Rentable Value Appraisals Of Langley Regional Airport
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Transcript of Rentable Value Appraisals Of Langley Regional Airport
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Rentable Value Appraisal of Langley Regional Airport
Cunningham & RivardAppraisals (Nanaimo) Ltd.
70 Prideaux Street, Nanaimo
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Cunningham & Rivard Appraisals (Nanaimo) Ltd.
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Cunningham & Rivard Appraisals (Nanaimo) Ltd.
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DISTANCE CHART
Cunningham & Rivard Appraisals (Nanaimo) Ltd.
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Industrial Land ValueAirport Lease Rate Comparison Table
Location Industrial Land Value per acre
Airport Land Rent Rateper square foot
Langley 1,000,000 $0.28
Victoria 1,000,000 $0.43
Kelowna 750,000 $0.31
Chilliwack 600,000 $0.25
Nanaimo 500,000 $0.17
Campbell River 200,000 $0.17
Average industrial land values and airport land rental rates
Cunningham & Rivard Appraisals (Nanaimo) Ltd.
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Overview
• The aviation industry acts independently of other industries1. Aviation lands are not industrial lands2. Aviation lands have established themselves
within their own land use category
Cunningham & Rivard Appraisals (Nanaimo) Ltd.
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Overview
• Land lease rates are driven by supply/demand factors critical to the aviation industry as follows:-1. Proximity to large urban areas2. Proximity to surrounding aviation service market3. Availability of airfield lands4. Capability/capacity of facilities
• Langley is exceptionally well positioned (location) to capitalize on growth of non-fixed wing aviation industries
Cunningham & Rivard Appraisals (Nanaimo) Ltd.
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Cunningham & Rivard Appraisals (Nanaimo) Ltd.
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Rate of Return Lease Rate Comparison Table
Location Existing Land Rent Rate per sq ft
2009 Rate of Return Rent
1999 Rate of Return Rent
Langley $0.28 $1.37 $0.34
Victoria $0.43 $1.37 $0.34
Kelowna $0.31 $1.03 $0.26
Chilliwack $0.25 $0.83 $0.21
Nanaimo $0.17 $0.69 $0.17
Campbell River $0.17 $0.28 $0.07
The existing land rent rates are established by the open (free) aviation industry land rental market. The rate of return rents are calculated at 6% of average industrial land values at 2009 and 1999.
Cunningham & Rivard Appraisals (Nanaimo) Ltd.