51 Chalmers Str?et Ardrighaig Argv?? Chairman: Sandy MacPherson mm 89% a -1, f. President: Roy Rutherford a? Hon President: Lady Mackay ofArdbrecknish Tel 01546 603 811? E?Mafl: com SSE r?gm? rm am gm ?mmw??m a a?a?m?gi ?mm?m mam mm?mmw lair: @ha?mem 2 mm mam gamma 2?16 I .. . . our wry .r-w?f n- 1 u, . [In ?WW1?an ?g?ammr} mmawmmg . ?aw-awedmt- ?midi . 1- 1 . ?t ma?a 61 Cha?mrs Street Chairman: Prof. William Hanbury President: Sandy MacPherson W39 39% Hon President: Lady Mackay of Ardbredmish Te! 01545 505? . - E?Maxl' abscua@bfconnect com WM a; 2mg WEMW mm ?gmgam Egg am? Ma?gm am? Em MW am mg ?m?gafwmi? 8i @mm?gi ?ggm?a?m Fm? ?mg gamma mm?mmw @Em m: mmga?g Emmy ?rgy?? ?5mg- fg?m: 2nd May mg 2m mag-?m a g?mgEn. l_ 6.41 5.5 lee ?xill chartered St The maximum aggregate liability to contract. deliet, negligence or otherwise, howsoever arising, of Bill Hall and the Valuer in reseeot of arly one claim or series of claims arising from. or ill ralali?rl t?i this Rep?fl Shall HOE in 8W circumstanoes exceed or the limit of liability stated in the professional indemnity insurance policy of BM Hell. whichever is the lower. A copy of the policy certi?oete ls available on request. .. - This maximum aggregate liability is irrespective of how many separate and individual claims may be presented or their total and the Client expressly in advance Frees. relieves. and holds harmless Dill Hall and its members as members and as individuals, pest and present, from any such claims past, preset-rt and future in excess of the limitation of liability set out in this clause. Beiihitio?s The "Valuer" is the author of the Report on the Property. The ?Report? is the report of the kind described lo seotion i of these Conditions of Eogagerh out, The "Property" is the program; which forms the subject of the Report. Hall? is BM Hail LLP. 3 limited liability partnership registertsd in Sootlenrl with registration number 80301144 and herring its registered .m?iioe at l? Corstorphine Road, Edinburgh EH12 606. The ?Cilienl? is the hereon firm or company to whom {Elli Hell is to provide the Report in accordance with the Confinrietlon of instructions and these Corldi'llone of Engagement. The "Con?hheticn of is the letter issued by HM Hell con?rming receipt of ineimctions it; prepare a valuation, setting out the Services and setting out the fee for the Report, ?Mamet Value" means the estimated amount for which an asset or liability should exchange on the well-sailor; date between willing buyer and a willing seller-in an arm's length transmit-loo after proper marketing and where the parties had each acted knowlsdoeehiy, prudentiyend without compulsion. "Market Rent? means the estimated. amount for which a property would be leased on the valuation date between a telling lessor and a willing on appropriate ten-ins in an arm?s length transaction, alter propermerlceting and where the parties had each sot-ed knowledgeehly. prudentlyend without compulsion. ?Building Reinstatemeht means an estimate for insurance purposes of the cement 'cost of: rebuilding the Properly in its present otherwiSe slated}; or {lei I the Froeeriy being oonetmcted as currently proposed; each including the costs of site clearance'eno professional fees but excluding: VAT{exoept on Fees); (ii) lose of rent; and the tenet of alternative accommodation for the reinstatement period. The "Services" means the epeo?riio services to be provided by HM Hall to the {Elieot pursuant to the of instructions and section 1 of these Conditions of Engagement. The "Lender" means a party who has promos-{l or intends or proposes to provide ?nancial aefsistanoe to the Client towards the purchase or remortgage of the Propelty and in whose favour a standard security will be granted over the Property. Commeroiel CGE June 2012 242. 2.3 2.4 4.1- 4.3 5.3 The inspection The Valuer will undertakes visual inspection of so much of the exterior and interior of the Property as is aseessihle with eaten; and without undue dif?culty. as can be seen whilst'standing at ground level within the boundaries of the Property and adjacent areas and whilst standing at the various floor iovels. which the Valuer considers reasonably necessary to provide the $ervices. having regard to its purpose. The Valuer ls under no duty to carry out a building survey or to inopsot those parts of the Property which are covered. unexposed or inaccessible. or to raise boards, move anything, use a moisture detecting motor. or to arrange fortns tasting of electrical heating or other services. Roof voids and attics are not inspected. in some instances or types of property only selected or representative parts of the Property may be inspected. The purpose of tile inspection is to provide an opinion of value. comments may be made on the roadin apparent state of repair of the Property. The inspection is not a building or structural survey and the Report will not detail defects that do not materially affect value. Where defects are mentioned in the Report, they should be regarded as indicative and not exhaUsiive. The Valuer vlel not can}; out an asbestos inspection and will not be acting as an inspector in completing a valuation inspection of properties that may fall within the Control of?lsbestos Regulations 2012. No enquiry of the duty holder. as defined in the Control of Asbestos Regulations 2012. of the existence of an asbestos register. or of any plan for the management of asbestos will he made. The Client's legal advisericonveyencer should con?rm the duty holder under those reguietions, the availability of an Asbestos Register and the existence and management of any asbestos containing mailer-lets. For the purposes of this valuation. it Is assumed that there is a duty holder. as defined in the Bonile of Asbestos Regulations 2012, and that or Register of Asbestos and effective Management Plan is in plane which does not require any immediate expenditure or pose a significant risk to health or breach the HSE Regulations. The Valuer will not carry out an inspection for Japanese Knots/sod or other Infestations by Invasive species. Unless otherwise stated it is assumed that there is no Japanese Knotvreed or other infestations by invasive species within the boundaries of the Property or in neighboring properties The identi?cation of infestations of this type should be made by a specialist contractor. it must be removed by specialist connectors and removal may be eitpensrve. Where the Valuer, does report the presence of Japanese Knotweed or invasive species. forthor investigations may be recommended. - The Report it" it is not reasonably possible to carry out a substantial part of this will be stated in tire Report. Whore the Vaiuer relies on information provided. this will be indicated In the Report. together with the source or? the information. The Report will state the existence of any apparent. recent signi?cant alterations and extensions so as to alert the Client?s legal advisers- . Frr'a?iuation Tire valuations provided will no on the assumptions set out in section in respect of individual subject pronenies (unless otherwise agreed) as inspected. The valuations will he provided on the bases of value stated in. the Con?rmation of Instructions and as defined in the latest edition oi' the Valuation Professional Standards (Red Book) as ptitliished by The F-toyel institution of Chartered Any special assumptions or reference to a particular buyer will be clearly stated. - The valuations wilt exclude any additional value attributable to personal goodwill, or the Voice of any ?xtures and ?ttings which are only oi value in situ to the present or proposed occupier, except in the case of a Property which Is fully contorted and valued as an operational entity, where only personal goodwill is excluded. Unless otherwise stated. in the valuation of portfolios. each Property is valued separately and not as part of the portfolio. Accordingly. no allowance. either positive or negative. is made in the aggregate value reported to re?ect rlto?possibility oi the whole or port of the portfolio being put on the market at any one lirns. instructions and Charges All instructions from the Client will be made directly by the Client and confirmed in writing. I The Client will p21in DM Hell the fee initially agreed between thermisubioot to? any amendment thereto to be agreed if the - Vsiuer's instructions are subsequently modified. In addition. the Client will reimburse Bill Hall the cost of all reasonable expenses whioh'mey be incurred and pay the amount of any Value Added Tax on the foe and expenses. Unless otherwise agreed in writing. and subleot to condition 5.4 nelow. the maximum liability of UM Hall and the Velvet (in contract, delict. negligence or otherwise) howsoever arising. in relation to the Property, shall be 20% of the value of the Property on the basis identified in the Confirmation of Instructions or. if no basis is expressed, Market Value as de?ned by the RICE. on the date or the instruction. Commercial CGE June 2012 11:2 1.3 it'lxiz Where speci?cally agreed in writing at the time of instruction. an indicative Building Reinstatement Coot this is given solely as a guide. A formal Buildings Reinstatement Cost Assessment for insurance purposes can only be given by a quantity surveyor, building surveyor or similarly qualified The Client is advised to obtain a formal Buildings Reinstatement {Joel Assessment for insurance purposes. - visit: Any other aspects, other than the neural legal investigations. which the Valuer considere require further consideration orinveettgatlone. - Following provision of the Report, the Veloarwill be general to its contents. The Valuer shall, unless otherwise agreed. rely upon information provided by the Oiient enofor the Client?s legal or other advisers relating to the Property, tenure. leases and all other relevant matters. Subject to Paragraph 2.1 below, the Valuer ehelt can}; out soon inepeotlone and investigations as are, in the Valuer-'5 professional iuclgernent, appropriate and newbie in the portioular oironmstenoeo: it the Valuer-?s inspection suggests that there may be material hidden defects to the Property the Valuer so advise and may deter final Report unlit the results: of further investigations are available, The Report will not seek to identity the exletenoe oi contamination. it. however, the Valuer in the course of the inepeotion or investigations learns that there may be Contamination, the Valuer will report this to the Client. in preparing the Report, unless elite-amine by the Valuer. the following assumptions will be made that the Valuer shall be under no duty to verify: that no deleterious or hazardous materials orteohniqueo were need In lite ooneiruotlon of the Property orliave sinoe been incorporated, . (ii) that good title nan loe shown enrl that the Property in not. subject to any unusual or ESpE?lally? onerous restriction s, enoumbrenoes or outgoinge; to) that the Property and lie value are by any matters which would he revealed try a local seeroli and replies to the usual enquiries. or by any statutory notice, and that neither the Property. its condition, lie uee. nor its intended use, is or will be unlawful: - (cl) that all required valid plan ning permissions and statutory approvals for the buildings: and for their use. including on): reoent or signi?cant extensions or alterations, have been obtained and complied anti that works not requiring consents; meet. the standards required by the building; regulations or are exempt: that inspection of those ports oitne Property that have not been inspected would neither reveal material deieots nor cause the Valuer to alter the val nationle) materially: unless otherwise stated, that no nonteniinative or potentially contaminative users have ever been earned out on the Property and that there is no potential for contamination of the Property from past or present uses of the Property or from any neighbouring pronertv,? . (53) that no notioee have been issued by the Statutory Authorities or by the Fire Master and that no significant capital expenditure is required to Comply with the provisions of inter elia the Ot?oee. Shops anti Railway Premises not, Health end Seton at Wont eto Ant, Fire Precautions not. Disability Dieorimina?tln not. Equality Ant anti the Factories Acts: and. {it} that the flank Walls of the Property are party wells and that the liability for mutual repaire, inoluoing the root, its parts: and partition-to, is on an equitable oasis between the proprietors of the various floors. Unless elated the Report does not take VAT Into amount The client is advised to obtain eoeclalist advice in this regard- Similarly, unless oneoilloeliy stated, the Report metres no allowance for the Costs oieoquisition or or for any tax which might arise. in providing the Servicee the Valuer will have regard_to relevant contents of the latest edition of the RIQS Valuation Professional Standards (?ted Book} as published by The Royal Institution of Chartered Surveyors. The Report will be provided for the stated purpose and for the sole use oi tire named Client. Didi Hall aooepts responsibility to the Client alone that the Report will be prepared with the skill, care and diligence reasonably to toe expected oi a competent Valuer; and aooept no responsibility whatsoever to any parties other than the Client. Any such parties rely upon the Report attheir own rielt. Neither the whole nor any part of the Report, nor'any reference to it, may lie included in any published document, circular or statement. or published In any way, without our l-lall'e prior Written approval of the form and content in which it may appear. In the event that the Report is presentad to your Leonor, we oennot guarantee that it will be to them. Client in advised that it? Lenoer to rely on this Report til at; no so at their own risk. - Di?vl Hall has 2: Complaints Procedure in accordance with The Royal institution of Chartered Surveyors Rules of Conduct. A copy of this procedure is available on request. Compliance with the Ft CS Valuation Stonoai'oe {Red Book) may be eubject to monitoring under the institution's conduct and disciplinary regulations and the Valuer Registration Bohemia. Commeroial one Jone 2mg chartered 5. .l to chartered 2 .I THE OF LAND AME) BUILDINGS CONDITIONS: 53F ENGAGEMENT Unless specified to ihe contrary in the body of the Report, our valuations are carried out. in ?with the following terms and conditions. The Service Unless otherwise stated, the Valuer is an External Valuer as defined in the latest edition of the RIOS Valuation Professional Standards (Rot! Book). The Valuer provides directly to the Client a Report based on an inapeotion as described below. and elthartd in respect of the particular type of property. has suf?cient current local. national and inten-sallonal (as appropriate} knowledge of the perimeter market and the and understanding neoeasory to Undertake the valuation oompetentiv; or . - where he galleries above. exoopt that he has current knowledge. he will he or has been assisted by a peae.on(e} who has (have) suoh knowledge and the skills and understanding necessary to provide the required; Unleashproviousiy agreed in writing and set out in the Con?rmation or insh?tloliono, the Report will cover the-following points?! . i stir. A description of the property; its location and its'readiivaooarent slate of repair; 1.1-2 The Valuers oninlonle) of value of the Property on the heels stated in the Con?rmation of Instructions. These may include Market Value, Market Rent. Building Reinstatement Cost AsseSEmeni andlor such other haste as may have been agreed in writing; . Where the valuationte) tree (have) been affected by the existence of an Unimpiemented planning consent for change of Use or other development. the ValLIer Will eo report and advise as to the emounltsioithe increase reported in consequence. - to In the ease of Property to be held on an investment: I An opinion of Market Re hi or the reporting date. representing the rental lnoome that the owner will be entitled to trorn the Property if it beoom ea or romaine fully occupied: An opinion on the effects on value of the quality-land terms of the and relevani'implioatione upon the valuation: and I I m. the Valuers view of the mentors opinion of tenant covenants for the olaoa of the subject Property in the subject looail 1y. 13.45 Advice, if the Valuer considers it relevant on whether there lo signi?cant prospect of-or potential for change or use or other development of the Property, or those in the vicinity. which would materially affect the value of the Property. 1.143 Advice, if the Valuer considers it relevant, on any other footers that may materially affect the status or value of the Property as seouniv. . . Comment upon the proposed purohaee price if this has been noti?ed in writing to the Valuer. .8 A eteterneot of any aeeunlo?ono which the Valuer has made I ii if appropriate. the Valuers opinion of the suitability of the Property as a lending eeoon?ty having regard to the criteria typically applied by.? mainstream lenders. if appropriate. tho Valuer-?e opinion (without liability on the part. of the Valuer) of current market. . - conditions anciior trends in respect or this type of-prOporty in the area. Mr}? A statement as to the valuation method adopted, and an indication as to the exteht?to which the Valuer has been able tonave regard to oomparahle mamel'traneaotlone: in the cor-to oi Property vetoed for the existing Line as an operational entity having; regard to trading potential. the opinion which the Valuer hen former: as to the future trading potential, including the gross income and pro?tability likely to be achieved; and . to) in the ease of Property valued on a residual haste, the signi?cant material figures and assumptions made arid the consequenoee of changes thereto. . Commercial DOE June 2012 in arriving at our opinion of Market Rent, we have'oohsidered the above as Wei! as other transactional Information that is available to us. We would'highlight that a large proportion of units within the neighbouring area are owner occupied and that there has been a lack of similar type transactions within the immediate We have therefore considered comparable evidence from outwith the immediate area. having made adjustments where necessary to reitaot'the?individual characteristics of the subject premises. In particular, we have reflected the units tertiary location within within Mid? -- OPENION CF VALUE We are of the opinion that the Market Renter! Value of the property, on a vacant possession basis at the valuation date is: Market Rent ?4,750 {Four Thousand Seven Hundred and Fifty Pounds) per annum. We trust that this report is sufficient for your current purposes, although in the event that you require any further information or assistance piease do not hesitate to contact us. This short report is not intended to constitute a valuation report for secured [ending purposes. The information contained herein should tie-considered within the limited context within which it appears and should not: be relied upon in isolation. Any commitment to purohase or other financial commitment should only be considered following the preparation of our standard report and vaiuation which we would be happy to provide foliowing receipt of your additional instructions. Yours faithfully ii?u?iSc MRIGS . 5:325 . ?"RiCS'Registered Valuer For Did Halt LLP Page 3 of3 chartered on LOCATION 31. DESCRIPTION We have been instructed to provide a brief rental valuation only and, therefore, we have restricted the below information to a summary only. The subjects are situated on the western side of Chalmers Street within the village of Ardrishaig.- Ardrishaig itself is situated to the northern end of Loch Giip within mid approximater 90 miles from Glasgow City Centre. - pitched roof, clad in concrete tile. The majority of surrounding ground floor units are utilised as retail or office premises, with the upper floors utilised for residential purposes. The subjects form part of the ground ?oor of a three storey building. The premises are overlaid in a lnternaliy, the premises comprise a Class 2 office unit, being eplit to form a front office, with a rear staff it store area it WC. The premises were found to be in reasonable condition at the time of inspection, in line with premises of a similar: age, type and specification. ACCOMMODATION The accommodation within the property comprises the following: Ground floor 54.68 (589 soft) The foregoing area has been calculated on a. net internal area basis in accordance with the current edition of The Code of Measuring Practice. SERVICES We have assumed that the individual pads of the property bene?t from mains supplies of electricity and water, with drainage assumed to he to the public sewerage system. This should be clarified. None of the systems, circuits or seruioes have been checked or tested for the purposes of this report. coaoinou it was not our remit to provide a report on the structure and fabric of the property and accordingly, our inspection has been restricted to that end. VALUATION APPROACH 8: MARKET COMMENTARY Our opinion of value has been prepared adopting the comparative method, having regard to achieved lettings of similar properties within the locality and sai?rounding areas. 1 We would highlight a number of transactions as follows, albeit this iist should not be considered ekhaustive, Address Rate Date Comments {per sq. ft.) 51?53 Chalmers Street, ?5.13 Dec 2013 This unit Ie' currently being assigned however. we understand that the rent Was increased in Dec 2013. This unit nearly double the size 'ofthe . subjects in question. 23 Kinloch Road, Campeltown ?4,000 1.000 ?400 Jan 2012 This unit was ietpn a one year tease to - South Kintyre Young Carers Group. - This unitis large than the subject Ardrishaig . premises. . Stag Chambers, Lorne Street, ?5,500 385 ?14.29 Nov 2011 This unit was let to GS Travel by Gt. Lochgilpheed Heath. it Albany Terrace, Oban ?7,000 560 ?12.50 May 2011 This unit was let on a 5 year lease with 3 months rent free granted. 7's Glenshallach House. Oban 28,000 886 ?9.29 Worm? This unit was letto Dawson Energy on i a 5 year lease- Page 2 of 3 14 Newton Place. GLASGOW, GS 7PY ox 512238 PLACE . 7 GLASGOW 3 Tel: 0141 332 8615 Fax: 0141 332 4867 25 February 2014 .Jamie McGrigor MSP The Scottish Parliament Edinburgh EH99 Qur Ra?: Dear Sir 6?3 Chalmers Street, Ardrishaig, Paar) BDX Jamie PricGrigor PROPERTY: We write with reference to the above and in partlouiar to your instructions dated 13 December 2013 requesting our opinion of the current Market Rental Value of the property. Our valuation has been prepared in accordance with the current edition of the RIOS Valuation 4 Professional Standards {Red Book), and our Conditions of "Engagement for the Valuation and Appraisal of Commercial Land and Buildings. 3 copy of which is appended-to this report, We can confirm that we have sufficient current iocai knowledge or the particular property market involved and have the skills and understanding to undertake this valuation competently. An impaction or the property was undertaken I I a Registered Valuer a? 28 January 20Mcan also confirm that, after undertaking relevant enquiries, DM have no conflict of interest in accepting these instructions and further, that we currently carry appropriate Professional Indemnity insurance cover in relation to this instruction. This short report confirms our opinion of value in a summary format only. PROPERTY 61 CHALMERS STREET, ARDRISHNG, PASO BDX TENURE acre - I ?o 28 JANUARY 2014 55; We Afuii list of members can be obtained from the Head Of?ce, 1? Con-eternth Road, Edinburgh, EH12 eon :Tel; 0131 6006 Fax: 0131 25 6304 Aberdeen. err. ?umbamaum, ?u?mfrfasi ?unduei South} Kiritcoidy,Llu1ngstom Musaoliaur?h. Oban. Paisley. Perth. Felerhaad, Stirling. Wick. Letterman 0? 3 chartered ourVeyora Jackie Giulianotti Allowances Office The SCOttish Parliament Edinburgh EH991SP Telephone (Direct Dial) 0131 34 86609 - Calls via RNID Typetalk 18001 0131 3.4 80009 Fax: 0131 348 6611 Email: From: Giulianotti (Jackie) Sent: Friday, March 14, 2014 9:22 AM To: . . . Subj'i?e'?t'ERE: Regional Office Many thanks. I would be grateful if you could advise what charges/services the rental payment in reSpect of the regional office covers. . Jackie Giulianotti Allowances Office The Scottish Parliament Edinburgh EH99 Telephone (Direct Dial) 0131 34 86609 Calls via Typetalk: 18001 0131 34 86609 -Fax:0131348 6611 Email: From .. Sent: Mb" clay, March 10, 2014 3:23 PM To: Giulianotti (Jackie) Subject: RE: Regional Office Hi Jackie, I havejust checked with .5 .. Jamie?s Regional Assistant who works for him from his Ardrishaig office. She advises that the local party?uses a smaller and separate back room within the office and Jamie?s Parliamentary office occupies around 60% of the overall groundfloor office space. Kind regards From: Giulianotti (Jackie) gent: Monday, March 10, 2014 2:47 PM To: Pattullo DW (Douglas) Subject: Regional Office Douglas Many thanks for providing a copy of the rent evaluatiOn of Jamie?s office in Ardrishaig. When the Parliament?s Head of internal Audit undertook the audit of Jamie?s office on 3rd May last year he was advised by a member of Jamie?s staff that the party oCcupied and used part of the ground floor accommodation. I should be grateful if you could advise what of the ground floor is occupied by the: party. Many thanks Giulianotti (Jackie) From: . . (usages, Sent: 17 March 20111r 09:01 To: Giulianotti (Jackie) Subject: RE: Regional Office ff Dear Jackie, lvvill ask for these bills and come back to you. Many thanks From: Giul-ianotti (Jackie) Sent: Friday, March 1.4, 20141L 12:50 PM Tm. I. I Subject: RE: Regional Office Many thanks. On the basis that the annual rent payment is significantly higher than the rent valuation figure I would be glad to receive a detailed breakdown of the service charges is electricity/heating bills, vvater rates office cleaning together with copies of the associated bills for the current full financial year Jackie Giulianotti Allowances Office The Scottish Parliament Edinburgh EH991SP Telephone (Direct Dial) 0131 34 86609 Calls via RNID Typetalk 18001 0131 3-4 86609 Fax: 01315348 6611 Email: From: Sent: Friday, March 14) 2014 10:03 AM To: GiulianottiJ (Jackie) - Subject: RE: Regional Office . - Dear Jackie, The rental payment covers all utility bills (except phone lines/bills) so all electricity/heating bills, water rates and all office cleaning. Regards The Scottish Parliament Edinburgh EH991SP Telephone (Direct Dial) 0131 34 86609 Calls via Typetalk 18001 013134 86609 Fax: 0131 348 6611 Email: For tatest news and information about ail aspects of Parliamentary business, MSPs and our work, visit-the Parliament's website at For information about how you 'can visit the Parliament go to Watch Parliamentary business live Faodar pairt a ghabhail ann am Parlamaid na h?Aiba tron Ghaidhlig. Tha barrachd fiosrachaidh ri thaighinn sa phlana Ghaidhlig againn aig The-information in this email transmission and any fiies or attachments transmitted with it are strictly confidential and may contain privileged information. it is intended soieiy for the person or organisation to whom it is addressed and if'you are not the intended recipient, you must not copy, distribute, disclose or take any action in reliance on it. it you have received this email in error, please delete 'it from your computer system and notify the sender as soon as possible. - While this email message and attachments have been swept by the content filter software for the presence of computer viruses, the Scottish Parliamentary Corporate Body does not guarantee that either are virus?free and accepts no liability for damage sustained as a resuit of a virus. it is the recipient's responsibility to ensure that the onward transmission, opening or use ofthis message and any attachments wiil not adversely affect their systems or data or otherwise incur liability in iaw. From: Giulianotti 3 (Jackie) Sent; Friday, March 14, 2014i_:_9:22 AM To: Subject: RE: Regional Office :4 Many thanks. I would be grateful if you could advise what charges/services the rental payment in respect of the regional office covers. Jackie Giulianotti Allowances Office The Scottish Parliament Edinburgh EH991SP Telephone (Direct Dial) 0131 34 86609 Calls via RNID Typetalk 18001 0131 3-4 86609 Fax: 0131 348 6611 Email: From . -.., who. I Sent: Monday, March 10, 2014 3:23 PM To: Giulianotti (Jackie) Subject: RE: Regional Office Hi Jackie, have just checked with . yidamie's Regional Assistant who works for him from his Ardrishaig office. She advises that the local party uses a smaller and separate back room within the office and Jamie?s Parlian'ieritary office occupies areurid 60% of the overall groundfloor office space. Kind regards From: GiulianottiJ (Jackie) March 10, 2014 2:47 PM Subject: Regional Office Many thanks for providing a copy of the rent evaluation of Jamie?s office in Ardrishaig.? When the Parliament?s Head of internal Audit undertook the audit of Jamie?s office on 3rd May last year he was advised by a member of Jamie?s staff that the party occupied and used part of the ground floor accommodation. 1 should be grateful if you could advise what of the ground floor is occupied by the party. - Many thanks Jackie Giulianotti Allowances Office The office provides the cleaning equipment and service Hoover, polish, soap, toilet rolls etc. approx. ?10 per month. I We pay the window cleaner ?18 every six months. He cleans the windows once a month. Electricity is paid by DD used to be ?81 per month now reduced to ?68 per month. latest Electricity Bill attached Water Rates are paid by used to be ?41 per month now reduced to at ?31 per month latest Water Rates bili anached All the receipts and bills up to end of January are with the Accountant for Audit purposes. i have no paper copies and had to puil these from the internet. - Organising Secretary Argyli 8t Bute Scottish Conservatives 8 Unionist Association From: Giulianotti (Jackie) Sent; Friday, March 14, 2014 12:50 PM To: . . Subjett: Regioha'l'b'ffiCe Many thanks. On the basis that the annual rent payment is significantly higher than the rent valuation figure I would be glad to receive a detailed breakdown of the service charges i.e. electricity/heating. bills, water rates office cleaning together with copies of the associated bills for the current full financial yean 1 Jackie Giulian'otti Allowances Office The Scottish Parliament Edinburgh EH99 18P Telephone (Direct Dial) 0131. 34 86609 Calls via RNID Typetalk: 18001 0131 84 86609 Fax: 0131 348 6611 Email: . Sent: Friday, March 14, 2014 10:03 AM To: Giulianotti 3 (Jackie) Subject: RE: Regional Office Dear Jackie, The rental payment covers all utility bills (except phone lines/bills) so all electricity/heating bills, water rates and all office Cleaning. Regards oiuitanoetJ (Jackie) Sent: 27 March 2014 09:40 To: Giulianotti (Jackie) Cc: Aitken (Ruth) Subject: RE: Regional Office Hi Jackie, The Bute Scottish Coaservatiye 8: Unionist Association own the whale office, 61 Chalmers Street, and rent out tf'ie larger office to Jamie While using the smaller back office themselves. Regards From: Giulianotti (Jackie) - Sent: Wednesday, March 26, 2014 2:29 PM To: . Cc: Aitken (Ruth) Subject: RE: Regional Office Many thanks this is very helpful, While appreciate Jamie?s landlord is the Argle Bute Scottish Conservatives UnionistAssociation I would be grateful if you could advise as to whOp the owners of the office space are. - Jackie Giulianotti Allowances Office. The Scottish Parliament Edinburgh EH991SP Telephone (Direct Dial) 0131 34- 86609 Calls via RNID Typetalk: 18001 0131 34 86609 Fax: 0131 348. 6611 Email: Sent: W?dti?sday, March 26, 2014 1:16 PM To: Giulianotti (Jackie) Subject: FW: Regional Office Jackie, Here is some information requested? please let me know if you need anything else. Regards Jackie Giulianotti Allowances Office The Scottish Parliament Edinburgh EH99 1813 Telephone (Direct ial) 0131 34 86609 Calls via RNID Typetalk: 18001 0131 3486609 Fax 0131 348 6611 Email: Frat?: Sent: M'a?aay, April 07, 2014 3:44 PM To: GiulianottiJ (Jackie) Subject: RE: Office Rent Hi Jackie, Thanks for this; I will pass this news on to Jamie when I speak to him later today for tomorrow. Two small points: is the small cost of cleaning materials/toilet rolls of ?10 per month included in this? And I think the landlord usually send their invoice in in the autumn, could we start paying the new rate from this autumn when they do so as we have paid Li'ntil then? . Thanks r-h- From: GiulianottiJ (Jackie) Sent: Monday, April 07, 2014 3:23 PM To: McGrigorJ (Jamie), MSP Cc: :23'53Aitken (Ruth) Subject: Office Rent we are now in receipt of the rent valuation report in respect of your regional office at 61 Chalmers Street, Ardrishaig. The report specifiesthat the rental value for the full ground floor is ?4,750 per annum. -, . . We have been advised that the ground floor accommodation is shared with the local party with you occupying 60% of the office space and the party occupying the remainder. We have also been advised that your rent includes a share of utility costs (excluding telephone ?charges), water rates and window cleaning which, going forward, will be a total of ?1 ,224 per annium calculated as follows:- - 5 Window Cleaning ?36 per annum; Electricity ?68 per month (?816 per annum); and Water Rates ?31 per month (?372 per annum). On the basis of your 60% occupancy of the office space i would advise that in accordance with paragraph 42.11 of the Reimbursement of Members? Expenses Scheme the?maXimum rental payment that can be met from your Office Cost Provision with effect from 1St April 2014 is ?3,584.40 per annum this figure being calculated as follows:? i 60% of ?4,750 ?2,850; and 60% of ?1 ,224 7: ?734.40. Total ?3,584.40. I I would be grateful if you could advise your landlord accordingly in order that futufe rental invoices are adjusted accordingly. Happy to discuss. Aitken (Ruth) From: - Gidlianotti (Jackie) Sent: 10 April 2014 09:19 Cc; :2 Aft-ken (Ruth) Subject: RE: Office Rent Many thanks for taking this forward and confirming the position. Jackie Giulianotti 1 Allowances Office if The SCottish Parliament Edinburgh EH99 18P Telephone (Direct Dial) :0131 34 86609 Calls via RNID Typetalk 18001 0131 34 86609 Fax: 0131 348 661.1 Email: . . - Sent: Th'urSday, April 10, 20 49:16 AM Te: GiulianottiJ (Jackie) Cc: Aitken (Ruth) Subject: RE: Office Rent Dear Jackie, Jamie has now discussed this with the landlord and therefore their invoice will be adjusted accordingly when they send it if} fcr'this year. Kind regards Freda: Giulianotti 3 (Jackie) Sent: Monday, 2014 3:51 PM ?for . . . I ?5:15 - Cc: Aitken (Ruth) Subject: RE: Office Rent -. - -- I Nolthe ?10 per month for cleaning materials is not included. 60% of the annual charge would be ?72 and this should be added to the sum of ?3,584.40 to make an annual rental charge of ?3,656.40. The rent has been paid up to 2nd May 2014 and the decrease in rental will be affective from that date. Jackie Md?sm?g Chaim?tan: Prof. William Hanbun; graww - President: Sandy {viac??herson 609 w? Hon Resident: Lady Mackay?nf?rdbrecknish E-Ma/l: abscua@bimmgc? Com Agraaman?: Agraaman?ic Sir Jan-ma?a MCGr?gar and the Argy?? and Buta Canaamaava 8i Un?aa?a? - Fair "tha ranta? af a canat?maacy af?aa at: 61 Cha?mara S'i?craat, Ardriaha?gy PABG 8W aufacava 2?d May 26113 13:0 2nd May 201% 9' Tata? Rani: far par?ad ?525?u?Q T120 ba paid in a a?ag?a ?ump sum? 5* r. if S?rJam?a mar-{gar MSP a a a nu (539mm .J. A828 Canaawaiavas ?at} wwm?xrmgauj?' (2015? MM a Ang?r IA gif?iwlj i 3" - Goods Received LE Skim-ir- 3-4. - - - I gag; mat; . LCos?t (Denim? Sir/frag A Idiom?" - on I I Ix?t?lgmar: ;ump?, L:qu r-j Mai?:Fg WM ?uff? . PA - .. 5__r magi-H? . - m? - g? 5&3 keg? . 61 Chalmers Sire-?t ?rd?ahai? ?rgy?li Chairman: Prof) Wilhelm Hamburg: 813x . . . President: Mr Sandy Macphersan Tel 291546 593 811 Hon Praiden't: Lady Ma?a? ArdbreMIsh may: a?xya?iwz?wmect mm mam Agrwment 'I'Weage Agreement between: Sir Jami? McGrigo?r and the: and BIKE {ZanS-ewativa Unionist Associatiw? Fer thank rental a? ?53 constituency of?w at: I Chaimer? Street; Ardrishaicg Arng PASS Leaae effective from: 2? May 2814 tit: 22;? Tote? Rent far period i121 paid if: a single lumia sum? Ed) Si? Jaml? MSP Treasurer; ABLE Conservatives; PAYMENT AUTHORISATEON Gouda Received Satisfactqm? . Cost Centre: ?wm I .. Allowance: i i ce?ify that these expenses havea?wha'lly i-ncurre? en par?ammay/constituency r" Name (in . Signature: . Date: .W. 9 If ?mt-H" I .. rm REFERENCE DATE 19 December 2007 PRIVATE a..c..onrioanrmL Kenny McAskill MP Scottish Parliament Holyrood Edinburgh EH99 1 SP By Email Post- raa wruoweaae ROAB refer to our recent discussions and particularly your request for an indication of the appropriate rental value in relation to the?area to be occupied by Mr McAskill. The total area occupied will be the entire premises other than one room equating to 72 sq ft situated to the rear of the front shop environment and approx 60 sq it within the front shop area as outline red on the attached plan. You will recall that the rental level agreed with the landlords in terms of the unit overall will increase to ?8,500 per annum with effect May 2008. ln?te?rms of the apportionment ofyalue, I can confirm_that i am of the opinion a fair reflection of the rental level attributable to the area to be occupied by Mr McAsl-zill is in the order of ?6,700 per annum. i trust that my views on'the appropriate rental value will he of assistance to you however should you require any further information please do not hesitate to contact me. Kind regards Yours sincerely. Property Consultants Chartered Surveyors Andrew Reilly Associates 31 RUTLAND SQUARE EDINBURGH EH1 23W re 0131 229 9885 FAX 0131 229 9815 Andrew Reilly Associates Ltd, Registered in Scotland No 275476. Registered Office 31 Rutland Square, Edinburgh Elli 28W 13 i i :3 The Scottish Parliament Pdromoid no h-Albo If em: MacAskill, MSPfor Edinburgh astem Constituency Rm $5202, Scottish Parffament, Holyrood, Edinburgh EH99 ISP eumail Telh 013] 348 5012 w. kemtymacaskill. co. uk 18th May 2011, Jackie Giulianotti I Head of Allowances Scottish Parliament EDINBURGH Dear Jackie, Minute for Variation Lease for property at Ma Willowhrae Road (local office) I enclose a signed copy of the Minute for Variation of the existing lease. 1 would be grateful if you could arrange immediate payment of the sumof ?1,431.79, the payee details being the same as per the previous arrangement in session 2007?2011. . If there are any dif?culties please do not hesitate to contact me. Regards Kenny MacAskill MSP Constituency o?fce details - . 16a Willowbrae Road, Edinburgh, EH8 7DB tel? 013] 66] 9546 16 RQAD, EQENBURGH Endicativa Layout Plan Spiit of Areas Kenny McKaskill MSP common Parts In dealing with rental values generally, consideration has been given to rental levels Within the immediate locality and other local environments outwith the city centre, consideration has also been given to the impact of the use class and the former retail consent which would if necessary be a possible alternative to the existing use as offices. Having given due consideration to rental levels generally, appropriate comparables and the proposed terms of the sublease i am of the view that a fair reflection of the Estimated Rental Value for the subject premises can be stated at ?10,500 per annum with effect 19 June 2015. in dealing with the proportion of value relevant to the proposed subletting, am of the view the appropriate rent should be ?4,725 per annam taking in to account current market trends. trust this is sufficient for your purposes meantime. . - sincereiy tieglstersd twitter for and on behalf of Andrew Reilly Associates Andrew Reilly REFERENCE Andrew Reilly_Associates . June 2015 31 Rti?l'tmli? SQUARE EDINBURGH EH1 23W 0131 229 9885 229?98i5 Road".- Edinburgh EH8 7DB - ?id EBENURGH Further to your recent instructions in respect of the above property, i hate now concluded my investigations with regard to the current Estimated Rental Value for the unit together with the proposed allocation of areasloccupational costs in relation to your proposed subletting. A re?in'spection of the premises was undertaken on 5 June 2015 and have subsequently undertaken market research in order to ascertain the appropriate Estimated Rental Value for the property. I am therefore pleased to report as follows: The property is situated at the [northern end of Willowbrae Road, at its junction with Abercorn Road and close to?Lo?ndon Road, one of the principal arterial routes in to Edinburgh city centre, providing excellent access to the Old Town, Holyrood and New Town to the west with the A1 and City Bypass in close proximity to the east. The Unit is located approximately 2 miles from the city centre. The property comprises an end-et-terrace former retail unit, arranged over the ground floor of a 4 storey building of traditional stone construction, the upper floors accommodating residential flatted dWellings. The unit has been converted to form an office suite: providing a reception office together with three separate of?ces, kitchen, W30 and storage facilities. The property is in reasonable condition consistent With its age however we understand the unit - is currently undergoing redecoration works. Thepremises have a net internal area, measured in accordance with the arcs Code of Measuring Practicei(6th Edition), of 80.17 sq (863 sq ft). in dealing with the sublease of the accommodation, note that this will run coterrninous with the .head lease, scheduled to expire at May 2016 and that the net internal area and associated occupational costs will be split equally between the. parties. I have been advised that the costs associated with the common parts of the property will be borne by the Constituency Association. - Property Eonsultants Chartered Surveyors Andrew Reilly Associates Ltd, Registered in Scotland No 275476. Registered Office 31 Rutland Square, Edinburgh EH 1 23W From: Aitken (Ruth) Sent: 16 December 2015 09:54 . To: Leases Thank you for your email. I I can confirm that we currently have a final quarterly rent payment set up to be paid on 11 February 2016 (to reach the landlord by the due date of 21 February 2016) and this would be met from the Office Cost Provision. However this is a full quarter and would cover the period up to 20 May 2016. On this basis 1 should be grateful if you could please confirm the pro?rata payment due to cover the period 21 February to 5 May 2016 inclusive. Upon confirmation of this I can then amend our records accordingly. Thank you for your assistance. Many Thanks Ruth Ruth Aitken Allowances Manager Allowances Office The Scottish Parliament Edinburgh EH99 1SP Telephone (Direct Dial): 0131 34 86659 Calls via Typetaik: 18001 0131 34 86659 Fax: 0131 34 86611 Email: From: Aitken (Ruth) Sent: 06 Jandary - - 7" Subject: RE: Winding Up Leases Thank you for your e-mail confirming that Kenny has now given notice to terminate and close his office on 31 March 2016. On this basis 1 have now updated the final pro?rate payment of rent for the sum of ?398.40 as advised, and updated our records accordingly. Kind Rega Ruth Ruth Aitken Allowances Manager Allowances Office The Scottish Parliament Edinburgh EH99 1SP Telephone (Direct Dial): 0131 34 86659 vCalls Via RNID Typetalk: 18001 0131 34 86659 Fax: 0131 34 86611 Email: Fr?mi . - Sent: 20161205 To: Aitken (Ruth) Subject: RE: Winding Up Leases Thank you Ruth. Kenny will give the appropriate notice. He wiil close the constituency office form?aiiy ori 8t5t March. The final payment for 21 February to 31St March 2016 (inclusive) will be ?398.40 (calculated on a daily basis, both dates inclusive) - Is this sufficient for your purposes? Of?ceManager to Kenn MacAsirilZ Edinburgh Eastern constituency Tel- 0131 348 5012 or 0131 661 9546 I 23 New 12:42 Roseanne Cunningham MSP 01?38450408- 22/11 200? 312% emsmu?am - @nezxnes. ?9 Ea?ayawa? 5 mm am: a rm?? 555 Ema 633mm Fan mm ?35552 Ma! New. 13? 59 Wm gamma haan exam $n?mmn swam megm? wiwmgw . was-lawman: wmm? my: news: 21 NW 2.367 maximum 1m to }rdui? Wm 14 Nmmbar 269? in mwian with as; aw mad w?m m?m 11m! mama ziw premim cm Tummy 20 EM. - imama 93m: mt mm me cmzira gramme has ham: as! ?16330 gm wanna. We am a? tilt minim ?lm ?n was t2: mugied and mad by Rama Cuminwv siml? he . appurilcned a: 21 mm cf gm mas-gs. 1 Ms: this is swam: wins}: 6W1: 9mm, how: should yam wish :9 ?imse in mm; ?14,153! Flame 60 mkw?i?t?m to me me. $156. wards, Yams sway - Suwey?s was? Will??! tax law ?aw WW I. a if!? ??ww 71mm em 9a saw W5 own-Im- mum 333% mm Wm!? -. WW mums mm mm- ?int? WW m?m mm sun-am: cw WW mm mm ?mm ?rm! mam 031323 ?mm mummy118th -Ww? Roseanna Cunningham MSP @pendix 4 63 Giasgow Road, Perth, PHZ Qf?ce Layout 31 Uge mum?. 31Roseanne Cunningham MSP Anpendix I 63 Glasgow Road, Perth, PHZ 1PE Qf?ca Layout 8: Use 3' . an L'h?tbta 11:2: i rail! mun?vu- I . .I I 4-?an h?r?l'at'. wow I Roseanne Cunningham MSP 53 Glasgow Road; Perth, PH2 1P3 - 00103 split Area Annual sq CA Pete Roseanna check variance 'rent %Share 10750.00 Reception Room 8.20 0.00 4-10 4.10 . v? 8.20 0.00 Pete 47.76 5134.20 Const meeting room 8.60 0-00 0.00 8.60 8.60 0.00 Roseanne 33.16 3564.170 Shared 00103033 3490 0.00 17-45 17-45 34-90 0-00 . CA 19.07 2050.03 WC 1 2.55 0-85 0-85 0.85 2.55 0.00 Kitchen 3.68 1.23 1.23 1,23 3.68 0.00 Partiamentary Variance CA Room 13.69 13.69 0.00 0.00 - 13.69 0.00 Front right of?ce #31 26.90 24.21 0.00 26.90 0.00 Hailway 5-80 1-93 1.93 5.80 0.00 Pete 47.770 HaElway 2.60 1.30 1.30 2-60 0.00 I Roseanne 33.16 Totai Area 106.93 20.39 51.07 35.46 106.93 0.00 Difference 75% 60 10.0? 33.3.5 100.00 5 Therefore, for the purposes of our Valuation Report, unless definitive information to the contrary is made avaiiabie to us, we will normally assumethat no contamination exists in relation to the property which would affect value. If, during the course of our inspection and subsequent enquiries for valuation purposes, or through our knowledge of the locality, we become aware of any matters which may indicate the likelihood of, or potential for, contamination of the subject property, these will be stated in this report. Should it be established subsequently that contamination exists at the preperty or on any neighbouring land, or that the premises havo been or are being put to a contaminatiye use, this might reduce the value(s) set out in the. report- You should therefore inform us of this immediately and we will reconsider our opinion of value accordingly. Reinstatement Cost Assessment Any reinstatement figure indicated within this report is provided for guidance purposes only, as a formal estimate for insurance purposes can only be given by a Quantity Surveyor or other person with sufficient current experience of replacement costs. Unless otherwise stated, the calculation is based upon the building in its present form including the cost of demolition, site clearance and professional fees but excluding: a) VAT c) Cost of alternative accommodation for the reinstatement period. d) Any other consequential loss- Taxation We have not been advised whether the property is elected for Value Added Tax (VAT). For the avoidance of doubt, all values stated in this report are exduslye of VAT and take no account of any liability for taxation that may arise upon the disposal or acquisition of the property. - Site Boundaries Markings highlighted on any appended plans indicate the approslmate extent of the site inspected as understood or as indicated to us during our visit to the property. No guarantee can be given as to whether this corresponds to that over which the title is held. It remains the responsibility of your legal advisol? to confirm the legal boundaries and title applying to the property. Should any of the assumptions or any additional stated assumptions prove to be incorrect (or inappropriate); we reserve the right to revise our opinion(s) of value" . . accordinglyRoseanna Cunningham 63 Glasgow Road, Perth, PH2 we an item or process plant and machinery, sewerage plant primarily concerned with treating trade ef?uents, air conditioning forming part of a computer installation or primarily serving plant. In the case of trading related valuations, all items of trade equipment and fittings currently present within the property that are necessary for the continued operation of the business are assumed to be owned outright (unless otherwise stated) and included with the sale of the business. No tests have been undertaken to establish the operation of the trade fixtures and fittings which are assumed to be in good working order. Information Sources All information provided to the valuer by the client andfor the client?s professional advisers or any other party is assumed to be complete and correct. Title, Tenure and Tenancies it is assumed that there are no encumbrances or unduly onerous restrictions, easements, outgoings preconditions that Would have an adverse effect upon the value of the property and that a good and marketable title is held. - We do not generally haVe access to all leases, title deeds, or other legal documents relating to the property. Any information recorded in this report'represents our understanding of the relevant documents provided. We should emphasise that the interpretation of the documents of title (including relevant deeds, leases and planning consents), is the reSponsibility of your legal advisor. - Unless otherwi5e stated and in the absence of any information to the contrary, we have, assumed that: a) There are no tenant?s improvements that will materially affect our opinion of the rent that would be obtained at rent review or lease renewal. - b) The tenants will meet their obligations under their leases and are responsible for. insuring the property or reimbursing the cost of insurance to the landlords, payment of business rates, and all repairs, whether directly or by means of a service charge. c) There are no user restrictions or other restrictive covenants in leases which would adversely affect value. Where appropriate, permission to assign the interest being valued would not be withheld by the landlord. e) Vacant possession can be secured for all accommodation let on a temporary basis, serviced occupancy etc. Where we have not conducted credit enquiries on the financial status of any of the tenants, we have, .reflected our general understanding of the likely perception of the tenants in the marketplace. Accordingly, purchasers should satisfy themselves of the financial strength of the tenants prior to purchase. Ground and Environmental Investigations We will not carry out or commission a site investigation or geographical or geophysical survey. We will, therefore, not be able to give any opinion or assurance or guarantee that the ground has suf?cient load bearing strength to support any of the existing constructions or any other constructions that may be erected in the future. We also cannot give any opinion or assurance or guarantee that there are no underground mineral or other workings beneath the site or in its vicinity nor that there is any fault or disability underground that might affect the property or any construction thereon. We will not undertake or commission an environmental. assessment to establish whether contamination exists or may exist. We will not carry out any detailed investigation into past or present uses, either of the property or of any neighbouring land, to establish whether there is any contamination or potential for contamination of the subject property from these uses or properties. Roseanne Cunningham MSP 63 Glasgow Road, Perth, PH2 1PE Appendix 3 - deepest Work andv?aioation assumptions Repair and Condition This report constitutes a valuation and not a building survey. Comments, if any, on the physical condition of the foundations, walls, floors, ceilings, roof or roof voids, roof coverings, chimneys, gutters, drains, pipes, tanks and services etc., must be read in this context. It further information is required a separate survey with respect to these items or to other parts of the property related thereto must be specifically instructed in writing. Woodwork or other parts of the property, which were covered, unexposed or lnaccessible, have not been inspected and we are therefore unable to report that such parts of the property are free from rot, beetle or other defects. - in the absence of any information to the contrary, we have assumed that: there are. no abnormal ground conditions, nor archaeological remains present which might adversely affect the current or future occupation, development or value of the PFODEFW- . eagerness-"tastes a is - ans liin ited?t?ot composite panelling have been used in the construction of, or subsequent alterations or additions to, the Property; and the services, and any associated controls or software, are in working order and free from defect. . Statutory En ui ri as We have not secured a written planning history from the local authority nor have we made formal enquiries to other relevant bodies. The information contained within this report therefore represents our findings based on verbal enquiries with the relevant statutory bodies and investigations thought appropriate. Whlist the information provided is taken to be accurate, we have assumed that a full planning history and further formal enquiries will be conducted by your legal advisors. Any discrepancy should be immediately notified to ourselves in order that we may advise whether this may impact our valuation(s) reported. Unless stated otherwise within this report and in the absence of any information to the contrary, we have assumed that: all buildings have?been erected either prior to planning control, or? in accordance with planning permissions, and have the benefit of permanent planning consents or existing use rights for their current use; . the property is not adversely affected by town planning or road proposals. all alterations, additions or extension to the property have received all necassary Town Planning Consents, Building Authority Approvals (Building Warrants) and Completion Certificates. the property complies with all relevant statutory-and local authority requirements, Including but not limited to Fire Regulations, The Disability Discrimination Act, The Control of Asbestos Act, The Licensing Scotland Act, Health and Safety Regulations, Environmental Health Regulations and similar. Fixtures and Fittings Unless otherwise specified the following items are excluded; except In the case of Trading Related valuations where they are specifically included, unless stated to the contrary: All items of process plant and machinery, tooling and other equipment not primarily serving the building, cranes, hoists, conveyors, elevators, strUCtures which were ancillary to, or form part of Ro?eanna CUnningha'm 63 Glasgow Road, Perth} PH2 1P5 Appendix 2 - ?efinitiens at Waitre- Ma rket Rent The estimated amount for which a property would be leased on the valuation date between a willing lessor and a wiliing lessee on appropriate lease terms in an arm?swiength transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compuision. Market Value The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm?s-length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without'compuision. Existing use Value The estimated amount for which an asset should exchange on the valuation date between a willing buyer and a willing seller in an arm?s-?length transaction after proper marketing and where the parties had acted knowledgeabiy, prudently and without compulsion - assuming that the buyer is granted vacant possession of parts of the asset required by the business, and disregarding potential alternative uses and any other characteristics of the asset that would cause its Market Value to differ from that needed to replace the remaining service potential at least cost. worth and Investment Value The value of an asset to the owner or a prospective owner for individual investment or operational objectives. Fair Vaiue The estimated price for the transfer of an asset or a liability between identified knowledgeable and willing parties that reflect the respective interests of those parties. Roseanne Cunningham 63 Glasgow Road, Perth, PH2 1PE 1 2. 1 Market Rent We are of the opinion that the current Market Rent for the property or with the benefit of vacant possession and assuming completion of the Landlords refurbishment/fit out as at 23rd September 2013I may be stated as being in the sum of ?10,750 per annum (TEN THOUSAND SEVEN HUNDRED AND FHWY THOUSAND POUNDS PER ANNUM) exclusive. 13.0 - I Specie! Valuation essumptions None. 14.0 . I I Limitation and Publication This valuation report is prepared solely for the use of Roseanne Cunningham MSP. No responsibility is accepted to any other party for the whole or any part of its contents. It may be disclosed to other professional advisers in respect of the purpose for which the valuation is prepared. - Whote nor any part .?n-enaeav? any published document, without the vaiuer?s written approval ovor the form and context which It may appear. . . We trust that this report will be satisfactory for your present purposes. Yours faithfully Tnsnented anriPreoared BV - .. 23rd October 2013 For and Chartered Surveyors Roseanna CunnEngham MSP . 63 Glasgow Road, Perth. 1PE 10.3 Listed Building Status, Conservation ?reas and Other Relevant Planning Matters We understand the subjects are not Listed. - 10.4 Current Planning UsefConsent(s) We have assumed the appropriate change of use plannan consent will be obtainedfor the proposed use. - 10.5 Recent or Proposed Alterations We have assumed that all Local Authority consents wiil be obtained for the proposed fit out. 10.6 Licerises and Other Consents .i 10.? Reads We have assumed that-the access roads have been made Up and adopted by the Local Highway Authority. 10.8 Fire (Scotland) Act 2005 The Fire (Scotland) Act introduces a fire safety regime for non?domestic properties in Scotland. - It has been assumed appropriate safety measures have been implemented and that a plan exists or will be put into place to periodically review these measures to ensure it complies with legislation. 10.9 Discrimination Act 1995 The Disability Discrimination Act requires servlce providers to address physicai features which make It impossible or unreasonably difficult for disabled persons to use their services. Our Building Sdrveyors would be pleased to advise fLIrther. 10.10 Rateabie Value Rateable Value ?10,000. The business rate poundage for the 2013/2014 is 46.2p. A new owner or tenant of a non?domestic property has a right to appeal against the Rateable Value for a period of up to six months after assuming an interest In a property. For properties with a Rateable Value of ?18,000 or less. rates relief may be avallable under the Small Business Bonus Scheme. Our rating consultants would be please to advise further. 11.0 Tenure Leasehold. 12.0 Valuations Our valuatior?s) have been prepared in accordance with the Royal Institution of Chartered Surveyors (RICE) Valuation Standards 2012. as amended. Any departures from this will be clearly stipulated within our report. All valuations will be carried out under the definitions of the various valuation bases set out by the RICS. which are appended. 4 Roseanne Cunningham MSP 63 Glasgow Road, Perth, PHZ 1PE 10 I Accommodation The property provides the following accommodation and apprOXimate floor areas: Fioor Proposed ACCOmmodation Gross Floor Mat Floor .- Area Area sq.rn. sq.ft. sq.rn. sq.ft. Ground Proposed Accommodation Reception 122.2 1,315 100.63 1,083' Room, 3 Offices, Anti Room, Kitchen and Toilet with W.C. Total 122.2 1,315 100.63 1,083 The above areas, which have been calculated from plans provided have been calculated on a gross and net lnternai area basis in accordance with the Sixth Edition of the RICS Code of Measuring Practlce. - We would require to measure the property on completion ofthe fit out to confirm the net area. u. . On completion of the refurbishment we understand the property will connect to mains supplies of water, gas and electricity and drain into the main sewer. Space heating will be provided by means of a gas fired central heating system. None or the systems, circuits or services have been checked or tested for the purpose of this report. 9.0 Etate of Repair We have not been reqUested to report on the condition or the premises and We'would recommend that prior to entering into a lease agreement our Building Surveying Department are instructed to inspect the premises and prepare a Schedule of Condition documenting the condition of the property. In particular the external condition of the property should be documented to limit the tenants repairing liability. . 10.0 I - Statutory Enquiries 10.1 ?Structure Plan The Perth Kinross Structure Plan came into effect on 13 June 2003 and is the key strategic land Lise planning document produced to provide long term land use planning for deveIOpment and the environment to the year 2020. It should be noted that-TAYplan which Is The Strategic Development Planning Authority (SOFA) for Dundee, Perth, Angus and North Fife was designated by Scottish Ministers in June 2008. - The role or the SDPA is to prepare and maintain a Strategic Development Plan for the area covered by the four Councils. This will replace the existing Structure Plans and In addition each Council will prepare a Local DeveIOpment Plan. . 10.2 Local Plan The Local Plan was adopted in 1997 and contains suggested proposals until 2006. The draft of the new Perth Area Local Plan was published in December 2004, howaver, the decision has been taken not to progress the plans to finalised stage. 3 Roseanne Cunningham MSP 63 Glasgow Road, Perth, PH2 1PE 3.0 Type of Property 8: Classification Vacant retail premises to be converted to offices 4.0 I mate of Valuation 23rd September 2013. 5.0 I . - a Location 5.1 Regional Perth, which has a population of approximately 45,000 persons (Soarce: Perth 8t Kinross Council), is the principal town of Perth Kinross District. . Historically known as the gateway to the Highlands,-_ Perth enjoys close" proximity to Scotland?s main cities with 90% of the countries population accessible within 90 minutes drive time. Dundee lies approximately 35 km (22 miles) to'the east with Edinburgh 69 km (43 miles) to the south and Glasng 98 km (61 miles} to the southWest. Perth is located at the base of the River ?Fay in the heart of Scotland with the A9 and giving easy access to Dundee, Edinburgh, Glasgow and the south beyond, Perth also enjoys other main facilities including main line railway services, bus station and a busy harbour. The economy of is based upon agricultural, Food and drink, technologies, crafts and tourism. 5.2 Locai The subjects are located in a predominantly residential location with a frontage to the busy Glasgow Road which provides access to and from the City Centre. Neighbouring occupiers include a hair salon and financial advice centre. 6.0 Description The subjects comprise a ground floor property contained within a detached 2 storey building of stone construction with a pitched slate roof eyer. The upper floor is occupied by the Perth Islamic Society. At the date of inspection the premises were vacant and had most recently-been occupied as a dry cleaners. . The property is accessed to the front elevation which isprotected by steel roller screens. Internally the accommodation is in very basic condition and we understand it will be refurbished by the Landlord to provide suitable office accommodation. We are unaware of any private car parking spaces and [on street car parking directly outside the property and within the immediate vicinity is prohibited. Roseanne Cunningham 1.0 1.1 1.Glasgow Road, Perth, PHZ 1PE Confirmation of Instructions Introduction We refer to your instructions of 28th June 2013 Conditions of Engagement dated 28th June 2013 a copy of which is reproduced in Appendix 1. In accordance with these instructions an inspection of the property was undertaken by {Electing as an external valuer, on 23rd September 2013. .. .. lino is an RICS Registered Vaiuer has the necessary knowledge and expertise to provide the advice required. This report has been prepared in accordance with the RICS Valuation Professional Standards 2012 which also complies with International Valuation Standards. Conflict of Interest We are not aware of any conflict of interest that would preclude us from providing the valuation advice requested. A i Professional Indemnity lie?ii a indemnity of ?5,000,000 In respect of each and every claim. Purpose of Valuation Our report has been prepared to provide valuation advice for a proposed lease. Basis of Value Our Valuation has been prepared to determine Market Rent. Sources of Information We have been provided with a copy of the proposed ?oor plan. Scope of Work and Valuation Assumptions The scope of work and our valuation assumptions adopted for the purpose of this report are set out in Appendix 3. Special Valu ation Assum prions None. Before any financial transaction is entered into the validity?of the assumptions that We have adopted should be verified. - . Any variation should be referred to us immediately, as this could impact the valuation(s) reported. Interest Valued Lea seh old Roseanne Cunningham - 63 Glasgow Road, Perth, PHZ 1PE Table of Contents I 1.0 - Con?rmation of Instructions 2.0 I Interest Valued 3.0 Type of Property and Classification 4.0 - Date of Valuation 5.0 I Location 6.0 Desc?ption 7?0 Accomonodation 8.0 Services 9,0 State of Repair 10.0 Statutory Enquiries 11.0 Tenure 12.0 vaiuations 13.0 Special Valuation Assumptions 14,0 Limitation and Publication Appendix 1 Acknowledgement and Conditions of Engagement Appendix 2 Definitions of Value Appendix 3 Scope of Work and 1il'aluation Aesumptions Appendix 4 Office Layout 3; Use Roseanne Cunningham NISP Property Interest Valued TYPE 01? Pi?operw 3a Classi?cation Purpose of Valuation Date of Inspection Date of Valuation Location Description Tenure Tenancies Market Rent Special Valuation Assumptions 6-3 Glasgow Road, Perth, PHZ 1PE Report Summary 63 Glasgow Road, Perth, PH2 1PE. Leasehold. Vacant retail prernises to be converted to offices. Proposed lease. 23rd September 2013. 23rd September 2013. .. . . Bf. ?155.43. a LL .I. Predominantly residential location on busy Glasgow Road. Ground ?oor retail premises within detached 2 storey building. Leasehold. To be confirmed. ?10,750 per annuln. None. This summary {5 intended 'for quick reference purposes only and must be considered within the I con text of this en tire report 3 Shepherd, Chartered Surveyors, 2 Whitefriars Crescent, Perth, PH2 GPA Tei: 01788 638138 Fax: 01738 637542 i. 19 a Email: perth?shepherd.co.uk Address: 63.6!asgow Road, Perthr PH2 1PE In?mctedbv: Roseanna CUnningham MSP, 9 York Piaoe, Perth, PHZ BEP Client: Date 91" Vaiuatian: Roseanna Cunningham MSP 23rd September 2013 Please censicler the environment before printing this email. If you?d like to receive a quarterly newsletter from Roseanne, please use this QR code. From: Giulianotti 3 (Jackie) Sent: 31 October To: I Cc: Subject: RE: Valuation Report,'with Floor Percentages Many thanks.? I can confirm that the report dated 23rd September provides all the information in relation to the valuation of rent we require. I would be grateful if you could clarify the difference between the rent valuation detailed in the most recent report compared with the valuation contained in Appendix 1. I can confirm that Roseanne would only be liable for 33.16% of any shared I bills. The expectation would be that she would have her own telephone line. Jackie From: Sent: 2013 13 PM To; Giulianotti (Jackie); Aitken (Ruth) Cc: Cunningham (Roseanna), MSP Subject: Valuation Report, with Floor Percentages Dearlackie/ Ruth Please find attached the details from the chartered surveyor for the revised floor plan at 61 63 Glasgow Road, Perth, for your approval. Can" you confirm that this would mean that Roseanne would only be liable to claim 33.16% of the shared bills please. I Best wishes I Office of Roseanne Cunningham MSP Member of the Scottish Parliament for South and Kinross-s-hire 9 York Place,?Perth, PHZ 8EP Tel: 01738 639598 0173353753.? .. - Please consider the environment before printing this email. if you?d like to receive a quarterly newsletter from Roseanne, please use this QR code. - Aitken (Ruth) From: Sent: To: Cc: Subject: Yes that's correct. Cunningham MSP Member of the Scottish Parliament South and Kinross-shire 9 York Place, Perth, PH2 8EP Tel: 01738 639598 On 1 Nov 2013, at 09:19, "Giulianottil (Jackie)" wrote: Many thanks. Can I just confirm that the appendix 1 figure was what the landlord was asking for in terms of rent but the independent rent evaluation reported that the market rent was ?10,750 and as such that was all you were prepared to pay. Jackie Giulianotti Allowances Office The Scottish Parliament Edinburgh EH99 1SP Telephone (Direct Dial) 0131 34 86609 Calls via RNID Typetalk: 18001 0131 34 86609 Fax: 0131348 6611 Email: From .. Sent: hursday, October 31, 2013 4:41 PM To: Giulianotti (Jackie) Subject: RE: Valuation Report, with Floor Percentages 'Hi Jackie, I-understand that the figure in appendix 1 Was the original figure that the landlords wanted for the property. Once the market value report was done back in June, we informed them that was all that we could afford and they have adjusted the rent accordingly. We already instructed BT and We?re having a separate line installed. Cunningham MSP Member of the Scottish Parliament for South and Kinross?shire 9 York Place, Perth, PH2 8EP Tel: 01738 639598 Fax: 01738 587633F 259 Union Street, Aberdeen, A311 68R BX A884 ABERDEEN I LP-22 ABERDEE 1 Tel: 01224 594172 Fax::01224 574615 22 July 2014 For the attention of: . .. . Gordon Conservative Unionist Association 7 Northern Road, Klntore A851 DYL chartered surveys 'Our Ref; DearSir?s, PROPERTY: OFFICE, NORTHERNIRIOAD, A351 OYL CLIENT: GORDON CONSERVATIVE 8i, UNIQNIST ASSOCIATION We write with reference to the above and in particular to your Instructions dated 9 July 2014 requesting our opinion ofthe current Market Rent of the property, for regulatory purposes. Our valuation has been prepared in accordance with the current edition of the RIOS Valuation - Professional Standards (Red Book), and our Conditions of Engagement for the Valuation and Appra'isai of Commercial Land and Buildings, a copy of which is appended to this report. We 'can confirm that we hava sufficient current .local anWIe'dge of the particular property market int/clued and have the skills and understanding to undertake this valuation competently. I. 'a Registered An inspection of the property was undertaken by yawn on 9 My 2014. We can also confirm that, after undertaking relevant enquiries, DM Hall LLP have no conflict of interest in accepting these instructions and further, that we currently carry appropriate Professional - indemnity Insurance cover in relation to this instruction. This short report confirms our opinion of value in a summary format only. Property Office, 7 Northern Road, Kintore, A351 OYL Tenure Heritable 6% DM Hall LLP, a Limited Partnership registered in Scotland with Registralipn number 80301144 Regislered of?ce: Road. Edinburgh, EH12 EDD A full list of members can be obtained from the Head Of?ce, lTCorstorphine Road, Edinburgh. EH12 EDD Tel: 0131 6006 Fax: 0131 325 6354 unfemllna, Edinburgh .ElglannlidIk, Galashtels.6insgowt?ol1h nndSaulh} Hamilton, tnvumeas, lnvoruila, lnrino, Aberdeen. Ayacumbernpuld, Dundee, - Musselburgh, Ghun. Paisley. Perlh, Pnterh?ad. Sliding. Wick Valuation Date 9 July 2014. Location Description The property "is located within the Aberdeenshire town of Kintore which iies adjacent to the A96- Aberdeen to inverness read approximately tiS-miies north west of Aberdeen and around .4 mileseo'uth of InVerurie. The population of 4,200 has doubled over the last 10 years boosted by significant residential and commercial developments. The property is iocatedUon the east ?side of Northern Road, with surrounding properties used for a mixture of commercial and residential purposes. The subjects comprise a small ground and attic floor cities with Car parking contained within a traditional singie storey and attic end terraced building, The main walls are of pointed stone construction having a pitched timber framed slate clad roof. There is a slate dormer window to the front .e'leVation and a slate and flat mansard style. dormer to the rear elevation. - internally, the office is finished to a reasonable standard including piasterpoai'd-lined Walls and ceilings. double glazed windows and electric panel heating. Kitchen and toilet facilities are provided on the ground '?oor and we were advised on site that the kitchen and toilet are shared between the ground'and attic floor users. To the side and rear of the. of?ce, there is surfaced car parking for around 4 cars, or 8 cars parked on a tandem basis. Accommodation The subjects provide "the fol-lowing accommodation and??oor areas: Floor I Of?ce, kitchen, toilet, .un'der stair cupboard I 16.20 sq (174 sq ft) ,Att?ic Floor I Meeting "room 14.18 sq sqft) Total Area I 27,02 sq (32? sq ft) The foregoing areas have been calculated on a net internal area basis in accordance with the current edition at The Ric-'8 Code of Measuring Practice. Page 2 of 4 chartered sun. Statutory Obligations In terms of Ab?erdeenshire Local Development Plan 2012, the subjects are located within Kintcre town Centre. The property has been in its present use for Some time and accordingly, it is considered Unlikely that there wili be any planning sensitivities of an adverse nature affecting the property. We cannot confirm wh ether-or not the subjects comply with current planning and building regulations, however we were informed by the occupier that the property has not been altered or extended within the recent past. Our valuation assumes that there are no issues of this nature outstanding but the position should be checked. We have made the reasonable assumption that the roads and footpaths fronting the Subjects have been adopted and are Local Authority. Reference to the Assessor?s website shows that the subjects are entered in the valuation roll at a Rateable Value of ?2,500. Services We were informed on site that the property bene?ts from mains supplies of electricity and water, with drainage being to the main public sewer. Heating is provided throughout by means of electric panel heaters. None of the systems, circuits or services hairs been checked or tested for the purposes of this report. Condition it was not our remit to provide a report on the structure and fabric of the property and accordingly, our inepection has been restricted to that end. At the time of our inspection the subjects were found to be in a condition consistent with age and type. Valuation Approach 8; Market commentary Our opinion of value has been prepared adopting the comparative method, having regard to achieved sales and lettings of simiiar p?rbpertie?s within the locality. Whilst the industrial market in Kintore has been relatively active in recent years, with significant new developments to the north of the totivn, the office market has been relatively quiet, particularly within the centre of the town. The quality of the accommodation provided is reasonable and ideally suited to the current use of the property. However, the accommodation provided is relatively small which wiil narrow the market for the of?ce to an extent. The location of the offiCe would be regarded as secondary, Within a quiet town centre and whilst the location is suited to the current users of the property, we would not expect the location to be suitable for themajority of small office occupiers in the market. Having regard to the above 'factors, we would anticipate limited tenant demand for the office with prospective occupiers liker to be private individuals and small locally based businesses. Considering the location of the property, the subjects may have potential for conversion to residential use, subject to planning. Page 3 0M chartered sun chartered our? Opinion of Value Market Rent - We are of the opinion that the Market Rent off the of?ce, on the basis of a ?ve year fuil repairing and insuring lease, assuming such a lease would not contain "any unduly onerous terms or conditions upon either party and that the rent includes electriCity, water, telephone and insurance costs, at the valuation date is: THQUSAND SEVEN HUNDRED PQUNDS PER ANNUM (?5,700 pa) We would apportion our opinion of market rent as follows: I .. Ground floor-with the share of the kitchen and toilet: ?2,800 per annle it. ?i . Attic floor-with a Share of the kitchen and toilet ?2,900 per annum We trust that this. report is sufficient for your current purposes, although in the event that you require any forther information or a-ssistancerplease do not hesitate to contact us. This eh ort report is not intended to constitute a valuation report for secured lending purposes. The informationconta'inei?i herein should be considered within the limited context within which it appears and should not he re?ect upon in isolation. Any commitment to purchase :or other financial commitment should only he considered following the preparation of our standard report and valuation which We minute! be happy to provide following receipt of your additional instructions. . Yours faithiully Registered Valuer: Associate For Bill] Hall LLP Page 4 of4 259 Union Street, ABERDEEN, AB11 68R DX A384 ABERDEEN LP-22 ABERDEEN 1 Tel: 01224 594172 Fax: 01224 5?4615 10107l20?l4 I Gordon conservative 8; Unichist Association 7 Northern Road . . chartered sur veyo Kintore OYL Our Ref: Deari COMMERCIAL vntumilon CONFIRMATION OF INSTRUCTIONS (PROPERTY) Thank yet! for your ins'truations'?ot 10/07/2014 with regard to the above property. in accordance with'the requirements of the latest edition of theRiCS Valuation - Professional Standards (Red Book), we herewith confirm your instructions to carry out an inspection "of the property in Order to provide our opinion :of value for Market Rental Our valuation will be prepared over the heritable or leasehold interest in the property, as indicated, by a Registered Valuer, acting as an External Valuer as de?ned by the latest edition of the RIOS Valuation - Professional Standards {Red Book). The Valuation Date will be the date of our inspection of the property unless otherwise agreed. The valuation will be prepared to determine; - Market Rent We can confirm that this firm has had no material previous laonVBment with the property that would give rise to a potential conflict of interest . We enclose herewith our Conditions of Engagement, This contains information describing the service being provided and the limitations of liability. We confirm that our fee in respect Of providing this service-will be ?500.00, exclusive of VAT and outlays. 'Our'fee invoice is attached and in accordance with the tirrn's policy. this will require to be paid prior to'the release of our report. Our inspection will be carried out as soon as practicabie, within the next few days. lithere are any access dif?culti es, we vvili advise you accordingly. - Should you have any queries regarding this instruction, please do not hesitate to contact us. Yours faithfully For Div: h. Dir-1 Hall LLP, a Limited Liability Partnership reglslered in ?cotland Registration ndmher 50301144 ix Registcked of?ce: 17 Corsiorphine Road. Edinburgh. EH12 60D A full list of members can be obtained from [he Head Office. 17 Road. Edinburgh, EH12 EDD :Tel: 0131 6006 Fax: 0131 525 .6304 Aberdeen, AW, 'Cumhornauld, Dundee, Dulnl'ormilina. East Edinburgh, Elgln, Gniashinls, Glasgow. (North and itirltcatdy. Livingston, Musseiburgh, Ob?n. Pulsqu- Polarilnud. Sliding. Wick. THE AND-APPRAISALQF commuter:th LAND AND CONDITIONS OF sheAcEMENr Introduction Unless speci?ed to the contrary in the body of the Report, our valuations are carried out in-accordanoe with the following terms and conditions. - . the Service 1,1 Unless otherwise stated, the Valuer is an External 'Valu'er as defined in the latest edition of the RIOS Valuation Professional Standards {Red Book). - The Valuer provides directly to the Client a Report based on an inspection as described below, and etther_;. in respect of the particular type of property, has current loCal, national and international (as appropriate) knowledge of the particular market and the skills and understanding necessary to undertake the valuation competently; or to) where he satis'ties above, exoept that he has insutiicient currentiknovvledl'ge, 'he' ?will be orhas been assisted - by a personls) who has (have) such knowledge and and understanding necessary to provide the assistance required; . Unless previously agreed in writingI and set out in the Con?rmation of instructions, the Report will cover the fotlovving points: 'i .1 A description oi the property, its location and its readily apparent?state of repair; 1.1.2 The Valuer?s? opin?ion?ls) of-value of the Property on the basis stated in the Confirmation of instructions. These may inCiude Market Value, Market Rent, Building Reinstatement Cost Assessment andror such othe?rbasls as may have been agreed in writing iv?v?here the valuationlsJ has (have) been affected: by the existence organ unimp'lemented planning conSent for change of use or other development, the Valuer will so report and advise as to the or the Increase reported in consequence. . in the-case of Property to be held as an investments An opinion ,of Market Rent at the reporting. date, representing the rental income that the owner Will be entitled to from the Property if'it becomes cir remains fully occupied; An; opinion on the effects on value ofthe quality and terms of the tease(s)? and relevant-implications upon the valuation; and the Va'tuejrjs view of the market?s opinion of tenant covenants for the class of the subject Property in - the subject totality. Advice, if .the'Valuer considers it releVant, on whether there is signi?cant prospect of or potential-for change of use or other? development of the Property, or those in the vicinity, which would materially affect the value of the Property. 1.1.?5 Advice, if the Valuer considers it relevant, on any othe'r'factors' that may materially affect the status or value of the Property as security. 1.1.7 Comment upon the proposed purchase price if this has. been noti?ed in writing to the Vaiuer. 1.1.8 .5. statement of eny?specie! assumptions which the Valuer has made. If apprOpriate, the Valuez?s opinlon of the suitability otthe Property as a landing security reg-am; mine crii?eita iypicaii?y'r?jppiied by mainstream tenders. 1.1.9 1.1.10 lf appropriate.'tt1e Valrter?s. opinion (without liability "on the part of the Valuer) of current market . conditions andior trends in respect or this type or propertyin the area. 1.1.11 A statement as to the-valuation method adopted, and an indication as to the extent to "which the Valuer has been able .to have regard to comparable ?market transactions; - in the case of Preperty' valued for thegexisting use as an Operational entity having regard to trading potential. the opinion which the Valuer has formed as to the future trading potential, inciuding the "gross inocme and pro?tability liker to be achieved; and in the case of Property valueden a residual basis, the signi?cant materiat'tigures and assumptions made and the?consequen'ces of changes thereto. Commercial 00E une 2012 chartered survr 1.2 1.3 1.5 1.6 1.7 1.8 1.9' 1.10 1.11 1.12 1.1.12 Where speci?cally agreed in Writing at the time of instruction, an indicative Building Reinstatement Cost Assessment, this is given. .501er as a guide. A formal Buildings Reinstatement Cost Assessment for insurance purposes canonly be given by a quantity surveyor, building surveyor or similarly qualified professional. The Client is advised to obtain a formal Buildings Reinstatement Cost Assessment for insurance purposes. 1.1.1.3 Any other aspects. other than the usual legal invastigalion's, which the Valuer considers require further consideration Or investigations. . Following provision of the Report, the Valuer Will be prepared to discuss its contents. The Valuer shall, unless othenvlse eitpressly agreed, rely upon information provided by the Client an?dlor the Client's legal or other professional advisers relating to the PropertyI tenure, leases and all other-relevant matters. SubjeCl to Paragraph 2.1 below, the trainer shall carry out such inspections and investigations as are, in the Valuer's professional judgement, appropriate and possible in the particular circumstances. if the Valuers inspection suggests that there maybe material hidden defects to the Property the Valuer will so advise and may defer submitting a ?nal Report Until the of further investigations are available. The Report will not seek 'tojic'ientily the existence of contamination. Ill, hoWever, the Vaiuer.'in_ the course of the inspection or investigatidns'iearns that there may be contamination, the Vector will report this to the Client. . in preparingtho Report, unless otherwise stated by the Valuer, the following assumptions will be made that the Vaicer shall be under no duty to verify: that no deleterious or'hazardous-materiais or techniques were used in the construction of the Property or have since been incorporated; that good title can be shown and that the Property is not subject to any unusual or especially onerous restrictions, encumbrances or' outgoings; that the Property and its value are unaffected by any matters which would .be'reveaied by a local search and replies to the usual enquiries, or by any statutory notice, and that neither the Property, its condition, its Use, nor its intended use, is or will be unlavrt'ul; that all required valid planning permissions and statutory approvals for the buildings and for their use, including any recent or signi?cant extensions or alterations, have been Obtained and compiled with and that works. not requiring conciean meet the standards required by the? building regulations or are exempt: that Inspection of those parts of the Property that have not-been inspected would neither reveal material defects nor cause the Valuer to alter ti?re'valuationls) materially; unless otherwise stated, that no contaminative or potentially .contaminative uses have ever been carried out on the Property and that there is no potential for contamination oithe Property from pastor present Uses of the Property or from any neighborhan property; that no notices have been issued by the Statutory Authorities or by the Fire Master and that no significant capital expenditure is required to comply with. the provisions of inter site the Offices, Shops and Railway Premises Act, Health and Safety al?Worlc etc Act, Fire Precautions Act, Disability Discrimination Act, Equality Act and the Factories Acts; and - (it) that the flank walls of the Property are party wallsand that the liability for mutual repairs, including the roof, its parts and pertinents, is on an equitabie?basis betWeen the proprietors ,of the various iteors. Unless otherwise "specifically stated the Report does not-take VAT into account. The client is advised to obtain Specialist advice in this regard. Similarly, unless speci?cally stated, the Report makes no allowance for the costs of vauisition or disposal or for anytax which might arise. in providing the Services the Valuer will haVe regard to. relevant contents of the latest edition of the Valuation Professional Standards (Red Book) as published by The Royal Institution of Chartered Surveycirs. "The Report will be provided for the stated purpose and for the sole use of the canted Client. DM Hail accepts responsibility to the Client. alone that the Repon 'will be prepared with the skill, care and diligence reasonably to be expected of a competent Valuer, and accept no responsibility whatsoever to any parties other than the Client, Any such parties rely upon the Report at their o'wc jrislr. Neither the whole nor any part of the Report, nor any reference to It, may be included in any published closument, circular or statement, or published in any way, without DM Hall's prior written approval of the form and context in which it may appear. in the event that?the Report is presented to your Lender, we cannot guarantee that it will be acceptable to them. The?CIient is advised that if a Lender seeks to rely on this Report they do so at their own risk. out Hall has a Complaints Procedure in accordance with The Royal institution of Chartered Surveyors Rules of Conduct. -A copy of thisprocedure is available on request. Compliance With the RIC-S Valuation Professional Standards (Red Book) may be subject to monitoring under the institution's conduct and disciplinary regulations and the Valuer Registration Scheme. . Commercial COE June 2012 2.2 2.3 2.4 3.2 3.3 4.3 5.1 5.2 5.3 The Inspection. The letier'Will Undertake a yisual inspection of so which of the exterior and interior of the Property as is accessible with safety and without undue dif?culty, as can be seen whilst standing at gro'trnd level within the boundaries of the-Properly and adjacent _publicijcommunai areas and Whilst standing at the various .tloor levels, which the Valuer considers reasonably necessary to provide the Services, having regard to its purpose. The Valuer is under no duty to early out a building survey or-to inspect those parts of the' Preperty which are covered, unexposed or inaccessible, or to raise boards, move anything, use .a moisture detecting meter, or to arrange for the testing of electrical heating pr other services. Roof ?voids and attics are not inspected. In 'some instances or types of property only selected or representative parts of the Property may be inspected. The purpose. or the inspection is to provide an opinion of value, Comments may be madeton the readilyafpparent state of repairer the Property. The inspection "is not building or structural survey and the Report will not detail defects that'do not materially affect value. Where defects are mentioned in the. Report, they should be regarded as indiCative and not exhadstiye. The Valuer will not carry out an asbestos inspection and will not be stilling as an inspector in completing a valuation inspection of'p?rope'rties that may fall within the Control of Adhestos Regulations 2012. No enquiry of the? duty-holder. as de?ned in the Control of Asbestos Regulations 2012, of the existence of an; asbestos register, or of any plan for the management of asbestos will be made. The Client's legal adviseri?conveyancer should con?rm the duly holder under these regulations; the availability of an Asbestos Register and the existence ?and .Managemenmf any asbestos containing materials. __For the purposes of this valuation, it is assumed that there is a duty holder, as detined in the Control of Asbestos Regulations 2012,. "and that a Register of Asbestos and effective Management Plan is in place which does "not require any immediate eXpenditure or pose a signi?cant risk to health or breach the HSE Regulations. The Valuer will not carry out an inspection for Japanese Knotweed or "other. infestations by invasive species. Unless otheniyise'stated it is assumed that there is no Japanese Knotwaed .Or other infestations by invasive. species within th'e boundaries of the Property or'inneig hboring prepe'rties. The identi?cation of infestationsof this type should be made by a specialistcontractOr. It 'rn List be removed by specialist contractors and removal may be expensive. Where the Valuer does? report the presence ofdapanese Knotweed or invasive species, further investigations-may be recommendednot reasonably possible to carry out a substantial part of the Inspection this will bastated in the Raped. Where the Valuer 'relies :on information provided, this Will be indicated in the Report, together with the sourbe of the information. ThelReport. will state the existence of any apparent, recent signi?cant alterations and extensions as as to alert the Client's legal advisers. Valuation The Valuations-provided will be on. the assumptions set out in section in respect of individual subject properties {unless otherwise agreed) as inspected. The valuations will be__provide_d on the bases of value stated in. the Con?rmation of instructions .and "as de?ned in? the latest edition of the RIOS Valdation Professional Standards (Red Book) as published by The Royal -'ln'stitution of Chartered .SUrveyors. Any Special assumptions or reference to _a particular buyer will be clearly stated. - The Valuations will exclude any additional Value attributable to personal goodwill, or the value of any ?xtures and ?ttings . which are only of value in slid to the present or proposed occupier; except in' the case of a Property which is fully equipped and va'erd as anoperational entity, where only personal goodwill is excluded. Unless o'the'nriis?e stated, in the valuation of pertiolios, each Property is valued] separately and not as part of the portfolio. Acmrdingly, no allowance, either-positive or negative, is made in the aggregate valps reported to reflect the possibility of the whole or part of the portfolio being put on the market at any one time. Instructions and Charges All instructions from the Client Will be made directly by the Client and con?tr'ned in Writing. The Client will payto UM Hall the 'fee initially agreed between them, subject toany amendment thereto to be agreed if the Valu?er's instructions are subsequently modified. 'In addition, the Client will reimburse Bill Hall the cost of all reasonable out-of?pocket expenses which may" be incurred and pay the amount of- any Value Added Tax on the fee and expenses. Unless otherwise agreed in-writing, and subject to condition 5.4 below, the maximum liability of DM Hall and the Valuer-(tn contract, 'delic't, negligence .or othervviSe) howsoever "arising, in relation to the Property, shall be 20% of the value at the Property on the basis identified in the Confirmation of instructions or, if no basis is expressed. Market Value as de?ned by the RIOS, on ?the date at the instruction. Commercial June .2012 chartered surv- 56.8 6.9 6.10 6.11 I The maximum aggregate liability in contract, delict, negligence or otherwise, howsoever arising, of DM Hall and the Valuer in respect of any one claim or series of claims arising from, or in relation to, this Repert shall not in any circumstances exceed ?1_0,000,000. or the limit of liability stated in the professional indemnity insurance policy of DM Hall, whicheVer is the lower. A copy of the policy certificate is available (in request. This maximum-aggregate liability is irrespective of how many separate and individual claims may be presented or their total and the Client expressly in advance tree's, relietres and holds harmless DM Hall and its members as members and as Individuals, past and present, from any such claims past, present and future In excess of the limitation of liability set out in this Clause. De?nitions The ?Valuer? is the author of the Report on the Property. The "Report" is the report Of the kind described in section 1 of these Conditions of Engagement. The "Property" is the property which forms the subject of the Report. "Dlvl Hall" is DM Hall LLP, a limited liability partnership registered in Sectland with registration number 80301144 and having its registered of?ce at 17 Corstorphine Road, Edinburgh EH12 EDD. The "Client" is the. person, ?rm or sent pany to whom DM Hall is to provide the Report in accordance with the Con?rmation of instructions and these Conditions of Engagement. 'The "Con?rmation of instructions" is the letter issued by DM Hall con?rming receipt of instructions to prepare 'a valuation, setting out the Services and setting out the fee for the Report. "Market Value" means the estimated amount for which an asset or liability should exchange on the valuation date betWeen a willing buyer and a willing setter in an arm?s length transaction after proper marketing and where the parties had each acted knowledgeahly. pnidently and Without compulsion. "Market Rent" means the estimated amount for which a property would be leased on the yaluation date between a willing lessor and a willing lessee on appropriate lease terms in an'arm's 'length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without Compulsion. "Building Reinstatement Co'st Assessment" means an estimate for insurance purposes of the current cost of: rebuilding the Property in its present form (unless otherwise stated); or the Property being as currently proposed; each including the costs of site clearance and professional fees hilt excluding: VAT (except on fees); (ii) loss of rent; and the cost of atternative accommcdation for the reinstatement period. The ?Services? means the speci?c services to be provided by Div] Hall to the Client pursuant to the Confirmation of instructions and section 1 of these Conditions of Engagement. The "Lender" means a party who has provided orintends or preposes to provide ?nancial assistance to the Clienttowards the? purchase or remortgage of the Property and in whose favour a standard security will be granted over the Property. Commercial COE June 2012 bra-wire.- nan?4? 259 Union Street, ABERDEEN, AB?i'l ass ox A884 ABERDEEN 3% . ABERDEEN 1 Tel: 01224 594172 Fax: 01224 574515 web . 20 February 2008 For the attention ofz? Robertson AsSociates 8 Rublstaw Terrace Aberdeen A810 1XE chartered sun/eych Our Ref; I Dear Sirs VALUATION in accordance with your instructions, we have attended at the undetected subjects in order to advise as to our opinion of values on the required basis. We have provided the various valuations required, these having been determined in assordance with the Conditions of Engagement for the valuation and Appraisal of Commercial Land and Buildings, 3 copy of which is appended hereto. I I We would con?rm that we do riot have a conflict of interest in accepting these instructions and that we currentty carry appropriate Professional indemnity insurance cover. Having carried out our inspection and compieted relevant-enquiries, we would now report on our opinions and findings as foliowszw PROPERTY Office 7 Northern Road Kintore A351 OYL CLIENT . Robertson a Associates EST Heritabie '1 Resident Partners: AH.Esson names, ACdeeIson FRICS, SHPeddie MRICS, Associates: LF.Neil mares, IM Gave sue (Hons) MRICS mom Senior Partner: KD.Jones 88c FRICS Managing Partner: WJ Knight FRIGS DM Hail LLP, a Limited Liability Partnership registered in Scotland with Registration number 80301144 . Registered of?ce: 1? Road. -Edinhurgh, EH12 SDD A full its: of members can be obtained from the Head Of?ce. 1? Road,? Edinburgh EH12 BDD Tet: D131 60GB Fax: 0131 825 6304 - ?minim, Aw, Cumhamauld, Dummies, Dundee. bunfarmlinn, EastKlihride. Edinburgh?lginf?lkl?i. and South} Hamilton.lmrames??mromrie. ln'ine. Klimamcuk, L?m'ngsinn. Musselbmeh. Ghan. Paisley, Perth. Peterhaad. Stirling, Simnraer, Wick. care or VALUATION 20 February 2008 1. EXECUTIVE SU MMARY a The subjects comprise a small ground and attic floor office with car parking and garden ground. a I The subjects are located centraity with Kintore village centre. We woutd expect reasonable Tenant demandfor the subjects under consideration. a Prospective Tenants are likely to be private indivtduals and locally based companies. "a The subjects have po?tentiat for conversion to residential use. a Our valuation has been prepared adopting the comparative principle. a Our valuation has been prepared for leasing purposes. a We have been asked to provide airentat value to cover an rental, rates, utility and running costs, I a Our tinder noted valuationopinions presuppose the foilowing? 5. Confirmation of clear Title is available. . ii. Confirmation that there are no outstanding statutory issues to be attended to. LOCATION The subjects are. located centraliy within the Aberdeenshire Town of Kintore, lying approximately 12 mites north west of Aberdeen. Localiv. there are reasonable educational and shopping and in recent years, Kintcre has expanded rapidly with the number of housing developments. . The property is located in alpredorninately residentiat part of Northern Road with neighbouring properties prim artty of a residential character. The exact location is shown on the appended plan. beam The subjects comprise a smelt ground'and attic fioor office contatned with a traditional end terraced building. The main walls are of stone construction, pointed externally, having a pitched timber framed state clad roof over. There is a slate dormer window to the front elevation and a slate and flat mansard style dormer to the rear elevation. Internally, the ground ?oor has a carpeted concrete floor and part ptasterboard/lath and plaster and piaster on hard walls with a paint finish ands plasterboard/lath and ptaster painted ceiling. Wan-:9 1m 1m km ?Kim Natural lighting is provided by timber casement double glazed windows and'there is a toitet to the rear comprising a WC and wash hand basin. There is also a kitchen area to the rear having a stainless steel sink. The attic ?oor has a carpeted timber floor a lath and plaster/plasterboard lined walls and ceiling with a paint finish. Natural lighting is provided by timber casement double giazed windows and a double glazed velux window to the rear. Access to the attic ?oor is via a concrete carpeted stair. ACCOMMODATION- . We would summarise the accommodation for valuation purposes as undernotedh Ground Floor: Of?ce, Kitchen, Toilet, Under Stair Cupboard, Net internal Area: 16.20 sq (174 sq ft) Attic loor: Office. Net lnternat Area: (153' sq rt) The above approximate areas have been calculated for valuation purposes and should he used for no other purpose whatsoever. STATE a: REPAIR At the time of our inspection the subjects were found to be in an order consistent with age and type giving the appearance of having been well maintained. Nehvithetanding the above, general repairs to the building fabric can be anticipated and should be budgeted for on an . ongoing basis. Evidence of re~pointing works was noted to the side elevation of the property. I Older cast iron main water goods were noted and these may require to be upgraded in due The flat roof section over the rear dormer window will have a limited requiring reguiar monies to be spent on maintenance and renewal. W??lm STATUTORY GBLEQATIONS The property has been in its present use now for some time and accordingly we would not eXpeot there to be any particular planning sensitivities of an adverse nature affecting the property. We cannot confirm-whether or not. the subjects compiy with current Building Regulations, however, based on Our inspection it would appear that the property has not been altered within the ,reoent past. 1 Our opinions presuppose that there are no issues of this nature outstanding but the position should be checked. We do not believe that the property 'vviil require a Fire Certi?cate, however, this position should be checked. Given theiact that no enforcement steps have been taken by the Local Authority we have made the reaso'?'able assumption that there are no material the certification issues to be attended to We have made the reasonable assumption that the roads and footpaths, ax adverse the subjects, have been adopted and are maintained by the Local Authority. We have been verbaiiy informed by the Assessor?s Department that the subjects are entered in the current Valuation Roi! at a Rateable Value of ?i (1?50. We Would advise you that, under existing ieglsiationi a new owner or occupier has the right to appeal against this assessment. The Uniform Business Rate for the'year 2007 to 2008 is 441;) in the pound. Where the Rateable Value is more than ?29,000, there is a supplement of 0.3p, bringing the tale! amount payable to 4424p. Where the Value is ?11590 or iess. this is covered by the Small, Bueinees Rates Relief Scheme ranging from a discount of 5% to 50%. These depend on the Value of an individual property or, alternatively, the Vaiue of a cumuio number of properties heid by the same oocupier. I in our experience we find that informal verbal enquiries of the Local Authority are unreliable with different information or advice provided by different personnel. indeed it is often difiioult to secure, any practicable useful comment in somey'cases. 'Due to these difficulties it would be remiss of us to pass any further comment since this could be inconsistent or erroneous. it is for this reason that all of the above matters should be dealt with on a formal basis by solicitors acting on behalf of purchasers and/or banks. mm 5 If there are any issues identi?ed as a resuit of these reasonable formal enouires we will require to consider the effect these may have on values/marketability in consultation with legai agents. We have assumed that the subjects are secured with mains electricity and water with drainage being to the public sewers. The electrical instaliation generaity appears to be on a iS-amp circuit with a reasonable power outiet provision. Arti?ciai iighting is generatiy to an adequate standard by means of ?uorescent stripend pendant fitments. Heating was noted within the property by means of electric panel heaters. The sanitary fitments are generaily to a reasonabie quality and design which whilst not Ispecificaily tested generally appeared serviceable. 5th AND esouno cowon?icss We have calculated that the site extends to approximateiy 0.03 hectares (0.07 acres) or thereby however, we wouid recommend that this is checked by reference to releirant Title Deed documentation. The site is regular in shape and was noted to be generally level albeit, it siopes downwards towards?the rear of the site. The site inciudes a tar surfaced parking area for approximately 3 cars and to the rear, there is an earth surfaced garden with a variety of small trees and shrubs. The site is bounded to the. east by the Loch Burn. The site is bound by a block wail to the north and a stone dyke to the south. There does not appear to be any information from formal sources regarding siteigroo?nd conditions and we have therefore made the reasonable assumption that there are no abnormal, dif?cult or unusual siteiground conditions affecting the subiects. ENVIRONMENTAL ISSUES Given the nature, age and location of the property it is uniikely that the prcperty. is subject to any material or significant environmental risk. Mimi?! ?10; 11. ?32. 6 However, no assurances can be given in this regard and any further comment is outwith the scope of our remitiexpertise. Similarly}. having regard to the age of the property, and nature of construction, we consider it unlikeiy that any deleterious or_ hazardous materiais will have been utilised in the original construction process. TENURE We have not had the opportunity of inspecting the Title Deeds and, for the purposes of our . vaiuation: we have assumed that the subjects are held on a Feudal Tenure. We have further assumed that the property is free from encumbrances, restrictions or'outgoings of ah onerous nature which would attest the value. We understand that a iease has been instigated bettveen the Gordon Conservative and Unionist Association and Dr Nanette Milne MSP and Mr Aiex Johnstone The lease is for the term of 6' months from 04 May 2007 andcontinuing thereafter on a month to month basis until ?1 months notice is given by either party. The agreed rental is ?330 per month to cover ail rentai, rates, utility and running costs. MA-RKET TRENDS site GENERAL COMMENTS As noted above, the subjects comprise a small ground and attic floor office iooated centrally within Kintore town centre. We wouid expect reasonabie leveis of Tenant demand for the subjects however, we woold note that there is iikeiy to be higher levels of demand for the property as a residential unit. given the residential ohai'aoter of this part of Northern Road, the subjects vvooid appear to have potentiai for a residential conversion. We have been asked to provide a rental vaiue for the subjects inoiosive of costs and in this respect we have been provided with information on running costs from the Gordon Conservative and Unionist Association. They have provided us with costs of Hyrdo Electric ?864 per annum. Rates ?868,538 per annum, Water ?394.89 per annorn and insurance ?43036 per annum. I There is a limited amount of evidence for iet of?ces in Kintore and based on the information availabie to us, we have applied a rate of ?6.00 per sq ft to the net internal area of 327 sq ft. mm 7 On this basis, a net rental ?gure of approximately ?2,000 per annum results and when the costs provided to us are added, an overall rentai of ?4,300 per annum results. We wouid confirm that our vaiuation has been prepared adopting the comparative principle. 13. RENTAL VALUE Having regard to the content of thisreport, including the Terms and Conditions attached hereto, We are of the opinion that the current values can be fairiy stated on the required basis as- ulndernotede 1. Market Rentai Value {inclusive or rates, utility and running costs) FOUR THOUSAND THREE HUNDRED POUNDS PER ANNUM (?4,300 pa) Should any of the assumptions contained within this report prove incorrect, we reserve the right. to reconsider our opinion of value(e) if appropriate. We trust the foregoing is suf?cient for your purposes but should you require any further information, please do not hesitate to contact us. Yours faithfully Aesoeate For DWI Halt LLP "Ime w? a 4 HALL LLP - THE VALUATION AND APPRAISALDF COMMERCML LANG All?) BUILDINGS ONEITIDNS OF ENGAGEMENT introduction Unless speci?ed?in the body of the Report. our valuations are carried out in accordance with the following tonne and conditions. 1. 1.1 The Service Unless? othemlse stated. the Valuer is an Extemal Valuer as de?ned in the Appraisal and Valuation Standards Fifth Edition. The Valuer provides directly to the Client a Report based on an inspection as described below. and either:? in respect of the particular type of property. has suf?cient current local. national and international (as appropriate) knowledge of the particular market and the skills and understanding necessary to undertake the valuation competently; or where he satis?es above. eXcepi that he has insuf?cient current knowledge. he will be or has been assisted by a person(s] who hasihave such knowledge and the skills and understanding necessary to provide the assistance required; The Report will provide the following points: I 1.1.1 A full description of the property, its location. apparent state of repair and other relevant information Such as the site area and ?oor space; 1.1.2 The Valuar?a valuationis): on whicheVer of the bases {see paragraph 4 below) have been agreed between the Voicer and the Client andlor such other basis as they may have agreed: - where the valuation(s) reported pursuant to above, haslhaVe been affected by the aidstence of an unimplernented planning consent for change of use or other development or by the prospect of snob consent(s) being available, the Valuer will so report and advise as to the amount(s) of the increase reported in consequence. I if the Valuer believes there is a special prospective purchaser, on the above basis(es) but reflecting the bid of that special prospec?vo purchaser: 1.1.3 . in the case of property to be held as an investment a projection. at rental levels current at the reporting data. of the rental income to which the owner will be entitled from the property if it remains fully occupied; an opinion Upon the effects on value of the quality and terms of the lease(s) and relevant implications upon the valuation in respect of privity of contract (if any): and the Valuor's view of the market?s opinion of tenant covenants for the class of the subject prepariy in the subject locality. - . 1.1.4 Advice. if the Valuer considers It relevant, that there is a signi?cant prospect of or potential for change of use or other development of the subject property, or those in the vicinity, which would materially affect the value of the subject property. 1.1.5 Advice. if the valoer considers it relevant. on any other factors which the Valuat' considers are likely materially to affect the status of the property as secitrity. 1 .1.6 Comment upon the proposed purchase price if this has been noti?ed to the Valuer. 1.1.7 A statement to any special assumptions which the Valuer has made. 1.1.8 If appropriate, the Valuers opinion of the property as a landing security in terms of present saleability, suitability. expected obsolescence and potential, hearing In mind the length (which will be stated) of the term of the loan contemplated and assuming that the borrower will.maintain the property in a reasonable state of repair. 1.1.9 An opinion (without liability on the part of the Valuer) of current market conditions and current and expected trends in respect of the type of property in the area. 1.1.10 A statement as to the valuation method adopted. and an indication as to the extent to which the Valuer has been able to have regard to comparable market transactions: 1.2 1.3 1.4 41.? 1.3 in the case of property valued for the existing use as an operational entity having regard to trading potential. the opinion which the Valuer has ?tonne-d as to the future trading potential. including the gross income and to he achieved: and in the case of property valued on a residual basis. the significant material ?gures and assumptions made and the consequences of changes thereto. 23m indication for insurance purposes {which is gluon solely as a guide. as a formal estimate for insurance pusposes can be given only by a quantity surveyor or- other person with suf?cient current experience of replacement costs) of the current reinstatement cost of: the buildings in their present form (unless otherwise stated); or buildings being as proposed to be Contpieted; each Including the costs of clearance?ancl professional face but excluding:- (ii VAT (except on toss); (it) loss of rent; andior cost of altema?ve accommodation for the reinstatement period. 1.1.12 I Any other aspects. other than the usual legal investigations. which the Valuer considers require further consideration or investigations. Following provision of the Report. the Valuer will be prepared to discuss to contents. The Valuer shalt. unless otl?uerwlse expressly agreed, rely upon information provided by the Client aodlor the Client?s legal or other professional advisers relating to tenure. leases and all otiter relevant matters. Subject to Paragraph 2.1 beiow. the Valuer shall carry out sueh inspections and investigations as are. in the Valuers professional jadgern ent. appropriate and possible in the particular circumstances if the Valuers inspection suggests that there may be material hidden defects the Valuer will so advise and may exceptionally deter submitting a final Report Until the results of birther investigations are available. The Report will not identify the existence of contamination unless. by agreement with the Client. reports thereon from others have been obtained and made available. to the Valuer, who will have no liability in respect thereof. it, however. the valuer in the course of the Valuar?s inspection concludes that there may be maten'al contamination. the Valuer will report this to the Client with a View to a decision being taken as to whether the Valuer?s instructions are to be amended, to preparing the Report. unless otherWise stated by the Valuer the following assumptions will he made which the Valuer shall be under no duty to verify: that no deleterious or hazardous materials or techniques Were used in the oi the property or have since been incorporated; . that good title can be shoWn and'that the property is not subject to any unusual or especially onerous restrictions, encumbrances or outgoings; that the property and its value are unaffected by any matters which would be retreated by a local search and replies to the usual enquiries, or by any statutory notice. and that neither the property, nor its condition. or its use. or its intended use. is or will be unlawful; {Ci} that inspection of those parts that have not been inspected would heitheryrevssl material detects our cause the Valuer to alter the valuationts?} materially; unless otherwise stated. that no contamina?ve or potentially contaminative uses have ever been carried out on the property and that there is no potential for contamination of the subject property from past or present uses of the property or from any neighbouring property; it} that no notices have been issued by the Statutory Authorities or by the Fire Master and that no signi?cant capital expenditure is required to comply with the provisions of "inter alia" the Offices, Shops and Railway Premises Act. Health and Safety at Work Act, Fire Precautions Act and the Factories Act; (9) that the flank walls are party walls and that the liability for mutual repairs. including the roof. its parts and pertinents. is on an equitabie basis between the proprietors of the various floors; and unless otherwise speci?cally stated we do not take VAT into account in our calculations and advice to you. We recommend you obtain specialist advice in this regard. Similarly. we make no allowance for the costs of acquisition or disposal or for any tax which might arise. . lo protecting the Service the Valuer will have "regard to relevant contents of the RICS Appraisal and Valuation Standards Fifth Eoi'tlon sitcom/e from 1 May 2003 of the Royal institution of Chartered Surveyors. . 1' 1.9 1.The Report will be provided for the stated purpose and for the sole use of the named Client. The Valuer accepts responsibility to the Client alone that the Report will be prepared with the skill, care and diligence reasonably to be expected of a competent Valuer, and accepts no responsibility whatsoever to any parties other than the Client. Any such parties rely upon the Report at their own risk. Neither the whole nor any part of the Report. nor any reference to it, may be included in any published document, circular or statement. or published in any way, without the Valuers wdtten approVal of the icon and context In which it may appear. in the event that this report Is presented to your Lender. We cannot guarantee that ltwili be acceptable to them. The ?nn have a Complaints Procedure in accordance with Bylaw 19. regulation of the Royal institution of Chartered Surveyors Rules of Conduct and Disciplinary Procedures. A copy of this procedure is available on request. The inspection The Valuer will undertake a visual inspection of so much of the exterior and interior of the property as is accessible with safety and without undue dif?culty, as can be seen whilst standing at ground level within the boundaries of the site and adjacent publicicommunal areas and whilst standing at the various ?oor levels. which the Valuer considers reasonably necessary to provide the Service. having regard to its purpose. The Valuer is under no duty to carry out a building survey or to inspect those parts of the property which are covered. unexposed or inaccessible, or to raise boards. move anything, use a moisture detecting meter, or to arrange for the testing of electrical heating or other services. Roof voids and attics are not inspected. The purpose of this inspection is to provide a report ?on the general state of repair and condition of the property. The inspection is not a Bulldingi'Sh?uctural survey and this report is not intended to detail minor defects which do not materially affect value. however, if minor defects are mentioned in the report, they should be regarded as indicatiVe and not- exhaustive. The Report I if it is'not reasonably possible to deny out a substantial part of the inspection (see paragraph 2 above) this will be stated. Where die Valuer relies on information provided, this will be indicated in the Report, with the source of the information. The Report will state the existence of any apparently recent significant alterations and extensions so as to alert the Client?s legal advisers. - Valuation The valuations provided will be on the aforementioned assumptions in respect of individual subject properties (unless otherwise agreed) as inspected. The valuation will be on the basis of Market Value as de?ned below and as stated in the Appraisal and Valuation Manual of the Royal institution of Chartered Surveyors. Any special assumptions or reference to a special purchaser will be clearly stated. 4.1.1 Market value The estimated amount for which an asset should exchange on the date of valuation between a willing buyer and a willing seller. in an arm's length transaction after proper marketing wherein the parties had each acted knowledgeably. prudently and Mihout compulsion. The valuations will exclude any additional value attributable to personal goodwill. or the value of any ?xtures and ?ttings which are only of value in situ to the present or proposed occupier, exception in the case of property which is fully equipped and valued as an operational entity, where only personal goodwill is excluded. ?The valuer will not carry out an asbestos inspection and will not be acting as an inspector in completing a valuation inspection of properties that may fell within the Control of Asbestos at Work 2002. No enquiry of the duty holdert as de?ned in the Control of Asbestos in the Workplace Regulations 2002, of the existence of an asbestos register, or of any plan for the management of asbestos will be made. Your legal advisericonveyancer should con?rm the duty holder under these regulations, the availability of an Asbestos Register and the existence and management of any asbestos containing materials. For the purposes of this valuation. we have assumed that there is a duty holder. as de?ned in the Control of Asbestos in the Workplace Regulations 2002. and that a Register of Asbestos and effectiwe Management Plan is in place which does not require any immediate expenditure or pose a signi?cant risk to health or breach the HSE Regulations. instructions and Charges All of the Client will be made directly by the Client and con?rmed in writing. The Client will pay to the iv?aiuer the fee initially agreed betvveen them, or any amendment thereto to be agreed it the Vaiuer?s instructions are subsequently modi?ed. in addition. the Client will reimburse the Valuer the cost of all reasonable outset-pocket expenses which may be incurred and pay the amount of any Value Added Tax on the fee and expenses. 5.3 [we to the cost and iimitetions of Pt cover. any and all cieime, action, costs, damages, losses whatsoever and howsoever arising as a consequence of our aetinge for yeu shall be limited to not more than, and under any circumstances. the undemoted: 10% of the vaiue reported assuming a full-scale fee of 0.25% has been peid. . - i. . in the event that a modi?ed fee has been agreed {hen the limit of our iiability will be on 1313 same, proportion as the fee modi?cation. . This is irrespective of how many separate and individuai ciaims may be presented or their total and you expressly in advance free, relieve and hold BM Hall and its partners as partners and as individuals from any such claims past Presant and future. in excess of the {imitation 0f liability set out in this clause. DMeTcmosee ??i?d?f?gg II II E. Sweat Af?ima??m [?363 23% m? Va?u {rd Emma mm {$9371 Eiroperw a a ?escrietioe' a Tenure a Purpose of Valuation I :9 Basis of Veinatio?i?s' a gate cf Valuatieo a market Rent ?eeciel valuation Aseumptiens Report gomrne?ry 265a High Street, Arbroeth. The subjects are located towards the northern end of Arbroath High Street in a mixed commercial/residential area on the periphery of the towrj centre. First floor and attic offiCe located within a two . storey and attic mid terraced building.- Leasehold. Lease renewai. Market Re?t. I 23rd June 2019. ?3,250 per annum prior to service charge. The offices are to be let on a serviced basis, excluding any tenant liabilities for repairs. An allowance has been made for a proportion of the costs of repairs, etc and this is included in the rent. Insurance and other costs will be included inthe service charge. . This summery is intended for quick reference purposes only and most be considered within the - context of this entire report. 1.6 Confirmatien of instructions 1.1 Introduction We refer to instructions received from Mr Douglas Norrie dated 31st May 2010 and our appended Acknowledgementand Conditions of Engagement document dated 1St June-2010. In accordance with these instructions an inspection of the property was undertaken by. _;2'acting as an external vaiuer, on 7th June 2010. We can confirm . the necessary knowledge and expertise to provide the advice required. - This report has been prepared in accordance with the Practice Statements and Guidance Notes set out in The Royal Institution of Chartered Surveyors Valuation Standards (6th Edition) as amended. . 1.2 Conflict of Interest We are not aware of any conflict of interest that would preclude this Firm from providing you with the valuation advice requested. . 1.3- Frofessionai Indemnity Shepherd maintain Professional Indemnity Inaurance with. Aspen XL with limit of indemnity of ?5,000,000 in respect of each and every claim. . . 1.4 Purpose of Valuation Lease tenewai. 1.5 Basis of Valuation Market Rent. .. 1.6 Sources of Information None. Scope of Work and Standard Valuation Assumptions The scope of Work and ear.- standard valuation assumptions adopted for the purpose of this report are set out in Appendix 1.8 Special Vaiuatiun_1?ss?yn?tions The ?ol?fices are to begietona serviced basis, excluding any tenant liabilities for repairs. An allowance has beenm?pflefor a proportion of the costs of repairs and this is included in the rent. Insurance endother?costs will be Included in the service charge. 1.9 Verification Before any finangiai t't?heection is entered into, based on this valuation report, you should obtain verification the-Ivalldity of the assumptions that have been adopted. Any variation should-.398: to us immediately, as this could impact the vaiuatio?n(s) now reported. 22%} Date or demotion 23rd June 2010. 3.3 all Location Regionai The historic burgh of Arbroath is positioned on the north east coast of Scotland, approximately 29 iciiomet'res (18 miies) north east of Dundee and 83 kilometres (51 miles) south west of Aberdeen, within the Local Authority area of Angus. The town has a resident population of some 22,?85 persorisisource: Angus Council). Arhroath benefits from access to the main East Coast Raiiway Line and the A92 coast road, which was recently improved to duai carriageway status between Arbroath and Dundee. 3.2 Local I The subjects are located on the eastern side of High Street towards its northern end in a mixed commercial/residential area on the periphery of the town centre. The exact iocation of the property is shown on the street map extract within Appendix 1. I . dice Description 43.1 The Property The subjects comprise an office and store planned over first ?oor and attic within a .2 storey and attic, mid terraced commerciai- building, the offices are shared with the Arbroath Conservative Association who are the Landlords. . The ground ?oor is in retail use and in separate ownership. At first floor, the subjects comprise Ceiluiar office space'm, whilst the attic comprises basic storage and toilets. - We understand the iease wiil be granted over approximateiy 50% of the first and attic ?oors"at-ch - it: Finesse The main Waiis are of solid stone construction, the front eievatiori having been rendered and painted. ?The roof over is pitched and iaid in siate incorporating dormer projections. Fioors'are of suspended timber throughout. Windows are of single giazed timber sash and case construction. Access is via a timber staircase from leading from High Street. A 31393! beam has been inserteid Within the attic space at some point in the past as part of stabilisation works. . I Due to access restrictions we were unable to inspect the rear of the buiiding, accordingly, no comment may be made regarding construction and finishes. 5.9 Accommodation The entire subjects provide the following accommodation and approximate floor areas, based on measurements taken during our inspection. Fleet I accommodation Area sworn - soft First Floor Reception,.2 offices, kitchen and committee room 94.29 1,014 Attic - Storage and toilets 33.66 362 Total tissues Lass Allareas haVe been calculated on a net internal area basis in accordance with the Sixth Edition of the RICS Code of Measuring Practice. - It is understood that the lease wiil? be, over approximately. 50% of the ?oor area. 6.3 Services I The property is understood to connect to males supplies of electricity and water and drains into the main public sewer. I a It Space heating is provided by means?of?electric storage heaters and hot Water by means of an electric geyser, .: It was not our remit to proyigle?adetailed report on the structure and fabric of the property and accordingly our inspection was nde akenin a like manner. - Responsibility for repairs will the landiord, the proposed lease being on an internal repairing basis only. as Statutory Enquiries 8.1 Listed Building :Qo?geryastion Areas {it Other Relevant Planning Matters The subjects are istecl "however they do lie within the Arbroath Town Centre Conservation Area. . 3.2 Carrent?lijla?nninatl It is benefit from a Class 4 Professional and other games) terms-9f Country Planning (Use classes) (Scotiand) Order 8.3' Recent. migrated? Nona. gtate of Repair . 3.4 Roads High Street is made up and adopted by the Locai Highway Authority. 8.55 Rateable Value ?5,700. The uniform business rate is 40.733 for 2010/2011 ?9.8 - ?moose Leasehoid, - Factors effecting Value The downturn in the financial markets and the subsequent recessionhas had a marked effect on demand for, the of and the vaiue of commerciai properties. The foregoing has adverseiy impacted on the commercial property market In Angus. We understand the subjects'are to be utilised for the purposes of a constituency office for the and a venue for ciinics, as well as other parliamentary business. - The offices areto be let on an internal repairing and serviced basis, further, they are shared with? the iandiord. The rates adopted for thervaiuation have been adjusted accordingly to allow for these factors. . The sewice'charge has been discussed with the landlord to re?ect a fair apportionment of and other costs. {3.1.6 . - Evidence 31 Veiuatioo Transaction Lettin Date I Ma 2009 Rent 500 annum Rent .ft 1 A ?6.089 .ft Comments lease over round Floor office in dose roxim Transa Rent Review Date . vem 003 Rent ?12 900 er annum Neg; I 1- I 2244 .ft Ana sis ?6.00 .ft 1 ?oor ?3.75 2 Fl Comments 1 fioorand attic offices Transaction Lettin Date W?f?g? - June 2005 Rent ?21 000 er annum Nat' 3 75 Jet Anai ?5.56 it overall Comments f2" Ground and 1 ?oor offices . 1. -3 i.._if -Mu? i 1. 5 Transaction Lettin Date Jan 2008 Rent . ?10 000 shown Rent .ft ?10.33: Net 933 .ft? Comments - High quality offices over 2 floors within pedestrianised area of the town. .ft across the entire floor area Taking into account the quality and location of the subjects, combined with information received from the customer, We have adopted the following rates when valuing the property: Rental Valuation 1*"t Floor Offices 507 sq?: ?5.50 per sci/ft adjusted to ?6.00 for?IRI lease. . . ?3,000 Attic storage 181 sq.ft ?1.25 psi adjusted to ?150 p.s.f ?250. for IRI lease. Total rent A Service charge will be added to the rent based on ?gures discussed with the Landiord ?2?50 (Allowing for insurance utilitiesr reception/secretarial cover, etc) H- -?6,000 per annum Total rent service charge 12$ A - Hawaiian Our valuationis) have been prepared in accordance with the Practice Statements and Guidance Notes set out in the Royal Institution of Chartered Surveyors (RIOS) Valuation Standards (Sixth Edition) as amended. Any departures from this will be clearly stipulated within our report.- All valuations wiil be carried out under the definitions of the various valuation bases set out by the RICS, which are appended. 12.1 Market Rent We are of the opinion that the current Market Rent for the property exclusive of service charge at the date of vaiuation. may be stated as being in the sum of: sages per annum 13.0 Valuationnssumptions The offices are to be let on a serviced basis, exsiuding any tenant liabilities for repairs. An alioWance has been made for a proportion of the costs of repairs, etc andthis is included in the rent. Insurance and other costs wiil .be included in the service charge. vu-i-?l . Limita?en and Fablieatioa This valuation reiJ?Ort i3 Prepared solely for the use of Alexander Johnston and Nannette Milne Msp, No is accepted to any other party for the whole or any part of its contents. It ay be aisciosed to other professional advisers assisting in respect of the purpose for which the valuation is prepared. Whom any part of this valuation report, her any reference thereto me}" be Included in any pumismd document! Withmt the Vgluers written 'Bpproval ever the form and context which it may appear. I I We trust that this report wili be satisfactory for your present purposes. .Yours faithfully ihspeEted and Preeai?ed Bv More 2010 I For and on behalf of] Shepherd- Chartered Surveyors I ?n-u . tear and on behalf of} a Shepherd chartered Surveyors gg?'l?June 2010 (yarn -n-r F. ..- cum-acid SHEPH ERD Di All: 3U HVEYORS 353 Shepherd, Chartered Smeyors, 13 All: ert Square, Meadousidc, Dundee, . Tel 01382 3?38005 Fax 0133?. 878009. To: Date: 1? June Edit] The Angus Conservative d2: Unionist Association . 265a High Street Ashrcath Angus mall PROPERTY -- Arm COWHEONS OE WGAGEWNE Dear Iva-Norriea - . We wire to con?rm our recent discussions and your instructions to inspect, report upon and value the property at? 265a High Street, Arne-oath. - . The instruction is based on the following information and is subject to the undernoted Terms and Conditions of Engagement . . INFORMATION DATE: 1? June auto DATE or VALUATION: WSTRUCTING PARTY: CLIENT (if different from above): Alex PRICE QUOTED (iflrnown): we SELLING AGENT: run access ARRANGEMENTS: via Receptionist. PROPOSED MAXIMUM FEB: ?350 plus VAT excluding VAT and any additional costs?fees associated with separate Specialist investigations. Unless otherwise agreed, the fee invoice will be made out in the name of the instructing party who will be liable for payment. It is expected that payment will be recanted Within 1-4.- days of issue. .T dc Shepherd, Chartech Survoyors at the addreSS shown above. PURPOSE OF VALUATION The Valuer shall inSpect the property to be valued and shall provide a written report and valuation prepaied'in accordance with the RIOS Valuation Manual. The valuation shall not include thrones, ?ttings, plant and machinery unless speci?cally agreed in uniting. Following discussion with the instructing party andfor client it is understood that the valuation is for Lease Ron ewal purposes. Ifthe instructing requires the Valuer to malts any speci?c assumptions in relation to the valuation, these will he Speci?ed in writing by the instructing and agreed by the Valuer prior to the inspection of the prome and preparation of the report. On this understanding the Valuer will assess the valuation on the basis ofMarket Rent. The agreed basis of valuation is Maire-t Rent which is de?ned in the RICS Valuation Manual and is reproduced over the page. AS SUWTIONS REEATING TO VALUATZON BAZS IS Subject to the following, the Valuer shall carry- out such inspection and investigations as are, in the Valuer?s professional judgement, appropriate and possible in the particular circumstances. a) The report to be provided by the Valuer is a valuation md not a building surrey. Regard will be had to the apparentsl?ate of repair and cendition of the property but an exhaustive and detailed search of the property for defects will not be carried out by the Valuer. Those parts of the property which are covered, unexposed or inaccessible will not be inspected and it will he assuracd that such parts are in good repair and condition. b) The Valuer will not be under a duty to arrange for the testing of electrical, heating, plant or other Services. c) The Valuer shall rer on infonnation provided by the instructing pamfclient 01? legal or other professional advisers, in relation to tenure, leases, tenancies or other matters relevant to the property to be valued. d) In reporting on the property to he valued. the Valuer: will meet the relevant requirements of the RICS valuation Manual and will make the following assumptions, which the Valuer vv?l he under no duty to verify: . i that no harmful or hazardous material has been used in the construction of the property or has since been . incorporated, and that there is no- contamination in or from the ground and it is not land ?lled ground; {ii} that good title can be shown and that the property is not subject to any unusual or especially onerous restrictions, encumbrances or cutgoings; that the property and its value are-not- aifected by y. matters which would-be rcvpaled,,bya local search and replies td? the usual enqu?esf property; por.-.its{ condition, nor its use, nor its intended title, is onwill he 3- (iv) that inspection of thosa parts which have not been? inspected would neither reveal. rickets noti- - cause the Valuer to alter the valuation materially. "1 e) The Report will be provided for the stated purpose(sj and for the sole use of the named client: It will he con?dential to the Client and the Client?s professional advisers. The'Valuer accepts reoponsibiliw to the Client alone that the Report will be prepared vidth the skill: care and diligence reasonably to be expected of a competent Chartered Surveyor, but see opts no responsibility whatsoever to any parties other than the Client. Any such parties rely upon the Report atthcir own risk. Neither the whole or any part of the Report nor any . reference of it may be included in any published document circular or stateroom not published in any way without the Valuer? 5 written approval or" the form and content in which it may appear. - The foregoing Instruction Acknowledgement and Conditions of Engagement sets out the basis upon which we are to prepare a report and valuation on the property at 265a Egh Street, rill-breath. Please check that these incorporate your y? we do not near ?om you by return we shall drama that of! matters are in order audios willproceedwi?z our innocence. If appropriate, please pass the enclosed copy Instruction Acknowledgement and Conditions of Engagement to your client. To comply with the regulations of the Royal Institution of Chartered Surveyors this ?rm has a written complaints procedure. - . Yours faith??ly Ci Shepherd I a Shepherd ?ppem??x 3 ga @m?m??m?as Engagamam DEWGN 0F VALUE WT VALUE Market Value is the estimated amount for which the property should exchange on the date of valuation, assuming: a) a Willing buyer and awilling seller; b} that, prior to the date of valuation, there had been a reasonable the price and terms and for the completion of the sale; c) the nansaotion is an arm?s-length transaction between parties who do not have a particular or special relationship which may brin d) that no account is taken ofany additional bid by a prospective purchaser with especial interest; and e) that both parties to the transaction had acted knowledgeably, prudently and without compulsion. period (having regard_to the nature of the property and the state ofthe market) for the proper marketing of the interest, for the agreement of about a prich level uncharacteristic of the market; MARIET RENT 1 @1 An opinion of the estimated amount for which the property or space nation a property should let on the date of valuation, assuming: a) a willing lessor and a w?h?ng lessee; b) that, prior to the date of valuation, there had beena reasonable period the rent and other lease terms and for the completion of the letting; c) the transaction is an arm?s-length transaction between parties who do not have a particular or special relationship which may bring about a rent level uncharacteristic ofthe d) that no account is taken ofany additional bid by a prospective tenant with a Special interest; e) that both parties to the transaction had acted knowledgeably, prudently and without compulsion; and t} appropriate lease terms for a letting of the type and class ofthe subject property. (havingL regard to the nature of the property and the state of the market) fertile proper marketing ofthe interest, for the agreement of ether; EXISTING USE VALUE {oniv used fcrvaininn proneth thatis comer-coon End is a business or other entity for inclusion in Financial Statements: An opinion of the estimated amount for which the proper-qr should exchange on the date of valuation, assuming: - a) a vdllicg buyer and a seller; - b) that, prior to the date of valuation, there had been a reasonable period (having regard to the nature of the 13:0pr and the state of the market) for the proper marketing of the interest, for the agreement of the price and terms and for the completion of the sale; - c) the transaction is an arm?s-length transaction between parties who do not have a particular or Special relationship which may bring about a price level uncharacteristic of the market; that no account is taken ofany additional bid by aprospeodve purchaser with a special interest; that both parties to the transactionhad acted lmowledgeably, prudently and without compulsion; and r) thatthe buyer is granted vacant possession of all parts of the property required by the business: 'but disregarding: I I g) potential alternative uses and any other characteristics ofthe property that would cause its Market Value to differ from that need to replace the remaining service potential at least cost (1. appendix a Scene at at assumptions Repair and Condition This report constitutes a Vaiuation and not a building survey. Comments, if any, on the physical condition of the foundations, walls, .fioors, roof or root? voids, roof cayerings, chimneys, gutters, drains, pipes, tanks and services?etc., must be read in this context. If further information is required a separate survey with respect to these items or to other parts of the property reiated thereto-must be specifically instructed in writing. Woodwork or other parts of the property, which were covered, unexposed or inaccessible, have not been inspected and we are therefore unable to ?report that such parts of the property are free from rot, beetie or other defects. . . In the absence of any information to the contrary, we have assumed that: there areno abnormal ground conditions, nor archaeological remains present which might adversely affect the current or future occupation, development or value of the property. no currently knonrn deleterious or hazardous materials including but not limited to composite have been used in the construction of, or subsequent alterations or additions to, the Property; and . theservices, and any associated controls or software, are in working order and free i from defect. ?tatotory Enquiries We have not secured a written planning history from the iocai authority nor have we made formal enquiries to other reievant bodies. The information contained within this report therefore represents our findings based on verbal enquiries with .the relevant statutory bodies and ioVestigatlons thought appropriate. Whilst the information provided is taken to be accurate, we have assumed that a fuii planning history and further formal enquiries will be conducted by your legai advisors. Any discrepancy shouid be immediately notified to ourseives in order that we may advise whether this may impact our valuation(s) reported. Uniess stated otherwise within this report, and in the absence of any information to the contrary, we have assumed that: - ail buildings have been erected either prior to planning control, or in accordance with . pig-inning permissions, and hays the benefit of permanent consents existing use rights, for their current use; . . . the property is not adversely affected by town oianning or road proposals. all alterations, additions or extension to the property have received ail necessary Town Planning Consents, Building Authority Approvals (Building Warrants) and Completion Certificates, . . the property compiies with all reievant statutory and lace! authority requirements, includingJbutz'not'ilmited to Fire Regulations, The Discrimination Act, The Control of?sbestos Act, The Licensing Scotland Act, Health and Safety Regulations, Environmentailieaith Reguiations and similar. - itemsare excluded; except in the case of Trading Reiated Valuations be are specifically included, unless stated to the contrary: Ali items of process plant and machinery, tooiing and other equipment not primarily serving the building, cranes, hoists, conveyors, elevators, structures which were anciilary to, or form part of an item of process plant and machinery, sewerage-plant primarily concerned with treating trade effluents, air conditioning forming part of a computer instailation or primarily serving plant. In the case of trading related valuations, ali items of trade equipment and fittings currently present within the property that are necessary for the continued operation of the business are assumed to be owned outright (uniess otherwise stated) and included with the saie of the business. No test_s_ have been undertaken to establish the operation of the trade fixtures and fittings which are assumed to be in good working order. information Sources Ail information provided to the valuer by the client and/or the client?s professional advisers or an other party is assumed to he compiete and correct. . - Title, Tenure and Tenancies It is assumed that there are no encumbrances or unduly onerous restrictions, easements, outgoings or conditions that wouid have an adverse effect upon the value of the property and that a good and marketable title is held. - We do not generaliyhave access to all leases, title deeds, or other iegai documents relating to the. property. ?Any information. recorded in this report represents our understanding of the relevant documents provided. Weshouid emphasise that the interpretation of the documents of titie (including relevant deeds, leases and: planning consents), is the of your legal adviser. ??15935 OtherWise Stated shilin the absence of any information to the contrary, we have assumed that: - - a) There are improvements that will materially affect our opinion of the rent that would pertainedat rent review or lease renewal. their obligations under their leases and are responsible for bl The tense insuring th?egpi business; rates,- whether directly or by means of a service charge. or other restrictive covenants in leases which would (I) d) to assign the interest being valued would not be 19rd e) ,be secured for alt accommodation let on a temporary basis, ?redit' enquiries on the financial status of any of the tenants, we of the likely perception of tenants in the marketplace. goofy themselves of the financial strength of the tenants prior to _'sstigetions mi?Slon a site investigation or geographical or geophysical survey. to give any opinion or assurance or guarantee that the ground has ?lth. to support any of the existing constructions or any other in the future. We also cannot give any opinion or?assurance or nderground mineral or other Workings beneath the site or in its or disability underground that might affect the property or any rty or reimbursing the cost of insurance to the landiords, payment of We ?wiil not undertake or commission an environmental assessment to estabiish whether contamination exists or may exist. We will not carry out any detaiied investigation into past or? present uses, either of the property or of any neighbouring land, to establish whether there is any contamination or potential for contamination of the subject property from these uses or properties. Therefore, for the purposes of our Va?iuation Report, unless definitive information to the contrary is made avaiiabie to us, we normally assume that no contamination exists in relation to the property suf?cient to affect value. If, during the course of our inspection andsubsequent enquiries for valuation purposes, or through our knowledge of the iocaiity, we become aware of any matters which may indicate the likeiihood or, or potential for, contamination of the subject property, these will be stated in this report. Should it .be established subsequently that contamination exists at the property or on any neighbouring land, or that the premises have been or are beingput to a contaminative use, this might reduce the vaiue[s) set out in the report.? You shouid therefore inform usof this immediately and we will reconsider our opinion of value accordingiy. iteinstatement Cost Assessment Any/reinstatement figure indicated within this report is provided for guidance purposes oniy as a formal estimate for insurance purposes can only be given by 3 Quantity Surveyor or other person with: sufficient current experience of replacement costs. Unless otherwise stated, the caicuiation is, based upon the building in its present form in?ciuding the cost of demolition, site clearance and professional fees but eXcluciing: a) VAT . b) Loss or rent or turnover (3) Cost of alternative accommodation for the reinstatement period. d) Any other consequential loss. Taxation We have not been advised whether the preperty is eiected for Value?Added Tax (VAT). For the avoidance of doubt,. ali values stated in this report are exclusive of VAT and take no-account of any liability for taxation that may arise upon the disposal or acquisition of the property. Site Boundaries The nighiighted on the appended indicate. the approximate extent of the site inspected as understoodorfas indicated to us during ourrvisit to the. property. No guarantee can be given as to whetherthie cerresponds to that oVer which the title is held. .Itremains. the responsibility of to confirm the legal boundaries and title appiying to the property. Sijouiri assumptions or any,r additional stated assumptions prove to be important; in}: we reserve the right to revise our opinions(s) of value - 31? accordingly. - 1 Laacat?anl Ma?a a Horologe ?311 June: TH ie Hi? Boulz ,Qqq-npq magma?; m: mm.rlma1?eage. msme 41mm i? 5 STREET 5 4 Appendix 2 Definitions at? gains}: Market Rant The estimated amount for which a property, or space within a property, should lease (let) on the date of valuation between a willing lessor and a willing ieSSee on appropriate lease terms in an arm?s-length transaction after proper marketing wherein the parties had act?d lmOWledgeablyr prudently and without compulsion. Market Value The estimated?amount for which a property should exohange on the date of valuation between a willing buyer and a willing seller in an arm?s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion. Existing; Use Value The estimated amount For which aproperty should exchange on the date of valuation between a willing buyer andja willing seller. isjn arm?s-length transaction, after proper marketing wherein the parties had acted knowledgeabiy,_prudently and without compulsion, assuming that the buyer is granted vacant possession of allgpartsof the property required by the business and disregarding potential alternative uses and any?ot?her characteristicsof the property that would cause its Market Value to differ from that neededto replete the remaining service potential at least cost. Ponies Giulianotti (Jackie) From: Giulianotti (Jackie) Sent: 10 March 2008 14:12 To: Johnstone A (Alexander), MSP Subject: RE: Letter of Agreement - 7 Northern Road, Kintour Sensitivity: Confidential Dear Alex Many thanks for providing further background information. i will arrange to have the rental payments made. Jackie Message-m- From: Walls (Lindsey) On Behalf Of Johnstone A (Alexander), MSP Sent: Thursday, March 06, 2008 4:01 PM To: Giulianotti] (Jackie) I Subject: RE: Letter of Agreement - 7 Northern Road, Kintour Sensitivity: Con?dential Dear Jackie Thanks for your e-mail regarding the Letter of Agreement for 7 Northern Road, Kintore. The reason for the rent not being proportional to the floor area is that the downstairs area which we have agreed to use is a full height office with kitchen and toilet facilities provided and the upstairs part of the office, which has been retained by the Conservative Association, is of very, limited usability due to the sloping ceiling under the eves and the presence of a water tank which further limits its usability. it should be noted that the vast majority of power used for heating, lighting and running office. equipment would also be associated with the activities in pursuit of Scottish (Parliamentresponsibilities. i hope this is an appropriate explanation as to how we have arrived at an accurate rental value for the ground floor, accommodation at 7 Northern Road, Kintore Alex Johnstone MSP North East Scotland -w~--Original Message-m From: (Jackie) Sent: Tuesday, March 04, 2008 9:50 AM To: Johnstone A (Alexander), Milne (Nanette), MSP Subject: Letter of Agreement 7 Northern Road, Kintour Sensitivity: Con?dential. Dear Alex and Nanette Many thanks for letting me have a copy of the above listed 1 @0253, agreement and the independent valuation of the property. I note the annual rent due, including all running costs,- for your office is ?3,960 and the rental valuation, again including all running costs, is ?4,300 for the whole of'the premises. From your agreement 'it'would appear that you occupy the ground floor with an area of 176 square feet. On the basis of the valuation the expectation would be that your rental would be set at ?2,288. Grateful if you could advise whether there are an additional factors that am unaware of that would account for the difference in the valuation costs and the rent being charged Happy to discuss. - Jackie Tracking: I ReCiPiem Delivery A (Atexander), Delivered: 10f03f2008 14:12 The Scol'rish Parliamenl Pdrlemdid no, h-Albd To: Eamonn Cunningham CC: From: Jackie Giuliane?di Office: AllowanceeIOf?ee Extension: 86609 Date: 17 March 2015 I - 9" Cheque Can you please arrange to pay in ?the attached cheque as follows: Company Name;:' Amount ?9,975.72 1 Control Coat Centre CASE Central NOTES: Grateful if you could advise Ruth when ?the chedue has cleared k7)? KAWX \mea use eager/k e. (EL/l?di. Manythanke, I .15 JigckiquiU?a?qTHAIMSTONE . .. swu .rr I . ?3th MWQEETSEB A?aear?se saem?gg Giulianotti (Jackie) Front: Giulianotti (Jackie) Sent: 26 August 2014 15:17 To: - Johnstone A (Alex), Milne (Nanette), Subject: I RE: Office Rent Dear Both lwae wondering if there had been developments in relation to the scheduled of repayment. Jackie Giulianotti Allowances Office The Scottish Parliament Edinburgh EH99 1613 Telephone (Direct Dial) 0131 34 86609 Calls via RN10 Typetalk: 18001 0131 34- 86609 Fax:0131348 6611 Email: Front: Giulianottli (Jackie) Sent: Thursday, August 14, 2014 3:19 PM To: Johnstone A (Alex), Milne (Nanette), MSP Subject: FW: Office Rent Alex/Nanette Many thanke for taking the time to meet with me this afternoon. we have agreed the eurn to be repaid and the requirement to do so within the current financial year, You also intimated you hoped to be in a-poeition to confirm the repayment scheduled by the 22nd Auguet. 13-look forward to hearing from you in due course. Jackie Allowances Office The Scottish Parliament Edinburgh EH99 1613 Telephone (Direct Dial) 0131 34 86609 Calls via Typetalk 18001 0131 34 86609 Fax:0131348 6611 Email: min-w? w- Front: Giulianotti 3 (Jackie) Sent: Wednesday, August 13, 2014 4:06 PM From: 'GiulianottiJ (Jackie) Sent: Thursdayr August 07, 2014 2:50 PM To: Milne (Nanette), Johnstone A (Alex), MSP Cc: Croll (Derek) Subject: RE: Office Rent I NanetiefAlex Very many ?thanks for submitting the rent report. On the basis ofihe report and our previous discuosions'l have now calculated the sum due for repayment and have attached a copy of my calculations for your information. I would be you would be avallalola lo meal- lo Offioe Annual Rent since 2007 Shareof Annual Rent since 2007 Rent No of payments made Total-Rent Paid Valuation MSP Revised Annual Rent MSP Revised Rent Rent Duue Overpayment of rent Withheld Rent 2 months ?182.75 Revised Overpayment 430000 3,050.00 2' 330.00 35.00 523,050.00 51%- 2,193.00. 5: 132.75. $15,533.75- ?355.50 . New Assessment of total Annual Rent New Assessment of MSP share of Rent ?5,700 ?2,900 ,rckie Giulianotti illowances Office The Scottish Parliament Edinburgh EH9918P Telephone (Direct Dial) 0181 34 86609 Calls via RNID Typetalk: 18001 0131 34 86609 Fax 0131848 6611 Email: From: Giulianotti (Jackie) Sent: Thursday, July 31, 2014 8:35 AM To: Milne (Nanette), Johnstone A (Alex), MSP Cc: Croll (Derek) Subject: FW: Office Rent Importance: High Nanette/Alex As you will be aware from our earlier exchange of emails and discussions we have received a complaint regarding the signage ofthe office in Kintore and we are unable to respond to this complaint and provide advice to you on the signage of the office until we receive a revised lease and a rent evaluation detailing the split ofthe office space. i should therefore be grateful to receive the rent evaluation by Friday '8th August to enable us to take this matter forward. - I would of course be happy to discuss. Jackie Giulianotti Allowances Office The Scottish Parliament Edinburgh EH99 18R Telephone (Direct Dial) 0131 3-4 86609 Calls via Typetalk: 18001 0181 34 86609 Faxz0181348 6611 Email: Frem: Giulianotti 3 (Jackie) Sent: Thursday, June 26, 2014 8:23 AM To: Milne (Nanette), MSP Subject; RE: Office Rent Nane?e Many thanks for the update. Jackie From: Milne (Nanette), MSP Sent: Wednesday, June 25, 2014 2:37 PM ?l?er Giulianotti (Jackie) Subject: RE: Of?ce Rent 1-11 Jackie, Alex is taking terward with the Garden chairman, and get back to you as eean ae - . Regarde, Manette Frer'n: Giulianotti (Jackie) . Sent: Tuesday,?June 24, 2014 9:32 AM Te: Milne (Nanette), Johnstone A (Alex), MSP Cc: Briggs MEF (Miles); Croll (Derek) Subject: RE: Office Rent . Nanette/Alex 1 would he grate-tel to receive a respenee so that thie matter can he progressed. Many thanke Jackie Gialianotti Allowances Of?ce The Scottish Parliament Edinburgh EH9918P Telephone (Direct Dial) 0131 34 86609 Calla via RNID Typetalk: 18001 0131 34 86609 Fax:0131348 6611 Email: Frem: Giulianotti 1 (Jackie)- Sent: Wednesday, June 11, 2014 11:00 AM Te: Milne (Nanette), J?ohnstone A (Alex), MSP ca. - Crow (Derek). Sulajerit: RE: Of?ceRent Nanette/Alex i would be very gratefulif you ceald advise whether there have been any dexrelopmente in relatleh to this matter. Many thanks Jackie Giulianottl Allowances Office The Scottieh Parliament Edinburgh EH99 1813 Telephone (Direct Dial) 0131 34 86609 Calls yia RNED Typetalk 18001 0131 34 86609 Fax: 0131 348 8611 Email: I am? am- From: Giulianotti (Jackie) Sent: Tuesday, May 27, 2014'4:48 PM To: Milne Johnstone A (Alex), MSP Cc: Croll (Derek) Nanette/Alex a: a: Many thanks for taking the time to meet With Derek Cioll and me today. As promised please ?nd below details of the rental valuation as at February?2008 and the rental payments made to date. Rental Value for whole of property (including rates, utility and running costs) ?4,300. Annual Rent charged for Ground Floor ?8,980(92% of full rent). Rent paid since 2007 ?27,720. Annual Rent for First Floor ?340 of full rent); ?2,380. Rent payable since 2007 Potential overpayment based on splits detailed above ?25,340. Jackie Giulianotti Allowances Office - The Scottish Parliament Edinburgh EH9918P Telephone (Direct Dial) 0?131 34 86609 Calls via RNID Typetalk 1800?] 0-131 34 86809 Fax: 0131 348 6611 Email: slalom-ta a (decide) .1 I - fl. From: Giulianottl (Jackie) fr Sent: 20 May 201-4r 13:21 To: I Milne (Nanette), A (Alex), MSP Subject: RE: i . Tracking: Recipient Delivery Read Milne (Nanette), Delivered: 2010512014 13:21 I Johnstone A (Alex), MSP Delivered: 201059014 13:21 Read: 20f05i?2014 13:22 Dear Nanette and Alex Many thanks for your email. The lease agreement we hold records that you use-the ground floor?at 7? Northern Road, Kintore - and the rent that has been paid since May 2007 has been calculated on that basis. Please see the attached lease. On the basis of your most recent email i would advise that you will require to obtain a new lease reflecting the actual occupancy position. The rent you have been claiming is based on an independent valuation obtained in 2008 (please see attached) and on your advice that you occupied the ground floor space which,taccording to an exchange of emails at the time-(please. see attached), is a more usable space than the first floor and the proportion of the total rent charged reflects this. On the basis of our most recent exchange of emails and the documentation we hold, have to advise you that it would now appear, under section 4.2.11 of the Reimbursement of Members? Expenses Scheme, that the amount you have claimed for rental payments, dating back to May 2007, has been considerably greater than the ?fair market rent?. 1 would therefore propose an urgent meeting to discuss how this matter can be taken forward and will be in touch with you to establish a suitable time. in the meantime we will withhold any future rental payments. Jackie From: Milne (Nanette), MSP Sent: Thursday, May 15, 2014 11:19 AM To: Giulia nott_i__ It's always beenthis arrangement WM Sent from my iPad On 15 May 2014, at 11:15, ?Giulianotti (J ackie)? wrote: Nanede Many thanks. Grateful if you could confirm how long this arrangement has been in place. From: Milne (Nanette), MSP Sent: Thursday, May 15, 2014 11:12 AM To: Giulianotti (Jackie) Subject: Re' Hi Jackie, i know you have spoken with the Knit-Ere of?ce, and-I can con?rm what he I use the upstairs of?ce for niy Parliamentary work, and the Gordon Conservatives are in the ground ?oor of?ce. We have an informal arrangement to let me see anyone who can't manage the stairs in the downstairs office (though that hasn't proved necessary so far). I also have access to the toilet and kitchen, both of which are on the ground ?oor. I hope this answers your query. Regards Nanette Sent from my iPad 0 On 8 May 2014, at 14:10, ?Giuli?anotti 1 (Jackie)? wrote: Giulianotti (Jackie) From: Giulianctti (Jackie) Sent: 10 March 2008 14:12 To: Johnstone A (Alexander), MSP Subject: RE: Letter of Agreement 7 Northern Road, Kintour Sensitivity: Confidential Dear Alex Many thanks for providing further background information. i will arrange to have the rental payments made. Jacme Message?--?- From: Waiis (Lindsey) On Behalf Of Johnstone A (Alexander), MSP Sent: Thursday, March 06, 2008 4:01 PM To: . Giulianotti (Jackie) - Subject: RE: Letter of Agreement 7 Northern Road, Kintour Sensitivity: Confidential Dear Jackie- Thanks for your e-mail regarding the Letter of Agreement for 7? Northern Road, Kintore. The reason for the rent not being proportional to the floor area is that the downstairs area which we have agreed to use is a full height office with kitchen and toilet facilities provided and the upstairs part of the office, which has been retained by the Conservative Association, is of very limited usability due to the sloping ceiling under the eves and the presence of a water-tank which further limits its usability. It should be noted that the vast majority of power used for heating, lighting and running office equipment would also be associated with the activities in pursuit of Scottish Parliament responsibilities. I- hope this is an appropriate explanation as to how we have arrived at an accurate rental value for the ground floor accommodation at 7 Northern Road, Kintore. Alex North East Scotland ~-?--Originai Message-"- From: Giulianottl (3ackie) Sent: Tuesday, March 04, 2008 9:50 AM To: Johnstone A (Alexander), Milne (Nanette), MSP Subject: Letter of Agreement - 7 Northern Road, Kintour Sensitivity: Con?dential Dear Alex and Nanette Many thanks for letting me have a copy of the above listed 1 agreement and the independent valuation of the property. note the annual rent due, including all running costs,? for your office is ?3,960 and the rental valuation, again including all running costs, is ?4,300 for the whole of?the premises. From your agreement it would appear that you occupy the ground floor with an area of 176 square feet. On the basis of the valuation the-expectation would be that your rentaIWOuld be set at ?2,288. Grateful ifyou could advise whether there are an additional factors that I am unaware of that would account for the difference in the valuation costs and the rent being charged. Happy to discuss. Jackie Tracking: Recipient Delivery Johnstone A (Aiexander), MSP Delivered: ?102032008 14:12 Aitken (Ruth) From: Aitken (Ruth) Sent: 10 February 2011 11:02 To: ?dh?h?tone A (Alexander); Milne (Nanette), MSP . Subject: Office Lease Alex/Nanette On checking our records I note that your lease agreement for your office at 265a High Street, Arbroath is Up to 5 May 2011 and the next quarterly rental payment is due on 1 May 2011. Therefore I should be grateful if you could please'contact your landlord to provide details of the pro~rata rental payment due for the period 1 to 5 May 2011 accordingly to enable the correct payment to be released on 1 May 2011. (l have calculated this to be approx ?41.10 each). If you are re-elected and it is your intention to'continue the lease after the election we would - require this in writing from your landlord advising the period of the extension to the lease and whether this would be on the same terms as the original, to enable the correct payment to be released from 6 May 2011 accordingly. Please do not-hesitate to contact me should you wish to discuss further. Kind Regards Ruth Ruth Aitken Allowances Manager Allowances Office The Scottish Parliament Edinburgh EH991SP Telephone (Direct Dial): 0131 34 86659 Calls via RNID Typetalk: 18001 0131 34 86659 Fax: 0131 34 86611 Email: Message Page 1 of1 Gieii?anotti (Jackie) From: Giulianotti (Jackie) Sent: 18 January 2008 13:40 To: Johnstone A (Alexander), MSP Subject: Office 7 Northern Road, Kintore Tracking: Recipient Johnstone A (Alexander), MSP Delivered: 18/01/2008 13:40 Read: 18/01/2008 14:24 Delivery Read Alex now provided me with a copy of the proposed lease agreement for the above listed office. There are a couple of points i would suggest be addressed in the agreement these are as follows:~ a Utility, rates and running costs who is responsible for meeting such costs or are these included in 'the rent? The'rent period will require to commence 4th May as David already ran the second office up to and including the 3rd May; if if you are sharing the property with the party the agreement should specify the area to be occupied by Nanette and yourself preferably with a plan (this can be a rough hand drawing); v? We would also look for an independent rent evaluation as you are renting from the party. Hope this is helpful but if you have any questions please give me a call. Jackie Giulianotti Allowances Office The Scottish Parliament Edinburgh EH99 1813 Telephone (Direct Dial) 0131 34 86609 Calls via RNID Typetalk: 18001 0131 34 86609 Fax 0131 348 6611 Email: 18/01/2008 a - - i i: lid/l lii?ldii Mi a ti CHARTERED Shepherd a Chartered Surveyors Wiliow House a Stoney?old Business Park a lnvornoss 1V2 7PA Tel 01463 712239 9 Fax 01463 710325 Oi?l-?DEF. IJUNFERM LINE E-Mail:~ a Partners Consultants Georgi: Brewster FRIES fumes Stewart MRICS Stephen Buchanan BSD FRICS John Bulkhead MRICS Beg}; MRICS John 1 Danger: MRICS Ian Fergusaon MRICS Craig Brown 1381:: MRICS David I Tait FRIES tit 08 . [Eat]: 'w time}? Mmc?s? MRICS yiellaciHOFaggsil?dmfdeIS Alan 5mm) FRICS ristop or mayor . t: - anon owls L: ons . 25 Feb ??13 ry Paul Letley FRICS Ewan Sparks MRICS Asmara?: . Murray Smith MRICS Graeme Stewart Dip . - 111 f. David a Ferguson MRICS Alan Edgar, age Miocs 0' ?Mg BSC MRICS ur a Gerry McCluskey Dip Prop Im' Stove Bnmcit BLE MRICS I Mulcoim Hunter MRICS Niall Gunn MRICS Kevin I Angus MIUCS Neil Thomson MREC James McIntyre 83c MRICS Martin Waite Paul Taylor Adrian MRICS tan Harmon {Hons} MLE MRICS anlalnn BS: SNP Moray Constituency 9 Wards Road, Elgin, N30 We refer to your recent instructions and confirm we have carried out an inspection of the subjects at the above address to advise as to their fair market rent. We would report as follows: LOCATION The subjects are situated on the south side of Wards Road adjacent to the main inverness/Aberdeen raiIWay line on the southern periphery of Oid Eight. Eigin is a prosperous market town located approximateiy 55 miles north west of Aberdeen and 35 miles east of Inverness. The town has a resident popuiation of approximately 21,000 and an estimated catchment oi approximatety 87,000. DESCRIPTION The subjects comprise single storey detached commerciai premises which have been altered in the past to provide office accommodation. The exact age of construction has not been confirmed. The main building would appear to be of concrete blockwork construction with a part fyiestone and part timber clad frontage. The west most elevation is clad with profile metat sheeting. The roof is of pitched ridged design comprising steel trusses and steel purlins clad with insulated profile metal sheeting. The single storey south projection is consistent with being of cavity concrete bicckwork construction rendered externally with a flat mineral felt clad roof. internally the premises have been fitted for the purpose of providing office accommodation and comprise office space, kitchen, stores and toilet in general terms the flooring is of suspended timber design with titted carpets and vinyi finishes. Wails and ceilings are predominately plasterboard lined with areas plastered and the rear stores comprising exposed Windows comprise timber framed single and double glazed casement units. Artificial lighting is provided by florescent and pendant light fittings. 0:214 540557 mm HI Lulu or: mas-5 245535 mun-sew ll mt! mulls rustic twists truism-11:1an my ?53 345:. ?1292 twain common 225 1234 ?1453 mm nut aw H.134 mm. 4.155? FALIURH 0:524 6359:") Ulso.? 52:11 15 return ttl'BH rams "?236 atoms FiiASli?llUR 6H 0er- I i ?1591 tum-:2 l'E?t?littIrIEAIl n] no homo lti?lh'? 254m In not. ?nish i 150 com m: at Ltt'mcm?ox mam 416m 51?. .mblusws 01334 mm mire mum auscow IJMI 35.1 mm - It! not W??i?li mm ?.11th outs 1.10m l'tln?JS 251329 STIRLING mam. 4511435 71233? ENE i iAh?imti'UJCS SURVEY Ill I5931?52tl I SHEPHER timuca?ln Lint/1 tons mam There is a singie pedestrian door to the front etevation With a large timber door giving vehicular access to the rear storage area together with a fire exit door. ACCOMMODATION The accommodation and floor areas provided within the property can be summarised as follows: assassinate", e, an acre aria, - . 1,1951?: Of?ce, Pn'vate Room, Kitchen, Toilet Facilities, Store Room and Storage Area. The foregoing areas have been calculated on a gross internal area basis in accordance with the Code of Measuring Practice (Sixth Edition). CONDITION It was not our remit to provide a detailed repert upon the structure and fabric of the property and accordingly our inspection was undertaken in a like manner. The general condition of the property appears consistent with its age and construction although-some works of repair and maintenance are required. Elements of the property are ageing and would benefit from attention. We wouid point out that the miners! felt roof covering will have a limited life and repairs/renewals can be anticipated. This report constitutes a valuation and not a buiiding survey. Comments, if any, on the physical condition of the foundations, walls, floors, ceilings, roof. or root voids, roof coverings, chimneys. gutters, drains, pipes, tanks and services etc, must be read in this context. if any further information is required a Separate survey with respect to these items or to other parts of the property related thereto must be specificain instructed in writing. Woodwork or other parts of the property, which were covered, unexposed or inaccessible, have not been inspected and We are therefore unabio to report that such parts of the property are free from rot, beetle or other defects. The subjects benefit from main suppiies of water and electricity whiist drainage is assumed to be to the main public sewer. There is an electric heating system comprising storage and panel ccnvector heaters. None of the systems, circuits, services or inventory have been checked or tested for the purpose of this report. TENURE The subjects are held under heritable tenure. VALUATION The valuation of the property has been prepared in accordance with the Appraisal Valuation Standards as published by the Royai institution of Chartered Surveyors to determine market rent with vacant possession. - Market rent is an opinion of the estimated amount for which the property or space within a property should let on the date of valuation, assuming: a I a willing lessor and a willing lessee; that, prior to the date of vaiuation. there had been a reasonable period (having regard to the nature of the property and the state of the market) for the proper marketing of the interest, for the agreement of the rent and other lease terms and for the compietion of the letting; the transaction is an arm's-tength transaction between parties who do not have a particular or special relationship which may bring about a rent ievel uncharacteristic. of the market; a that no account is taken of any additional bid by a prospective tenant with a special interest; a that both parties to the transaction had acted knowtedgeably, prudently and without compulsion; and - a appropriate tease terms for a letting of the type and does of the subject property. We are of the opinion that the current market rent of the premises, on the basis of the existing tease, may be fairly stated as being in the sum of ELEVEN THOUSAND POUNDS (?11,000) per annum. The above mentioned valuation figure makes no allowance for any effect on vaiue of the imposition of Vaiue Added Tax on some property transactions. This report is confidential to the Client for the specific purpose towhich it refers. it may be disclosed to other professional advisers assisting the Client in respect of that purpose, but the Client shall not disclose the report to any other person Should any further information be necessary a separate survey with respect to these items or to the other parts of the property related thereto must be instructed in writing. We trust this letter meets with your requirements but if we can be of any further assistance, please do not hesitate to contact us. Yours sincerely associate Per pro Shepherd, Chartered Surveyors ?mm 5w :unvrvom rm? Aitken R(Rut?1) - From: Fraser (Murdo), MSP Sent: 06 December 2011 14:23 To: Aitken (Ruth) Cc: Smith (Elizabeth), MSP . Subject: RE: Regional Office Perth Airport Ruth, Thanks for this. i have just signed off the draft of the Stirling office lease so we should get this signed shortly and will get a copy to you. Kind regards, Murdo - ?--??Original From: Aitken (Ruth) Sent: Tuesday, December 06, 2011 9:58 AM To: Fraser (Murdo), MSP Cc: Smith MSP Subject: Regional Office Perth Airport Dear Murdo Thank you for your letter dated 23 November 2011 and attached completed sub-lease for the regional office at the Control Tower, Perth Airport. . have set up rental-payments of ?1 12.50 each for both Elizabeth Smith, MSP and yourself charged against your Office Cost Provisions. These have been backdated to the - commencement date of 18th October 2011 accordingly. Also I note from our records that we have no yet received a copy of the completed sub?lease for the regional office in Stirling (we have the rent valuation report in relation to this office). Therefore I shOuld be grateful if you could please forward the sub-lease to enable rental payments etc to be set up accordingly. Thank you for your assistance in this matter. Kind Regards Ruth Ruth Aitken Allowances Manager Allowances Office The Scottish Parliament Edinburgh EH991SP Telephone (Direct Dial): 0131 34 86659 Calls via RNID Typetalk; 18001 0131 34 86659 Fax: 0131 34 86611. Email: 4" Smirk Aitken (Ruth) From; Giulianotti (Jackie) Sent: 21 October 2011 11:16 To: Fraser (Murdo), MSP Cc: Smith (Elizabeth), Aitken (Ruth) Subject: RE: Mid Scotland Fife Regional Office Murdo Many thanks. I can-confirm that I am content Jackie From: Fraser (Murdo), MSP Sent: Friday, October 21, 2011 10:30 AM ?to: GiulianottiJ (Jackie) Sc: Smith (Elizabeth), Aitken (Ruth) Subject: RE: Mid Scotland Fife Regional Office Dear Jackie, Thanks for your message. asked the landlord to go back and calculate the percentage lot rates etc. He has done a recalculation which is shown on the attached spreadsheet and is based on the proportion of floor area that the office bears to the whole larger property less the common areas. This reduces the proportion payable to 29%. if you can confirm that you are content with this i will go back and ask for a lease to be drawn up/ Best Wishes, Murdo From: Giulianotti (Jackie) Sent: 18 October 2011 10:52 To: Fraser (Murdo), MSP- Cc: Smith (Elizabeth), Aitken (Ruth) Subject: Mid Scotland Fife Regional Office Murdo Many thanks for your letter of 10th October enclosing the rental valuation of your office in Stirling. In terms of the rates to be charged I note that the apportionment proposed by your landlord is 35% of the total rates payable. I would be grateful if you could provide details and documentation as to how this was determined. Our expectation would be that the would be based on the office floor space of room 3 in relation to the whole property. With regard to the utility bills we would be happy to meet a of the total bill with this being the same as the applied to the rates. We would not wish the rates and utility costs to be included in 1 the rental payment. For audit purposes we would require invoices to be raised by your landlord with a copy of the original bill attached to support the amount be invoiced. 3 The lease should detail what you are liable to meet and the specific of any shared costs and the fact that such costs will be invoiced separately. - Hope this is helpful but as always i would be happy to discuss. Jackie Giulianotti Allowances Office The Scottish Parliament Edinburgh EH99 1SP Telephone (Direct Dial) 0131 34 86609 Calls via Typetaik 18001 0131 34 86609 Fax: 0131 348 6611 Email: The Scottish til i - Parliament '33 all? as, MURDO FRASER Mid Scotland 8: Fife Jackie Giulianotti Head of Allowances The Scottish Parliament - Edinburgh EH99 Monday, to October 2011 Dean} doe J, Mid Scotland Fife Regional Of?ce I am writing on behalf of Elizabeth Smith and myself in relation to the proposed Regional Office in Stirling. . a We have new obtained a valuation statement from DM Hall for the of?ce in question (this is Room Three referred to in the enclosed valuation). The market rental is in the sum of ?3800 exclusive of rates and utilities. Unfortunately, the of?ce is not separately rated. The landlords are proposing to apportion from the total Rates payable from the property 35% to the Regional Of?ce. The total Rates properly charged per year, less the small business bonus, is 394632.75. This would make a proportion applicable to the Regional Of?ce of?1621. This could be added to the rent. - In relation to utilities, unfortunately, electricity, gas and water are not separately rated. Again, the landlord is proposing apportioning 35% of the overall total costs of these, which would give additional annual charge of ?670. . I would be grateful if you could let me lmowhow you would prefer us to proceed. it may be that we simply agree an inclusive rent to include rates and a proportion of utilities by aggregating the abov sums, but. I would require to discuss this further with the landlords. - I look forward to hearing from you. Yours sincerely Murdo Fraser MSP Scotland Fife (Scottish Conservatives) The Scottish Parliament Edinburgh EH99 13? Tel: 0131 348 5646 Fax: 0131 348 5933 it; ii: 1? Melville Terrace. FKB 2pc snnuno Tel: 01786 475m Fax: 017% 450406 ifs-Sn JR . 22 August 2011 Stirting Conservative and Unionist Association 2 Southtteld Crescent STIRLING FKS 2J0. Our Ref: Your Ref; Dear Sir STATEMENT tn accordanCe with your instructions We have carried out cor relevant enquiries in order to advise as to our opinions of value on the required basis. Our report is prepared in accordance with the Conditions of Engagement for the Valuation and Appraisatof Commercial Land and Buildings, :3 copy of which ts appended hereto subject to the caveat that as requested. this update valuation has been carried out an a desk top basis Accordingty we have not carried out a further inspection of the property since the date of our original inspection. - .c 'nspected the subjects on 10?? August 201 t. We would confirm that we do not haVe a con?ict of Interest in accepting these instructions and that we 3 Currently carry appropriate Professional indemnity Insurance cover. Having carried out our inspection and compteted reievant enquiries, we would now report on our opinions and findingsas foiiowse - PROPERTY Of?ceRcoms 2 3, 6 Gladstone Place, Stirling, FKS ZNN '1 5* i Stirling Conservative and Unionist Association INTEREST Heritabie Feudal w. Resident Partner: Dip. SON. MRIGS mes Senio! Partner: KDJones 38:: RIGS Managing Partner: WJ Knight FRICS 0M Hell 8 Limited Liabtlily Partnership registered in Scotland with Regislrallcn number 80301144 Registered office: 17 Corslorphine Road, Edinburgh, EH12 EDD A iuli list of members can be obtained from the Head Of?ce. 1? Road, Edinburgh. EH12 EDD Tel: 0131 5006 Fax.- 0131 625 6304 I Dunll?rtes? Dundee. ?unfegmlisle. Edinburgh . Eiyln. GalashIBIS,Giasgnw [North and South] Hamilton, Kllmamock, Kiri-minty, Livingston, tdusmlhumh, oven, Parsley, pearl, Pctorhead. sti?ing. Wick. we DATE OF 10?? August 2011 RENTAL warm as 1. Market Rental Value - RoomZ in the order of ?2,500 (Two Thousand Five Hundred Pounds) per annum exclusive 2. Market Rental Value Room 3 in the order of ?3,800 (Three Thousand Eight Hundred Pounds) per annum exclusive Our aforementioned opinions of valLIe are based on the assumption that the subjects would be. tet on normal, full repairing and insuring terms with the tenant having full, clear and unrestricted uselaccess to shared kitchen and toitet tacttities. We are advised that a full valuation report is not required at this timewith this abbreviated. statement report having been prepared in accordance with your specific Instructions. We Would ask you to note that our aforementioned opinions of veins [ore suppose the following; That clear Title is availabte. That there are no significant outstanding statutory issues to be attended to. That any lease would be framed on normal, full repairing and insuring terms. That each tenant would have the benefit of unrestricted accessluse of common kitchen and toilet seam-e facilities. 5. That all utility bitts woLrld be recharged to each tenant on an appropriate, pro rata basis. We trust that this abbreviated statement report proves to be suf?cient for your present purposes, covering atl relevant issues at this time. Should a fut! 'vaIUation become necessary however then we would be happy to suppty this at a tater date following confirmation of appropriate additional fees. In the meantime should you wish to discuss any matters raised then please do not hesitate to contact as. Yours faithfutlv FOR UM HALL LLP Gowrie House. 52 Toy Street. PERTH. ETR PERTH . Tel: 01738 562100 Fax: 017'38 562109 13?h July 2011 Mr Murdo Fraser MSP Ex Me Elizabeth Smith MSP North Conservatives The Control Tower Scone Airport . Scone PHZ BPL Our Ref.: Your Ref; Dear Sir/Madam Valuation Certificate in accordance with your recent instructions, we have inspected the undernoted premises in order to advise as to our opinion of value on the required basis. We have provided the valuation required, this has been determined in accordance with the conditions of engagement for the valuation and appraisal of'oommerotal land and buildings, a copy of which is appended to this ietter. inspected the property on it1h July 2011. we would confirm that we do not have a conflict of interest in accepting these instructions and that we carry appropriate professional indemnity insurance cover. Having carried out our inspection and completed the relevant enquiries, we would now report on our opinions and findings as follows:- Property Ground Floor Office, The Control Tower, Scone Airport, Scone, PH2 6Pt. Client North Perthehire Conservatives Interest - Leasehold Date of Valuation 11?? July 2011 '1 Resident Partner: Laurie BBC MRICS 69 meg - Senior Partner: KDJones FRIES Managing Partner: WJ Knight FRICS DM Hail LLP. a limited Liability Partnership registered In Scolland with'Regislratlon number 50301144 Regislered office: 1? Corstorphine Road. Edinburgh, EH12 613D A full list of members can be obtained from the Head Of?ce. 1? Road. Edinburgh, EH12 6DD :Tel: (1131 6006 Fax: 0131 625 6304 Aberdeen, Ayn Gumhamanld; Uunlin?ns, Dundee, Dunfarmlino. Edinburgh ,Eigin. Failtlrit, Galastllals. Glasgowihlorih and South) Hamilton. invameas, lnveruria, Livingston, Mussolburgh, Chan. Paisley, Perth. Fat-armed, Stirling. Wick. Letterman 7 We understand that a detailedreport and valuation is not required for your present purpose and we trust that this Certificate of Valuation is sufficient. in summary, the subjects comprise a ground floor office located within the Control Tower within Scone Airport. Surrounding properties within the airport are a mix of commercial buildings with a variety of occupiers, including other office users, an auction house, hairdresser and restaurant. The office is occupied on a serviced accommodation basis and is within a suite of three offices currently occupied by North Conservatives. Other occupiers within the Control Tower include the Game Conservancy Trust and Carewatch Care Services. Each office shares the toilet and kitchen facilities located in the ground floor of the building. There is a shared tarmaced car parking area to the front of the property providing ample parking. The premises are contained on the ground floor of a part single storey, part two storey building incorporating the control tower, being of traditional construction under a pitched slate roof. Internally, the office comprises good quality accommodation having a suspended timber floor, plasterboard lined walls with a plastered ceiling incorporating a fluorescent light fitting. The windows are of owl: and double glazed and the heating is provided by electric storage heaters. The total internal area of the office extends to 14.63 sq rn [157 sq ft). The office is occupied as one of a suite of three of?ces. it is understood that an apportionment of the rent for the single office is required. The offices are occupied under a lease agreement and whilst we have not received a copy, we understand that the rent paid includes a share of the car park outside. The rent also covers all light, heat and the business rates for the premises. The telephone line is paid by the Tenant on a separate agreement. . We have not carried out a structure survey of the premises, neither have we inspected woodwork or other parts of the structure which were covered, unexposed and inaccessible. The property inspection was of a superficial nature to serve only the purpose of providing a valuation report and we do not attempt to provide a detailed list of dilapidaticn and maintenanceirepair works. Should further comment he reduired in this connection, it would be necessary to instruct one of our Building Surveyors to inspect and report thereafter. Within the limitations of our inspection, the premises were found to be in fair repair consistent with age, use and type. A further repairfmaintenance programme should be adopted and budgeted for. Internally, the property is suitably fitted out in connection with its office use. The suite of offices are occupied under a standard commercial lease at a rental of ?8,500 per annum- We have not been provided with any copy lease documentation and have assumed that the lease is structured on standard commercial terms. We confirm that we are of the opinion that the current. Market Value of the premises on the required basis can be fairly stated as foliows:~ 1. Market Rental Value of the single office, reflecting the current occupational lease. TWO THOUSAND SEVEN HUNDRED POUNDS (?2,700) STERLING Should any of the assumptions contained within this Certificate of Valuation prove incorrect, we reserve the right to reconsider our opinions of value if appropriate. If you require any additional information, then please do not hesitate to contact us. Yours faithfully For DM Hall LLP - Page 2 of 2 APPENDDC 1 SCHEDULE OF PHOTOGRAPHS