LETMAL/VAL/sub717subA/378

VALUATION REPORT
ON

SUBDIVISION NO. 717 OF

SUBDIVISION A OF FARM NO.
378a,
AVONDALE,
LUSAKA.

VALUATION SERVICES DIVISION

Plot 1728M +260 964 891381
Main Street, Ibex Hill +260 966 641430
Lusaka, Zambia [email protected] +260 976 677722
LETMAL/VAL/sub717subA/378

VALUATION SERVICES DIVISION

Plot 1728M +260 964 891381
Main Street, Ibex Hill +260 966 641430
Lusaka, Zambia [email protected] +260 976 677722

LETMAL/VAL/sub717subA/378

Mr Micheal Mickey Perry Bushe

Lusaka.

Dear Sir,

Re: REPORT AND VALUATION ON SUBDIVISION NO. 717 OF SUBDIVISION A OF FARM

NO. 378a AVONDALE LUSAKA, ZAMBIA.
We refer to the verbal instructions to undertake the valuation of the above property herein
referred to as SUBDIVISION NO. 717 OF SUBDIVISION A OF FARM NO. 378a
AVONDALE LUSAKA. We are pleased to report that the property was inspected and the
report is as follows:
PURPOSE OF VALUATION:

To ascertain the Current Open Market Value of the subject property.

OWNERSHIP AND TENURE:

Upon examination of Certificate of Title number L1931 availed to us by the CLIENT, it

was discovered that ownership vests in favor of Michael Bushe who holds a leasehold of
the unexpired residual term of 100 years effective 1st July 1975.

SITE AND LAND EXTENT:

This is a residential piece of land enclosed in a four (4) sided concrete block wall
measuring approximately 1210 square meters ( 0.3 acres) in total extent and entrance is
via a sliding steel gate.

EDDIE. G. BANDA – RVS, FSIZ, MIV, RPM, MRICS, IRRV⁸ – Hons (LONDON)
LETMAL/VAL/sub717subA/378

SITUATION/LOCATION

The property is located approximately 14 kilometers from the Central Business District
about 600meters off tarred Simon Mwansa Kapwepwe Road in Lusaka’s Avondale area.
See location map below:
LETMAL/VAL/sub717subA/378

DATE OF INSPECTION:

The property was inspected on 3rd August 2023 by Leon Abraham Banda.

CURRENCY:

The values are expressed in Kwacha which is the country’s Legal Tender.

TENANCY

The property is tenanted.

PROPERTY TYPE

Residential.

BUILDINGS

The property consists of the main house.

CONSTRUCTION:

Single storey building constructed of asbestos roof resting on sawn timber frames
internally underlain with ceiling. The walls are of concrete block and partly burnt brick,
plastered and painted internally and rendered and color washed externally. Steel framed
and fully glazed windows to the entire building suitably burglar barred. Timber doors in
steel door frames to external entrances and flash doors in steel door frames to internal
entrances. External entrances suitably burglar barred. The floors are partly vinyl tiled and
the remainder is cement sand screeded. Kitchen fitted with single bowl stainless steel
sink. Bathroom fitted with wash hand basin, bath tub and water closet.

ACCOMODATION COMPRISES:

Veranda under main roof; lounge cum dining room; kitchen; bedroom 1, 2 and 3 with built-
in-cupboards except 1.

GROSS EXTERNAL AREAS:

Main building: 99.87 square meters

Veranda: 14.31 square meters
LETMAL/VAL/sub717subA/378

SERVICES:

The property is serviced with electricity by ZESCO Mains. Water supply and sewage
disposal by Lusaka Water and Sewerage Company. Tarred road frontage.

CONDITION:

We did not carry out a structural survey nor did we inspect road work or other parts of the
property which are covered, unexposed or inaccessible and such parts were assumed
to be in a fair state of repair. The report does not purport to express an opinion about or
advice upon conditions of the uninspected parts and should not be taken as making
implied representation or statement about such parts. However, at the time of inspection
the land and improvements were found in good condition with no patent defects apparent.

EASMENTS:

There are no restrictive covenants that we came across during our inquiries.

TREND IN THE NEXT THREE (3) YEARS:

The property is located in Avondale residential area with medium cost dwelling houses. It
is anticipated that in the next three years values in the area will rise by not less than 10
percent of the current market value.

GENERAL REMARKS / COMMENTS:

The property valued represents a medium cost house in fair condition. The improvements
have an archaic design and wall finishes. The property has been valued on the basis of
REBUS SIC STANTIBUS There is an increasing demand for properties in the area for both
rental and sale purposes.

VALUATION ASSUMPTIONS / CONSIDERATIONS:

In aiming at the Current Market Value of the subject property, we have taken into account
the following factors:

i. the supply and demand of the subject property in the area

ii. the location factor

iii. the type of land

iv. the condition and state at the time of survey and valuation
LETMAL/VAL/sub717subA/378

BASIS OF VALUATION

Both rental and capital value methods of valuation were used to arrive at the current
open market value. Open Market Value is defined as an opinion at which the best price
an interest in property would have been completed unconditionally for cash consideration
at the date of valuation, assuming:

a. a willing seller

b. that prior to the date of valuation, there had been a reasonable period
(having regard to the nature of the property and the state of the market) for
proper marketing of the interest, for the agreement of the price and terms and
completion of the sale

c. that the state of the market, level of values and other circumstances, on any
earlier assumed date of exchange of contract, the same as on the date of
valuation

d. that no account is taken on any additional bid by a prospective purchaser

with special interest and;

e. that both parties to the transaction had acted knowledgeably, prudently and
without compulsion.

PROVISO:

i. this report is partly based on verbal information supplied to us by the

CLIENT.

ii. the report is provided for the sole use of the CLIENT to whom it is addressed.
It is therefore private and confidential and maybe be availed to the advisor
and close associates only.

iii. consequently and in accordance with the current practice, no responsibility is

accepted to any third party in respect of the whole or any part of the report.
LETMAL/VAL/sub717subA/378

VALUATION

Considering the above stated facts and data, taking into account the state of the market
and prevailing market values of similar properties in the area:

OPEN MARKET VALUE:

The open market value of the subject property is ZMW 764 700 (Seven Hundred and
Sixty Four Thousand Seven Hundred Kwacha)

DATE OF VALUATION

3rd August, 2023 being the date when the property was inspected.

Yours Faithfully,

LETMAL INVESTMENTS LTD

REGISTERED VALUATION SURVEYORS

EDDIE. G. BANDA – RVS, FSIZ, MIV, RPM, MRICS, IRRV – Hons (LONDON)
PRINCIPAL CONSULTANT/VALUER
FRONT VIEW

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REAR VIEW

9
KITCHEN

10
BATHROOM

11