Every building hasa second price.Know it beforeyou pay it.

Before you make an offer, we take the building apart, check every fact, and test the price ten thousand ways. You learn what it is worth, where to open, and when to walk away, while walking away still costs nothing.

Submit an asset See it done on one building

§ 01The order of things

Everyone you instructworks after youhave decided.

The surveyor, the solicitor, the valuer: each is brought in once a price is agreed, to confirm a decision already taken. Nobody is asked to question the decision itself. That is the whole of what we do.

BeforeWoodyer CapitalWhether to buy at all, and at what price.
Heads of termsThe decisionA price agreed in principle.
AfterEveryone elseOn a building you have already agreed to buy.

§ 02One building, taken apart

Watch one buildinglose £723,000.

A hypothetical building. Scroll, and the price the evidence supports moves as each finding lands. Every finding carries a grade, from A to D.

The asking price

A good building, on paper.

Sixty thousand square feet near the M6, one tenant, refurbished in 2019. The particulars are polished, and the asking price is £8,400,000.

Finding one · the roof

It looks new. The roof is thirty-three.

The 2019 works were walls, lights and offices. The roof is the 1993 original, rusting at the edges, with nine hundred solar panels bolted to it. Under the lease its wear falls to the owner. After completion, that is you.

Cost to put right£268,000B · Corroborated

Finding two · the power

Enough for today. Not for the next tenant.

A modern tenant needs twice the power, and the earliest date for a bigger connection is 2032. This tenant can leave in 2029, and has just opened a larger site forty miles away.

What the risk is worth today£455,000C · Indicative

Who is behind it

The landlord and the tenant share a director.

The rent, £8.50 a square foot, is above the £8.25 buildings like this let for. A rent agreed between related companies may not be what the market would pay, so the Packet flags it and asks: was it agreed at arm’s length?

Rent paid, against the market£8.50 · £8.25A · Documented

The answer

Three figures, and the reasons for each.

What it is worth, where to open, and the price at which to walk away. Settled before you are attached to the building, which is the only time it can be.

Worth: £7.55m – £7.80m
Open at: £7,450,000
Stop at: £7,850,000

How each figure was reached

§ 03What it is worth to you

Three ways it can end.Each is worth morethan the fee.

On the example building, with a fee of £20,500: set before the work begins, and the same whatever the answer.

We say walk away

£62,000

in adviser fees never spent, because you walked before they began.

We say pay less

35×

the fee, returned: £723,000 off the asking price, with the reasons to give the seller.

We say pay the price

+£1.2m

of value to add after purchase, and the certainty to move first.

The only way to lose is not to know.

Worked example on a hypothetical building. Adviser costs are typical figures for a purchase of this size, not quotes. Outcomes depend on the building and on the seller.

§ 04The part nobody else will say

Sometimes the Packet says walk away.Sometimes it says the building is worthmore than they are asking, and thatyou should move before someone else does.

Why would a firm ever tell you to spend more?

Because of how we are paid. The fee is set by the asking price on the day we are instructed, and by nothing else. It does not rise if you pay more or fall if you walk away, and we take no commission from anyone. No answer pays us better than another. That is the whole reason our number is worth having.

WOODYER CAPITALFrom the principal

Nearly everything written about a building is written by someone who is paid when it sells. I founded this firm to be the one voice in the transaction that is not.

The Engine does the work of a large team, and does it thoroughly. But a machine answers to no one for what it concludes, and so it never signs. I read every grade in every Packet before it leaves us, and I put my name to it. Should a figure prove wrong, it is my name that stands beside it.

That is why we accept only as many instructions as I can sign for properly. I would sooner decline a building than put my name to work that falls short.

When your board, your lender or your partner asks how you know, you will have the answer in your hand.

We take fewinstructions.

Only buildings above two million pounds, in England and Wales, where the decision is still open. Every Packet is signed by one person, so we take only as many as can be done properly.

The first step

Begin with a Red-Flag Review.

A fixed read on one building within two working days: whatever would stop us, or stop you. Commission the full Packet afterwards and it is credited in full.

Submit an asset

Read by the principal. Never answered by a machine.