Invocare, Australia’s largest provider of funeral services, provided instruction to value 164 King Street, Newtown, 319 Pacific Highway, North Sydney and
94 Victoria Street, Grafton (NSW mid north coast) for market assessment of properties for acquisition, accounting and insurance purposes.
164 King Street, Newtown comprises of a 1900’s two storey building with ground floor office / retail and first floor offices and is currently owner occupied. The property has rear lane access to off-street parking and is located on the busy King Street retail strip in the southern Sydney suburb of Newtown. The building is currently used as a funeral parlour and has a separate warehouse at the rear of the property which is currently used for car parking and storage.
319 Pacific Highway, North Sydney comprises of a 1920’s two level commercial office building which is currently owner occupied and contains ground and first floor offices with rear lane access to a lock-up garage. The property has main road exposure and is located on the fringe of the North Sydney Central Business District.
94 Victoria Street, Grafton comprises of a 1930’s two storey building which is currently owner occupied. The ground floor currently comprises of a funeral home with offices and a workshop and the first floor comprises of a four bedroom residence. The property also contains a chapel.
A valuer with specialised commercial, retail and market knowledge was subsequently appointed to carry out the valuations. A detailed sales, rental and market analysis was undertaken on surrounding properties.
The valuer formed a professional and open relationship with the client which enabled ease of communication throughout the valuation process.
A professional manner and outlook, as well as strong market knowledge provided a strong base upon which to carry-out the valuation and to reach the market value of each of the properties.
164 King Street, Newtown and 319 Pacific Highway, North Sydney
The valuation was based on both income potential of the subject divided by a market yield rate and by the sales comparison approach, by which a unit of comparison was extracted to apply a value.
94 Victoria Street, Grafton
Valuation based on the sales comparison approach, by which a unit of comparison was extracted to apply a value.
It was determined that the current use of all three properties was in fact the highest and best use.