I wouldn't worry about the value of their one property asset,...

I wouldn't worry about the value of their one property asset, thats technically worthless. You don't want to think about how the value in that one is ever realised. You would be waiting for 1c in the dollar if that happens. More concerning is the lease costs, I've been concerned about lease costs for some time. The other big concern is contract labour hire costs, freight and logistics.
You will need to get the ruler out in this 4c as its going to be messy i feel. Don't fall for the top line.