In October 2020, Valrus Ltd., as determined by the Moscow City Court, conducted a valuation forensic examination of three non-residential premises on Trade Union Street. The court asked the expert questions about the market value of these three premises as of 01.01.2018.
After reviewing the materials, the expert found that the object of the study includes premises of various functional purposes:
-
office premises of the business center "CherryTower";
-
retail premises of the Cheryomushki shopping center;
-
storage facilities located in the basement of the Cheryomushki shopping center;
-
parking spaces in a closed parking lot on the 4th floor of the building and in an open parking lot located on the operated rooftop of the 4th floor;
-
the premises of the car service on the 4th floor of the building.
Therefore, in order to conduct a qualitative examination of the value of the studied real estate objects and obtain the correct result, our expert studied in detail the floor plans of the studied objects and the register of tenants. Then he carried out a photo fixation of non-residential premises, and put the location of the tenants on the floor plans. The conclusion is that tenants of retail premises of the Cheryomushki shopping center, as a norm, rent premises with an area of up to 100 sq. m. m or more than 200 sq. m .
The valuation of the studied non-residential premises was carried out using a income approach. A separate basic rental rate was calculated for each type of premises. For retail premises, the rental rate was calculated separately for premises with an area of up to 100 sq. m. with an area of more than 200 sq. m. Further, the calculated rental rate was adjusted for the floor and the size of the area to bring it to the actual size of the leased area.
According to such a thorough and detailed analysis, depending on the types of premises included in the studied facilities, the net operating income from the operation of the studied non-residential premises and their market value were calculated.
As a result, the total market value of the studied objects amounted to 8.8 billion rubles and turned out to be 28% lower than the cadastral value of the studied objects. And also 30% higher than the market value of the studied objects, which the plaintiff asked to set as the cadastral value in his administrative statement of claim, which he initially applied to the Moscow City Court.
In its decision, the court of first instance, determining the size of the cadastral value, gave preference to the result obtained by an expert of Valrus Ltd. in the framework of a valuation forensic examination.
However, the plaintiff (he is also the owner of a non-residential building) sent an appeal to the court of appeal against the decision of the court of first instance. The judicial board, having considered the materials of the court case, did not additionally appoint an examination, but approved the decision of the court of first instance and established the cadastral value of the objects under investigation in the amount obtained as part of the forensic examination conducted by an expert from Valrus Ltd.