Valuation process used when transferring Jersey College for Girls site (FOI)
Valuation process used when transferring Jersey College for Girls site (FOI)Produced by the Freedom of Information office
Authored by States of Jersey and published on 24 August 2015.
Prepared internally, no external costs.
What was the valuation process used to calculate the value of the Jersey College for Girls site when transferring this to States of Jersey Development Company?
What value was placed on the site?
What part of the value was attributable to the planning permission?
Was there an independent third party valuation commissioned by Jersey Property Holdings?
An independent Red Book valuation was procured by Property Holdings on behalf of the public in accordance with the Asset Transfer Protocol attached to proposition P73/2010.
The site was valued at £1.5 million.
The valuation did not separately identify any value specifically created by the obtaining of planning permission. The valuation reflected the status of the site having obtained planning
approval under planning application ref: P/2013/0337, together with the considerations and
obligations contained therein. The Asset Transfer Protocol sets out the requirement to value the scheme with planning approval obtained in order to ensure that the most up to date position is assessed.