Comparable analysis matrix (office rental)

Comparable 1 Comparable 2 Comparable 3 Comparable 4 Note

Belmont Business Park Unit 4 Unit 5 Unit 7 Unit 8
Market Rent ("MR") p.a. £240,000 £295,000 £252,000 £150,000
Net internal area (NIA) (sm) 1,400 1,450 1,400 1,000
Quanitative adjustments
Add allowance for landlord's outgoings:- 1
- External repairs @10% of rent (29,500)
- Insurance @ 2.5% of rent (7,375)
- Management @ 2.5% of rent (7,375)
Adjustment for car parking spaces (5,000) (10,000) (5,000) (7,500) 2
Allowance for financial strength of tanant (3 0 8,850 3
Shorter lease term adjustment (3% of rent) (8,850) 4
Net quantitative adjustment to MR (5,000) (54,250) (5,000) (7,500)
Adjusted MR per square m 168 166 176 143
Date 12 months ago 14 months ago 21 months ago 24 months ago
Transaction type Rent review Letting Letting Letting
Qualitative adjustments
Conditon Slightly worse Slightly worse Slightly worse Slightly worse
Location Similar Similar Similar Similar
Layout Slightly worse Slightly worse Slightly worse Slightly worse
Facilties Similar Similar Similar Similar
Building effciency and sustinablilty credentiaSlightly worse Slightly worse Slightly worse Slightly worse
Net qualitative adjustment Slightly worse Slightly worse Slightly worse Slightly worse 5
 £
Adjusted MR /sm p.a. for Comp 2 165
Add: 2% to reflect the rising market 3.30
Add: 5% for overall qualitative factors adjustment 8.25
Market rent per square metre 176.55
Market rent for the subject p.a. (£176.55*1667) before car parking spaces value 294,309
The value of car parking spaces (25 spaces@£500 each) 12,500
Market rent for the subject p.a. on 15-year lease FRI terms with 5 years upwards rent
306,809
review.
 Comp. 1 Comp. 2 Comp. 3 Comp. 4 The subject Note
Belmont Business Park Unit 4 Unit 5 Unit 7 Unit 8
Market Rent ("MR") p.a. 240,000 295,000 252,500 150,000
Net internal area (NIA) (sm) 1,400 1,450 1,400 1,000 1,667 1
Quantitative adjustments
Conversion from IRI to FRI basis (44,250) 2
Adjustment for car parking spaces (7,500) (2,500) (7,500) (5,000) 3
Allowance for financial strength of tenant (3% of rent) 0 4,500 4
Shorter lease term adjustment (3% of rent) (8,850) 5
Net quantitative adjustment to MR (7,500) (55,600) (7,500) (500)
Adjusted MR per square m 166 165 175 150
Date 12 months ago 14 months ago 21 months ago 24 months ago Now
Transaction type Rent review Letting Letting Letting Letting
Qualitative adjustments
Condition Slightly worse Slightly worse Slightly worse Slightly worse
Location Similar Similar Similar Similar
Layout Slightly worse Slightly worse Slightly worse Slightly worse
Faculties Slightly worse Slightly worse Slightly worse Slightly worse
Building efficiency and sustainability credentials Worse Worse Worse Worse
Net qualitative adjustment (compared with the subject) Slightly worse Slightly worse Slightly worse Slightly worse 6