Every building hasa second price.

Before you make an offer, we test the building’s price ten thousand ways against the evidence. You go in knowing what it is worth and the figure at which you walk away, while walking away still costs you nothing.

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Everyone you instructworks after youhave decided.

Your surveyor, your solicitor and your valuer are each brought in once a price has been agreed, which means every one of them is confirming a decision that has already been taken and nobody in the deal is instructed to question it. Questioning it is the whole of what we do.

BeforeWoodyer CapitalWhether to buy at all, and at what price.
Heads of termsThe decisionA price agreed in principle.
AfterEveryone elseOn a building you have already agreed to buy.

Watch one buildinglose £723,000.

The building below is hypothetical, and as you scroll the price the evidence supports moves with each finding, every one of which carries a grade from A, documented, to D, an assumption.

The asking price

On paper, this is a good building.

It has sixty thousand square feet near the M6, a single tenant and a refurbishment in 2019, and the particulars are polished enough to carry an asking price of £8,400,000.

Finding one · the roof

The building looks new, and the roof is thirty-three years old.

The 2019 works covered the walls, the lights and the offices and left the 1993 roof in place, rusting at its edges, with nine hundred solar panels bolted to it. Under the lease its wear falls to the owner, which from the day of completion means you.

Cost to put right£268,000B · Corroborated

Finding two · the power

The power suits today’s tenant and will not suit the next one.

A modern occupier needs twice the supply, the earliest date offered for a bigger connection is 2032, and the tenant, who can leave in 2029, has just opened a larger site forty miles away.

What the risk is worth today£455,000C · Indicative

Who is behind it

The landlord and the tenant share a director.

The rent of £8.50 a square foot sits above the £8.25 that buildings like this let for, and a rent agreed between related companies may not be what the market would pay, so the Packet flags it and puts whether it was agreed at arm’s length on the call sheet.

Rent paid, against the market£8.50 · £8.25A · Documented

The answer

The answer is three figures, each with its reasons.

You leave with what the building is worth, the figure to open at and the price at which to walk away, all settled before you are attached to the building, which is the only time anyone can settle them honestly.

Worth: £7.55m – £7.80m
Open at: £7,450,000
Stop at: £7,850,000

How each figure was reached

Whichever way it ends,the Packet is worthmore than its fee.

On the example building the fee is £20,500, set before the work begins and the same whatever the answer.

We say walk away

£62,000

in adviser fees never spent, because you walked before they began.

We say pay less

35×

the fee, in the £723,000 the evidence takes off the asking price on the example, with the reasons to hand the seller.

We say pay the price

+£1.2m

of value to add after purchase, and the certainty to move first.

The only position that costs money is the one where you never knew.

Worked example on a hypothetical building. Adviser costs are typical figures for a purchase of this size and are not quotes. Outcomes depend on the building and on the seller.

Sometimes the Packet says walk away.Sometimes it says buy before someone else does.

A firm can only tell you to buy when it is paid the same either way.

Our fee is fixed by the asking price on the day you instruct us. It does not rise if you buy or fall if you walk away, and we take no commission from anyone.

WOODYER CAPITALFrom the founder

Nearly everything written about a building is written by someone who is paid when it sells. I founded this firm to be the one voice in the transaction that is not.

The Engine does the work of a large team, and does it thoroughly. But a machine answers to no one for what it concludes, and so it never signs. I read every grade in every Packet before it leaves us, and I put my name to it. Should a figure prove wrong, it is my name that stands beside it.

That is why we accept only as many instructions as I can sign for properly. I would sooner decline a building than put my name to work that falls short.

When your board, your lender or your partner asks how you know, you will have the answer in your hand.

We take fewinstructions.

Only buildings above two million pounds, in England and Wales, where the decision is still open. Every Packet is signed by one person, so we take only as many as can be done properly.

The first step

Begin with a Red-Flag Review.

A fixed read on one building within 48 hours, covering whatever would stop us or stop you, and credited in full if you go on to commission the Packet.

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Every enquiry is read and answered by the founder himself.