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DEVELOPMENT APPRAISAL
Commercial Development Use class:^ INDUSTRIAL
DEVELOPMENT VALUE
Rental Income Area £ psf £ per annum Rent - area 1 15,000 8.00 120, Rent - area 2 - - Rent - area 3 - - Total rental income 15,000 120,
Rent free/voids (years) 2 0. Total revenue, capitalised (including all costs) 8.00% 1,286,
GROSS DEVELOPMENT VALUE 1,286,
Purchaser's costs 5.75% 73,945 1,212,
DEVELOPMENT COSTS
Development Costs Demolition costs £5 psf 7,500 sqt 37, Building costs £65 psf 1,083, Area 16,667 90% grs to net External works 15.00% 162, Professional fees 10.00% 128, Contingeny 5.00% 70, Section 106 costs 1 - 0.00% CIL amount^ RLV
Disposal Costs 1 £0 -£802,
Letting Agent's fee (% of rent ) 10.00% 12,000 2 £20 -£820, Agent's fees (on capital value) 1.00% 12,860 3 £30 -£829, Legal fees (% of capital value) 0.75% 9,645 4 £40 -£838, 5 £50 -£846, Interest on Finance 6 £60^ -£855, Total development duration 18 months 7 £70 -£864, Loan arrangement fee 1.00% 14,823 8 £80 -£873, Interest on Construction Costs 18 months 6.50% 72,260 9 £90 -£882,
. 10 £100 -£891, Profit 11 £130^ -£917, Developer's profit on cost 20.00% 320,767 12 £160 -£944, 13 £190 -£971, 14 £220 -£997, TOTAL DEVELOPMENT COSTS 1,924,605 15 £250 -£1,024, 16 £280^ -£1,051,
LAND VALUE
Land surplus (712,542) Stamp duty 4.00% 28, Agent's fees 1.25% 8, Legal fees 0.50% 3, Interest on land finance 24 months 6.50% 87,
RESIDUAL LAND VALUE (584,267)
Existing use value Existing space as percentage of new 50% 7, Rent per sq ft £3 psf Rental income per annum 22,
Rent free/voids (years) 3.0 0. Total revenue, capitalised (including all costs) 9.00% 193,
Refurbishment costs £ psf - Fees 7% -
Purchaser's costs 5.75% 11,
Existing use value 181,
EUV including Landowner premium 20% 218,
Surplus available to fund CIL (802,602)
Industrial: RLV less EUV
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DEVELOPMENT APPRAISAL
Commercial Development Use class:^ OFFICES
DEVELOPMENT VALUE
Rental Income Area £ psf £ per annum Rent - area 1 10,000 21.00 210, Rent - area 2 - - Rent - area 3 - - Total rental income 10,000 210,
Rent free/voids (years) 2 0. Total revenue, capitalised (including all costs) 7.00% 2,620,
GROSS DEVELOPMENT VALUE 2,620,
Purchaser's costs 5.75% 150,668 2,469,
DEVELOPMENT COSTS
Development Costs Demolition costs £5 psf 5,000 sqt 25, Building costs £141 psf 1,658, Area 11,765 85% grs to net External works 15.00% 248, Professional fees 10.00% 193, Contingency 5.00% 106, Section 106 costs 1 - 0.00% CIL amount^ RLV
Disposal Costs 1 £0 -£821,
Letting Agent's fee (% of rent ) 10.00% 21,000 2 £20 -£834, Agent's fees (on capital value) 1.00% 26,203 3 £30 -£841, Legal fees (% of capital value) 0.75% 19,652 4 £40 -£848, 5 £50 -£854, Interest on Finance 6 £60^ -£861, Total development duration 18 months 7 £70 -£867, Loan arrangement fee 1.00% 22,322 8 £80 -£874, Interest on Construction Costs 18 months 6.50% 108,820 9 £90 -£880,
. 10 £100 -£887, Profit 11 £130^ -£906, Developer's profit on cost 20.00% 486,039 12 £160 -£926, 13 £190 -£946, 14 £220 -£965, TOTAL DEVELOPMENT COSTS 2,916,237 15 £250 -£985, 16 £280^ -£1,005,
LAND VALUE
Land surplus (446,589) Stamp duty 4.00% 17, Agent's fees 1.25% 5, Legal fees 0.50% 2, Interest on land finance 24 months 6.50% 54,
RESIDUAL LAND VALUE (366,192)
Existing use value Existing space as percentage of new 50% 5, Rent per sq ft £10 psf Rental income per annum 50,
Rent free/voids (years) 3.0 0. Total revenue, capitalised (including all costs) 7.50% 536,
Refurbishment costs £25 psf 125, Fees 7% 8,
Purchaser's costs 5.75% 23,
Existing use value 379,
EUV including Landowner premium 20% 455,
Surplus available to fund CIL (821,861)
Offices: RLV less EUV
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DEVELOPMENT APPRAISAL
Commercial Development Use class:^ RETAIL (SM)
DEVELOPMENT VALUE
Rental Income Area £ psf £ per annum Rent - area 1 30,000 18.00 540, Rent - area 2 - - Rent - area 3 - - Total rental income 30,000 540,
Rent free/voids (years) 2 0. Total revenue, capitalised (including all costs) 6.00% 8,009,
GROSS DEVELOPMENT VALUE 8,009,
Purchaser's costs 5.75% 460,573 7,549,
DEVELOPMENT COSTS
Development Costs Demolition costs £5 psf 15,000 sqt 75, Building costs £90 psf 3,000, Area 33,333 90% grs to net External works 15.00% 450, Professional fees 10.00% 352, Contingency 5.00% 193, Section 106 costs 16 476,898 8.62% CIL amount^ RLV
Disposal Costs 1 £0 £233,
Letting Agent's fee (% of rent ) 10.00% 54,000 2 £20 £197, Agent's fees (on capital value) 1.00% 80,100 3 £30 £180, Legal fees (% of capital value) 0.75% 60,075 4 £40 £162, 5 £50 £144, Interest on Finance 6 £60^ £126, Total development duration 24 months 7 £70 £109, Loan arrangement fee 1.00% 45,483 8 £80 £91, Interest on Construction Costs 18 months 6.50% 221,728 9 £90 £73,
. 10 £100 £55, Profit 11 £130^ £2, Developer's profit on cost 20.00% 1,001,932 12 £160 -£50, 13 £190 -£103, 14 £220 -£157, TOTAL DEVELOPMENT COSTS 6,011,591 15 £250 -£210, 16 £280^ -£263,
LAND VALUE
Land surplus 1,537, Stamp duty 4.00% (61,512) Agent's fees 1.25% (19,223) Legal fees 0.50% (7,689) Interest on land finance 24 months 6.50% (188,419)
RESIDUAL LAND VALUE 1,260,
Existing use value Existing space as percentage of new 50% 15, Rent per sq ft £10 psf Rental income per annum 150,
Rent free/voids (years) 3.0 0. Total revenue, capitalised (including all costs) 7.00% 1,749,
Refurbishment costs £25 psf 375, Fees 7% 26,
Purchaser's costs 5.75% 77,
Existing use value 1,270,
EUV including Landowner premium 20% 1,524,
Surplus available to fund CIL (263,581)
Supermarket: RLV less EUV
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DEVELOPMENT APPRAISAL
Commercial Development Use class:^ RETAIL (HS)
DEVELOPMENT VALUE
Rental Income Area £ psf £ per annum Rent - area 1 4,000 20.00 80, Rent - area 2 - - Rent - area 3 - - Total rental income 4,000 80,
Rent free/voids (years) 2 0. Total revenue, capitalised (including all costs) 7.00% 998,
GROSS DEVELOPMENT VALUE 998,
Purchaser's costs 5.75% 57,397 940,
DEVELOPMENT COSTS
Development Costs Demolition costs £5 psf 2,000 sqt 10, Building costs £101 psf 475, Area 4,706 85% grs to net External works 15.00% 71, Professional fees 10.00% 55, Contingency 5.00% 30, Section 106 costs 16 70,387 8.12% CIL amount^ RLV
Disposal Costs 1 £0 -£87,
Letting Agent's fee (% of rent ) 10.00% 8,000 2 £20 -£92, Agent's fees (on capital value) 1.00% 9,982 3 £30 -£95, Legal fees (% of capital value) 0.75% 7,487 4 £40 -£97, 5 £50 -£100, Interest on Finance 6 £60^ -£102, Total development duration 18 months 7 £70 -£105, Loan arrangement fee 1.00% 7,132 8 £80 -£108, Interest on Construction Costs 18 months 6.50% 34,771 9 £90 -£110,
. 10 £100 -£113, Profit 11 £130^ -£121, Developer's profit on cost 20.00% 156,123 12 £160 -£129, 13 £190 -£137, 14 £220 -£144, TOTAL DEVELOPMENT COSTS 936,739 15 £250 -£152, 16 £280^ -£160,
LAND VALUE
Land surplus 4, Stamp duty 4.00% (163) Agent's fees 1.25% (51) Legal fees 0.50% (20) Interest on land finance 24 months 6.50% (500)
RESIDUAL LAND VALUE 3,
Existing use value Existing space as percentage of new 50% 2, Rent per sq ft £10 psf Rental income per annum 20,
Rent free/voids (years) 3.0 0. Total revenue, capitalised (including all costs) 8.00% 198,
Refurbishment costs £25 psf 50, Fees 7% 3,
Purchaser's costs 5.75% 8,
Existing use value 136,
EUV including Landowner premium 20% 163,
Surplus available to fund CIL (160,603)
High Street Retail: RLV less EUV
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DEVELOPMENT APPRAISAL
Finsbury Park area
Commercial Development Use class:^ STUDENT HSG
DEVELOPMENT VALUE Term rent^ £179 per week
Vacation rent £230 per week
Rental Income
Annual rent per unit - term time (95% occupancy) 42 weeks 98% occupancy^ 87,710 3,683,
Annual rent per unit - summer (50% occupancy) 10 weeks 50% occupancy^ 57,500 575,
Operating costs 500 units £2100 per unit (1,050,000)
Net annual rents 3,208,
Total revenue, capitalised (including all costs) 6.25% 51,341,
GROSS DEVELOPMENT VALUE 51,341,
DEVELOPMENT COSTS
Development Costs
Demolition costs £10 psf 49,875 sqt 498,
Building costs £160.00 psf 22,800,
Area per unit (incl common areas) 285 sqft pu 142,
External works 10.00% 2,280,
Professional fees 10.00% 2,557,
Disposal Costs
Letting Agent's fee (% of rent ) 0.00% -
Agent's fees (on capital value) 1.00% 513,
Legal fees (% of capital value) 0.75% 385,
Interest on Finance
Total development duration 24 months
Loan arrangement fee 1.00% 281,
Interest on Construction Costs 24 months 6.50% 1,828,
Profit
Developer's profit on total revenue 20.00% 10,268,
TOTAL DEVELOPMENT COSTS 41,413,
LAND VALUE
Land surplus 9,927,
Stamp duty 4.00% (397,102)
Agent's fees 1.25% (124,094)
Legal fees 0.50% (49,638)
Interest on land finance 24 months 6.50% (1,216,374)
RESIDUAL LAND VALUE 8,140,
Existing use value
Existing space as % of new 35% 49,
Rent per sq ft £12.00 psf
Rental income per annum 598,
Rent free/voids (years) 3.0 0.
Total revenue, capitalised (including all costs) 8.00% 5,938,
Refurbishment costs £50 psf 2,493,
Fees 7% 174,
Purchaser's costs 5.75% 188,
Existing use value 3,082,
EUV including Landowner premium 20% 3,698,
Residual Land Value less EUV plus premium 4,441,
Per sqm (net additional floorspace) 516
DEVELOPMENT APPRAISAL
Central Haringey area
Commercial Development Use class:^ STUDENT HSG
DEVELOPMENT VALUE Term rent^ £169 per week
Vacation rent £230 per week
Rental Income
Annual rent per unit - term time (95% occupancy) 42 weeks 98% occupancy^ 82,810 3,478,
Annual rent per unit - summer (50% occupancy) 10 weeks 50% occupancy^ 57,500 575,
Operating costs 500 units £2100 per unit (1,050,000)
Net annual rents 3,003,
Total revenue, capitalised (including all costs) 6.25% 48,048,
GROSS DEVELOPMENT VALUE 48,048,
DEVELOPMENT COSTS
Development Costs
Demolition costs £10 psf 49,875 sqt 498,
Building costs £160.00 psf 22,800,
Area per unit (incl common areas) 285 sqft pu 142,
External works 10.00% 2,280,
Professional fees 10.00% 2,557,
Disposal Costs
Letting Agent's fee (% of rent ) 0.00% -
Agent's fees (on capital value) 1.00% 480,
Legal fees (% of capital value) 0.75% 360,
Interest on Finance
Total development duration 24 months
Loan arrangement fee 1.00% 281,
Interest on Construction Costs 24 months 6.50% 1,828,
Profit
Developer's profit on total revenue 20.00% 9,609,
TOTAL DEVELOPMENT COSTS 40,697,
LAND VALUE
Land surplus 7,350,
Stamp duty 4.00% (294,038)
Agent's fees 1.25% (91,887)
Legal fees 0.50% (36,755)
Interest on land finance 24 months 6.50% (900,674)
RESIDUAL LAND VALUE 6,027,
Existing use value
Existing space as % of new 35% 49,
Rent per sq ft £12.00 psf
Rental income per annum 598,
Rent free/voids (years) 3.0 0.
Total revenue, capitalised (including all costs) 8.00% 5,938,
Refurbishment costs £50 psf 2,493,
Fees 7% 174,
Purchaser's costs 5.75% 188,
Existing use value 3,082,
EUV including Landowner premium 20% 3,698,
Residual Land Value less EUV plus premium 2,328,
Per sqm (net additional floorspace) 271
