follows:

Effective Date of Valuation: 7th December

Purpose of Valuation: Insurance
Basis of Valuation: Reinstatement value
Method of Valuation: Depreciated Reinstatement Cost
We are of the considered opinion that the INSURANCE VALUE of the SEVEN
STOREY BUILDING as at this date of Valuation was in the sum of
N1,254,000,000.00 (One Billion, Two Hundred and Fifty Four Million Naira) only.
We are further of the opinion that the INSURANCE VALUE of the CBT HALL
BUILDING as at this day of Valuation was in the sum of N455,175,000.00 (Four
Hundred and Fifty Five Million One Hundred and Seventy Five Thousand Naira)
only.
Given under our usual seal and witnessed by the signature of our Principal Partner by
the virtue of powers conferred on him by the Estate Surveyors and Valuers
Registration Board of Nigeria (Established under decree of 1975).

Signed, Sealed and Delivered

7th December, 2022

The Rector,
Yaba College of Technology,
2, Hussey Street,
Off Herbert Macaulay Road,
Yaba,
Lagos.
Dear Sir,

VALUATION OF PROPERTY (SEVEN STOREY BUILDING) SITUATED IN THE PREMISE OF

YABA COLLEGE OF TECHNOLOGY, YABA, LAGOS

PREAMBLE: Further to your recent instruction, namely; to determine the Insurance

Value of the interest in the property situated and lying at premise of yaba college of
technology, herbert macaulay road, yaba, lagos, we are pleased to inform you that we
have carried out a survey of the property and have the pleasure to report as follows:
DATE OF INSPECTION: The property was physically inspected on the 6 th day of
December 2022.

PURPOSE AND SCOPE: The report is being prepared with the view to determining
the Insurance Value of the property. The report has thus
been so prepared taking due cognizance of the necessary
features and requirements of valuation for that purpose.

INFORMATION: Details of information in this report were obtained as

follows;

Design: From Physical Inspection

Site: From Linear Measurements

ASSUMPTION: In valuing this property, the following assumptions were

made:

(i) That the information with which we have been

supplied is correct;
(ii) That the land is free from all onerous restrictions and
charges;
(iii) The land is not adversely affected by or subject to
compulsory acquisition, road expansion, new road
proposal or planning regulations.

LOCATION: The subject property situates in the premise of Yaba College

of Technology, it is popularly known as SEVEN STOREYS. The
 subject property can be approached from West African
Examination Council (WAEC) gate of the institution,
immediately after taking the next two right turns to arrive at
gated a premise. Hussey Street which leads to WAEC gate of
the institution is a major arterial road as it leads to the
Military Hospital, Yaba. Herbert Macaulay Road also provides
access to other neighbourhoods such as Bariga, Akoka,
Fadeyi, Ebute Meta, amongst others.

Map showing location

NEIGBOURHOOD: Generally, Yaba is a high-density residential locality with a

mix of commercial uses like banks, office buildings,
administrative blocks, filling stations, eateries, event centres,
and shopping centres especially on major roads. The
immediate neighbourhood of the subject property features
Military barracks (MARDA & MYHOUNG), multi-storey
building (WAEC), primary and Secondary Schools (MBARI
MBAYO, FSTC, YCT STAFF SCHOOL, and JIBOWU GRAMMAR
SCHOOL) Notable landmarks in close proximity to the subject
property include: The West African Examination Council
(WAEC), Hussey Plaza and Institute of Medical Research etc.
SITE: The site of the subject property is irregular in shape and
measures an approximate land area of 738 Square Metres (7
Storey) and 714 Square Metres (CBT Hall), the site
accommodates a Building on Eight floors currently being
used as lecture halls and offices for lecturers. The building
consists of 114 offices, 2 lecture halls and a guest house on
the pent floor. Also located within the premises are 2 other
prominent Buildings, and other ancillary structures. Access to
site is through 2 No. vehicular metal gates. There is no
alternative access to the property. The undeveloped part of
site is covered with a combination of interlocking stones and
tar while other parts are without covering.

DEVELOPMENTS ON SITE: The development on site consists of: Main Building

(SEVEN STOREY); Building 2 (CBT HALL); Building 3 (STORE);
Ancillary Structures.

TITLE: Details of the Title subsisting on the subject property was not
provided.

ACCOMMODATION: Details of accommodation provided in the development on

site are as follows:

Main Building: The Main Building is on 8 floors (i.e., ground,

first, second, third, fourth, fifth, sixth and pent floors) and is
the most prominent development on site. It is currently
being used as office building and also as lecture hall and
measures a gross building area of approximately 583 Square
Metre. Accommodation provided within the building on floor
basis is as follows:

Ground Floor: Department of Mineral and Petroleum

Engineering

First Floor: 25 No. Offices 2 No. Restrooms

Second Floor: 25 No. Offices 2 No. Restrooms

Third Floor: 25 No. Offices 2 No. Restrooms

Fourth Floor: 25 No. Offices 2 No. Restrooms

Fifth Floor: 14 No. Offices,1 lecture hall and 2

No.Restrooms
 Sixth Floor: Radio Station, 1 lecture hall and 2
No.Restrooms

Pent Floor: Guest house.

There are 3 No. staircases through which access could be

gained to the upper floors (they are situated to the left, right
and centre of the building respectively). The ones situated to
the left and right are fire exit staircases, which provides
access from ground to sixth floor. It is a half-turn staircase
provided with iron balustrade/railings and finished with
vitrified floor tiles.

The other which is situated within the building at the centre

provides access from ground to pent floor and is also a half-
turn staircase provided with iron balustrade/railings and
finished with vitrified floor tiles.

Building 2: Building 2 is situated opposite the Main Building.

It affords different Computer Halls for CBT examinations of
the college.

SERVICES: The range of services provided in the subject property are:

Electricity: The subject property is connected to public mains

electricity and this is augmented with 2 No. power
generating sets.

Water: Water is supplied to the subject property from a bore

hole sunk within the premises and provided with water
reservoir.

Elevator: The Property has two none functioning Elevators.

On the other hand, soil effluent discharges into the

designated tank provided within the premises while storm
water discharges to the public drainage channel. Foul and
ablutionary wastes are discharged to the septic tank/soak-
away pits sunk within the premises while storm water runs
directly to the drains outside the premises.

CONDITION: This report does not constitute structural survey on the

buildings as this was outside the scope of our instruction. We
have therefore, not inspected those parts of the properties
 that are covered, unexposed or inaccessible nor have we
tested the services and are therefore unable to report that
any such parts are free from defects.

However, during our inspection, we observed that the

subject property is in a poor state of decorative and
functional repairs.

CONSTRUCTION DETAILS: The details of materials used in the construction of the

buildings on site are as follow:

Main Building

Walls: Reinforced concrete columns/beams in-filled with sand

Crete/perforated block wall rendered smooth and finished
with a combination of text-coat paint/wall tiles

Roof: Corrugated long span aluminium roofing sheet on steel

trusses

Doors: Combination of flush/iron/wooden/glazed aluminium door

types

Windows: Combination of glazed aluminium casement/sliding types

provided with mosquito netting

Floor: Reinforced concrete finished with vitrified tiles and marble

Ceiling: Soffit of the reinforced concrete decking and PVC (Polyvinyl

chloride) ceiling covering

VALUATIONS BASIS: In arriving at our opinion of value, we have adopted the RE-
INSTATEMENT BASIS. This entails the insurance cover
secures the re-instatement of assets insured in case of
damages or loss. Reinstatement based insurance may be
compensated for by way of rebuilding, indemnity insurance
compensation often takes monetary form. The insured and
insurer may both settle on a third option (agreed value) that
does not comply with either of the indemnity or
reinstatement basis.

METHOD OF VALUATION: We have adopted the Depreciated Replacement Cost

Method of Valuation.
 Depreciated Replacement Cost Method of Valuation takes
into consideration the gross floor area of the building on site
which was multiplied by the cost index or construction cost
per square meter of class of buildings. The figure obtained
was further depreciated to arrive at the value of
improvement on site.

VALUATION: WE ARE OF THE OPINION that the CAPITAL VALUE of the

interest in:

Taking all factors into consideration, subject to the

assumptions detailed below,

WE ARE OF THE OPINION that the INSURANCE VALUE of the

interest as at the date of valuation in the subject property
situated at premise of Yaba college of technology, Herbert
Macaulay road, Yaba, Lagos (SEVEN STOREY BUILDING)
N1,254,000,000.00 (One Billion, Two Hundred and Fifty Four
Million Naira) only and (COMPUTER HALL BUILDING)
N455,175,000.00 (Four Hundred and Fifty Five Million One
Hundred and Seventy Five Thousand Naira) only..

CAVEAT: In accordance with our practice standard, we wish to state

very clearly that this report is issued for the use of the
addressee only, and no responsibility will be accepted from
any third party for the whole of its contents or any part(s)
thereof.
If our opinion of value is to be disclosed to person(s) other
than the addressee of this report, the context and
assumptions contained in this report must be stated.

CERTIFICATION: WE CERTIFY that our valuation has been made in accordance

with the rules and ethics of our Professional Institution and
we DECLARE that we have no interest whatsoever in the
property being valued.

Yours faithfully,
 For: HND2 GROUP2 ESTATE MANAGEMENT & VALUATION

Side view of the property Front view of the property

LOCATION SKETCH OF THE SUBJECT PROPERTY

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SITE LAYOUT
A- MAIN BUILDING (SEVENDSTOREY)
B- BUILDING 2 (CBT HALL)
C- BUILDING 3 (STORE)
D- ANCILIARY BUILDINGS B
D
SH- SECURITY HOUSE A

SH