23. Description Area in m ² Replacement cost in m ² Total Replacement cost Shell (Main building)5697 R 10 000 R 56 970 000 Basement1972 R 3 500 R 6 902 000 None0 R - None0 R - Site Improvements R - ########## Rounded R 63 872 000 Plus Professional Fees @16% R 10 219 520 Demolition Cost3% R 1 916 160 Local authority & statutory fees2% R 1 277 440 Developers profit5% R 3 193 600 Total Replacement Cost (Exc VAT) R 80 478 720 Plus VAT @14% R 11 267 021 ########## Total Replacement Cost (Inc VAT) R 91 745 741 Less Total Depreciation 73 396 593 Depreciation rate 0.80 Depreciated Replacement Cost 18 349 148 Plus Land Value2235 R 600 1 341 000 Market Value 19 690 148 Say 20 000 000.00