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The Asset Intelligence Packet

One building, taken apart.

A report on one building, commissioned before you make an offer. It runs to fifteen parts, tests the price ten thousand ways, grades every claim, and is signed by one person.

Scroll to open an example

Part 01 of 15

The verdict

What it is worth, where to open and where to stop, on the first page, before anything else.

Example Packet WC-0001 · a hypothetical building

§ 01What it is

An instrument,not a report.

A report describes. A Packet decides. It opens with its conclusion rather than burying it: the position comes first, and everything after it is there so that it can be checked.

It is commissioned before heads of terms, while the answer can still be no, and paid for on a fee that does not depend on what the answer turns out to be.

  1. 01The verdictWhat it is worth, where to open and where to stop, on the first page, before anything else.
  2. 02VerificationEvery value-critical fact, plotted by the strength of its source and whether a named person checked it.
  3. 03The argumentThe position a board or a lender can read in five minutes, with every figure traceable.
  4. 04From asking price to valueThe bridge from the price asked to the price supported: every step with its evidence, its grade and its cost.
  5. 05Value at every yieldHow much the value moves for each quarter-point of yield, so no single number hides the sensitivity.
  6. 06Ten thousand outcomesThe building run ten thousand times: the chance the asking price is right, and how wrong it could be.
  7. 07The buildingFloor area, height, doors, yard, power and the condition of every major part.
  8. 08The settingEvery place that matters to the building, timed and graded.
  9. 09The incomeThe tenant’s chance of failing, read from its own accounts; the lease, costed clause by clause; and the loan tested year by year.
  10. 10The marketSales and lettings, each admitted or refused on stated rules; new supply, rental change, and who would buy it from you.
  11. 11The deal clockBreaks, reviews, loan dates and repairs on a single axis, so that collisions show.
  12. 12Risks, pricedEvery material risk with a probability, a price, an owner and a date; and the crashes of 2008, 2020 and 2022, replayed.
  13. 13The negotiation briefThe seller’s lowest price as a curve, the rival bidders simulated, the opening offer, and what to say to every reply.
  14. 14The call sheetThe open questions, ranked by what each answer is worth in pounds, with the person to call and the words to use.
  15. 15The evidence logWhat every conclusion stood on, on the day the Packet was signed.

Depth follows doubt. A clean asset produces a shorter Packet, and that is correct. A settled point takes one line; an open one that could move the price by hundreds of thousands takes as long as it needs.

The mathematics under every part: the models

§ 02The negotiation brief

What they will say.What you say back.

The brief opens with our own weaknesses, said before the seller can say them. Then every argument the other side will make, the reply, and the grade of the evidence behind it.

  1. Our weakness, first

    We have not been on the roof. Say it before they do: the finding rests on the 2019 specification and photographs from the air, and one survey would settle it. Invite them to commission it.

  2. They sayThe building was refurbished in 2019.

    You sayThe walls, lights and offices were. The roof sheets are the 1993 originals. A · Documented

  3. They sayThe tenant is responsible for repairs.

    You sayOnly up to the condition recorded in 2019. The age of the roof was already in it. A · Documented

  4. They sayOther buyers are not asking for this.

    You sayThen they will find it after exchange. We are offering certainty now, at £7,450,000. B · Corroborated

Watch the whole exchange, played on the board

§ 04What it costs

Less than one per centof the asking price.Always.

The fee is set by the asking price on the day of instruction and by nothing else, on a published scale. It is never more than one per cent of the asking price, and on most buildings it is a fraction of that.

What else a buyer pays, on a £10 million warehouse in England

Stamp duty£489,500
Agents, lawyers and VAT, typicallyabout £190,000
The Packet, at the very mostunder 1%

Purchase costs of 6.8% are the standard assumption in UK investment valuations. Stamp duty is on the non-residential rates. The Packet’s scale is published in full on the instruction page; it is not quoted, discounted or negotiated.

What the example Packet found, against what it cost

£20,500The fee
£723,000Taken off the price before exchange
£1,200,000Added by the plan after purchase
£62,000Kept, if the answer had been walk away

Example Packet WC-0001, on a hypothetical building. Every figure is worked on the Firm page and on the models.

Every other cost of buying is paid after you have decided. This is the one that can still change the decision.

§ 05Its limits

What it willnot tell you.

Whether it is sound
That is a building surveyor’s work. Where condition moves the value, the Packet names it and says who to instruct, and what to ask them.
Whether the title is clean
That is your solicitor’s. The Packet reads what matters in it; it does not advise on the law.
A valuation for lending
A lender needs a formal valuation by a qualified valuer. A Packet is not that, and does not claim to be.
Anything unverified as fact
Never. What could not be established is shown as open, with what it would take to close it.

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