Context

• LocatED is an arms-length body to the Department for Education. It is responsible for buying and developing sites in England to support the provision of education and help deliver new schools.
• We were instructed to provide valuation advise to LocatED on the proposed purchase of a site situated half a mile south of the Canary Wharf Business District in order to demonstrate that they were not over paying for a site which was to be transferred from a developer as part of a S106 Agreement. 

Our Approach

• We prepared a Red Book Valuation on a residual basis considering education and as well as the most likely high value alternative use of residential.
• This was a complex site with a residual value over £10m.

The Results

• Our valuation allowed LocatED and the Department of Education to reach agreement with the London Borough of Tower Hamlets.
• We were subsequently instructed to value the temporary College which occupies purpose built offices in the nearby Selsdon Way.