Rentable Value Appraisals Of Langley Regional Airport

Rentable Value Appraisal of Langley Regional Airport

Cunningham & RivardAppraisals (Nanaimo) Ltd.

70 Prideaux Street, Nanaimo

Cunningham & Rivard Appraisals (Nanaimo) Ltd.

DISTANCE CHART


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


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


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


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.


Rentable Value Appraisals Of Langley Regional Airport

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