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In a previous paper Sykes derived a mathematically consistent investment valuation model for freehold properties which he referred to as the Rational Model. This new model overcomes certain serious failings of other methods commonly in use. The present paper readdresses the arguments of the earlier paper in a manner rather more familiar to a practising valuer and compares current methods of valuation with the Rational Model. It is also shown that the Rational Model can be simply adapted for the valuation of leasehold interests without resorting to a separate (and usually quite artificial) 'sinking fund' rate.

The last fifty years have seen dramatic changes in towns and cities. People have moved out of central urban areas, retailing has moved out of towns and jobs have also declined in city centres, particularly with the growth of business and science parks. With the continuing decline of the manufacturing sector and the re-shaping of employment in the service sector, a new force will increasingly dominate urban development, the meritocratic elite. The meritocratic elite are those able to develop and use information technology to generate productivity and wealth. Where they wish to live will increas

AbstractEcological disturbances act as environmental filters by removing species with particular characteristics, resulting in community types associated with different disturbance histories. However, studies to date on community responses to disturbance have neglected the potential for different community assemblages to display different responses. Using lotic invertebrate communities as a study system, this study investigated the influence of community composition on disturbance response. We undertook a 26-h stream channel experiment to test how distinct invertebrate community types (an undisturbed spring community, flood-disturbed community, and agriculture-disturbed community), shaped by specific disturbance histories and characterised by different species with particular functional groups, responded to additional disturbance of varying types and combinations (an undisturbed control, high-flow, nutrients, sediment, and a combined sediment and nutrients treatment). Invertebrate drift was used as a diagnostic tool to assess community responses. Significant three-way interactions were identified for total invertebrate drift, drift of typically sensitive taxa (Ephemeroptera, Plecoptera and Trichoptera) and drift of cased organisms between community type, disturbance type and time, indicating that disturbance history and corresponding community type influenced community response to disturbance. Differing responses to disturbance between community types were often characterised by specific taxa, likely driven by adaptive traits, but also by phenotypic plasticity and altered biotic interactions. Community responses to the multiple disturbance scenario suggested potential for interactive effects, with differing responses potentially driven by species co-tolerance mechanisms. When determining the impacts of disturbance, our results suggest there is insight to be gained from a broader perspective incorporating multiple community types into future research. This approach could also improve management outcomes, facilitating tailored restoration and conservation strategies.