Your discounts look right to me haka if you are comparing to...

Your discounts look right to me haka if you are comparing to book value. I've actually been looking at a similar exercise vs market value for a different purpose.

As you say, it really depends a lot of things. Location, quality and sector mainly. Here is a summary of matrix (fire sale discounts to OMV as opposed to book value). Highly subjective obviously.

Aus prime office: 0%-5%
Aus prime retail: 0%-10%
Aus prime industrial: 10%-20%
Aus secondary: 10%-25%

UK prime all prop: 15%-25%
UK secondary prop: 25%-35%

Both markets still highly liquid with plenty of support, but if you want a quick deal it's going to cost.

Good news is the bigger the discount, the less likely the bank will be to take affirmative action on covenant breaches (if interest is covered).

PViews - I was once a valuer in both Aus and the UK. I would say that they're both equally backward looking. Pretty similar approach although Aus relies far more heavily on DCF. If you ask me, a lot of UK vals are in danger of shooting under true market value as they are based on scant evidence by effectively forced sellers.