Forensic examination of buiness centers of Sponda

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Forensic examination of buiness centers of Sponda
2 April 2018

In the second half of 2017 the expert of Valrus Ltd. Mr.Pavel Kartsev PhD MRICS was assigned by the judge of the Moscow City Court His Honour Vacheslav Poliga to conduct forensic expertise of the properties belonging to Finnish Investment Company Sponda which owns several high-class office buildings in Moscow. 

The first property (case 3-0964/2017), Meliora Place, is the representative office mansion with a reconstructed historical façade located near to the Garden Ring on the first line of Mira Avenue. It has cadastral number 77:01:0003042:1060. The cadastral value (assessment appraisal) of the property was 1,123,591,038.05 rubles which equals to 234,649 rub. per sq. m. Reduction of the cadastral value of the property for the assessment appeal purpose was 23.3%. 
The second property (case 3a-1928/2017), Ducat Place II, is a modern business center, meeting the highest international quality standards located in the very heart of Moscow near to Tverskaya street and Triumfalnaya Square. It has the cadastral number 77:01:0004012:1021. The cadastral value of the property was 3,999,588,646.67 rubles which equals to 208,293 rub per square meter of the building GBA. Within this case the claimant requests the ourt to set the cadastral value in the amount of the market one by reducing it up to 20.8%. 

To conduct forensic expertise on both cases the lists of experts were submitted on behalf of the claimant and municipal authorities (the Moscow City Property Department). However, the Judge refused the lists of proposed companies and decided to involve Valrus Ltd. as a forensic expert. 
The independent forensic expert examined the case materials, provided personal inspection of the properties and conducted a comprehensive analysis of commercial conditions on a high quality office market in Moscow.   Based on the results of the examination, the expert formed a reasonable and a reliable opinion on the value of both properties. 

Neither the Claimant nor the Moscow City Property Department had any questions concerning forensic examinations carried out for case 3-0964/2017 and 3-1928/2017. Thus, the Court came to positive decisions and satisfied the requests to set the cadastral value of the properties equal to the amount of the market value based on the calculations of Mr. Pavel Kartsev.