Rating Manual section 6 part 3: valuation of all property classes

Section 137: bowling centres (indoors)

This publication is intended for Valuation Officers. It may contain links to internal resources that are not available through this version.

1. Scope

This instruction applies to all standalone indoor bowling centres.

Indoor bowling centres that form part of a larger multi-use property should be valued in accordance with the instructions that apply to that particular class of property.

An indoor bowling centre may be purpose-built or converted from a former industrial property. It will typically comprise a single green with a number of rinks; it will incorporate a range of ancillary accommodation which will include changing and toilet accommodation, facilities for disabled people, foyer / reception, lounge / bar area, viewing area, kitchen, office / meeting rooms and stores. The amount of ancillary accommodation will normally vary having regard to the size of the facility but typically one would normally expect the ancillary accommodation to represent a third of the playing area or approximately 25% of the total area. The centre should also possess or have access to dedicated car parking areas.

2. List description and special category code

Primary Description: LX List Description: Indoor Bowling Centre and Premises Scat Code: 029 Scat Suffix: S

3. Responsible teams

This is a specialist class of property, to be valued by Specialists in each Business Unit.

4. Co-ordination

The Class Co-Ordination Team has overall responsibility for the co-ordination of this class. The team is responsible for approach, accuracy and consistency of valuations. The team will deliver Practice Notes describing the valuation basis for revaluation and provide advice as necessary during the life of the rating lists. Caseworkers and referencers have a responsibility to:

  • follow the advice given at all times
  • not depart from the guidance given on appeals or maintenance work without approval from the co-ordination team
  • seek advice from the co-ordination team before starting any new work

Other than planning and adherence to the provisions of the Licensing Act 2003 no specific legal framework is believed to exist for this class of property.

6. Survey requirements

The property should be measured to net internal area (NIA), in accordance with the VOA Code of Measuring Practice.

The survey should record details of construction (including construction of the green itself), the number of rinks, full details of all ancillary accommodation, the number and surface quality of car parking spaces and a description of the locality / immediate competition.

Where the property generates additional sources of income from non-bowling related activities for example, car parking charges, car boot sales, snooker rooms and room hire charges, full details should be obtained so that the value of this additional revenue can be reflected in the valuation.

A detailed breakdown of membership numbers (male, female, non-playing), the membership age profile, the fee structure and the extent of any waiting list should also be obtained.

7. Survey capture

Surveys and plans should be stored in the property folder of the Electronic Document Records Management (EDRM) system

8. Valuation approach

The rental method of valuation is the basis of valuation that should be used for this class of property.

Properties on which a Key Rent has been identified should be inspected.

Rents should be analysed on an overall price per rink basis. The value of any rateable tenant’s improvements will need to be reflected in the analysis. Where a local authority is the landlord, all relevant facts including their policy of granting rate relief will need to be considered as this may affect the level of rent agreed by the club.

When preparing a valuation consideration of all the rental evidence over a wide geographical area may prove necessary in order to assess its reliability.

When deciding where within the range of value a particular club should fall all factors should be taken into account including the positive and negative factors set out below:

Positive factors:
  • modern, purpose built or good quality converted building, with adequate heating, ceiling height and insulated roof
  • location close to or in large centres of population, and easily accessible
  • adequate private or shared parking (4 spaces per rink) / availability of free on-street parking
  • good quality bar / restaurant and viewing facilities
  • adequate changing facilities
  • relatively high number of playing members per rink
  • lack of competing centres within the locality;
Negative factors:
  • old building, or poorly converted centre, without adequate heating, ceiling height or insulation;
  • poorly located in sparsely populated area;
  • lack of private parking, or no cheap or free public parking close by.
  • lack of bar / restaurant and inadequate viewing facilities;
  • inadequate changing facilities;
  • relatively low number of playing members per rink;
  • high level of competition from other indoor bowling centres in the locality;

Where an indoor bowling centre is characterised by all or most of the positive factors listed above this will suggest a value at or toward the top of the relevant range; where it is characterised by all or most of the negative factors this will suggest a value at or toward the bottom of the relevant range.

9. Valuation support

All valuations for the 2017 Rating List should be entered onto the Non-Bulk Server (NBS) (Class - Other Non Contractors (Scat Code 029)).

Other support available:

  • Survaid

  • Class Co-ordination Team

Practice Note 1: 2017 - bowling centres (indoor)

1. Market appraisal

Between 2008 and 2015 the total number of indoor bowling clubs has remained relatively static. The total number of participants has however continued to decline and this, allied to increased operating costs, has put pressure on club finances.

In an attempt to attract more participants into the sport and help safeguard its future, Bowls England has partnered with the English Indoor Bowling Association Ltd to form the Bowling Development Alliance (BDA).

Funded by Lottery grants and Sports England, the BDA is proving to be successful in encouraging increased participation in the sport. Between April 2013 and April 2015 there was a total increase in participants of 4,750.

There appears to be a general optimism that this upward growth in participation will be maintained and that the numbers of younger and over 55 years participants will continue to increase. This trend and close pro-active management to control outgoings should help to stabilise the sport and secure its viability for the future.

2. Changes from the last practice note

Two alternative methods of valuation were referred to in the 2010 List Practice Note. One method which involved the use of a formula to assist in the valuation of the ancillary accommodation by converting the accommodation to a factor in terms of ‘R’ was an approach that in practice was little used. The approach adopted relativities that were first established for the 1995 Rating List but does not accord with current market practice and for the purposes of the 2017 Rating List this method of valuation should no longer be used.

3. Ratepayer discussions

There have been no 2017 List discussions on this class of property.

4. Valuation scheme

The recommended valuation approach is to adopt an overall price per rink which reflects the location and physical characteristics of the property. The value to be adopted should be derived from an analysis of the available rental evidence.

The value of the ancillary accommodation including car parking is deemed to be reflected in the price adopted and no further adjustment will be required providing the size and type of this accommodation is commensurate with the number of rinks being valued.

Where a property generates additional sources of income from non-bowling related activities (for example, car parking charges, car boot sales, snooker rooms and room hire charges) or where the bar /catering income is reflective of a high social club element, the benefit of these additional income streams will need to be included and reflected in the valuation.

External facilities such as outdoor greens should be valued separately and the resultant figure added to the valuation.

Practice Note 1: 2010 - bowling centres (indoor)

1. Co-ordination

This is an SRU Class. Responsibility for ensuring effective co-ordination lies with the Specialist Rating Units. For further information see Rating Manual: section part 1.

Special Category Code 029 should be used. As an SRU class, the appropriate suffix letter should be S.

2. State of the sport

Since the mid 1990s indoor bowling clubs generally have been losing members at a faster rate than they have been gaining new ones. This is due mainly to new clubs opening and taking members from older established clubs with poorer facilities, but also it is a result of the number of new indoor bowlers not keeping pace with the number retiring. This has not been the case for every club, but the general trend is of lower playing members per rink. This trend has continued since 2003.

There are currently over 330 Clubs in England being a mixture of privately owned, members’ and Local Authority administered Clubs, with a combined membership of 110,000 men and 54,000 women. The age profile ranges from as young as 7 to 80 years plus.

In 2002/3, the average number of members per rink for clubs in England and Wales was just under 90. The design guidance produced by Sport England in November 2005 states that the expected membership for a club should be between 80 and 100 members per rink. In the late 1990’s The English Indoor Bowling Association recommended 125 members per rink as being a maximum comfortable membership and many clubs had waiting lists on that guidance. This illustrates the fall in members since that time.

3. Previous rating lists

In 1997, as a result of 1995 list discussions with the English Indoor Bowling Association, a method of valuing each Club on a price per rink derived from rental evidence was agreed. A formula was devised to reflect the ancillary accommodation in different centres, converting the accommodation “in terms of R” (where 1R = 1 rink). In effect, where an indoor bowling club had the usually associated ancillary accommodation, the formula made a 12.5% addition to the basic RV/rink price.

For the 2000 list this approach was continued, although in many cases valuations were on an overall RV per rink reflecting ancillaries (albeit made up as a basic price plus an addition for ancillary accommodation, normally 12.5%) rather than specifically converting the accommodation “in terms of R”.

For the 2005 List this approach continued.

Generally, RVs of indoor bowling centres changed very little between the 1995 and 2000 lists and slightly fell for 2005.

4. Revaluation 2010 - valuation guidance

The recommended approach, as for the previous lists, is to apply a price per rink. Where a detailed survey has not been made “in terms of R” an overall price per rink should be adopted. This overall price will be based on a basic price per rink, as below, with an addition for ancillary facilities which will vary with their quality and extent.

Detailed guidance on converting ancillary areas ”in terms of R” is set out in Appendix 1. During the 1995 list discussions the EIBA provided their view on the area of each type of ancillary facility required per lane. In practice it has been found that the majority of indoor bowling clubs have ancillary areas in excess of those figures. Consequently, the recommended approach to ancillary facilities is to add 12.5% to the basic rink price where these facilities are of a size and type commensurate with the size of the club. Where there are additional facilities, such as extra meeting or function rooms (sometimes hired out for external meetings, functions, playgroups etc) an addition of more than 12.5% should be made. Conversely, where the facilities fall short of what would usually be expected for a club of that size and type a smaller addition should be made.

Having regard to current Sport England design guidance one would expect ancillary accommodation to represent approximately a third of the playing area or somewhere in the region of 25% of the total area. This is for a modern purpose-built club, but will in practice have been the ratio for many clubs built in the 1990’s.

Whilst this modern design guidance may indicate the 12.5% standard addition may not be sufficient, bearing in mind the fall in membership and static rents, it is recommended there should be little change from the 2005 List.

Additional facilities such as outdoor greens should be added to the valuation having regard to the level of value adopted for separately assessed similar facilities.

The recommended range for the basic price per rink (“R”), before addition for ancillaries, derived from consideration of rental evidence over the country as a whole, is set out in the table below:

SRU

Range of Values (£/Rink)

 
 

From

To

Northern, Wales & Western

3250

4750

Eastern; Southern (excluding London)

3250

5000

Southern (London)

3750

5250

These values exclude ancillary accommodation, which should be added in accordance with the forgoing principles.

The value ranges represent an approximate guide and are likely to vary having regard to local circumstances.

When deciding where within the range a particular club should fall all factors should be taken into account, including the positive and negative factors set out below:

Positive Factors:
  • modern, purpose built or good quality recently-converted building, with adequate heating and insulated roof
  • location close to or in large centres of population, and easily accessible
  • adequate private or shared parking, the EIBA recommended 4 spaces per rink during the 1995 List discussions
  • good quality bar/restaurant and viewing facilities
  • adequate changing facilities
  • relatively high number of playing members per rink
  • lack of competing centres within the locality

Negative factors:

  • old building, or poorly converted centre, without adequate heating or insulation
  • poorly located in sparsely populated area
  • lack of private parking, or no cheap or free public parking close by
  • lack of bar/restaurant and inadequate viewing facilities
  • inadequate changing facilities
  • relatively low number of playing members per rink
  • high level of competition from other indoor bowling centres in the locality

Where an indoor bowling centre is characterised by all or most of the positive factors listed above this will suggest a value at or toward the top of the relevant range; where it is characterised by all or most of the negative factors this will suggest a value at or toward the bottom of the relevant range.

Indoor bowling centres - guidelines for ancillary facilities

1. Introduction

The guidance below was originally produced for the 1995 valuation list and gives details of the calculation of Indoor Bowling Facilities in terms of “R” (rink equivalents).

Definition: “Ancillary facilities” are those occupying all other space at a Centre (whether internal or external) apart from the bowling rinks. They are most commonly represented as:

  • changing rooms
  • lounge/bar/dining areas
  • kitchen
  • office/meeting rooms
  • stores
  • viewing area
  • car parking

In the following notes “ancillary accommodation” is used to denote internal ancillary facilities.

Representatives of the English Indoor Bowling Association have stated that they do not consider that the following methods of treating ancillaries produce fairness:

a. Valuing Centres “overall per rink” [i.e. regardless of variations in the provision of ancillary facilities] because it would produce the same value for an 8-rink centre without any facilities as for an 8-rink centre having full facilities.

b. Leaving local valuers to decide differentials in terms of the proportion of total value, or the level of value, to be allocated to ancillaries. This is because of the potential for wide variations in value due to different personal opinions.

c. Using a purely “flat rate” approach, for example: “all car park spaces to be valued at £30 each”, because it would not permit a lower value for excessive spaces which are under-used.

2. Favoured approach

The Representatives considered that a view should be taken as to the optimum space required for each ancillary type and then a judgement made as to the relative value of each ancillary type by reference to the primary space use (i.e. an individual bowling rink). They accept that neither the view nor the judgement can be proved and that there could be unwarranted variations in the treatment of space which is in excess of the optimum, nevertheless they felt this to be the most reasonable method of valuing ancillaries and that, in any case, both the view and the judgement could be amended for the next revaluation in the light of experience.

Ancillary Type: Optimum per rink

m2

number

Changing rooms (total i.e. male + female)

4

 

Lounge/bar/dining area

20

 

Kitchen

4

 

Office/Meeting rooms

2

 

Stores

1

 

Viewing area if specific

none

 

Car park spaces

 

4

TOTAL

31

4

Their judgement as to the relative value of ancillary facilities is that the total of the above optimum should represent one eighth of the value of a rink (this assumes that the quality of accommodation is sufficiently similar, e.g. if a Centre has inferior cellar or outside storage then that will have to be valued separately); with a car park space worth 1.5m2 internal ancillary accommodation (i.e. internal ancillary at full value, within the optimum limit).

Facilities in excess of the optimum are to be valued at the discretion of the parties (i.e. the Valuation Officer and the occupier).

Practical considerations

  1. The Representatives requested that the favoured approach be used

a) to devalue all rented properties, and

b) as a starting point to value unrented properties, but that either the Valuation Officer or the occupier be allowed to change the approach wherever a change appears appropriate.

  1. It is considered that the above flexibility could be particularly necessary in dealing with car park spaces.
  2. Any possible need to adjust the values of car park spaces according to the different qualities of surface (e.g. whether tarmacadam or bare earth) is best left to the discretion of the parties (i.e. the Valuation Officer & occupier).
  3. They further consider that where the layout of ancillary space is not affected by structural limitations (i.e. the doctrine of rebus sic stantibus) then the total ancillary space can be summed without any breakdown into component parts.
  4. Lounge/bar/dining area, kitchen, office/meeting rooms, stores and car park spaces which are in excess of the optimum can be given the full value providing the Centre’s location will attract a sufficient social element to the club to justify the additional space.
  5. In order to accommodate precisely the approach favoured by the EIBA Representatives the arithmetic relativities are:

Taking the value of a rink as R

the value of 1m2 ancillary space up to the optimum is:

R

=

R

{8 x [31 + (4 x 1.5)]}

296

the value of a car park space up to the optimum is

.R

or, more accurately,

=

R x 1.5

=

R

296 x 0.6

   

296

 

197.336

say

R

197

in practice, it is easier to regard a car park space as 1.5m2 ancillary accommodation

 
   

The remaining pages merely illustrate the above.

Favoured Approach - Valuation Relativities

Ancillary Type

Optimum m2 per rink

Relativity up to Optimum per m2

Treatment of Excess

Changing rooms total (i.e. male + female)

4

_R_

296

Reduce value i.e.

_R_

296+

Lounge/bar

20

_R_

296

Full value only if the Centre's location will attract a sufficient social element to justify the additional space, otherwise reduce value.

Kitchen

4

_R_

296

Full value only if the Centre's location will attract a sufficient social element to justify the additional space, otherwise reduce value.

Office/meeting rooms

2

_R_

296

Full value only if the Centre's location will attract a sufficient social element to justify the additional space, otherwise reduce value.

Stores - where of similar quality to the other ancillaries e.g. in terms of heating/ventilation

1

_R_

296

Full value only if the Centre's location will attract a sufficient social element to justify the additional space, otherwise reduce value.

-where markedly inferior, e.g. a cellar

 

Take a view

 

Viewing area if specific

None

_R_

400+

 
   

Car parking spaces

4/rink

R 197

Full value only if the Centre's location will attract a sufficient social element to justify the additional space, otherwise reduce value.

3. Simple devaluation example

Devalue a Centre let at AVD at £50,750 pa virtual rent which has the following accommodation (all structurally similar with ancillaries partitioned within the main shell).

rinks

 

6

 

{Optimum for 6 rinks}

         

changing rooms - male

12m2

     

- female

10m2

22m2

 

{24m2

lounge/bar

 

112m2

 

{120m2

kitchen

 

22m2

 

{24m2

office/meeting rooms

 

17m2

 

{12m2

stores

 

4m2

 

{6m2

 

TOTAL

177m2

 

{186m2

         

specific viewing area

 

nil

 

{nil

         

car park spaces

 

20

 

{24

Devaluation in terms of “R”:

Number of rinks

       

6.0

           

Ancillary Space

 

177m2

     

Car Park Spaces

20 (multiply by 1.5)

_30_

     

Total equivalent of ancillaries

207

At _R_

=

0.7

     

296

   
 

In terms of rinks (i.e. R)

 

=

6.7

           
 

Therefore “R”

=

£50,750

 

=

£7,575

     

6.7

     
           

This represents

Say £7,575

Per rink, plus

   
 

say £25.60/m2

Ancillary space, plus

   
 

say £38.50

Per car park space

   

NB: For the pedantic checker, rounding has produced an error of £1.

4. Longhand valuation example

Value an owner-occupied Centre, for which a rink value of £5,000 is agreed. Its ancillary accommodation is separated by structural walls consequently “rebus six stantibus” applies and each ancillary type must be valued separately. Due to its location it is very much a “bowling-only” club without a “social” element.

PHYSICAL DETAILS

VALUATION

   

Accommodation

Area







m2

or. No.

Optimum

excess

 

£

rinks

8

n/a

@ £5,000

=

40,000

changing rooms-

           

- male

30

         

- female

20

>32

 

@£5,000

=£16.89

=

541

 

50

   

296

     
     

18

@ say £14

=

252

lounge/bar

150

[160]

 

@ £16.89

=

2,533

kitchen

60

>32

 

@ £16.89

=

540

     

28

@ say £8

=

224

office/meeting rooms

16.8

[16]

 

@ £16.89 [for all]

=

284

stores – quality -

           

as other ancills.

6

[8]

 

@ £16.89

=

101

- poor cellar

20

[0]

20

@ say £5

 

100

             

viewing area -

24

[0]

24

@ say £11

=

264

specific with

tiered seating

car park spaces

28

[32]

@ (£16.89 x 1.5)

 

709

     

TOTAL

 

45,548

Note:

The values for excess accommodation are not to be used as a guide; in practice the valuer’s discretion should be used having regard to quality, location, the ratio between it and a related ancillary type (e.g. an excess of kitchen space will usually be a lower value in a Centre having significantly less lounge/bar space than the optimum by comparison to a Centre having the optimum lounge/bar space) etc.

5. Longhand devaluation example

Devalue a Centre let at AVD, at £22,680 pa virtual rent, in a rural location. Due to its sub-location it has a strong social element. Of the accommodation the changing room is structurally separate from the remainder and “rebus sic stantibus” could not be incorporated into it; other ancillaries are partitioned out of the main area and could therefore be rearranged by the hypothetical tenant.

rinks 3
Changing room 28m2
Lounge/bar 80m2
kitchen 15m2
Office/meeting rooms 11m2
stores nil
   
Specific viewing area nil
   
Car park spaces 20
**PHYSICAL DETAILS** **DEVALUATION IN TERMS OF "R" ("ITR")**            
Accommodation Area m2 Or no. Optimum excess Relativity "ITR"    
rinks   3   X R1 = 3.00
changing room 28 12 [a - see below] X R 296 = 0.04  
    16 X say R 450 [b] = 0.04 &nbsp:
lounge/bar/kitchen office/meeting rooms stores 80 15 11 nil 106 (c) >81 [d] X R 296 = 0.27    
    25 X< Say R = 0.08
296 [e]              
specific viewing area nil            
car park spaces   20 12 R 197 = 0.06  
    8 X say R = 0.02
500 [f]              
      TOTAL   3.51    
Therefore "R" = £22,680

=

£6,462
    3.51    

This represents say £6,462 per rink, plus say £21,83/m2 for optimum ancillary space, plus say £14.36/m2 for excess changing room accommodation, plus say £32.70 per optimum car park space, plus say £12.92 per excess car park space.

[For the pedantic checker - there is an error of £7 due to rounding and to “ITR” only having been calculated to two decimal places.]

Note: The values for excess accommodation are not to be used as a guide, but the following assumptions are offered:

a. it is assumed that the changing room could be partitioned to provide separate areas and access for males and females therefore no form of allowance is made for there only being the one room

b. it is assumed that its location precludes the excess being used for other purposes

c. because they are merely partitioned, these three ancillaries are summed

d. the “stores” allowance is included in the summed optimum here, but there will be cases where it should not be because of the lay-out

e. included at full value because of the club’s social capability

f. excess spaces given a low value because although there is a strong social capability (which would normally justify full optimum value) there is plenty of free on-street parking in the vicinity

Practice Note 1: 2005 - bowling centres (indoor)

1. Co-ordination

This is an SRU Class. Responsibility for ensuring effective co-ordination lies with the SRUs.

2. State of the sport

Since the mid 1990s indoor bowling clubs generally have been losing members at a faster rate than they have been gaining new ones. This is due mainly to new clubs opening and taking members from older established clubs with poorer facilities, but also it is a result of the number of new indoor bowlers not keeping pace with the number retiring. This has not been the case for every club, but the general trend is of lower playing members per rink.

Membership figures produced by the English Indoor Bowling Association (EIBA) and the Women’s Indoor Bowling Association (WIBA) suggest that there has been an approximate 5%-7.5% fall in overall membership numbers between 1998 and 2003. In 2002/3, the average number of members per rink for clubs in England and Wales was just under 90.

3. 1995 and 2000 lists

In 1997, as a result of 1995 list discussions with the English Indoor Bowling Association, a method of valuing each Club on a price per rink derived from rental evidence was agreed. A formula was devised to reflect the ancillary accommodation in different centres, converting the accommodation “in terms of R” (where 1R = 1 rink). In effect, where an indoor bowling club had the usually associated ancillary accommodation, the formula made a 12.5% addition to the basic RV/rink price.

For the 2000 list this approach was continued, although in many cases valuations were on an overall RV per rink reflecting ancillaries (albeit made up as a basic price plus an addition for ancillary accommodation, normally 12.5%) rather than specifically converting the accommodation “in terms of R”.

Generally, RVs of indoor bowling centres changed very little between the 1995 and 2000 lists.

4. Revaluation 2005 - valuation guidance

The recommended approach, as for the 1995 and 2000 lists, is to apply a price per rink. Where a detailed survey has not been made “in terms of R” an overall price per rink should be adopted. This overall price will be based on a basic price per rink, as below, with an addition for ancillary facilities which will vary with their quality and extent.

Detailed guidance on converting ancillary areas ”in terms of R” is set out in the 1995 and 2000 list Practice Notes. During the 1995 list discussions the EIBA provided their view on the area of each type of ancillary facility required per lane. In practice it has been found that the majority of indoor bowling clubs have ancillary areas in excess of those figures. Consequently, the recommended approach to ancillary facilities is to add 12.5% to the basic rink price where these facilities are of a size and type commensurate with the size of the club. Where there are additional facilities, such as extra meeting or function rooms (sometimes hired out for external meetings, functions, playgroups etc) an addition of more than 12.5% should be made. Conversely, where the facilities fall short of what would usually be expected for a club of that size and type a smaller addition should be made.

Additional facilities such as outdoor greens should be added to the valuation having regard to the level of value adopted for separately assessed similar facilities.

The recommended range for the basic price per rink (“R”), derived from consideration of rental evidence over the country as a whole, is set out in the table below:

SRU

**Range of Values (£/Rink)**  
  From To
Central; North; North West; Wales and West 3250 4750
East; South 3250 5000
London 3750 5250

These values exclude ancillary accommodation, which should be added in accordance with the forgoing principles.

The value ranges represent an approximate guide and are likely to vary having regard to local circumstances.

When deciding where within the range a particular club should fall all factors should be taken into account, including the positive and negative factors set out below:

Positive factors:

modern, purpose built or good quality recently-converted building, with adequate heating and insulated roof;

location close to or in large centres of population, and easily accessible;

adequate private or shared parking;

good quality bar/restaurant and viewing facilities;

adequate changing facilities;

relatively high number of playing members per rink;

lack of competing centres within the locality;

Negative factors:

old building, or poorly converted centre, without adequate heating or insulation;

poorly located in sparsely populated area;

lack of private parking, or no cheap or free public parking close by.

lack of bar/restaurant and inadequate viewing facilities;

inadequate changing facilities;

relatively low number of playing members per rink;

high level of competition from other indoor bowling centres in the locality;

Where an indoor bowling centre is characterised by all or most of the positive factors listed above this will suggest a value at or toward the top of the relevant range; where it is characterised by all or most of the negative factors this will suggest a value at or toward the bottom of the relevant range.