41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 207
STRATEGIC REPORT
GOVERNANCE
FINANCIAL STATEMENTS
OTHER INFORMATION
2021
Fair value
£m
Valuation
technique
Unobservable inputs
Range
Weighted
average
London –
rental properties
849.8
RICS Red Book Net rental income (£ per week)
Estimated future rent increase (% p.a.)
Net initial yield/Discount rate (%)
£191–£373
3%–4%
3.7%–4.9%
£291
4%
3.9%
Prime regional –
rental properties
992.9
RICS Red Book Net rental income (£ per week)
Estimated future rent increase (% p.a.)
Net initial yield/Discount rate (%)
£144–£235
1%–4%
4.0%–6.3%
£191
3%
4.7%
Major regional –
rental properties
1,263.6
RICS Red Book Net rental income (£ per week)
Estimated future rent increase (% p.a.)
Net initial yield/Discount rate (%)
£62–£173
0%–4%
4.7%–7.0%
£131
2%
5.7%
Provincial –
rental properties
217.1
RICS Red Book Net rental income (£ per week)
Estimated future rent increase (% p.a.)
Net initial yield/Discount rate (%)
£109–£188
1%–4%
5.1%–14.2%
£135
3%
7%
London –
development properties
249.9
RICS Red Book Estimated cost to complete (£m)
Net rental income (£ per week)
Estimated future rent increase (% p.a.)
Net initial yield/Discount rate (%)
£34.0m–£177.3m
£185–£382
3%
3.6%
£126.5m
£289
3%
3.6%
Prime regional –
development properties
48.4
RICS Red Book Estimated cost to complete (£m)
Net rental income (£ per week)
Estimated future rent increase (% p.a.)
Net initial yield/Discount rate (%)
£7.1m–£64.3m
£176–£258
3%
4.0%
£35.9m
£181
3%
4%
Major regional –
development properties
25.8
RICS Red Book Estimated cost to complete (£m)
Net rental income (£ per week)
Estimated future rent increase (% p.a.)
Net initial yield/Discount rate (%)
£33.9m–£45.2m
£171–£213
3%
5.0%
£42.1m
£172
3%
5%
Net rental income (£ per week)
Estimated future rent increase (% p.a.)
Discount rate (%)
£95–£185
3%
6.8%
£144
3%
6.8%
Fair value at
31 December 2021
Investment property
(leased)
Fair value at
31 December 2021
3,647.4
97.7
3,745.1
Discounted
cash flows
205
