Real Estate, Surveyors & Valuers, Property developer In Nigeria :: Ade Akosile

Property Valuation

This includes valuation of residential buildings, purpose-built office buildings, commercial and industrial complexes with plants and machinery for any of the following purposes among others:

Book (Accounting Purpose): Corporate bodies in the private sector such as banks, insurance bodies and manufacturing companies carry out valuation of their assets with a view to ascertaining appropriate quantum of their investments in real terms for future planning amongst other purposes.
Outright Disposal: Property Valuation serves as a useful guide in the event of outright sale particularly in this crucial era of privatization and commercialization of Government parastatals and other public ventures. It is of equal importance where merger and acquisition are contemplated.
Insurance: There is growing awareness of the necessity to insure real estate investments against fire and any other natural or man-made catastrophe. Against this background, insurance valuation is always required for the purpose of indemnity in the event of disaster.
Compensation Assessment: Compensation arises in the event of compulsory acquisition of land and landed property which can be categorized into land taken, severance, injurious affection and disturbance. The general principle of compensation is that a person whose land is compulsorily acquired is paid fair and adequate compensation as far as money can compensate him so that he will not be better or worse off at the end of the exercise. The 1997 constitution of the Federal Republic of Nigeria was categorical on compulsory acquisition of property and compensation matters. See 43 (1) says “No moveable property or any interest in an immovable property, shall be taken possession of compulsorily in any part of Nigeria except in the matter for the purposes prescribed by a law that among other things:
- Requires the prompt payment of compensation therefore; and
- Gives to any person claiming such compensation a right of access for the determination of his interest in the property and the amount of compensation to a court of law or tribunal or body having jurisdiction in that part of Nigeria.
Furthermore, section 29 of the Land Use Act approves of compensation for the value as at the date of revocation for their unexhausted improvements. The determination or assessment of the compensation payable solely rests on the expertise of the Estate Surveyors and Valuers.

Feasibility and Viability Appraisal

The era of investment without regard to scientific analysis of both the cash flow and capital appreciation is gone for good. Huge investments, particularly in real estate, demand a thorough and painstaking financial appraisal with the aim of determining the cost of investment, cost of borrowing capital (particularly in this period of stagflation), viability of such investment and more importantly, highest and best use of a particular site where competing uses are being contemplated.

Property Management

We undertake the management of various categories of properties ranging from simple residential buildings to high rise office complexes. It is obvious that property owners do not have the time to attend to the myriad of problems from tenants and maintenance commitments and in most cases, do not possess the professional skill to effectively handle such problems as:

Tenant selection: To minimize management headache in the day to day activities of the management surveyors, reliable tenants are preferred and this is a job best left to professionals like us.
Service Charge Administration: The collection and administration of service charge is purely the responsibility of the management surveyor who renders account to the tenant periodically.
Property Maintenance: It is known that the life span of an imposing architectural monument can be prolonged by proper maintenance. To maintain the functional efficiency of the services and of course, the aesthetic value of properties, defects are promptly attended to with the aid of a qualified maintenance crew. Where there are major faults, tenders are invited from big time contractors in relevant fields subject to the approval of our client.

Estate Agency

Estate Agent services can be categorized into two major areas:

Letting: On behalf of landlords, we let out residential, commercial and industrial premises to suitable tenants on an annual basis. We equally source for accommodation for intending tenants on demand.
Sale: In the event of outright disposal, we act as agent either to the vendor or the purchaser. Sale can be carried out either by Private Treaty, Auction or otherwise.

Professional Fees

Our fee shall be in accordance with the scale of charges of the Nigerian Institute of Estate Surveyors and Valuers. However, this aspect is open to further discussion.