Example 2: Where there is a landlord or market intention to refurbish the property
Two examples of model assessments of diminution in value are provided. Both relate to an office building of 10,000 sq. ft.
In Example 1, it is assumed that the hypothetical purchaser would simply carry out the works of repair to reinstate the building to a state of compliance in order to render it suitable for marketing and reletting or sale.
In Example 2, by contrast, it is assumed that the hypothetical purchaser would need to carry out some works of improvement to market the building and that these improvements would render certain works of repair valueless.
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