Start with what the capital is for.
Income, growth, diversification, a home, a legacy or a single opportunity. Each is examined on its own terms, so the findings answer the question you are actually asking.
What we examine, objective by objective.
The same discipline each time: downside, income, market, and the price paid.
Income is judged by how reliably it is earned, more than by the headline yield. Passing rents are read against market rents, net yield is taken after service charges and vacancy, and the income is tested against the downside.
Questions we ask
- How reliable is the rent, and who pays it?
- What does the asset earn after service charges and vacancy?
- How does passing rent compare with market rent?
- What happens to the income when a lease ends?
Measures
How a finding readsNet yield after service charges sits below comparable assets, and two leases carry most of the rent. The income holds if either is re-let at the passing rent.Illustrative wording.
Growth follows supply, demand, location and the price paid. The evidence covers what has moved values, the supply still to come, and the entry basis set against comparable transactions.
Questions we ask
- What has moved values here, and is it still in place?
- How much supply is due, and when?
- Where does the entry price sit against recent transactions?
- What happens to values if demand cools?
Measures
How a finding readsRecent transactions support the asking price, but further phases of supply are due within the hold. The case holds under steady absorption and weakens if demand cools.Illustrative wording.
Markets, locations and property types are set side by side on the same measures: yield, price and supply. The comparison shows where the relative value sits across asset classes and locations.
Questions we ask
- How do two markets or asset classes compare on yield, price and supply?
- Where does the relative value sit today?
- How does a new asset sit alongside what is already held?
- How liquid is each?
Measures
How a finding readsOffice in the submarket offers the higher yield and the shallower market. Residential offers the deeper resale market at a lower yield.Illustrative wording.
A home assessed as carefully as an asset. The price is set against comparable sales, the location and specification are examined, and the depth of the market for that kind of property is shown.
Questions we ask
- What have comparable homes sold for?
- What do the location and specification support?
- How deep is the resale market for this type of property?
- What does the home cost to hold each year?
Measures
How a finding readsThe asking price sits above the most recent comparable sales. Resale depth for this type of home is thin, which bears on how it is held.Illustrative wording.
Holdings meant to be passed on are judged across a long horizon. The evidence shows how the income holds through cycles, how deep the market is if the family wishes to sell, and how the property compares with the other assets held.
Questions we ask
- How does the income behave across cycles?
- How deep is the market if the family wishes to sell?
- How does the asset compare with the others held?
- What does it rest on over a long horizon?
Measures
How a finding readsThe income held through the softer periods of the market. The asset adds to a concentration the family already holds in one district.Illustrative wording.
For a specific property or project: the downside, the income, the market around it and the entry basis, with a written account of what the evidence shows.
Questions we ask
- What is the downside if the case does not play out?
- What does the asset earn, after costs?
- What does the market around it look like?
- How does the price sit against the evidence?
Measures
How a finding readsThe income covers debt service in the base case and falls short in the downside case. The asking price sits within the range of comparable transactions.Illustrative wording.
Two ways to begin.
An asset is not required to start.
No asset yet
Exploring where to allocate
Share your objective and horizon. The findings show where the evidence points: the areas and asset types that fit, with the prices, yields and risks behind them.
Asset in mind
Weighing a specific asset
Share the property, project or area. The findings cover the downside, the income, the market around it and the price, and what the evidence shows.
