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Valuation Report – Akuro House. Presented to: Raindrop Bank Plc Prepared by: BEPA and Associates Date: 22 April, 2025.
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Introduction. Purpose: Present findings of the property valuation Scope: Valuation for secured lending Valuation Date: 15 April, 2025 Standard: RICS Global Standards (Red Book).
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Executive Summary. Address: Akuro House, 24 Campbell Street, Marina, Lagos Type: Commercial office building, 11 floors + basement NLA: 3,679.02 sqm | Fully Tenanted Annual Rent: ₦92,475,500 Market Value: ₦924,755,000 Restricted Marketing Value: ₦647,328,500.
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Terms of Engagement. Instruction: 10 April, 2025 | Inspection: 15 April, 2025 Client: Raindrop Bank | Purpose: Secured Lending Approach: Income Approach (Direct Capitalization) Liability Cap: 2%.
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Property Overview. Location: Marina, intersection of Campbell & Ajele Land Area: 904.54 sqm | Title: Land Certificate Neighborhood: Banks, BOI, NEPA, Eleganza, etc. Nearby Amenities: Hospitals, Fire Station, Police.
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Physical Description. Reinforced concrete, pile foundation Finishes: Aluco-bond, ceramic tiles, POP, mosaic floors Amenities: Borehole, lifts, generator, HVAC, transformer Office Spaces: Split & centralized AC, open-plan layout.
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Accommodation Schedule. Ground Floor: 248 sqm | 1st Floor: 317.95 sqm 2nd–9th Floors: 351.53 sqm each | 10th Floor: 250.83 sqm Rent per sqm: ₦25,000.
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SWOT Analysis. Strengths: Wheelchair ramp, security, visibility, scenery Weakness: Inadequate parking Opportunities: Near social amenities (fire, hospital, etc.) Threats: Vicinity has miscreants.
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Property-Specific Risks. Recalcitrant tenants Potential future vacancies Lack of tenant cooperation Risk Mitigation: Active property management.
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Market Context & Comparables. Office market: Oversupply, flexible leasing, tenant-driven Comparable 1: Rooftop House – ₦20,000/sqm Comparable 2: St. Peter’s House – ₦20,000/sqm Comparable 3: St. Nicholas House – ₦30,000/sqm.
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Valuation Details. Method: Direct Capitalization (9% cap, 10% outgoings) Total Rent: ₦92,475,500 Market Value: ₦924,755,000 Restricted Marketing Value: ₦647,328,500.
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Limitations & Assumptions. Data from Property/Facility Managers Assumed: Good title, no legal/environmental issues No significant defects or capital expenditures.
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Conclusion & Recommendation. Income-generating, marketable asset No vacancy at inspection Strong investment for secured lending Recommendation: Continue proactive management.