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Leasehold Investment Valuations

In: A Guide to Institutional Property Investment

Author

Listed:
  • Angus P. J. McIntosh
  • Stephen G. Sykes

Abstract

It is a curious fact of property valuation that freehold and leasehold interests are treated as requiring different approaches. Of course, a freehold valuation capitalises the anticipated income stream in perpetuity, whilst a leasehold valuation deals with a terminable (finite) cash flow. However, this basic difference between the two situations should not lead to any divergence in the valuation techniques applied. After all, a freehold interest may simply be regarded as equivalent to a leasehold with an infinite term. It is not so much the mathematical formulations used to convert the traditional freehold models into leasehold models which are the problem, but really the extraordinary manner in which the models are then applied.

Suggested Citation

  • Angus P. J. McIntosh & Stephen G. Sykes, 1985. "Leasehold Investment Valuations," Palgrave Macmillan Books, in: A Guide to Institutional Property Investment, chapter 10, pages 208-218, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-07154-8_10
    DOI: 10.1007/978-1-349-07154-8_10
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