01
Pages 01–04, 07
The Position
The sixty-second read, before a single number is defended. Who the packet is
for, what it will and will not do, and the honest headline on the deal.
- Cover & first impressionAsset, guide price, analytical range and confidence, on one page.
- Mandate & scopeThe exact question asked — and the firm boundary against advice.
- 60-second positionPursue, review, pause or reject, with the single biggest risk named.
- Evidence-confidence systemHow A to D grading works, so nothing weak is dressed as fact.
02
Pages 05–06, 20
The Asset
What you are actually buying, to the metre. The features occupiers pay for —
and the ones that quietly break a deal.
- Specification edgeGIA, site area, eaves, loading, tenure. The real spec, not the brochure.
- HGV operability & yardCan an artic enter, turn, load and leave. Yard depth tested, not assumed.
- Power, drainage & serviceskVA, three-phase, drainage and telecoms — the infrastructure a brochure hides.
03
Pages 08–12
The Market
Where it sits, and who would take it. Region to street to drive-time, mapped
against real supply and real occupier demand.
- Regional & strategic positionMotorways, ports, labour and freight corridors around the asset.
- Micro-location & neighboursEstate quality, access road and the uses next door.
- Drive-time catchment15 / 30 / 45 / 60-minute reach along real roads, not circles.
- Supply, vacancy & demandCompeting stock and the demand pulse behind the rent.
- Occupier universeWho could credibly use it — and how many buyer routes that leaves.
04
Pages 13–17
The Number
What it is worth, and why. Rent and sale evidence built into a disciplined
price range — low, mid, high and the point we walk away.
- Rental evidence & ERVComparable rents, adjusted, into a defensible market rent.
- Sale evidence & yieldWhat buyers paid for similar income, and the yield tone it sets.
- Asking to analytical rangeGuide price bridged to low / mid / high and a walk-away ceiling.
- Lease schedule & reversionPassing rent against ERV, breaks, reviews and WAULT.
- Sensitivity, DCF & IRRWhich assumption moves value most, stress-tested across the hold.
05
Pages 18–36
Risk & The Next Move
The downside, the gates, and exactly what to do next. Where the deal breaks,
what must be verified, and the full trail behind every word.
- Capex, EPC & MEESSurvey scope, energy compliance and the cost a low price can hide.
- Environmental, flood, title & planningThe gates. Green, amber or red — each with who must clear it.
- Covenant, debt & exit liquidityWho pays the rent, who lends against it, and who buys it next.
- Downside case & stress ceilingLower rent, weaker yield, longer void — and where risk turns unacceptable.
- DD list, offer logic & timelineThe request list, offer analysis, execution plan and discussion memo.
- Source log & non-relianceEvery claim traced to a dated source. The full evidence trail.