rentable value appraisals of langley regional airport
DESCRIPTION
Presentation to Langley Township Council by Dave Kirk regarding rental rates at Langley Regional Airport April 6, 2009.TRANSCRIPT
Rentable Value Appraisal of Langley Regional Airport
Cunningham & RivardAppraisals (Nanaimo) Ltd.
70 Prideaux Street, Nanaimo
Cunningham & Rivard Appraisals (Nanaimo) Ltd.
Cunningham & Rivard Appraisals (Nanaimo) Ltd.
DISTANCE CHART
Cunningham & Rivard Appraisals (Nanaimo) Ltd.
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.
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.
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.
Cunningham & Rivard Appraisals (Nanaimo) Ltd.
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.