AN online property valuation service was launched last week by chartered surveyors CDLH – and it won’t cost users a penny.
Quick Val, which can be accessed on the surveyors’ website (www.cdlh.co.uk), is designed to provide operators with an approximate value for their pub, restaurant or hotel business.
Developed by Alan Creevy and Peter Darroch, who founded CDLH last October, the free service provides an estimated valuation based on key criteria, including the premises’ size, location and income.
Having initially invested £12,000 to develop its website – which features individual secure ‘data rooms’ for each property and a ‘purchaser matching requirements’ system – Creevy said a further £4000 was spent to add the Quick Val service.
He’s convinced the addition will be welcomed by the trade.
“One area which has eluded potential vendors, purchasers, accountants or, indeed, owners, is what may be the approximate value of their hotel, public house or restaurant,” he said. “Peter Darroch and I have 45 years’ experience between us in valuing hotels, public houses, restaurants and other leisure properties mainly for banks and other lenders.
“We thought we would put this experience to good use and ask our web designers to create a value estimate section on our website, which is free and open to all users.”
While he stressed that Quick Val does not provide a formal valuation, Creevy told SLTN it can give operators considering selling a “starter for ten” as to the value of their business.
“Clearly it is not possible to provide a detailed and accurate valuation with only limited trading information,” he added.
“However, we have found a way to break down premises by likely size, location and income and use these inputs through various ratios, which actually can give very accurate results in many instances.
“The system allows us to update the ratios on a quarterly basis and, therefore, the Quick Val calculation will be kept up to date at all times.
“Quick Val allows the user to spend a couple of minutes in-putting data and the resultant figure gives an approximate guide as to the possible value of their business.”