You are required to carry out a traditional valuation and DCF investment appraisal for the following investments for an investor who is seeking to buy:

1. Office: 4,000 metres squared. This office space is currently let out to an existing client on an IRO basis and this lease was signed at the end of September 2010 for a period of 15 years and there are rent reviews every 5 years.

- Passing rent: $400,000 annually, paid in advance

- 15 car parking space included in this lease

- gross initial yield of 5.75%

- Implied growth rate of 3.25% per annum (only on non-index linked rents)

- CPI of 3% - rate of return 9%.

Additionally, you anticipate that, given the prevailing conditions in the current USA office market, it will take 12 months post the expiration of an existing lease to secure a new tenant of high quality. Additionally, it is imperative to explicitly factor in potential periods of rental income voids. The seller is seeking offers exceeding $15,000,000 for both properties. Also, must account for 6% purchase, 3% disposal cost at end of holding period. Exit yield post refurbishment 4.6%. Also, cannot collect rent during the last year. Valuation date: 4th December 2023. Car parking space = $10,000 each. Please note, the investor seeks to buy the above investment and sell after holding period of 15 years.