VALUATION OF…
Game Farms & Lodges
Game farms and eco-tourism lodges, valued on carrying capacity, game stock, and lodge trading income.
Content status: Methodology and evidence log — Sources, Caselaw and Market Information are added incrementally.
Methodology
Game farms and lodges combine a land value component with, where lodge operations exist, a trading income component. Where the property operates as a going concern with guest accommodation, the Profits Method or Discounted Cash Flow of trading income is the primary approach for the operational component, combined with Direct Comparison of the underlying game-bearing land.
Applying the Big Five framework, the Income Generating Units are the lodge accommodation and associated trading departments (guiding, food and beverage) on one hand, and the land and game stock on the other — these should not be blended into a single rate. Carrying capacity, game stock composition and fencing standard drive the land component, while occupancy and average daily rate drive the lodge component.
A Direct Comparison cross-check on a rate per hectare for comparable game-bearing land, separately from a rate-per-key or EBITDA-multiple cross-check for the lodge operation, should be used to test the combined valuation.
Caselaw
Case law, regulatory rulings and expert-determination disputes relevant to valuing this asset class. Each entry cites its source and summarises the practice implication for valuers — this is not investment, financial, or legal advice.
