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income generating property

    175a single property or multiple properties within a single development which:

      1. (1) is actually used, or is available for use, for residential or commercial purposes;
      1. 175 (2) is located in the United Kingdom;
      1. 175(3) is available for occupancy or occupied by one or more persons who have no relationship with the directors of the relevant property holding vehicle and who pay rent at a commercial rate or a rate reflecting regulated market practice for social and affordable housing; and
      1. 175(4) has been valued by an independent valuer:
        1. 175(a) who is a member of the Royal Institute for Chartered Surveyors; and/or
        1. 175(b) in accordance with the RICS Valuation Standards (The Red Book).