Freehold Property Valuations
Science Group plc owns two freehold properties which house the majority of the Group’s employees. As advised at the time of the release of the Group’s results on 28 February 2018, the Board has undertaken a formal independent valuation of these properties. This is consistent with the Board’s 5 year review period but aligning both properties onto the same valuation schedule.
Each property has been valued on several models :
- Market Valuation, including third party tenants but excluding Science Group;
- Vacant possession, assuming a reasonable period to find a purchaser but with no tenancies;
- Sale and leaseback model, based on Science Group providing a 15 year lease at current market rental rates.
It should be emphasised that the Board has no intentions of making any changes to current operations or ownership of the properties and this is a financial valuation exercise to ensure the Group’s assets are managed appropriately.