The valuation

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This example is of a freehold, 18-hole golf course, generating sales of £500,000, with an ANOP of £50,000. Forecasts have been provided showing sales increasing to £550,000 (ANOP £80,000) in year one; £600,000 (FMOP £110,000) in year two; and so on. There is also a good-quality house included, worth £250,000. No...

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