income generating property

a single property or multiple properties within a single development which:

1. (1) is actually used, or is available for use, for residential or commercial purposes;
1. (2) is located in the United Kingdom;
1. (3) is available for occupancy or occupied by one or more persons who have no relationship with the directors of the relevant property holding vehicle and who pay rent at a commercial rate or a rate reflecting regulated market practice for social and affordable housing; and
1. (4) has been valued by an independent valuer:
   1. (a) who is a member of the Royal Institute for Chartered Surveyors; and/or
   1. (b) in accordance with the RICS Valuation Standards (The Red Book).