Our clients own a commercial property in Memphis, Tennessee.
They are in dispute with the city about the proposed purchase price of the property by the city.
They would like to work with a valuer who has proven gravitas on providing a better valuation than has been provided by the city.
The property is Raleigh Springs Mall, 3384 Austin Peay Highway, Memphis, TN 38128.
The Mall is still operating with 30% occupancy.
The city have been scaring the tenants out of the mall for 2 years with the threat of closure because they want to spend $30-60 million on a regeneration project. This information is all readily available on the internet.
The depleted income as a result of the city's underhand tactics is circa $200,000 against $700,000 2 years ago.
There are a number of parcels on the site with different owners but we are looking to prove that as a whole:
1) The value of the land alone for a project such as this is significant
2) That the commercial property operating...