The value of an income producing asset, normally commercial property, if the tenant wasn’t there. Also known as the ‘Bricks and Mortar’ value. The VP value will normally be lower than the ‘Investment Value’. How much lower will depend on the property use. Offices are easily transferrable from tenant to tenant, whereas more specialist setups, such as a hairdresser, can only be re-let to another hairdresser, or they require an expensive re-fit. The time and cost of this is factored into the VP value.