Gateshead and Newcastle · 2018. 5. 15. · Appendix 11 Post Draft Charging Schedule Submission Notes . Updates since DCS version (October 2015) include: • Additional Appendix 11

Gateshead and Newcastle

Gateshead and NewcastleCIL 2016

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Viability and Deliverability Report (February 2014)

Annex Update

February 2016

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Contents

1. Purpose of Annex Update Report

2. Update-National Policy Guidance and Best Practice in Viability

3. Update- Viability Methodology and Assumptions

3.1 Methodology3.2 Viability Assumptions Review

4. Update -Viability Results

5. Update-Delivery

Appendices

Appendix 1 Residential and Commercial Value Profile Maps (Newcastle City Council and Gateshead Council PDCS (2015) ), Minor Green Belt Changes and Viability Data

Appendix 2 Notes of CIL Consultation Events (2012-13)

Appendix 3 Building Cost Information Service Data Extracts

Appendix 4 House Values, House Sales Survey

Appendix 5 Known Land and Property Transactions Data

Appendix 6 Commercial Sales Data

Appendix 7 Publically Available Evidence (Residential and Commercial)

Appendix 8 Residential and Non Residential Appraisals

Appendix 9 DTZ Market Assessment Letter

Appendix 10 Property Week Article (18 September 2015)

Appendix 11 Post Draft Charging Schedule Submission Notes

Updates since DCS version (October 2015) include:

• Additional Appendix 11• Updated narrative on residential (environmental) costs at section 3.2 D)• Additional data for Gateshead Central Area and Newcastle Central Area• Appendix 8 Small Retail Appraisal for Newcastle City Centre• Formatting

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Report Authors

This report has been prepared by the Property Services Sections of Newcastle City Council and Gateshead Council. The lead author is Paul Scaplehorn BSc(Hons) MRICS, Head of Strategic Property at Newcastle City Council.

The main author has 17 years post-qualification experience in commercial and residential development in both central London and Newcastle upon Tyne. This has included the preparation of detailed development appraisals and acting on the behalf of Local Planning Authorities in the negotiation of viability appraisals connected with s.106 agreements.

The Councils have consulted the leading international property consultancy DTZ with regard to market evidence set out in this report and with regards to certain high level appraisal variables.

1. Purpose of Annex Update Report

1.1 This Annex Update report is a key document prepared as appropriate evidence to support the progress of the community infrastructure levies in Gateshead and Newcastle.

1.2 The Gateshead and Newcastle Core Strategy and Urban Core Plan (the Plan) is the strategy for growth to 2030 for Gateshead and Newcastle and was adopted in March 2015. This Annex Update report has been prepared to supplement and update Viability and Deliverability Report (February 2014) (V&D Report) which formed a part of the evidence library for the Plan examination. The V&D Report set out the Councils’ approach and evidence on viability and delivery matters to support the Plan and its examination. The main V&D Report also elaborated on the viability methodology approach taken in the Newcastle Gateshead Viability Assessment (VA 1) (May 2012), published alongside the CIL PDCSs (2012)- it considered matters raised as part of early stakeholder engagement, reviewed the results of site testing and policy cost implications, and concluded with evidence of our ability to deliver our proposals and policies.

See the evidence library for the chronology of documents prepared for consultation.

1.3 This Annex Update therefore builds on and refers back to these 2 key viability reports (V&D Report and VA 1) as part of a continuum of public engagement and iteration of viability assessment. Where changes in viability guidance and best practice have occurred this forms part of this update. Following the examination of the Plan and subsequent PDCS consultation (2015) updates to stakeholder engagement, the methodology and approach, and of course updates to costs/values and viability assumptions are all considered in this Annex Update. Section 4.0 reviews the latest viability results.

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2. Update-National Policy Guidance and Best Practice in Viability

The national policy and legislative context for viability assessment is set out in section2.0 of the main V&D report. At the time of writing the national planning practiceguidance tool was published for consultation and was later finalised in March 2014.

2.1 National Planning Practice Guidance (PPG) was launched on 6 March 2014 to assist practitioners and provides guidance on the National Planning Policy Framework (March 2012). DCLG guidance on the community infrastructure levy is now also included with the PPG, along with general guidance on viability and specific guidance in relation to plan making and decision taking. Key principles of viability testing in plan making include:

• An understanding of evidence based judgement, collaboration and a consistentapproach with plan making

• Evidence in plan making should be proportionate, underpinned by a broadunderstanding of viability with greater detail where necessary where viability maybe an issue

• Assessing the viability of plans does not require individual testing of every site orassurance that individual sites are viable; site typologies may be used to determineviability at policy level

• Plan makers should consider a range of costs on development, plan for a viabilitybuffer and use current costs and values

• Consideration should be given to policies and setting the CIL to promote theviability of brownfield sites

• Viability assessments should be proportionate, but reflect the range of differentdevelopment, both residential and commercial, likely to come forward in an area

• Gross development value should be based on comparable, market information

• A broad assessment of costs is required based on evidence of local marketconditions, taking into account: inc. build costs (Building Cost Information Service);known abnormals; infrastructure costs; emerging policy and CIL cumulative costs.

• Land value should reflect emerging policy requirements, provide a competitivereturn to willing developers and land owners and be informed by comparable,market based evidence wherever possible. Where transacted bids are significantlyabove the market norm, they should not be used as part of this exercise.

See PPG on line tool at http://planningguidance.planningportal.gov.uk/Paragraph: 001-009 Reference ID: 25-001-20140612; Paragraph: 001-015 Reference ID: 10-001-20140306

Two further research reports have also been published that will be referred to in section 3.0 of this Annex Update. They are:

2.2 DCLG Land Value Estimates for Policy Appraisal (February 2015).

All land valuations were provided by the Valuation Office Agency using a consistent methodology and all figures are as of 1 January 2014. For residential valuation it assumed that each site is 1 hectare in area, of regular shape, with services provided up to the boundary, without contamination or abnormal development costs, not in an

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underground mining area, with road frontage, without risk of flooding, with planning permission granted. The site will have a net developable area equal to 80% of the gross area for a development of 35 two storey, 2/3/4 bed dwellings with a total floor area of 3,150 square metres. The values listed by national averages and by local authority include the following. National averages include: Average industrial land value estimates, £482,000 per hectare Average agricultural land value estimates, £21,000 per hectare Local Authority averages, include: Neighbouring authorities Durham £1,053,000 Northumberland £1,725,000 North Tyneside £1,282,000 South Tyneside £651,000 Other areas in the North East Stockton-on-Tees £1,162,000 Sunderland £1,315,000 Newcastle-upon-Tyne £1,188,000 Gateshead £404,000 The differences between 2014 Gateshead and Newcastle valuation averages can be largely explained by wide variations within the authority areas. It is also worth noting that the recent review of house prices indicate residential values still apply across the respective residential value bands. CIL requires an area based approach involving a broad test of viability across the area. Whilst DCLG land value estimates are a useful indicator it will not be applicable across all parts of the two local authorities.

2.3 RICS Research Paper, Financial Viability Appraisal in Planning Decisions:

Theory and Practice (April 2015)

The aim of the research paper was to formulate consistent approaches to land valuation within site specific development viability appraisal based on a critical evaluation of the theory and practice of appraisal. The paper draws from research on case studies where disputes have prevailed on viability issues concerning the level of planning obligations. The paper examined various approaches to determining land value and supports the view that the use of historic purchase price is flawed as it attempts to transfer one of the primary risks of development, the changes in market state and its impact on costs and values within the development, to the community. The risk-adjusted rate of return already rewards developers for taking these risks.

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2.4 2015 Summer Budget Statement

On 8 July 2015 the Government Budget pledged the following of relevance to the progress of CIL rate setting: • Proposals for planning for starter homes - note the detail of the proposals has yet

to be published;

• Thresholds for seeking planning obligations have been rescinded from NPPG;

• Changes to national environmental standards for housing have been clarified ( see build cost assumptions in section 3);

• Affordable rents assumed for registered providers have been adjusted.

At the time of writing, at the Tory Party Conference 2015, proposals were emerging on how planning delivers affordable housing in the future. The exact nature of proposals have yet to be clarified however, it may well be that in the future affordable housing will be delivered primarily through discounted purchase rather than social rent as assumed the development appraisals. If this is the case this will have a generally positive impact on available headroom from which CIL rates would be justified.

3. Update- Viability Methodology and Assumptions 3.1 Methodology 3.1.1 There has been a consistency of approach to the methodology adopted for viability

testing for both the joint Plan and the Community Infrastructure Levy preliminary draft charging schedules for both authorities. Section 3 of the main V&D report defines the terminology in relation to residual valuation and threshold value. It also goes on to review the guidance and manuals available and how they have contributed to the methodology adopted.

3.1.2 Subsequent to this, in refreshing the assessments for the progress of CIL, taking into

account new research and best practice, and also in response to on-going engagement with stakeholders, the methodology has been confirmed.

3.1.3. As indicated in paragraph 4.25 of the V&D Report two stakeholders have sought

adjustments to the residential threshold values used by the Councils in the PDCSs (2012). In updating and subsequently consulting on the PDCSs (2015) the Councils undertook a review of the approach and available evidence.

3.1.4 The Councils methodology adopted was one of adjusted market value having regard

to the RICS “Financial Viability in Planning” (2012) and available evidence in the VOA Property Market report 2011. A synopsis of this approach is contained in VA1 (pages 18-20) and the V&D report (pages 7-19). For the proposed green belt release sites in the Plan, the percentage adjustment from the residential profile areas (zones) were adjusted up from 30% to %40% in response to early stakeholder representations in 2012. In the High Mid area this adjustment increased from £564,000 to £600,000 per hectare.

3.1.5 A further more detailed review in 2015, reiterates the approach taken whilst

considering the most up to date PPG advice and data. The review considered the following matters:

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1) Policy and CIL Costs Well established principles in valuation take account of the

impact of planning policy and CIL costs. Affordable housing has been a requirement in the Unitary Development Plan (UDP)s of both authorities since late the 1990s and CIL was legislated in 2010. NPPF at paragraph 173 helpfully indicates the cost requirements are to be assessed on viability and deliverability matters when taking account of the ‘normal’ costs of development and mitigation. It is therefore, understood that abnormal costs can be considered as a land cost. Paragraph 3.19 of the V&D report refers to the Harman guidance which re-iterates the threshold land value, “should represent the value at which a typical willing landowner is likely to release land for development before payment of taxes (such as capital gains tax). This would necessarily include any additional requirement such as Community Infrastructure Levy.” As referenced at 3.20-3.21 of the V&D report, the examiner at the Greater Norwich CIL examination (2012) also considered the relationship between CIL costs and threshold values and considered it reasonable to see a 25% reduction in benchmark value as the maximum that should be used in calculating a threshold value.

2) Comparable Market Evidence. As indicated in 2.2 above, recent DCLG evidence updates (collated by VOA as of 1 January 2014) have been published on average transactions in each local authority for policy appraisal purposes. In Newcastle City the residential transaction average (without affordable housing) is slightly less than the 2011 Property Market Report (residential £1.28m/ha.). For Gateshead the recent report is new evidence. NPPG as summarised above (2.1) indicates land value should reflect emerging policy requirements, provide a competitive return to willing developers and land owners and be informed by comparable, market based evidence wherever possible. Where transacted bids are significantly above the market norm, they should not be used as part of this exercise (NPPG Para. 024 Ref ID:10-024-20140306) . Thus the authorities have re-examined public and known market evidence in the 2 local authority areas, within the North East and across the country. In Appendix 5 of this Annex Update are tables of data collated of non urban transactions primarily for residential use to inform this review. It is notable that the local transaction data averages at £110,705/hectare for outlying areas within the High Mid and Mid green belt /green belt release areas in Newcastle and £141,814/hectare in Gateshead, primarily for residential purposes. 3) Existing Use Value Plus The Harman guidance states “We recommend that the

Threshold Land Value is based on a premium over current use values and credible alternative use values (noting the exceptions below). Alternative use values are most likely to be relevant in cases where the Local Plan is reliant on sites coming forward in areas (such as town and city centres) where there is competition for land among a range of alternative uses. This approach is already used by

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many councils, allows realistic scope to provide for policy requirements and is capable of adjusting to local circumstances by altering the percentage of premium used in the model.”

For the green belt release sites(known as Strategic Land Release Sites and Plan allocation sites) it is clear that the existing use value is for agricultural use or an alternative use that would be compliant with the green belt designation in place at the land release planning stage of the Plan. The councils have suggested a rate of £15,000/hectare. The DCLG (2.2) report updates this to £21,000/ hectare. The Council’s recognise that there would need to be a significant uplift to incentivise an owner to sell. The existing use plus methodology is now well established in practice of many local planning authorities.

3.1.6 This review is concluded in section 3.2.2 residential assumptions below. In summary

the High Mid non urban threshold value figure has been reached by researching publically available comparable market data (see Appendix 5 NCC Table 5.1, entry no.5 (HMLR transaction at Kingston Park/Kenton Bank Foot)).Harman (page 30/31) indicates that councils should make use of “information on typical minimum price provisions used within developer site promoter agreements for sites of this nature”. We have not been provided with any copies of agreements of this nature from developers and other parties and therefore we have also had to have regard to:other relevant local authority data , including slocal plan and CIL based viability appraisals from nearby local authorities; and comparable evidence held by the Councils where we have it.

3.1.7 The Councils initially complied with the RICS approach to setting benchmark values

and looked at adopting 40% of the previous VOA Property Market Report (2011) average figure of £ 1.28m /hectare for serviced residential land in Newcastle upon Tyne, for the threshold value for the green belt release sites (High Mid Non Urban). The updated average serviced residential land figure for Newcastle upon Tyne is £1.188m/hectare and the corresponding updated figure for Gateshead is £0.404m/hectare (including assumed affordable housing costs). Clearly there are corresponding value areas across and within the two authorities and the discrepancies between the VOA data, which we anticipate to be as a result of sample size and location, must mean that an element of caution should be exercised when using these figures. However, 40% of these figures would equate to a range of £100,000/ha - £475,200/ha. The Council’s used a figure of £1,000,000 for mid zone urban sites and then adjusted those upwards or downwards in comparison to that mid-point with the non-urban sites being pinned at 40% of the urban value.

3.1.8 The figure we have settled at following the further analysis of local evidence and

knowledge, for this Viability Assessment stage 3 (VA3) work is £480,000/ha which equates to 40% of the ‘Newcastle figure’ and 118% of the ‘Gateshead figure’. As a useful cross check, one of the Councils has also just finalised negotiations on an urban site in the mid-value area. This site of over 10 acres equates to a value of £700,000/ha after abnormal costs (less than the £1.000m threshold value assumed for the urban mid area). In response to stakeholder engagement additional information on transactions on non urban sites has been provided (See Tables 5.1 and 5.2, Appendix 5). A review of that information indicates there are only 2 entries above a value of £300,000/ ha. and these relate to a sale for a commercial use and a farm house. In Gateshead just 1 entry is above £300,000/ ha at Highfield, which in part is now allocated as a housing development site in the Plan.

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3.1.9 Using the existing use value plus principle, the proposed High Mid threshold value would amount to 23 times the existing use value at £21,000 agricultural value or over 2000% uplift. This is considered to be a significant viability ‘buffer’ and follows the Harman guidance on methodology and overall approach.

3.1.10 We have also had regard to published viability assessment reports on CIL viability in the NE for Durham County Council and Stockton on Tees Borough Council.

3.2 Update -Viability Assessment: Assumptions Review

3.2.1 The following section provides an update on any amended assumptions used in the Viability Appraisal Version 3 which forms part of the consultation document for the implementation of the Community Infrastructure Levy.

In addition to the appraisals of generic development schemes a number of scheme specific appraisals have been carried out for the allocation sites. Whilst residential mixes will vary on these schemes, the main assumptions are constant throughout the residential appraisals and are consistent with the evidence used to support the progress of the ‘Planning for the Future’: Core Strategy and Urban Core Plan for Gateshead and Newcastle upon Tyne 2010-2030, referred to hereon in as the ‘Plan’. All costs and values have been updated to quarter 4 2014.

For ease of reference the tables below indicate the chronology of changes and updates to the joint published viability assumptions underpinning the Plan and CIL methodology since 2012, the stages are as follows:

• Viability Assessment Stage 1 Report (May 2012) is referred to as VA1 and wasprepared to accompany the Councils’ PDCS (2012), early consultation stage

• Viability Assumptions Review (2013) which is referred to as VA2 and was includedin Appendix 4 of the Gateshead and Newcastle Plan evidence ‘Viability andDeliverability Report (February 2014)’

• This current Viability Assessment Stage 3 is referred to as VA3 and supportsthe progress of the Gateshead and Newcastle CIL draft charging schedules(PDCS 2015 & DCS 2015).

For ease of read across the data between subsequent iterations of consultation documents, the Figure reference numbers used in the initial VA1 stage have been referenced below each current VA3 table for consistency wherever possible. The current assumption data used in the appraisals are highlighted in bold.

3.2.2 Residential Assumptions-

Development appraisals have been carried out on a variety of different site types for both residential and commercial schemes at quarter 4 of 2014. Generic scheme types were developed following a review of information provided by the Councils to determine development scheme types likely to come forward across the Plan period. The assumptions are considered appropriate for CIL viability testing and draw on published information. For residential scenarios the assumptions are generally consistent with annual monitoring reports and the Strategic Housing Land Availability Assessment (SHLAA) data evidence that underpinned the Core Strategy and Urban Core Plan. Thus the generic schemes and the development assumptions have largely

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remained the same and are considered consistent with the Core Strategy and Urban Core Plan.

As with most assumptions there will be a variety of unit sizes and no single size or range of sizes will represent all dwellings coming forward. Since there is a correlation between values and build costs, it is the quantity of those that are most important for the purposes of this study, rather than the specific dwelling sizes. The generic schemes for CIL are indicated below in Table A). They are based on earlier published schemes and engagement with stakeholders.

Initial residential scheme types, set out in figures 3&4 in VA1 (pages 7/8), were the subject of representations during PDCS (2012) and the residential schemes were then amended at VA2. No comments were received on these amendments during the Plan consultation, however, one stakeholder suggested that the 2 bedroom market is currently limited for open market housing. As with most assumptions there will be a variety of unit sizes and no single size or range of sizes will represent all dwellings coming forward. Since there is a correlation between values and build costs, it is the quantity of those that are most important for the purposes of this study, rather than the specific dwelling sizes.

It is considered that realistic residential mix assumptions have been made across the local authority areas as a whole that would withstand market product adjustments in residential mix over time. However, it is the total floorspace area that is important for deriving value and cost of a scheme and thus the residential mix is somewhat immaterial for the purpose of CIL.

A.1) Generic Residential Scheme: Residential Mix

PROFILE AREA 1 2 3 2 3 4

HIG A 1 1 HIGH MID 1 1 MID 1 1 LOW MID 1 1 LO 1 1 HIG B 15 6 9 HIGH MID 15 9 6 MID 15 4 7 4 LOW MID 15 6 9 LO 15 6 9 HIG C 50 10 15 25 HIGH MID 50 10 20 20 MID 50 14 24 12 LOW MID 50 20 24 6 LO 50 20 27 3 HIGH - FLATS (CC) D 100 30 60 10 HIGH - HOUSES 100 20 40 40 HIGH - HOUSES (CC) 100 20 40 40 HIGH MID 100 20 40 40 MID 100 25 45 30 LOW MID 100 30 55 15 LO 100 30 55 15

OVERALL UNIT NUMBERS

SCHEME TYPE

UNITS

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Note: B- Bedroom(s); F – Flat; H-House VA 1 Ref (Figure 3 ) Proportion No. of Bedrooms/ Scheme Mix NO AMENDMENTS Since VA2

A.2) Sheltered Housing: Residential Mix

PROFILE AREA Scheme Size

1 Bed

2 Bed

All 40 28 12

Table A.2) above clarifies the residential mix of the typical sheltered housing scheme tested. The assumptions have been derived from information provided by a provider during previous representations, and the Councils consider the scheme typology to be typical of the sheltered housing developments expected to come forward. Reference to the term ‘Assisted Living’ is based on terminology used by the provider representor for sheltered housing.

As with most assumptions there will be a variety of unit sizes and no single size or range of sizes will represent all dwellings coming forward. Since there is a correlation between values and build costs, it is the quantity of those that are most important for the purposes of this study, rather than the specific dwelling sizes.

The Councils have adopted a consistent methodology that uses net site area. The net site areas assumed for the purposes of this study at VA 1 (fig. 4) were also amended following engagement and representations in 2012. They were amended at VA2 and no further changes have been made, except for an additional entry regarding sheltered housing scheme and are as follows:

B.1) Generic Residential and Assisted Living Scheme: Net Site Area

Note : VA1 Reference- Figure 4 - Net Site Areas – VA3 AMENDMENTS SET OUT ABOVE

In respect of sheltered housing schemes, following a review of evidence, a net to gross ratio of 70% has been adopted.

B.2) Strategic Land Release Sites: Net Site Area

Additionally site specific assessments and appraisals have been carried out for the green belt strategic land release (SLR) sites designated as Neighbourhood and

NET SITE AREAS LOW LOW- MID MID HIGH- MID HIGH

Newcastle Central Area Update Note

1 UNIT SCHEME No Change



100 UNIT SCHEME 3.00 3.00 3.00 3.00 No Change

Assisted Living 0.40 0.40 0.40 0.40

Additional Residential Use Type

100 UNIT FLATTED SCHEME 0.25 No Change

0.03 0.03 0.04 0.04 0.04

0.30 0.30 0.33 0.33 0.33

1.20 1.20 1.25 1.25 1.25

2.50 2.50

0.40 0.40

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Village Growth Areas. In addition the brownfield regeneration at Newburn Area of Change has been appraised.

At VA2 the Newcastle SLR sites were assessed for development capacity within Framework documents (see the secondary evidence library) and the assumed 65% net: gross site area ratio proposed in VA 1 was confirmed as feasible. No further changes have been made to this assumption.

Gateshead SLR sites have been amended since VA2 as indicated in Table B.2 above.

B.3) Generic Residential and Assisted Living Scheme: Affordable Housing Mix for Schemes

Assisted Living UNITS 1 Bed 2 Bed ALL 40 4 2

Note : Note: B- Bedroom(s); F – Flat; H-House

UNITS 1 BF 2 BF 3 BF 2 BH 3 BH 4 BHHIGH B 15 2HIGH MID 2MID 1 1LOW MID 1 1LOW 1 1HIGH C 50 4 3HIGH MID 4 3MID 4 3LOW MID 4 3LOW 4 3HIGH - FLATS (CC) D 100 10 5HIGH - HOUSES 8 7HIGH MID 0 8 7MID 8 7LOW MID 10 5LOW 10 5

AFFORDABLE HOUSING MIX

Site Name Net: Gross Site Area in Hectares (ha.)

Net: Gross %

Dunston Hill 22.2/17.75 79 Crawcrook North 7.16/5.80 81 Crawcrook South 7.99/6.55 82 Highfield 3.18/2.45 77 High Spen West 1.65/1.452 88 High Spen East 6.3/4.41 70 Kibblesworth 13.25/8.5 64 Ryton 32.4/17.17 53 Sunniside NE 2.05/1.558 76 Sunniside SE 3.84/2.73 71 Middle Chopwell 3.79/2.88 76 South Chopwell 7.74/7.198 93

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VA1 Reference- Figure 4 NO AMENDMENTS since VA2

The above table at B.3 (previously VA1 Fig.4) above indicates the typical affordable housing mix for the generic schemes were above the policy threshold of 15% at 15 units or above. The requirement for affordable housing is set in Plan Policy CS11(5). The affordable housing mix assumptions are based on evidence and requirements in the Plan. At the time of writing this Annex update, however, new proposals were emerging from Prime Minister’s speech at the Conservative Party Conference (October 2015). The details of the proposed national changes to affordable tenure are yet to be clearly understood.

B.4) Generic Residential and Assisted Living Scheme: Residential Unit Sizes (Gross Internal Area)

UNIT TYPE VA2 VA3 1 bed flat 45m2 No change 2 bed flat 60m2 No change 3 bed flat 75m2 No change

2 bed house 70m2 No change 3 bed house 84m2 No change 4 bed house 120m2 121m2

ASSISTED LIVING 1 Bed 55m2 No change 2 Bed 75m2 No change

Note: VA 1 Reference Figure 5 - Residential Unit Sizes Gross Internal Area

There have been no significant adjustments to the above generic residential unit sizes. One housebuilder indicated that some of the housing products they offered varied from the above, however, it is recognised that the standardised sizes used above are necessary for generic viability testing.

C) Residential Values

The Councils have prepared a map of the study area which divides the area into 5 value bands. This is to take into account the significant variation in residential values across the authority area. During consultations in 2012- 2014 there has been a broad acceptance of these boundaries and no significant changes have been made except for the areas highlighted in section 4.6 Baltic Quays.

Newcastle Central Area (formerly known as Newcastle City Centre) boundary was identified as a commercial area as part of the Core Strategy and Urban Core Plan viability evidence, to more accurately reflect the specific build costs and contingency in this locality. The same boundary has been adopted for the residential viability testing. The variation in value profile areas within the Newcastle Central Area boundary map is indicated on the Map in section 1.1 of Appendix 1 and as the area is predominantly a High value area it has been treated as such in the appraisals.

For the residential scheme types modelled in this study a range of value levels have been used for each scenario. This is in order to test the sensitivity of the requirement for development to pay the CIL across geographical variations. We have carried out

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our own desktop and on the ground research on residential values across the authorities and have utilised existing information for example contained within Newcastle and Gateshead’s SHLAAs and SHMAs, Land Registry data and VOA data. We have also been provided with high level sales data from volume housebuilders active in the Newcastle and Gateshead area. Where applicable the data sources behind our assumptions (including values, costs, land values, site coverage etc) are detailed both in the body of this report and in the appendices. A summary of the values used for each unit type at varying value levels is shown in C) below.

We have modelled 5 value ranges: High, High-Mid, Mid, Low-Mid and Low. These are shown as £ per sq m rates and also expressed as equivalent property values based on the dwelling types and sizes assumed within this study. These value profile maps are in Appendix 1 of this Annex. When combined with the green belt boundaries they determine the corresponding appraisal for the area (See Background Paper (P01) Appendix 1 also for minor changes to the green belt that were made on adoption to the Plan in march 2015).

The indicative values levels can be applied to varying dwelling sizes. The sizes indicated are gross internal areas (GIAs). They are reasonably representative of the size and types of units coming forward for smaller and average family accommodation, within the scheme types likely to be seen most frequently providing on-site integrated affordable housing. We acknowledge that these 3 and 4-bed house sizes, in particular, may be small compared with some coming forward, but our research suggests that the values for larger house types would also often exceed those we have used and would, therefore, be similar on a “£ per sq m” basis. All will vary, and from scheme to scheme. It is always necessary to consider the size of new build accommodation while looking at its price – hence the range of prices expressed per square metre is the key measure used in considering the research, working up the range of values and reviewing the results.

Further investigations have been carried out to re-base values to September 2014, and in recognition of up to date Land Registry data 4Q 2014 the updates for VA3 are shown in the table below with the former VA2 data in shaded boxes below VA3 data. In Appendix 4 is a copy of the Land Registry price paid data for both authority areas and a local house sales survey containing new build data that helped inform the amendments.

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C) Residential and Assisted Living Values (at Quarter 4 , 2014)

Note: VA1 Reference Figure 7. Values have been updated to 4Q2014.

In addition to the market housing we have assumed a requirement for affordable housing where applicable. For the VA1 study we assumed that the revenue from a Registered Provider for social rented or affordable rented products generates an amount equivalent to 70% of market value. In response to developer engagement this has been adjusted to a middle ground’ revenue of 55% of market value (for the 75% rented units) with a revenue of 70% of market value (for the 25% intermediate tenure units) would generate a blended affordable housing revenue of 58.75% of market value. The figure of 58.75% of market value has been adopted in both VA2 and VA3 and provides a more accurate representation of achievable affordable housing revenues in line with emerging Core Strategy policy requirements. This was clarified in the response to representation received to the 2012 PDCs CIL consultation (point 5., page 62, V&D report)

In respect of Assisted Living schemes, we have following a review of evidence, added a premium to sales prices of 30%. Further recent analysis (December 2015) in the local area and Yorkshire would indicate in excess of 30% premium when compared to similar sized actual properties sold and properties for sale in the market area.

In response to concern raised by a housebuilder during engagement with regard to assessing costs and values on the same basis, analysis has been undertaken to identify the sales values for new build properties by different categories in Appendix 4 ( 4.3).See also Appendix 4 V&D Report and reference to assertion that Council costs are inaccurate and assertion that the Council’s values do not take into account the differences between Net Saleable Area and Gross Internal Area. An assumption has

HIGH HIGH-MID MID LOW-MID LOWZone 1 Zone 2 Zone 3 Zone 4 Zone 5

AVERAGE RATE £/m2 2,700 2,250 1,875 1,650 1,450 Stage 2 2,500 2,100 1,800 1,425 1,200

Size (m2)

1 bed flat (VA3) 45 121,500 101,250 84,375 74,250 65,250 VA2 45 112,500 94,500 81,000 64,125 54,000 2 bed flat (VA3) 60 162,000 135,000 112,500 99,000 87,000 VA2 60 150,000 126,000 108,000 85,500 72,000 3 bed flat (VA3) 75 202,500 168,750 140,625 123,750 108,750 VA2 75 187,500 157,500 135,000 106,875 90,000 2 bed house (VA3) 70 189,000 157,500 131,250 115,500 101,500 VA2 70 175,000 147,000 126,000 99,750 84,000 3 bed house (VA3) 84 226,800 189,000 157,500 138,600 121,800 VA2 84 210,000 176,400 151,200 119,700 100,800 4 bed house (VA3) 121 326,700 272,250 226,875 199,650 175,450 VA2 121 302,500 254,100 217,800 172,425 145,200 ASSISTED LIVING

£/m2 3,510 2,925 2,438 2,145 1,8851 bed unit (VA3) 55 193,050 160,875 134,090 117,975 103,6752 bed unit (VA3) 75 263,250 219,375 182,850 160,875 141,375

Sales Values (£/unit)

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been made that the cost and value of garages balances out. We have been informed by the housebuilder that BCIS house cost categories do not include the costs of detached garages but include the costs of integral garages. The sales survey analysis at Appendix 4 did not include costs of detached categories as they were not part of the product being marketed at the time of the survey.

Comments received during the consultation on PDCS2 (April-June 2015) questioned the value profile area and thus the CIL charging zoning for the Callerton and Kibblesworth SLR housing sites (high-mid) on the basis of their proximity to existing built development located in the mid value zone. On consideration of this issue and in regard to Kibblesworth the value profile area is considered to be correct – experience from other sites in Gateshead shows that new development of an appropriate scale and in the right location, can attract higher values than existing adjacent housing areas. Evidence has been assembled on the Northside housing site in Birtley (formerly greenfield) which reflects this juxtaposition of areas within different value zones. This is also true of the Kibblesworth site which will create and hold its own value/market.

Land Registry Price Paid Data 2007 onwards

NORTHSIDE AREA (High)

Transaction No. Det. Terr. Semi Flat

Overall average

DH3 1RX 15 235,763

235,763

DH3 1RU 16 265,538

(12)

163,738 (4) 240,087

DH3 1RS 16 244,462

(13) 209,000

(2) 243,500

(1) 239,968

DH3 1RD 15 389,568

(14) 115,000

(1) 370,996 271,704

ADJACENT AREAS

DH3 1BH (Mid-Low) 4

93500 (3)

100,000 (1) 95,125

DH3 1BE (Mid-Low) 8

118,500 (1)

89,000 (2)

88,000 (5) 82,277

DH3 1NA (Mid-Low) 4

97,983 (3)

86,000 (1) 94,987

DH3 1NT (Mid-Low) 3

79,167 (3) 79,167

DH3 1RW (Mid) 7 114,207 114,207

DH3 1RP (Mid) 2 194,475 194,475

110,040

Difference 161,664 %

Difference 60%

Callerton

The 3 Callerton sites (Upper, Middle & Lower) have been placed in the High Mid value profile area and thus fall within Charging Zone. Recent property transactions in the areas abutting Lower and Middle Callerton give clear evidence of values being in the High-Mid to High value band and this includes a large proportion of dated second hand stock. The south eastern part of the Upper Callerton site abuts Newbiggin Hall

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Estate which historically has values which sit within the low–mid range values. However, there are some properties on the edge of this estate adjacent to the green belt which align and exceed high-mid values ie. Pecks House Farm Cottages. Although they adjoin the existing estate where values remain low, the properties have their own access with views over the green belt and have somehow set their own tone. This cannot be disregarded in the same way that the newer estates of St. Johns and Abbey Grange abutting the Middle and Lower Callerton sites have achieved High Mid to High values. Similarly there have been other examples of converted farm buildings within the green belt in close proximity to Middle and Upper Callerton (on Whorlton Lane) which sit within the High-Mid and High value areas. Interestingly as you travel west along the B6324 Stamfordham Road and A696 towards Ponteland, values rise with values in High Callerton on the edge of Darras Hall well in excess of £300,000 for a 4 bed property. It needs to be acknowledged that the Upper Callerton site has capacity for over 1000 units with a bespoke access and contemporary housing design can be planned in such a way that it comfortably generates an average of a high-mid value. Experience from other sites in the local authority areas show that new development of an appropriate scale and in the right location, can attract higher values than existing adjacent housing areas – this is true of the Callerton sites which will create and hold their own value/market. D) Development Costs: General Residential

Development costs vary significantly from one site to another. In a strategic study such as this, the assumptions have to be fixed to enable the comparison of results and outcomes relating to the strategic view of viability rather than site specific cases. Each development cost assumption is based on data sourced from information such as the RICS Building Cost Information Service (BCIS), development consultation, professional experience or other research. For this overview we have made an allowance for abnormal costs across the tested sites (see reference to Gedling CIL examination report on abnormals costings under Fig. 12 below). This allowance has been set at 5% on costs as a cautionary approach to viability, but site specific abnormals cannot be accounted for in a study of this nature. Newcastle and Gateshead in the preparation of this report have had account of the need to balance viability with the level of CIL and this approach is considered appropriate. In Newcastle Central Area sites development costs at this level have been further increased to make an allowance for the particular difficulties of developing in a dense urban environment and to reflect the prevalence of listed buildings.

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D.1) Development Costs – Residential Build Costs

Assisted Living 984 Note: Figure 10 .1 - Development Costs – Build Costs – Residential + See changes to national environmental cost assumptions between VA2 and VA3 as set out in paragraph below.

The build costs figures have been updated since the preparation of evidence to support the Plan examination, and re-based to BCIS as 1 September 2014 (Quarter 4 2014). Gross to net floorspace ratios have not been amended. Where the costs have been tapered across the value profile areas this been undertaken on an equal basis between the median and lower quartile BCIS data points. The BCIS data is based on regionally adjusted source information for Housing Mixed Developments and Flats (3-5 storey and 6+ storey) categories.

The Plan evidence in the main V&D Report (VA2 stage) incorporated an assumed allowance for additional build and sustainable construction cost on testing of appraisals (2012)- see page 105-106 and paragraph 4.41 page 30). Since then a Ministerial Statement on Building Regulations and DCLG Impact Assessment (August 2013) was published with the effect of rationalising and reducing future environmental build cost for housebuilding. The Plan Inspector considered objections to Policy CS16 and concerns that the policy placed additional costs on development and found the Councils’ approach and policy sound as modified (MM20) to ensure compliance with Government requirements (See paragraphs 96-98, Report on the Examination into ‘Planning for the Future’: Core Strategy and Urban Core Plan for Gateshead and Newcastle upon Tyne 2010-2030)

BUILD COSTS (01.9.14) VA 2 VA 3

Use Class- Property Type Profile Area BCIS Quartile

High Median 1,068 1,224 High Mid 1,025 1,178

Mid 983 1,133 Low Mid 940 1,087

Low Lower Qtle. 897 1,041 High Median 747 864

High Mid 720 839 Mid 694 814

Low Mid 667 789 Low Lower Qtle. 640 764

Median 1,101 1,255

High Median 848 989 High Mid 819 956

Mid 789 923 Low Mid 760 890

Low Lower Qtle. 730 857 Assisted Living All 984

C3 Flats -3-5 Storeys(Non Newcastle

Central Area)

BCIS build Cost (£/sq m)

C3 Houses Mixed

Developments

C3 Flats Newcastle Central Area6+ storeys

BCIS build Cost (£/sq m)

(+ 5%)+

C3 Houses-(One off)

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In the current VA3 stage of economic appraisals no additional allowance has been added to the updated BCIS costs, because the Councils considered that a sufficient buffer within the build costs has been allowed . It is proposed that no change is made to either the BCIS categorisation or BCIS build cost adjustments given that the difference between the higher costs associated with Housing Mixed Developments and the otherwise acceptable Estate Housing Generally category of BCIS is greater than the suggested 2% uplift in cost for future proofing based on increasing standards for building regulation compliance. See DCLG, Next steps to zero carbon homes Impact assessment – Allowable Solutions (August 2013).

The table below D.1a indicates the caution assumed with residential build cost assumptions.

D.1a Residential Build Costs- Difference between Housing Categories

BCIS Category HMD EHG Difference between HMD & EHG

Profile Area BCIS Quartile Cost £/Sqm Cost £/Sqm Cost £/Sqm High Median 864 836 3.35% High Mid 839 811 3.42% Mid 814 787 3.50% Low Mid 789 762 3.58% Low Lower Qtle. 764 737 3.66% Note 1

We have adopted BCIS Residential “Housing Mixed Developments” (HMD) as at 1st September 2014. The Table below compares this to “Estate Housing Generally” (EHG)

Please note that whilst BCIS includes preliminaries, they do not include abnormals, contingencies or external works.

However, the Government have since announced changes to the building regulation requirements regarding environmental standards and clarified this within the 2015 summer budget.HM Treasury ‘Fixing the Foundations: Creating a more prosperous nation’ ( July 2015) pledges that the Government will

“The government does not intend to proceed with the zero carbon Allowable Solutions carbon offsetting scheme, or the proposed 2016 increase in on-site energy efficiency standards, but will keep energy efficiency standards under review, recognising that existing measures to increase energy efficiency of new buildings should be allowed time to become established “

The changes is expected to have a decreasing impact on planned build costs.

Assisted living (sheltered housing) costs have been derived from BCIS. Again there are a number of categories form which to derive a build cost. For the economic appraisals the Councils believe the figures of £964 (2-storey development) and £940 (Sheltered Housing with shops, restaurants or the like) are most representative of the developments which are likely to emerge in the Zone B charging areas, outside of Newcastle Central Area, where costs should be lower. Therefore, the build cost of £984/sq m represents a more conservative approach.

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D.2) Development Costs: Other Residential

In VA1 the development costs tables on page 16 have been tested at consultation, and following discussions with stakeholders adjustments were made to the marketing cost assumptions.

Item VA2 VA3 Comments Professional Fees 10% of build

cost 10% of build cost

(including planning, building regulations, insurances etc)

Site Acquisition Fees – Agents

1% of residualised price

1% of residualised price

Site Acquisition Fees – Legal

0.75% of residualised price

0.75% of residualised price

Finance 6.5% interest rate

6.5% interest rate

It is assumed that development is debt funded. This is an industry norm for residual appraisals

Marketing Costs (Sales Agents Fess)

3.0% of GDV 3.5% of GDV

Legal Fees £600/unit £600/unit Developer Profit – Private for Sale

20% of GDV 20% of GDV

Developer Profit – Affordable Housing

6% of GDV 6% of GDV

Non CIL infrastructure costs (inc. s.106 cost) – Urban Sites1

£1,000/unit £2,000/unit Amended to reflect changes to the Regulation 123 list ( see section 4.3 of the Background Paper)

Non CIL infrastructure costs (inc. s.106 cost)– Non Urban Sites2

Site specific Site specific See Table 4, Background Paper Appendix 1.3 (P02).

Abnormals Allowance 5% of build cost

5% of build cost

Externals 10% of build cost

10% of build cost

See Figure 11 above

Contingency 5% of build cost

5% of build cost

NHBC and EPC Costs £1,000/unit £1,000/unit SDLT 4% of GDV 4% of GDV Note: Ref. VA 1 Figure 12 - Other Costs, Residential

Marketing- Representation have been received on the marketing cost assumption, that the assumed sum is too low and reference has been made to the HCA guidance

1 s.106 costs added in after Argus appraisals to enable comprehensive sensitivity analysis 2 S.106 costs added in after Argus appraisals to enable comprehensive sensitivity analysis

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suggesting a marketing rate of 6% of GDV. Whilst it maybe that on some smaller schemes a higher percentage such as 6% may be appropriate on larger schemes economies of scale are evident and it is suggested that 3% is appropriate. It will be noted that representations have been received from parties developing large sites where the 3% rate is considered appropriate. This is supported by Inspectors Reports and supporting submissions34

Developer profit has not been amended, but in response to developer queries during engagement on the viability assumptions in 2013, further clarification has been provided whilst most respondents are content with an assumed 20% profit on GDV (or 25% on costs).

When merging profit on GDV of 20% for private housing and 6% on GDV for affordable housing a merged rate of about 18.5% is derived. It is noted from the “Shinfield” decision5 that figures for net profit margin for national housebuilders ranged from 17% to 28% with the usual target range being 20% to 25% (of GDV). The Inspector concluded that the figure of 20% of GDV overall was reasonable. 18.5% falls within this range. We have also had regard to Inspectors reports and supporting submissions6. This suggests profit on GDV for affordable provision of 6% is appropriate. It is interesting that in the report on Fareham 20% on costs was accepted equating to just under 17% profit on GDV. This is below the return on costs modelled by the Council. It is important to note that the 20% profit requirement represents the risk premium of not being able to sell individual units to individual purchasers. Disposals to Registered Providers are necessarily less risky hence the approach adopted by Newcastle Gateshead.

At the 2015 PDCS consultation an objection was received from a housebuilder in relation to a recent tendency for registered providers to have less funds and capacity to deliver projects than a few years ago. Newcastle has frequently found discounted purchase schemes acceptable to meet affordable housing targets and yet the housebuilder has indicated that there is no fixed point of sale to the developer.

It is the view of the Councils, however, that the overall assumption of 20% open market profit and 6% for affordable housing provision is at the top end of competitive return assumptions accepted in examinations elsewhere in the country and that there are no evidenced localised risks that would require a review of this assumption.

Non CIL infrastructure costs have been the subject of requests for clarification. For each of the SLR sites we have added in the appropriate likely specific non-CIL and s.106 requirements for infrastructure. The non-CIL costs vary between sites, ranging from £2,000 to £13,000 per unit, and is in addition to affordable housing provision. The non-CIL costs include site specific highways and access arrangements, local open space provision and other local green infrastructure, for example. This ensures that a realistic headroom is established. We have therefore applied more weight to the site specific appraisal results for SLR sites and it is recognised that strategic growth sites are likely to have greater infrastructure costs and requirements than a typical smaller scale urban development.

3 Inspector’s Report to Fareham Borough Council Ref. PINS/A1720/429/4 4 Inspector’s Report to East Cambridgeshire District Council Ref. PINS/V0510/429/4 5 Land at The Manor, Shin field, Reading (APP/X0360/A/12/2179141) Jan. 2013 6 Inspector’s Report to East Cambridgeshire District Council Ref. PINS/V0510/429/4

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The Non CIL costs for each of the non urban growth sites are listed in Table 4 of the Background Paper (P02) (Appendix 1.3) . The time lag between the Plan examination and the publication of CIL evidence has necessitated some adjustments to site and generic scheme costs to reflect indexation and pre application evidence and requirements (See Section 4.0 of the Background Paper on infrastructure).

Added to the Background Paper Appendix 4 is a flow chart for each local authority area to assist the reader in understanding the categories and projects to be funded by CIL or by other means. The non CIL and s106 cost assumptions for the non urban sites have altered since initial PDCS consultation undertaken in 2012 to reflect the identification of detailed infrastructure requirements, associated costs and a review of the most appropriate delivery mechanisms.

Abnormals-Representations have been received regarding whether the abnormals allowance is sufficient. The Councils have made an allowance for abnormals in the site appraisals but there is an argument, as set out in Gedling7, that it may not necessarily be accurate for abnormals to be deducted, purely, from the headroom. The Councils should not plan for the worst case scenario. For example if two identical sites were offered to the market in a mature market place and one was previous in industrial use with significant contamination and one was ‘clean’ then the landowner of the contaminated site would have to take a lower land receipt for the same form of development due to the condition of the land. It is worth setting out in full the inspectors remarks in Gedling on this matter:

“demolition, abnormal costs and off site works are excluded from the VA, as the threshold land values assume sites are ready to develop, with no significant off site secondary infrastructure required. While there may be some sites where there are significant abnormal construction costs, these are unlikely to be typical and this would, in any case, be reflected in a lower threshold land value for a specific site. In addition such costs could, at least to some degree, be covered by the sum allowed for contingencies”

The Councils’ have taken a cautious approach, and have added in a 5% ‘abnormals’ figure on top of base build cost and externals. A 5% contingency has also been adopted. The community should not be disadvantaged by a loss to essential infrastructure requirements where sites have additional abnormal costs.

Externals - The allowance for externals will always vary on a site by site basis and accordingly it is necessary to adopt a standard rate for externals (as a percentage of build costs) for the appraisals carried out. Externals include, inter alia, service connections, landscaping, car parking and internal access roads if applicable In this respect regard has been made to publically available information from BCIS and also to advice from consultants. For some developments external works will be significantly higher and others significantly lower and so therefore an average range has been adopted for development typologies.

Representations have also been received from a housebuilders with an interest in strategic growth areas in relation to the assumed externals allowance. A typical average has been applied at 10%. Taking this externals allowance with a cautious 5% abnormals and 5% contingency, is equivalent to a 20% of build cost assumption for on-site infrastructure costs.

7 REPORT TO GEDLING BOROUGH COUNCIL, THE PLANNING INSPECTORATE REF PINS/N3020/429/4, MAY 2015

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Note: Residential Externals (VA 1 Figure 11) 10%. No amendment from VA2

Contingency

An allowance of 5% of build cost has also been added to cover contingencies. Newcastle and Gateshead’s experience is that this is a cautious allowance in a residual appraisal.

E) Residential Build Period and Sales Timings

Scheme Type VA2 & VA3 Build Period 1 Unit Scheme 9 months 15 Unit Scheme8 12 months 50 Unit Scheme 24 months 100 Unit Scheme 36 months

Scheme Type VA2 & VA3 First Sale 1 Unit Scheme 9 months 15 Unit Scheme9 9 months 50 Unit Scheme 12 months 100 Unit Scheme 12 months

Scheme Type VA2Sales/Annum VA3Sales/Annum 1 Unit Scheme 25 1 15 Unit Scheme10 25 15 50 Unit Scheme 30 25 100 Unit Scheme 35 33

Note: VA1 Ref.Figure 13 - Build Period and Sales Timings (Residential) No amendments from VA2

The generic residential schemes where appraised based on the above assumptions for build out and first sales timings, and no amendments have been made to these schemes. The Councils have also used the assumption for SLR sites that units will be sold at the rate of 32 units per year. It is however, assumed that a number of sales outlets will exist on the larger schemes and that these will also be phased. First sales are not until 1 year after commencement of the construction process on the larger schemes. The Councils have further assumed that the entire land payment is made at the commencement of the scheme as a whole. The SLR development appraisals have been adjusted after the PDCS (April 2015) stage subsequent to engagement with a developer to clarify the number of likely residential sales outlets operating for each site planned for over 100 units (see Table 3, Appendix 1.3 of the Background Paper Appendices (October 2015)(P01)).

8 Amended from 25 units VA1 9 Amended from 25 units VA1 10 Amended from 25 units VA1

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F) Residential Threshold Value

The establishment of a Threshold value for the non-urban sites is the most challenging aspect in the viability appraisals as it requires the valuer to estimate what a willing land owner would be willing to treat for in the disposal of land. In accordance with normal practice in the area the Councils have assumed a benchmark value methodology that is based on net site area to derive a threshold value. A margin of error has been built into the threshold value to allow for a viability ‘buffer’ and facilitate development delivery throughout the economic cycle.

The Councils have taken the view, as would a willing developer, that the net area of a site is that part which produces value. The gross development value of a site is generated by this and accordingly any offer to purchase land would be based on the value created by the net development value. The differential between net and gross would be spread across the site.

The differential between net and gross will often be as a consequence of planning policy. For example if there is an open space requirement then this would mean that no development value could be attributed to that area of land.

Paragraph 173 of the NPPF sets out that the benchmark land value must provide a competitive return to the landowner taking into account the costs of development. These will include affordable housing, standards and infrastructure contributions. When marketing a site the Council receive offers that are normally subject to contract, site conditions and planning considerations. As such a developer will normally make a bid exclusive of costs for S.106 and S. 278 contributions and any costs associated with these will be taken from the land receipt once identified.

PPG on viability reinforces the requirement of the competitive return to a land owner – the price will need to provide an incentive for the owner to sell in comparison with alternative uses. We have already considered that there is a significant uplift above agricultural use. However, this will need to take into account the actual circumstances for each site.

Section 3.1 provides an update on the methodology adopted by the councils to the identification of threshold values. The identification of the threshold value is one that has generated a number of responses from developer stakeholders during consultation and a number of adjustments have been made (See paragraphs 3.1.1- 3.1.9).

Table F.1) below indicates the adjustments made to VA2 and VA3.

F.1) Review of Residential Threshold Values: Gateshead and Newcastle

In May 2012 the published VA stage 1 report proposed the following Threshold Values (referred to as benchmark value) for the urban and non-urban areas.

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F.1a) Residential Threshold Value: Gateshead and Newcastle: VA1 (Consultation)

Note: VA1 Reference Figure 15 Benchmark Value-Residential Table

See paragraphs 4.25-4.26 on the V&D report for a summary of the stakeholder representation and the reasoning for the Councils’ response to consultation on VA stage 1.

F.1b) Residential Threshold Value: Gateshead and Newcastle: VA2 (Local Plan)

The Stage 2 (VA2) report published in 2014 set out the following Threshold Values (Net Site Area)

F.2) Assumed Residential Threshold Value in Gateshead and Newcastle (VA3) (CIL)

As indicated in paragraph 3.1.6- 3.1.9 above, the Viability Annex (April 2015) included the following updates to the Urban and SLR Threshold Values used in the economic appraisals, they are as follows (VA3) (Net Site Area):-

VA1 THRESHOLD VALUE ( Net Site Area) - RESIDENTIAL

Zone 1 Zone 2 Zone 3 Zone 4 Zone 5HIGH HIGH-MID MID LOW-MID LOW

2,000,000£ 1,500,000£ 1,000,000£ 500,000£ 100,000£ £/acre 809,389£ 607,042£ 404,694£ 202,347£ 40,469£ STAGE 2 - STRATEGIC SITES £/hectare

@ 40% 800,000£ 600,000£ 400,000£ 200,000£ 40,000£ £/acre 323,756£ 242,817£ 161,878£ 80,939£ 16,188£


STAGE 2 - URBAN/SUBURBAN £/hectare

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There have been no further adjustments to VA3 threshold values.

F.3) Residential Threshold Values Compared

We have reviewed the threshold value figures adopted in published viability studies by other local authorities in the North East Viability reviews. Analysis of the published Durham County Council viability review (Local Plan & CIL Development Viability Study (October 2013)) and the methodology adopted has been included in the comparison of non urban areas in the table below. We have also tried to obtain evidence of transactions of such areas of land, see Tables 5.1 & 5.2 in Appendix 5. The quantitative conclusions are summarised below:-

We have also had regard to the CIL Viability Study prepared for Stockton-on-Tees Borough Council (SBC) to compare the approach taken to Threshold Values. SBC have 2 value zones – ‘High’ with a sales value of £2,100/m2 and ‘Low’ with a sales value of £1,725/m2. These values approximate to those in Gateshead and Newcastle

Zone 1 Zone 2 Zone 3 Zone 4 Zone 5HIGH HIGH-MID MID LOW-MID LOW

Urban/Suburban £/ha £2,100,000 £1,600,000 £1,000,000 £600,000 £200,000£/acre £849,858 £647,511 £404,694 £242,817 £80,939Strategic Sites £/ha. £530,000 £480,000 £420,000 £380,000 £360,000£/acre £214,488 £194,253 £169,972 £153,784 £145,690


COMPARISON OF NON URBAN AREAS- THRESHOLD VALUES ( £/hectare)Zone 1 Zone 2 Zone 3 Zone 4 Zone 5HIGH HIGH-MID MID LOW-MID LOW

EXISTING PROPOSED see note 1 840,000£ 640,000£ 400,000£ 240,000£ 80,000£ DURHAM CC - TEXT see note 2 250,000£ 250,000£ 250,000£ 250,000£ 250,000£ DURHAM CC - TABLE see note 3 360,000£ 360,000£ 310,000£ 280,000£ 280,000£ PUBLIC DATA see note 4 280,000£ ADJUSTED IN LINE WITH SALES Vsee note 5 336,000£ 280,000£ 233,333£ 205,333£ 180,444£ AVERAGE - (HIGHEST DCC +COMP) 350,000£ 320,000£ 280,000£ 250,000£ 240,000£

ADD IN CONTINGENCY BUFFER see note 6 50% 530,000£ 480,000£ 420,000£ 380,000£ 360,000£ Notes note 1 Based on 40% of adjusted headroom in line with VA2note 2 LPCIL14 PG. 25note 3 LPCIL14 PG. 21 - ADJUSTED TO REFLECT THREE BAND AS USED BY DCCnote 4 BASED ON REPORTED HMLR FIGURE - KENTON BANK FOOT, 2014note 5 Figure in note 4, adjusted to value bands in line with sales valuesnote 6 The Councils recognise that care should be exercised so that viability of schemes is not compromised

accordingly a margin of error of 1/2 has been applied

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Councils’ High-Mid Zone (£2,250/m2) and a mid-point between the Councils’ Mid Zone (£1,875/m2) and Low-Mid Zone (£1,650). SBC have also adopted a sliding scale of Threshold Value to account for quantum. It is considered appropriate to have regard to the ‘Large’ sites which in the SBC modelling are 100 units on 2.86 hectares.

For the High-Mid zone SBC has adopted a threshold value at £500,000/hectare which is 4% higher than the Council’s at £480,000/ha. and is therefore consistent with our approach. This same figure of £500,000/hectare has been adopted by SBC for the Low area. This is some 20% higher than the figure adopted by the Councils’, but would have no significance to the outcome of the viability testing in this report or the CIL chargeable zones, as adopting a similarly higher threshold value in Gateshead and Newcastle in Mid, Low-Mid or Low value areas would reduce the headroom in areas which are already outwith the proposed CIL charging zones.

A number of housebuilders and developers have raised concern regarding the assumed threshold (or benchmark) values, and for this reason additional local known relevant transaction data has been included in this update at Appendix 5. However from the data in the table of transactions in SLR growth areas and non-urban areas (See Tables 5.1 and 5.2 , Appendix 5) there are only 2 entries above £300,000/ ha. and these relate to a sale for a commercial use and also a farm house. In Gateshead just 1 entry is above £300,000/ ha and relates to Highfield which in part is now allocated as a housing development site in the Plan. These transaction levels are generally well below the assumed threshold land values proposed, and as indicated in section 3.1.5 -3.1.9 above, this approach is compliant with the Harman methodology and guidance.

It should be noted however, that no alternative evidence on threshold values has been submitted by an objector.

G) Generic Commercial Assumptions

The following commercial schemes were prepared for economic viability testing for the purposes of PDCS (2012). Shared/ student accommodation development assumptions have been considered in this section irrespective of planning use classification.

G.1) Generic Commercial Assumptions: Scheme Types (VA1 Consultation)

Definition & Use Class*

Example Scheme Type GIA (sq m) Site Coverage (plot ratio)

Site Size (HA)

A1 - Retail Warehouse.

Out of Town Retail Warehouse

1250 42% 0.30

A1, A2, A3, A4, A5 – Small Retail

Convenience Store*** 1600 80% 0.20

A1 – Supermarket Supermarket 2500 42% 0.60 B1(a) - Offices Office – City Centre 4000 400% 0.10

Office – Neighbourhoods/Out of Town

2000 80% 0.25

B1 – Light Industrial, B2, B8 Industrial

Industrial Warehouse 3000 40% 0.75

C1 – Hotel** Hotel – CITY CENTRE 8000 (177 200% 0.40

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Hotel – NON-CITY CENTRE

rooms) 1800 (60 rooms)

72% 0.25

C2 – Residential Institution

Nursing Home 3000 60% 0.50

Shared Accommodation

Student Housing 7500**** 300% 0.25

Note: VA 1 Reference Figure 6- Commercial Scheme Types

* Detailed Definitions are set out in Appendix (ix) to the VA1 Stage report** Non-City Centre GIA of rooms inc. circulation = 25m2. City Centre GIA of rooms inc. circulation =

45m2*** Assumes development of 8 units of 200m2 – each unit 10m frontage x 20m depth. Size ITZA

110m2 using 6m zones.**** Based on 250 student letting rooms of 20m2 (including shared cluster facilities) with 10m2/room

allowance for circulation/plant.

Additional generic commercial schemes have been appraised since initial PDCS consultation in 2012 and the publication of Plan based viability evidence (VA2). Additional retail schemes have been tested to assist in the CIL rate setting process and in response to previous representations from a discount supermarket operator, a retail multiple and the operator of a City Centre shopping centre. On page 109 of the V&D Report (VA2) Figure 6 (commercial scheme types) the development assumptions for an additional A1 comparison scheme in Newcastle City Centre (now known as Newcastle Central Area) was added and that has also been assessed.

G.2) Generic Commercial Assumptions: Comparison Retail Scheme Type Added (VA2 Local Plan)

Definition & Use Class

Example Scheme Type GIA (m2)/(ft2) Site Coverage (plot ratio)

Site Size (ha)/(acres)

B1(a) – Offices

Office – City Centre (4 storey)

4000 / 43,055 400% 0.1 / 0.25

Office – Neighbourhoods/Out of Town(single storey)

2000 / 21,500 80% 0.25 / 0.62

A1-Retail City Centre- comparison 11,000/118,400 500% 0.3/0.74 Note: VA 2 Reference Figure 6 - Commercial Scheme Types

Adjustments to the small retail scheme were made to reflect the nature and character of smaller units that trade below the Sunday trading floorspace threshold. On receipt of representations from a discount retailer, the supermarket schemes were also adjusted to reflect more recent typical retail proposals which were then tested making use of local examples of recent discount supermarket schemes. Minor adjustments were also made to the larger supermarket floorspace and shared accommodation schemes.

G.3) Generic Commercial Assumptions: Scheme Types Reviewed ( VA3 CIL)

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Note: VA 2 Reference Figure 6- Commercial Scheme Types

G.4) Generic Commercial Assumptions: Rental and Capital Values and Yields for Commercial Schemes (VA1 Consultation)

The following capital values and yields for commercial schemes were prepared for economic viability testing for the purposes of PDCS (2012)

Scheme Type Rental Value Level £/m2 CITY Low Med. High City Centre A1 – Retail Warehouse 129.00 161.00 194.00 - Yield 6.00% 6.00% 5.25% A1, A2, A3, A4, A5 – Small Retail 108.00* 161.00* 431.00* 650.00 Yield 8.5% 8.5% 7.50% 7.25% Supermarkets 215.00 215.00 215.00 215.00 Yield 4.5% 4.5% 4.5% 4.5% B1(a) Offices 86.00 108.00 161.00 215.00 Yield 8.0% 8.0% 8.0% 6.5% B2 Industrial 45.00 50.00 60.00 - Yield 10.00% 9.00% 7.50% n/a C1 Hotels** 45,000 45,000 90,000 115,000 Yield n/a n/a n/a n/a C2 Residential Institution*** 1,425 2,150 2,800 2,800 Yield Student Housing**** 2,800 2,800 3,660 3,660 Yield 6.5% 6.5% 6.0% 6.0%

* £/m2 ITZA** Capital Value/room *** An equivalent residential capital rate/m2 – based on equivalent residential values. **** Net Rent/Room – The Calculation for which is set out in Figure 8a:- Note: VA1 Reference –Figure 8 Rental and Capital Values and Yields for Commercial

It will be noted that the only figures reported in the Stage 2 (VA2) report were on offices and the City Centre comparison retail scheme. These have been amended from the following figures:-

Low - No change in rent, yield amended from 8.0% to 8.5% Medium - No change in rent, yield amended from 8.0% to 8.5% High - No change in rent, yield amended from 8.0% to 7.5%

COMMERCIAL SCHEME TYPES

DEFINITION AND USE CLASS EXAMPLE SCHEME TYPE GIA (SQ.M)

SITE COVERAGE (PLOT RATIO) SITE SIZE (HA) ROOMS IF APP.

B1 (A) OFFICES - NEIGHBOURHOOD/OUT OF TOWN OFFICES 2,000 80% 0.25 B1 (A) OFFICES - NEWCASTL CENTRAL AREA OFFICES 4,000 400% 0.10

OUT OF CENTRE HOTEL HOTEL NOT CENTRAL AREA 3,600 72% 0.50 120

CITY CENTRE HOTEL

HOTEL - NOT NEWCASTLE CENTRAL AREA 8,000 200% 0.40 180

A1,A2,A3,A4,A5 - SMALL RETAIL CONVENIENCE STORE 279 90% 0.03

SUPERMARKET- DISCOUNT SUPERMARKET 1,510 20% 0.76 SUPERMARKET

SUPERMARKET 5,000 25% 2.00

A1- RETAIL WAREHOUSE

RETAIL WAREHOUSE 1,000 42% 0.30

SHARED ACCOMMODATION STUDENT 16,266 400% 0.41 530 , LIGHT INDUSTRIAL B2, B8 INDUSTRIAL

WAREHOUSE 3,000 40% 0.75

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City Centre - Rent amended from £215/m2 to £226/m2 and yield moved from 6.5% to 7.0%

In preparation of this Viability Update for progressing this VA 3 report Annex there was an update to quarter 4 2014 values and yields for all of the schemes taken forward for testing.

G.5) Generic Commercial Assumptions: Rental and Capital Values and Yields for Commercial Schemes Reviewed (VA2 Local Plan & VA3 CIL)

Note: VA 1/2 Reference Figure 8 - Rental and Capital Values for Commercial Schemes

It will be noted that the only figures reported in the Stage 2 (VA2) report were on offices. These have been amended from the following figures:-

Low - No change in rent, yield amended from 8.0% to 8.5% Medium - No change in rent, yield amended from 8.0% to 8.5% High - No change in rent, yield amended from 8.0% to 7.5% City Centre - Rent amended from £215/m2 to £226/m2 and yield moved from 6.5% to

7.0%

G.6) Generic Commercial Assumptions: Typical Rent Free Periods (VA1 Consultation)

The following assumptions were identified in 2012 in relation to rent free periods for commercial schemes.

Scheme Type

Low Med High Newcastle Central Area

1000m2 GIA retail warehouse 110 145 160 Yield 6.50% 6.50% 6.50% 279m2 net trading area & small scale A1-A5 units 60 88 237 645 Yield 8.50% 8.50% 7.50% 7.50% 5000m2 GIA supermarket 150 195 215 215 Yield 6.75% 6.75% 6.75% 6.75% 1510m2 gross (1125 net) convenience (discount) 130 130 130 130 Yield 6.75% 6.75% 6.75% 6.75% Offices 86 108 161 226 Yield 8.50% 8.50% 7.50% 7.00% B2 Industrial 35 45 60 Yield 10.00% 8.00% 7.50% Hotels 65,000 65,000 90,000 145,000 Capital Value per Room Student Housing 2856 3672 5916 5916 Yield 8.50% 8.50% 7.50% 7.50%

RENTAL AND CAPITAL VALUES AND YIELDS FOR COMMERCIAL SCHEMES Rental Value £/m2 and Yield %

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Note: VA1 Reference Figure 9: Typical Rent Free Periods

Following comments during consultation it was established that there is a need to standardise assumptions. To this end for all lease transactions it has been assumed that leases are for a term of 10 years. On the basis of this, and the latest advice from agency surveyors, the assumptions have been adjusted to 3 months rent free for every unbroken year of a lease, rent free periods have been increased from 15 months to 30 months .Comparison Retail scheme was added at 12 months rent free. However, it is accepted that for some commercial developer-operators, such as a national retail multiple, they are unlikely to operate in this manner and would begin trading with an interest in the property.

This current VA3 Annex Update, updated the estimates of rent free periods for 2014, as follows.

G.7) Generic Commercial Assumptions: Typical Rent Free Periods Reviewed (VA2 Local Plan & VA3 CIL)

Note: VA1 Reference Figure 9: Typical Rent Free Periods

H) Development Costs- Commercial Build Costs (VA1 Consultation)

Use Class Property Type BCIS Build Cost (£/ sq m)*

Gross to Net %

C3- Houses (one off) N/A £1,060 100%

C3 – Houses (Mixed Developments)**

N/A £804 100%

Scheme Type MONTHS

1250m2 GIA retail warehouse 9 279m2 net trading area & small scale A1-A5 units 12 5000m2 GIA supermarket 15 1510m2 gross (1125 net) supermarket (discount) 12 Offices 10 B2 Industrial 10 Hotels - Student accommodation -

FIG. 9 TYPICAL RENT FREE PERIODS

Scheme Type Adopted Rent Free Period

Retail Warehouse 6 months Small Retail 6 months Supermarkets 6 months Offices 15 months Industrial 10 months Hotel Nil Residential Institution Nil Student Housing Nil

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C3 – Flats (Generally)*** N/A £1,004 83%

A1 – Shops Retail Warehouse (Non-food)

£466 90%

A1 – Shops - Supermarket Supermarket £1,121 95%

A1, A2, A3, A4, A5 – (Small Retail)

Convenience Store - Non City Centre

City Centre

£607

£955****

90%

B1(a) Offices Office Building – Urban Core. 3-5 storey air conditioned

£1,152 80%

Office Building – Neighbourhoods – Offices (Generally)

£1,069 85%

B1 Light Industrial B2, B8 – Industrial

Industrial Warehouse (Purpose Built)

£433 100%

C1 – Hotel***** Hotel – CityCentre/High

Hotel - Outer

£1,282

£1,199

100%

C2 – Residential Institution Nursing Home £1,186 83%

Shared Accommodation Student Housing £1,126 100%

* excludes externals and contingencies (these are added to base build cost)

** SHLAA adopted £800/m2. This has been adjusted by TPI from Q1 2009 to Q4 2011. This is above the median figure but falls within 6%, and is below the upper quartile figure

*** SHLAA adopted £1,000/m2. This has been adjusted by TPI from Q1 2009 to Q4 2011. This is above the median figure but falls at the upper quartile figure

**** BCIS Figure for Mixed Use Commercial Development adopted due to nature of city centre schemes where retail is likely to form part of a larger development.

***** Price adopted based on mid point between upper quartile price (£1235) in BCIS. This is to represent higher standard facilities and finish likely in city centre 3 and 4 star establishments.

H.1) Development Costs- Commercial Build Costs (VA2 Local Plan & VA3 CIL)

Given the lapse in time since previous VA1 and VA2 testing it was appropriate to appraise at current build costs. This Annex has been updated to BCIS Quarter 4 2014.

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Note: VA 1 Reference Figure 10 - Development Costs- Build Costs

Newcastle and Gateshead in the preparation of this report have had account of the need to balance viability with the level of CIL and this approach is considered appropriate. In Newcastle Central Area sites development costs at this level have been further increased to make an allowance for the particular difficulties of developing in a dense urban environment and to reflect the prevalence of listed buildings. The range of potential commercial build costs faced by a developer of retail, office and hotel schemes in the Newcastle Central Area is such that it does not allow sufficient accuracy when combined with unknowns of multiple land transaction and assembly costs. The costs of a building/refurbishing a shopping mall can vary from £283- 2,700 p sq m (SPONS/BCIS, 4 Q 2014); an office scheme could vary from £1,026- 2,420 per sqm and hotels £883-2,253 per sqm ( BCIS).

H.2) Development Costs- Commercial Other Costs

Scheme Type/Location BCIS QuartileBCIS Build Cost (£/sq.m.) Gross to Net

Median 731 78%

Median 1,133 78%A1 Supermarket-Discount Median 826 95%A1 Supermarket Median 1,084 95%

A1 - Shops Median 566 95%

Median 1185 85%

Median 1304 80%

B1 Light Industrial B2, B8 - Industrial Median 471 100%

Lower Quartile 1198 100%

Lower Quartile 1657 100%

Warehouses/Stores GenerallyNot Newcastle Central Area

Newcastle Central Area

BUILD COST DATA (BCIS ) Quarter 4 SEPTEMBER 2014 +0.02% BREEAM UPLIFT

A1, A2, A3, A4, A5 - Small Retail

Use Class

B1 Offices

B1 Offices

Hotel

Hotel

Convenience Store - not in Newcastle Central Area

Newcastle Central AreaSupermarketSupermarket

Retail Warehouse (non-food)Not Newcastle Central Area


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Development Costs – Fees, Finance and Profit (Commercial)

Note: VA 1 Reference, Figure 11 Externals Allowance, Paragraph 2.36- Fees, Finance and Profit (Commercial)

The above remains unchanged from VA2, save the office profit, which has been amended to 15% from 20%.

A figure of 11.25% for externals has been adopted across all non-residential types. This is a mean of the range previously adopted of 7.5% to 15%. This is for the purpose of continuity across the use types. Each site will have individual external works depending on individual circumstances.

An average cost of £2,000 per shared accommodation scheme is assumed for non CIL infrastructure/ s106 costs.

Item Description

Professional Fees 10%

Site Acquisition Fees 1.00%0.75%

4%Finance 6.50%Finance Arrangement Fee 0.10%Marketing Costs 1.00%

0.00%

10%Legals on Lettings 5.00%Legals on Sale 0.25%

Developer Profit 20%

s.106 0EPC/m2 0.50£ Abnormals Allowance 5%City Centre Abnormals Allowance 5%Contingency 5%Externals 11.25%

sales fees where applicableadvertsing fees (percentage of annual income)

letting fees (percentage of annual income)percentage of annual incomepercentage GDV

DEVELOPMENT COSTS - FEES, FINANCE & PROFIT - COMMERCIAL

Direct site works cannot be estimated

Units

on build costs on build costson build costson build costson build costs

of build costs including planning, building regs, insurances etc

of purchase price - Agents Feesof purchase price - Legal Feesof purchase Price - SDLTper annumof cost

on costs (excluding shared accommodation & Offices at 15%)

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I) Non Residential Build Period and Sales Timings

Note: VA1 Reference Figure 17 - Commercial Build Periods

It will be noted that Residential Institutions have been removed from the Commercial Development Section and has been included within the residential areas.

J) Non Residential Threshold Value : Gateshead and Newcastle (VA1, VA2 &VA3)

In May 2012 the published VA stage 1 report proposed the following Threshold Values (referred to as benchmark value) for the urban and non-urban areas.

J.1) Non Residential Threshold Value (VA1 Consultation)

CITY CENTRE

HIGH MEDIUM LOW

Urban/Suburban £/ha £2,240,0 £2,240,000 £1,610,000 £1,070,000

Non-Urban £/ha @ 30% £672,000 £483,000 £321,000 Note: VA1 Reference Figure 16 - Commercial Benchmark Values

Adjustments to the residential benchmark and threshold values led to adjustments to the commercial/ non-residential threshold values (VA2) as they follow the value patterns of the residential zones.

J.2) Non Residential Threshold Value (VA2 Local Plan)

In 2013 (VA2) the Councils’ consulted on the threshold values for commercial/ non-residential values as stipulated below:

Note: VA1 Reference Figure 16 - Commercial Benchmark Values

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Adjustments to the residential benchmark and threshold values have led to adjustments to the commercial/ non-residential threshold values (VA3) as they follow the value patterns of the residential zones.

J.3) Non Residential Threshold Value (VA3 CIL)

Note: VA1 Reference Figure 16 - Commercial Benchmark Values

Please note that as the values are adjusted to the residential benchmark and threshold values the commercial threshold values proposed are also considered to be compliant with the Harman methodology and approach contained in the Harman guidance.

4.0 Update -Viability Testing

Section 1.0 establishes the appropriate variables to indicate if there is sufficient ‘headroom’ to enable the payment of CIL whilst not jeopardising the viability and delivery of development.

4.1 Residential Appraisal Results

4.1.1 Argus Appraisals have been carried out for each of the 5 residential value areas for 1, 15, 50 and 100 unit schemes and for a sheltered housing scheme. We have also carried out an appraisal on a 100 unit flatted scheme specifically in Newcastle City Centre. In addition to the generic schemes we have also tested the specific strategic land release sites that are contained within the Mid-High and Mid value bands.

4.1.2 For the generic appraisals, the table below shows the overall residual value, but due to the need to compare the different site typologies, this table shows the Residual Value with affordable housing and the Headroom/m2. The headroom calculation is carried out after the deduction of an allowance of £2,000/unit for Non CIL & s.106 costs per unit for urban sites in Newcastle. This has been increased since PDCS (April 2015) as a result of a change in the Draft regulation 123 list For the non-urban sites, specific non CIL costs would also need to be deducted.

MEDIUM LOWSTAGE VA3 - URBAN/SUBURBAN £/hectare £1,000,000 £200,000£/acre £404,694 £80,939STAGE VA3 - NON URBAN £/hectare £420,000 £360,000£/acre £169,972 £145,690£214,488

VA3 THRESHOLD VALUE ( Net Site Area) - NON RESIDENTIALNewcastle Central Area

HIGH£2,100,000

£849,858£530,000

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Table 4.1 - Table Residential Generic Scheme Appraisals

Urban Notional Residential Scheme Non Urban

Site

Headroom without affordable housing £

Headroom with Affordable Housing £

Headroom with affordable housing (per sq m)

Headroom with Affordable Housing £

Headroom (per sq m)

Low 1 unit scheme negative negative negative negative negative 15 units 48,000 negative 41 negative negative 50 units negative negative negative negative negative 100 units negative negative negative negative negative Assisted Living negative negative negative negative negative weighted average (excludes 1 bed) negative negative negative Low Mid 1 unit scheme negative negative negative negative negative 15 units 29,000 negative negative negative negative 50 units negative negative negative negative negative 100 units negative negative negative negative negative Assisted Living negative negative negative negative negative weighted average (excludes 1 bed) negative negative negative Mid 1 unit scheme negative negative negative negative negative 15 units 73,000 15,500 13 189,000 158 50 units 10,000 negative negative 468,000 120 100 units negative negative negative 432,000 54 Assisted Living negative negative negative negative -157 weighted average excludes 1 bed) negative negative 83 High Mid 1 unit scheme negative negative negative negative negative 15 units 296,000 220,000 167 503,000 383 50 units 561,000 208,000 49 1,322,000 310 100 units negative negative negative 1,895,000 224 Assisted Living negative negative negative negative -8 weighted average (excludes 1 bed) negative negative 265 High 1 unit scheme negative negative negative negative negative 15 units 577,000 486,000 341 918,000 644 50 units 1,283,000 997,000 224 2,673,000 600 100 units 568,000 negative nil 4,116,000 487 Assisted Living 717,000 439,000 149 1,128,000 382 weighted average (excludes 1 bed) 97 536 Newcastle Central Area 100 unit scheme negative negative Assisted Living 200 negative weighted average negative

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Note: the above Non urban columns include an average Non CIL infrastructure cost of £8,740. There are no Low/ Low Mid or High value areas within the CSUCP Green Belt. Please refer to the site specific results

From the results above it can be seen that viability is most challenging in the residential market in the urban Low and Low Mid value areas. In the Mid and High Mid urban areas there is a relatively varied pattern of viability, with positive residual values both before and after affordable housing and assumed non CIL costs.

Whereas, in the High Urban area and the Mid, High Mid and High Non Urban area there is both a positive residual value and an overall positive headroom after threshold land value deductions. However, note there are no strategic release sites in the High Non Urban profile area.

4.2 Non Urban Strategic Sites

4.2.1 In addition to the generic scheme appraisals indicated in Table 4.1 above site specific testing of the non-urban strategic sites, also referred to as Strategic Land Review( SLR) sites, has been undertaken, and the results are included in Tables 4.2 and 4.3 below. We have adopted the results of the SLR sites as these have been tested as ‘real’ examples of the developments likely to come forward. Further strategic land releases in the authority areas would only be permitted in exceptional circumstances and given an up to date Local Plan are not anticipated for either authority. It is important to note that all appraisals have been carried out in a necessarily high level way as no site inspections or ground investigations have taken place and no onerous legal or other constraints have been assumed. It will be noted that the appraisal have built in levels of contingency, additional abnormal contingencies and for the Central Area in Newcastle a specific additional city centre abnormals contingency.

4.2.2 The Councils’ surveyors in establishing the Threshold Values in the non-urban areas adopted a conservative approach. The establishment of a Threshold Value is especially difficult in the absence of transactional data from purchasers. This is because the Threshold Value is the land value at which a landowner would be willing to treat in respect of their land holdings. Existing agricultural land value is around £21,000/hectare, so the question is with the possibility of residential development value being realised at what level did landowners ‘option’ land to purchasers. The calculus of how the Councils’ surveyors reached a conclusion on appropriate Threshold Values is set out on page 19 above. Appendix 5 includes the local Gateshead and Newcastle known non urban transactions registered with Land Registry which helped to establish the data assumed. To ensure that viability of development is not jeopardised we have then added a 50% margin of error (i.e. the Threshold value we have arrived at contains within it a 33% buffer).

4.2.3 The detailed results are set out below with a copy of the appraisal summaries at Appendix 8. A schematic of the distribution of the Gross Development Value of one of the SLR sites is however set out below.

This typical SLR site cost profile indicates cost proportions.

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For each of the SLR sites we have added in the appropriate likely specific non CIL and s.106 requirements for infrastructure for a particular site- the non CIL costs varied from £2,000 to £13,000 in addition to affordable housing provision .This ensures that a realistic headroom is established. We have therefore applied more weight to the site specific appraisal results for SLR sites and it is recognised that strategic growth sites are likely to have greater infrastructure costs and requirements than a typical smaller scale urban development.

4.2.4 The summary of results is as follows. This shows the Land Residual after affordable

housing, generic and estimated specific infrastructure cost, the Threshold Value and consequently the Headroom. It is from the headroom that the CIL payment can be sought.

£32,400,000

£31,180,000

£8,040,000 £14,540,000

£78,120,000

£-

£20,000,000

£40,000,000

£60,000,000

£80,000,000

£100,000,000

£120,000,000

£140,000,000

£160,000,000

£180,000,000 CONSTRUCTION COST FEES FINANCE PROFIT RESIDUAL LAND VALUE

£13,584,000

£10,441,600

£8,374,400

VIABILITY CUSHION S.106 @ £15,360 / OM UNIT BENCHMARK VALUE

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Table 4.2 High-Mid Area-SLR Sites- Headroom

Table 4.2.1. – Newcastle (£)

CALLERTON PARK

KINGSTON PARK / KENTON BANK

FOOT

GREAT PARK Expansions -

2030 DINNINGTON WIDEOPENSite

A RESIDUAL VALUE £120,023,640 £32,286,228 £24,342,838 £10,241,166 £4,033,508THRESHOLD VALUE (per hectare)

£480,000 £480,000 £480,000 £480,000 £480,000

BTOTAL THRESHOLD VALUE (per hectare) £51,840,000 £13,584,000 £9,600,000 £3,264,000 £2,400,000

C HEADROOM (A - B) £68,183,640 £18,702,228 £14,742,838 £6,977,166 £1,633,508

D

S.106 PLUS EST. SPECIFIC INFRASTRUCTURE £40,093,449 £10,441,600 £4,128,200 £1,856,750 £742,700

E

HEADROOM after s.106 for CIL (D - E)

£28,090,191 £8,260,628 £10,614,638 £5,120,416 £890,808

Land Residual with Affordable Housing

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Table 4.2.2 – Gateshead (£)

The High Mid growth areas indicate significant headroom after affordable housing deductions, policy costs and after non CIL and s106 infrastructure costs for each site. Whereas, the non-urban High Mid areas display a more challenging viability pattern, with all sites displaying a positive residual value after policy costs and for all but one a negative headroom after threshold land value dedications.

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Table 4.3 Mid Area SLR Sites- Headroom

Table 4.3.1 Newcastle (£)

Note: Newburn Riverside site has an ERDF financial restriction on new residential use until 2022

It is worth noting that Newburn Riverside was the recipient of ERDF financial package to remediate the site for employment use has an ERDF financial restriction on new residential use until 2022, and is unlikely to be developed until after this clause has expired. This is reflected in the Plan which indicates only half of the site capacity is expected to be delivered within the plan period to 2030. For the Core Strategy evidence published in 2013 (SHLAA EL 37, page 73) the repayment cost was estimated at £8m. For the purposes of the appraisal the repayment cost would also need to be deducted from the headroom if developed prior to 2022. The application of standardised development assumptions for Hazlerigg, Throckley and Newbiggin Hall sites in Newcastle (at quarter 4 2014 costs and values) indicates a positive residual value after affordable housing costs are deducted (Plan affordable housing assumptions). Subsequent to assumed infrastructure cost deductions there is insufficient headroom from which a CIL charge can be justified. This should be considered against the site promoters’ view at Plan examination that the sites are deliverable with the policy cost requirements. Any site abnormals would be expected to be reflected in a reduction in the land cost (threshold value).

Table 4.3.2 Gateshead (£)

Middle Chopwell South Chopwell


A Residual Value £994,136 £2,636,339

B Threshold Value £1,209,600 £3,023,160

C Headroom (A-B) £-215,464 £-383,821

NEWBIGGIN HALL HAZLERIGG THROCKLEYNEWBURN RIVERSIDE

SiteA RESIDUAL VALUE £6,138,260 £8,584,968 £11,109,050 £10,214,145B THRESHOLD VALUE £4,956,000 £6,720,000 £9,156,000 £6,300,000C HEADROOM (A - B) £1,182,260 £1,864,968 £1,953,050 £3,914,145

DS.106 PLUS EST. SPECIFIC INFRASTRUCTURE £2,754,800 £2,902,400 £5,163,400 £2,470,457

EHeadroom after s.106 for CIL (D - E) -£1,572,540 -£1,037,432 -£3,210,350 £1,443,688


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D S106 + Est Specific Infrastructure

£262,000

£642,000

E Headroom after S106 for

CIL (C-D)

£-477, 464 £-1,025,821

Thus, there is a mixed picture of available headroom for the residential schemes in the Non Urban Mid area to the extent that the Councils consider that an additional development cost could potentially have an effect on the viability and deliverability of the schemes. Viability appraisal is central to identifying and demonstrating charging rates which can be supported financially by the majority of development proposed in the Core Strategy to ensure that plan delivery is not jeopardised. The appraisals in this study adopt industry standard appraisal techniques to assess a series of hypothetical but typical schemes within Newcastle & Gateshead. In the main, the appraisals in this study have been run using the residual method of valuation (and were carried out in line with accepted practice as set out in RICS Valuation Information Paper (VIP) 12, the RICS guidance on Financial Viability in Planning and the Harman Report Viability Testing Local Plans).

4.3 Urban Growth Sites: Newcastle Great Park (NGP)

The existing NGP area approved in 2000 was released from the designated green belt in 1998 on adoption of the Newcastle upon Tyne UDP (1998) and subsequently gained outline planning permission in 2000 for residential and employment uses. Having regard to this the Council has reconsidered and is content that as the land previously has a residential & commercial development status then it should be located in the appropriate urban profile area.

Development Areas NN4 d and NN4a

The Core Strategy and Urban Core Plan adopted in March 2015, allocates housing growth sites as Neighbourhood and Village Growth Areas, Areas of Change and Newcastle Great Park Development Area. The Great Park Development Area (Policy NN4d) (see Map 1 below). was first allocated for residential, employment and open space in 1998, gained planning permission in 2000 and build out is ongoing across phased cells. This designation varies from the Neighbourhood and Village Growth Areas sites allocated in the Plan as they are strategic Green Belt release sites deleted from the green belt in 2015. In response to an objection received the Council has assessed the specific economic viability of NN4d, in relation to the Development Area status.

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Map 1-Newcastle Great Park and Expansion Sites

The Great Park planning permission for NN4d and accompanying masterplan subdivides the area into development cells. For the purposes of clarity a map of the development cells is included below (Map 2). You will note the area straddles a main road, which is the A1 north- south. Map 2 Extract of Development Cells at Great Park (NN4d)

The extent to the boundaries of site Policy NN4 d is identified above (Map 1). An extract of the residential value boundaries map developed in 2012, for the same NGP

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masterplan area (NN4d) (See Map 3 below), indicates the area falls within both the urban High Mid and urban High profile areas. See Appendix 1 for the chronology of value profile area maps. To the east of the A1 the early phases Cells I and H (Warkworth and Melbury) were completed in 2004 and 2010 and typical residential values were assessed to fall within the urban High area, whereas the remainder of the NGP area NN4d to the west of the A1 is yet to be completed and falls within the urban High Mid profile area. On this basis the NGP masterplan area (NN4d) to the west of the A1 is tested against the generic development appraisals for the Urban High Mid area, and consistent with the results in this profile area which indicates an overall negative residual value, the CIL charging Zone boundaries will thus be adjusted to reflect the evidence. Land to the east of the A1, consistent with the overall positive headroom in the Urban High generic appraisals falls within the CIL charging Zone B boundary.

Map 3 Extract of Residential Profile Map (2012) for Policy Area NN4d (Newcastle Great Park)

Note: Extract from Figure 3 of V&D Report (page 15)

Newcastle Great Park Cell A (Policy NN4 a) Lying within the NGP Development Area is Great Park Development Area NN4a as identified in Map 1. NN4a also known as Cell A, is currently undeveloped, and has existing employment (business and industry) use value given that it is identified for employment use in the signed s106 agreement for NGP (NN4d). The Plan re-allocates land at Cell A (NN4a), for residential (approximately 880 dwellings) and education use which will create additional headroom for a typical development scheme. As can be seen in the extract of the commercial values profile Map 4 (2012) below, the NN4a area is included within the Urban Medium boundary.

Map 4 Extract of Commercial Profile Map (2012) for Policy Area NN4d (Newcastle Great Park)

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Given, the existing employment permission at Cell A, it is therefore appropriate to adopt the commercial Urban Medium value for economic viability testing. The assumed threshold value for the urban Medium commercial value area is £1m per hectare and is comparable to the residential urban Mid value area (See table J.3) section 3.2). The generic residential schemes for the residential Urban Mid area indicates a negative residual value for the 100 unit scheme and a negative headroom per square metre for an average across the urban Mid area schemes appraised. Cell A at NGP (NN4a) has thus been assessed and treated the same as the residential urban Mid profile area and with insufficient headroom to justify a CIL charge, this area has been removed from the CIL Zone A boundary and will be charged at a £0 rate.

Neighbourhood Growth Area NN4b and NN4c

Newcastle Great Park Neighbourhood Growth Area expansion sites NN4b and NN4c are strategic Green belt release sites that lie directly to the west of NN4 d and NN4a and to the north east of the NN4d. These expansion sites are allocated for residential development and a change in use from existing agriculture use to residential use as a result of the adoption of the Core Strategy and Urban Core Plan will generate additional value. As indicated in Map 1 above, these sites are identified as Non urban High Mid residential profile area and, consistent with the evidence for Non-urban High Mid profile generic appraisals and the site specific appraisals, are included with the proposed Zone A.

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4.4 Non Residential Generic Appraisal Results

We have undertaken a further set of appraisals on each of the commercial use types. These have been carried out using a bespoke spreadsheet based appraisal model. As detailed in section 3. above these have used inputs are considered to be valid as at September 2014, and draw on the publically available comparable data to derive plot ratios (Appendix 7).

The Councils’ surveyors have, as can be seen above, undertaken separate appraisals in relation to discount supermarkets and ‘other’ supermarkets. In appraisal terms there is a rationale, as can be seen from the appraisal inputs, for undertaking this in town and country planning terms and also in the terms of the classification by the Valuation Office Agency for Business Rates assessment. There appears to be a correlation between the discount supermarkets in lower value areas and other supermarkets in higher value areas. Also in higher value areas outside of the city centre small retail also appears to have potential headroom. On this basis and the difficulties in providing ‘splits’ based on size and more specific use, we would recommend to the LPA that a simple rate is applied to convenience retail across the charging areas.

The summary non residential and residential appraisals are included in Appendix 8.

4.5 Focus on Specific Geographic Area


The Core Strategy and Urban Core Plan includes Key Sites allocated for mixed used schemes in the Urban Core (Newcastle) for which the Plan relies on for significant commercial development. Science Central and Stephenson Quarter (Policy C2 & D2) have planning permission and implementation has begun. East Pilgrim Street (Policy

HEADROOM/m2 (RESIDUAL MINUS THRESHOLD VALUE)

LOW MEDIUM HIGHHIGH -NEWCASTLE

CENTRAL AREA

INDUSTRIAL URBAN NIL NIL NIL N/ANON-URBAN NIL NIL NIL N/A

OFFICES URBAN NIL NIL NIL NEGLIGIBLENON-URBAN NIL NIL NIL N/A

HOTELS URBAN NIL NIL 196 NILNON-URBAN NIL NIL 494 N/A

SHARED URBAN NIL NIL 188 124ACCOMMODATION NON-URBAN NIL NIL 227 N/A

RETAIL

RETAIL WAREHOUSE URBAN 280 370 182 N/ANON-URBAN 322 580 623 N/A

SUPERMARKET URBAN NIL 19 NIL NILNON-URBAN NIL 251 389 N/A

DISCOUNTER URBAN 59 NIL NIL NILNON-URBAN NIL NIL NIL N/A

SMALL RETAIL URBAN NIL NIL 370 N/ANON-URBAN NIL NIL 545 N/A (See below)

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NC 2) is allocated for retail led (A1) development and  mixed use offices (B1), Residential (C3), Student accommodation ( C4) and Leisure(D2).

The Council has undertaken development appraisals for residential, office, hotels, shared accommodation and supermarket schemes in City Centre (Newcastle Central Area Commercial Zone 1). The results of these appraisals are included in the tables above in sections 4.1 and 4.4. Office schemes indicated negligible headroom, hotels and supermarkets displayed nil headroom. This is in contrast to the significant headroom for shared accommodation.

Throughout the appraisals for all city centre development types we have applied an additional 5% City Centre abnormals owing to the additional costs of developments in this locality. In the City centre there are further additional costs which include potential further business acquisition costs - sites in the immediate core are likely to be in, at least part, beneficial use, potential oversailing issues, rights to light, legal restrictions on development and the like. In the Central Conservation Area, for example there are 836 listed buildings and 13 within East Pilgrim Street. An assessment of likely refurbishment/build costs associated with the listed buildings in this Key Site indicates capital build costs could fall within a wide range of £283- £2,420 per sqm, with some conversion costs expected to be 50% above BCIS/SPONS data.

We have carried out a specific detailed Argus appraisal on a notional retail City Centre Scheme. However, the inclusion of the above constraints did not provide sufficient certainty of sufficient headroom to justify the imposition of a CIL charge. Therefore the Council's surveyors have stepped back to consider accuracy of identifying a reliable and cautious threshold value for mixed use city centre schemes.  On balance it is our opinion that in the city centre the viability is such and the variability in costs means that there is limited scope to provide reasonable certainty as to the appropriate headroom. The complexities of reliably testing such mixed use schemes and the importance of East Pilgrim Street to help deliver the majority of the City’s comparison retail floorspace to 2030 underlines the need for caution to ensure the CIL rates proposed does not seriously affect the delivery of the Plan.

In relation to new retail development, there is a rapidly changing retail market including a move to online stores; a greater use of the internet for supermarket shops; a reduction in the weekly supermarket spend; the sector rationalising its store presence; and the continuation of chains going into administration. The enabling/regeneration qualities make it appropriate to provide more of a viability cushion to this sector as a whole and even more so in a city centre location. Any recent retail activity of significant scale in Newcastle Central Area has been through conversion of existing buildings rather than new development. Landowners of mixed use sites will want the appropriate return on their investments and this has to exceed what they paid for the site.

Current office and retail rents are not driving enough value into new schemes to enable them to come forward with the exception of student accommodation and some hotel development where operators are prepared to take pre-lets. The student housing market, which is a buoyant investment market in the city, has put additional upward pressure on threshold values as the best opportunities are pursued. Uncertainty around development timescales in city centre locations will additionally impact on the finance attached to a development and reinforces the case for a zero charging rate.

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The ownership pattern in the city centre is complex and as a result it is difficult to envisage large new retail development other than in the instance of the refurbishment of existing stock in established areas (as has been occurring in Northumberland Street -including refurbishment works to the entrance to Eldon Square, Monument Mall and the new leisure offer being created in Eldon Square).

As previously mentioned the changing retail market has compounded the lack of viability of retail schemes to the extent that landowners who may have assembled sites in retail areas prior to the downturn in 2008 will need to look at complex mixed use schemes in order to realise threshold value expectations, or requirements.

The statements set out above are evidenced by way of reference to the Newcastle Local Plan Annual Monitoring Reports for 2007/8, 2008/9, 2010/12, 2012/13 and 2013-2014 (See website link in the Background Paper (P01)).

Significant new development in the city centre, as opposed to refurbishments, has required the intervention of the public sector. New office supply has been provided in Science Central and Stephenson Quarter, both of which have required public sector support. The report by Property Week11 supports the view set out above in respect of the office property sector and the competition with non-commercial uses (See Appendix10) . The City Centre small retail appraisal has been added to this Submission version of the Annex at Appendix 8. In previous CIL consultations these results were not shown as it is considered highly unlikely that such a typology (a new unit of 279 sq m GIA), would be built as a new stand alone unit in a city centre location. The small retail appraisal results clarified as part of the post DCS Retail Appraisal Review (see Appendix 11 for wider review) are now incorporated in this Annex as appropriate evidence providing further justification to the £0 rate for comparison retail in Newcastle Central Area. The added appraisal appended to this Appendix 8 shows that this development typology on its own in the City Centre results in a negative residual value and thus insufficient headroom to justify a CIL charge for small retail. The opportunities for an infill site within the Newcastle Central Area are extremely limited. Should a unit be developed up to 279 sqm, it is considered it would be as a small proportion of a bigger mixed use development and would stand alongside other units of a similar size and possibly other higher value uses. If it is appraised as a stand alone unit it gives the false impression of there being significant headroom to pay CIL when the generic commercial appraisal assumptions are applied. In particular, when the benchmark value of £2,100,000 is multiplied by the 0.03ha site area required to bring forward a unit of this size it equates to £65,100 and if a prime rent of £600/sq m is applied, a positive headroom results. It is necessary to take a “step back”, as in reality if a unit of this size was to come forward, it would be part of a much bigger development where the benchmark land value would be much higher as it would represent the residual value of revenues generated by potentially a number of uses and the additional cost of buying in overriding interests and gaining vacant possession of existing properties. No two sites are ever the same, but this characteristic is greatly emphasized in a city centre location and therefore the generic approach that has been taken to other parts of the CIL assessment is not appropriate here.

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We have a recent example of developments within the centre of Newcastle where retail use is being proposed as part of a mixed use redevelopment (leisure/ student accommodation), but in a secondary location and very much ancillary to the main development (ie. 5.8% of total sqm of development) (Planning application reference 2014/0568/01/DET). The secondary location incorporates the demolition of a shopping centre that has suffered persistent voids (49% vacancy rate (2015)) and replacement with a hotel and student accommodation will help to pump prime the replacement of ground floor retail in the redeveloped scheme (note this vacancy rate is in contrast to that of the Primary Shopping Area at 14%, 2014-15). The ground floor retail units provide the vibrant street frontage appropriate in planning terms and helps support footfall within the Newcastle Central Area. It is recognised, however, that such units are likely to generate rents more in line with Zone 2 ( High Value) which when combined with the increased costs of development and city centre land values produces a negative residual value (as shown in the small retail City Centre appraisal). Developments such as this which incorporate a small amount of retail use require higher value uses (such as student accommodation) to unlock these sites for redevelopment. We are not seeing large scale retail development coming forward in its entirety and any additional CIL charge would exacerbate this problem. Unless landowners are prepared to take a much reduced land price which is unlikely, it is only public sector held assets which could potentially come forward below Market Value where the economic benefits to the city in seeing a site developed significantly outweigh the price paid (e.g in circumstances where public sector intervention is required as a pump primer to private sector investment in the city centre such as the existing Gateshead and Newcastle Accelerated Development Zone status).

Gateshead Central Area

The newly designated Gateshead Commercial (Central Area) Zone 1 for charging includes Gateshead’s main shopping area and Gateshead Quays, and has arisen through a re-appraisal of this area by Gateshead Council. This part of the Urban Core, including the quays area, contains a number of challenges and hurdles to development including listed buildings, high density/ mixed uses and a complex ownership pattern and set of restrictions. Gateshead Council is in the process of reviewing the cumulative costs of the recently developed Trinity Square development in the town centre. Whilst the scheme is anchored by a large Tesco supermarket on an institutional lease, the significant land assembly costs combined with the negative impact of retail units which have remained vacant or have required large incentives to attract tenants has meant that the Council do not believe this area should be subject to any additional, future costs which could adversely affect viability, and put the important regeneration and development priorities in this area at serious risk. Evidence shows that there has always been a persistent high level of vacancy in Gateshead’s main central shopping area. Council surveys of the centre are summarised below, showing the context before and after the Trinity Square redevelopment (2014).

YEAR TOTAL NUMBER OF UNITS

/ VACANT UNITS VACANCY %

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Gateshead Council, Retail Surveys 2009-2015

The centre has recently been the focus for strategies to regenerate it, culminating in the Trinity Square redevelopment, referred to above, comprising a Tesco Superstore, new retail and commercial units, student housing and public open space. The development opened in 2014 and is reflected in the increased number of units, whilst the adopted Core Strategy and Urban Core Plan (March 2015) identifies a consolidated Primary Shopping Area (excluding the older High Street South area) and this is reflected in the reduction in the total number of units for 2015.

Despite the above the level of vacancy has remained high, reflecting a low level of viability generally, and uncertainty and difficulty in new units being let, with many of the newly provided Trinity Square units remaining vacant (in October 2015 recorded as 9 out of 33 units (29%)). This trend contrasts with vacancy levels in other centres in Gateshead and with the national average. The average for centres in Gateshead in 2014 was 12%, whilst the national average for vacancy in town centres was 10.4% in January 2015, an increase from October’s rate of 10.3%.

Thus, whilst the centre has undoubtedly improved in terms of the quality of its retail accommodation and environment, there remains concern regarding the number of empty units, and therefore the level of confidence in the centre and its ability to meet the needs of users particularly given the changing nature of the retail sector at present.

In addition, the ability to identify realistic threshold values is extremely challenging given in some cases multiple ownerships and this only exacerbates uncertainty. To reiterate this point further, the Council recently commissioned a demand study of the Council’s most prime site on Gateshead Quays to establish the appetite for a mixed use development. The study (GS08 Gateshead Quays Soft Market Test (June 2014)) involved consultation with the private sector development community both regionally and nationally. Feedback indicated that the Council should have no expectation around land value and the private sector wanted to know what the Council could bring

2015 129 / 23 18%

2014 182 / 46 25%

2013 147 / 23 16%

2012 150 / 22 15%

2011 157 / 23 15%

2010 157 / 28 18%

2009 156 / 34 22%

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to the table in the way of a covenant to ensure security of income or more direct subsidies – being a clear indication of the lack of development viability. There is no appetite for speculative development and concern around the cost in time and money of a transfer slab between commercial and residential in a typical mixed used development and therefore a preference to create separate plots to minimise risk and uncertainty. Furthermore, a reluctance to engage in any onerous procurement process which would bring further cost and time to the process. Historically, the Council has encountered insurmountable constraints in bringing forward mixed use development on this prime site on the Quays which previously resulted in the withdrawal of a preferred bidder on 2 occasions who expressed concern over mounting development costs and uncertainty over the ability to secure the necessary rental and capital values. Baltic Business Quarter will not form part of this new Zone 1 and will instead form part of the zone outside Zones 1 & 2 (see revised charging table). Upon review, it is felt that this location could generate enough headroom for retail warehousing above 280sq m. Whilst this site is designated for employment use within the Core Strategy and office development has recently been independently appraised as being unviable, should the designation change in the future the Council want the ability to capture CIL. The identification of the Gateshead Commercial (Central Area) Zone therefore reflects these concerns.

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5. Update-Delivery

The Background Paper focusses on the overall evidence supporting the CIL rate setting, including the impact proposed rates would have on delivery of the local plan growth. NPPF indicates that the cumulative impact of local plan and national standards should not put implementation of the plan at serious risk, and should facilitate development throughout the economic cycle (paragraph 174).

Sensitivity analysis has been addressed, and given that the property market cycle is at a relatively low point with some indications of recovery, any upward improvement of sales and income could be anticipated. The graph below is taken from Halifax Building Society regional house price indices and illustrates the percentage change in house prices in both the North East and the UK that have been experienced since 1983. The north east typically follows the national trend with less extremes of peaks and troughs.

Source: Halifax Regional House Price Indices (All buyers), 2Q 2015

If, for example, the current assumed finance interest debit rate of 6.5% were to decrease by 2% this would have an impact of additional £600,000 available headroom for a typical scheme of 100 dwellings in the High Mid profile area.

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The financial information provided in the appraisals in this report are hypothetical, high level and prepared for the purposes of setting CIL only. They are based on a set of general assumptions, quantum of development and policy requirements as contained within the Core Strategy and urban Core Plan and supporting evidence. Although appropriate to use these figures for CIL rates setting, it does not mean that they necessarily represent the form of eventual development. The residual land value represents the potential sum available to purchase current interests in the land, but no investigation has been carried out of costs required to obtain vacant possession of the site nor does it indicate the willingness of owners or occupiers to dispose of their interests. The appraisals that are summarised in this report are not formal ‘Red Book’ (RICS Valuation Professional Standards, Global and UK 2014) valuations and should not be relied upon as such. No account has been taken of any potential title or other legal issues, nor in any further specific demolition costs over and above the abnormal costs detailed herein. It does not take into account the likelihood or otherwise of any demand at the present time for end uses. The extent of the scheme contemplated in this evidence is not defined in terms of any particular land ownerships.

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Appendices

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1. Viability Value Area Maps and Appraisal Data (Newcastle City Council and Gateshead Council)1.1 Value Area Maps

Residential

1.1a Profile Areas PDCS (2012) – indicates profile area boundaries and the Green Belt boundaries in the Newcastle upon Tyne Unitary Development Plan (1998)

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1.1b Profile Areas PDCS (2015) – indicates profile area boundaries remain the same overlayed with and the Green Belt boundaries in the Gateshead and Newcastle Core Strategy and Urban Core Plan (adopted March 2015)

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1.1c Profile area Zoom in for the Newcastle Central Area

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1.1d Profile Areas PDCS (2012) – indicates profile area boundaries and Green Belt boundaries in the Gateshead Unitary Development Plan (2007).

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1.1e Profile Areas PDCS1 (April 2015) – indicates profile area boundaries remain largely the same overlayed with the Green Belt boundaries in the Gateshead and Newcastle Core Strategy and Urban Core Plan (adopted March 2015).

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1.1f Profile Areas PDCS2 (October 2015) – indicates profile area boundaries remain largely the same

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February 2016

Gateshead Community Infrastructure LevyDraft Charging Schedule Residential Value Zones Map

Contains Ordnance Survey data © Crown copyright and database right 2016© Crown copyright and database rights

2016 Ordnance Survey Gateshead Council 100019132

CIL Value ZonesGreen Belt Boundary

High

High / Mid

Mid

Mid / Low

Low

0 3 61.5 Km

410000

416000

423000

425000429000

414000

412000

412000414000

416000

420000

423000

425000

429000

564000

418000

418000

562000

560000

564000

562000

560000

558000

556000

554000

421000

1.1g Profile Areas DCS (Submission, February 2016) - includes an adjustment to the boundary between the high-mid and mid zones at High Spen and Highfield in west Gateshead.63 P04

Commercial

There has been minor changes to the values areas in Newcastle to reflect the Newcastle Central Area boundary and the revised airport boundary

1.1h Newcastle Commercial Values Profile Area – indicates profile area boundaries remain the same overlayed with the Green Belt boundaries in the Gateshead and Newcastle Core Strategy and Urban Core Plan (adopted March 2015)

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1.1i Gateshead Commercial Values Profile Area published in 2012

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1.1j Gateshead Commercial Values Profile Area published in April 2015, including an amendment to profile in the Central Area based on up to date evidence, which remains unchanged for the current consultation (see inset below).

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1.1k Gateshead Commercial Values Profile Areas includes an amendment to the profile of the Central Area based on up to date evidence, as published in April 2015, and largely unchanged in the October 2015 version below (including the inset).

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1.1l Gateshead Central Area

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Appendix 2 - Previous Joint CIL and Viability Consultation Events

There were 2 key consultation events undertaken in 2012-13. The first was an open stakeholder and public consultation breakfast meeting organised during the PDCS CIL consultation ( 2012) and the second was a roundtable event with stakeholders organised by RICS on viability and CIL matters in 2013.

2.1 Joint Gateshead Council and Newcastle City Council Community Infrastructure Levy Breakfast Consultation Meeting (19 July 2012)

Attendance

Name Organisation

Heather Markham Ward Hadaway

Peter Kay Ouseburn Trust

Sophie Evans Environment Agency

Lucy Mo Environment Agency

Neil Barker MacKellar Architecture

Stephen Jobey S·A·J Transport Consultants Ltd

Paul Whiteley S·A·J Transport Consultants Ltd

Sarah Armstrong Barratt Homes NE

Steve Willcock Taylor Wimpey NE

Caroline Mulloy Northumberland County Council

Alan Hunter English Heritage

Lee Crawford W A Fairhurst & Partners

Tom Quiqley Newcastle Citizens Advice Bureau

Michelle Robinson Durham County Council

Cllr Nelis Blakelaw & N Fenham Parish Council

Gerry Choat Story Homes

Stephen Potts

Richard Serra Savills

Philip James Taylor Wimpey NE

Nick Graham Nathaniel Lichfield & Partners

Linzi Milley Sunderland Council

Joe Ridgeon George F. White

Phil Toal Keepmoat

Gillian Roll NELEP

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62689

Typewritten Text

62689

Typewritten Text

62689

Typewritten Text

62689

Typewritten Text

62689

Typewritten Text

Andrea King South Tyneside

Gill Telford-Cooke South Tyneside

Neil Smith Ward Hadaway

Tom Collins Signet Planning

John Urquhart Save Gosforth Wildlife

Jane Wallis Gentoo Homes

Emma Bond Gentoo Homes

Chris Checkley Checkley Planning

Robin Atkin Ward Hadaway

Jon Clapham Department for Work and Pensions

Trevor Thurlow Northumbria University

Rachel McNutt The Adderstone Group

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Questions and Answers

Question Answer

John Urquhart – Save Gosforth Wildlife

If you propose that CIL contributions will be £1000 per property and the levy will be £88 per Sq/m then how do those figures tally? What is the effect on the resulting profits? In regards to sewage problems in Newcastle what percentage of the levy will go towards a new sewerage system?

Any problems with surface water and sewage will normally be met by the developers. CIL is intended for the added extras, for example, new schools, health centres, roads, etc.

The figure of £1000 quoted in the presentation refers to the historic average amount of S106 contributed per property in our higher value areas.

Richard Serra - Savills

In relation to retail, there are different charging zones for convenience and comparison, are you sure this is sound following recent decision in Poole, Dorset?

Regulation 13 in CIL states that you can set different rates by use and area based on viability.

Richard Serra - Savills

In areas such as Manchester they have decided not to charge CIL on commercial land, could CIL impact on potential development here?

Within the Viability Report, appraisals were undertaken that could be compared against historic values, and potential changes to values in the future. Therefore, these rates should not put us at a disadvantage when it comes to future development.

Steve Willcock – Taylor Wimpey

In residential areas properties in Zone B have higher values than those in Zone A but the charges are the opposite way round.

There is a lower rate in Zone B as it covers established residential areas and hence land for residential development will have a higher benchmark value than land in unestablished areas

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This seems like an anomaly. There are some areas in Zone A are good but not all are. The Zone A figure of £9000 per plot and £110000 per acre is a big chunk. Will land owners accept this?

- the Viability Report details this. It is a necessarily broadbrush approach that can’t take every site issue into account - we need to strike the correct balance in respect of viability.

The viability appraisals indicate that there is sufficient head room in Zone A to enable the absorption of these extra costs. The Viability Report details this

Sophie Evans – Environment Agency

Which projects will the CIL revenues be used for? Other Councils have looked at infrastructure needs first before looking at viability, you have looked at it the other way round.

CIL won’t pay for everything, the Infrastructure Delivery Plan will identify key projects for the CIL revenues. There will be a balance struck between collecting CIL and attracting development. We are not working out the cost of potential projects and basing the CIL charges based on those figures.

Neil Barker – MacKellar Architecture

Outside of Zones 1&2 there will be no CIL charges, so will Section 106’s be increased in these areas to compensate?

The Section 106 regulations mitigate against the impact of development, and can still be negotiated on an individual basis. The regulations will stay the same and not be increased to compensate.

Gerry Choat – Story Homes

When will the CIL revenues be collected?

The timeframes and details for collecting CIL are all detailed in the draft developers guide. We are proposing that CIL will be paid in instalments.

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1.0 RICS Roundtable Event on Viability in Newcastle Gateshead (3 June 2013)

Event Organiser: RICS Policy Manager - Geoff White Chair – David Furniss- BNP Paribas Aims for the event

1. To make the most of collective knowledge2. To provide strategic advice on the viability assumptions developed by

NewcastleGateshead.3. To reach consensus on residential and commercial viability assumptions.4. Open and honest discussion, informed by appropriate evidence.5. To reach a cross section of surveyors and representatives of lenders, small and

large scale developers, land owners and investors.

Timescales

The conclusions of the roundtable will inform the drafting of the Newcastle Gateshead Viability Assessment (stage 2), supporting technical evidence underpinning the joint Core Strategy and Urban Core Plan (Local Plan) and the Community Infrastructure Levy (CIL) Draft Charging schedules for both authorities.

Attendance:

Chair David Furniss, BNP Paribas

Stephen Litherland (Bellway); Steve Wilcock (Taylor Wimpey), Nick Graham (NLP), Chris Harrison (NLP), Neil Milburn (Barratts), Adrian Hicks (Muckle LLP), Adam Surfontein (Hanro), Rebecca Howe (Saville), Greg Davidson (Knight Frank), Phil Barnes (NLP), James Platts (Knight Frank), Bill Naylor, Geoff White (RICS NE), Neil Wilkinson (Gateshead Council), Andrew Sloan (Gateshead Council), Paul Scaplehorn (Newcastle City Council), Kathy Verlander (Newcastle City Council), Paul Scaplehorn outlined the residual valuation methodology adopted in the development Newcastle City Council’s Viability Model , and as used by both Gateshead and Newcastle Councils.

Points of Discussion on Viability Assumptions

There was a general discussion on the proposed approach to be taken by the authorities in setting CIL rates and the following comments were raised:

A) Clarification that the Local Plan (LP) strategy would be realistic, with growth relatedinfrastructure needs planned and costed rather than a strategy developed to payfor current strategic infrastructure needs was sought. CIL rates should not be setat rates where development is stymied.

It was indicated that CIL rates were to be set in accordance with CIL legislationand guidance, thus ensuring that developers contribute to the mitigation of theimpact of development on strategic infrastructure whilst not adversely affectingthe economic viability of development overall.

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The Councils’ have followed the Harman approach in setting a viability’cushion’ or buffer so as not to set a CIL rate at the margin of viability.

B) It was also indicated that viability assumptions varies from site to site so thatsetting general assumptions was quite difficult.

C) It was acknowledged that engagement forums such as this could be reallypowerful. In Leeds it was alleged that commercial engagement through a propertyforum contributed the evidence that led the City council to reduce its proposedoffice rate from £90 to £40 p.m.

It was accepted that CIL would be challenging, however, varying rates could bejustified for instances, such as, varying valuation by geography.

D) The approach taken by the authorities is to aim to in general not charge CIL at arate higher than current S106 pooled contributions. However, they are 2 differentmechanisms and they are applied differently.

Residential Values

1. There was a discussion between stakeholders with no overall consensus ofopinion on how best to set valuation for CIL purposes.

2. Reference was made to a recent appeal decision in Reading (no referenceprovided) and cautioned against setting geographic profile areas where this wouldstifle higher value residential schemes coming forward in lower value profile areas.

However, it was indicated that CIL would not prejudice such a high valuescheme coming forward as any CIL rate in a low profile area would tend to below or zero.

3. Another stakeholder indicated he was preparing some evidence ion revenues tosend to the Councils shortly.

Residential Threshold/Benchmark Values

1. 2 stakeholders queried the difference between urban and greenfield thresholdvalues. With the urban threshold values considerably higher than the greenfieldsites

It was acknowledged that the infrastructure costs for the development of agreenfield strategic site was capable of being higher than a site in the urbanarea served by existing infrastructure.

2. The lack of transaction comparables evidence in Newcastle was accepted as ahindrance in setting realistic threshold values.

3. One suggestion was to use £242/ac. (£600,000/ha.) for High Mid greenfield sitesbefore tax for net site area. Another indicated the value should be nearer to thecorresponding urban threshold for the profile area. And a further stakeholderthought £800,000/ha. would be about right.

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Paul Scaplehorn displayed a graph illustrating % GDV costs for a notional residential scheme for a strategic greenfield site. The graph would be used in the forthcoming Council Viability report. It was thought to be about right.

Commercial Assumptions

1. There was a general discussion regarding the Councils’’ request for any further upto date comparables that stakeholders could provide to ensure assumptions arerealistic.

It was considered by a number of individuals that the data was out of date. Forinstance there was a discussion on the average void period for offices. Onesuggestion was 3 years another 45 months (on a 10 year period).

A stakeholder indicated offices were roughly 50:50 speculative/prelet currently.Typically at 18 month letting void and 30 month incentive on a 10 year lease.

Rentals and Yields for Commercial Schemes

1. A stakeholder indicated that office rentals were recently £10 at Baltic Park and £15at Baltic Place (Gateshead). This could be converted to £107- 161/sq. m.

Build Costs Data

1. There was a general agreement that BCIS was the correct data source to use.

2. However, one stakeholder was concerned that the residential costs would be toolow. It was indicated that BCIS is measure of cost above the DPC only and if costsare too low externals allowance could also be too low. He had indicated an all inone cost of £140 p sqm in his representations to Durham County Councilpreviously.

3. A further stakeholder indicated warehouse costs were too low.

Next Steps

The Chair suggested and this was greed that:

- On residential schemes as stakeholders were already providing responses to the Council they continue to do so.

- On commercial office & retail schemes, as Leeds stakeholders were able to influence a change in CIL rates- should local stakeholders be prepared to undertake some work to provide a consensus view from commercial property sector to the Councils this would be beneficial. This could be through the existing G9 and Developing Consensus Fora.

- The Chair offered to co-ordinate further focused sessions on commercial uses (retail and office) either with the Councils or feeding back to the Councils, if there was interest to do so.

- Paul Scaplehorn agreed to provide a pack of commercial data for the commercial property groups to consider.

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Note to Reader- The Councils’ would still welcome the input of the commercial stakeholders to help review the current PDCS documents and evidence.

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Appendix 3 - Building Cost Information Service Data Extracts and Known Land and Property Transactions Data 2001-2014

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Appendix 4 - House Values, House Sales Known Land and Property Transactions Data

4.1 Newcastle City Council

4.1.1 Newcastle City wide– Land Registry Price Paid Data 2007-14

4.1.2 Newcastle Number of House Sales by Type 2007-14

Average of price_paid Column Labels

Row Labels D F S T Grand Total

2007 £326,999 £139,916 £168,526 £170,390 £170,250

2008 £357,663 £142,645 £175,408 £169,544 £177,217

2009 £310,074 £128,762 £167,118 £159,253 £168,954

2010 £299,722 £125,648 £180,288 £168,436 £172,857

2011 £294,773 £118,857 £160,600 £160,286 £163,619

2012 £293,490 £116,397 £170,871 £158,742 £168,023

2013 £281,030 £119,494 £167,509 £163,663 £169,517

2014 £302,925 £120,121 £181,443 £171,115 £174,320

0

500

1,000

1,500

2,000

2,500

2007 2008 2009 2010 2011 2012 2013 2014

Detached

Flat

Semi detached

Terrace

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4.1.3 Newcastle Average House Prices by Type 2007-14

4.2 Gateshead Council

4.2.1 Gateshead– Land Registry Price Paid Data 2007-14

2007 2008 2009 2010 2011 2012 2013 2014

Detached £214,112 £228,008 £199,143 £189,668 £211,840 £209,872 £209,372 £239,710

Flat £101,830 £96,715 £93,166 £91,058 £85,587 £91,726 £90,859 £95,992

Semi £143,194 £135,122 £131,475 £131,849 £126,349 £128,401 £135,044 £145,313

Terrace £130,840 £123,718 £123,291 £124,418 £117,253 £125,499 £132,696 £128,212

4.2.2 Gateshead Average House Prices by Type 2007-14

£0

£50,000

£100,000

£150,000

£200,000

£250,000

£300,000

£350,000

£400,000

2007 2008 2009 2010 2011 2012 2013 2014

Detached

Flat

Semi detached

Terrace

£0

£50,000

£100,000

£150,000

£200,000

£250,000

£300,000

2007 2008 2009 2010 2011 2012 2013 2014

Gateshead House Prices by Type

Detached

Flat

Semi

Terrace

81 P04

4.3 Newcastle New Build Sales Survey Data The following survey data was taken from public information sources available in August 2014. The data has been collated by garage categories to align with BCIS cost data categorisation.

NEWCASTLE NEW BUILD SALES SURVEY ‐ Average Sales per sqm (AUGUST 2014)

VALUE AREA

SALES £/SQ M SALES £/SQ M SALES £/SQ M SALES £/SQ M SALES £/SQ M

£1,833

£1,917 £2,081 £2,674

£1,660 £1,841 £2,465 £2,140

£1,967

£1,850 £1,807 £2,440

£2,350 £2,238

£2,284

£2,041

HIGH

5 + bed

detached garage

integral garage

no garage

LOW LOW MID MID HIGH MID

no garage

4 bed

detached garage

integral garage

no garage

integral garage

no garage

2 bed

detached garage

integral garage

no garage

3 bed

detached garage

integral garage

detached garage

integral garage

no garage

5 + bed

detached garage

3 bed

detached garage

integral garage

no garage

4 bed

5 + bed

detached garage

integral garage

no garage

2 bed

detached garage

integral garage

no garage

no garage

4 bed

detached garage

integral garage

no garage

integral garage

no garage

2 bed

detached garage

integral garage

no garage

3 bed

detached garage

integral garage

detached garage

integral garage

no garage

5 + bed

detached garage

3 bed

detached garage

integral garage

no garage

4 bed

2 bed 2 bed

detached garage

integral garage

no garage

5 + bed

detached garage

integral garage

no garage

no garage

4 bed

detached garage

integral garage

no garage

detached garage

integral garage

no garage

3 bed

detached garage

integral garage

82 P04

Local Land Transactions Undeveloped sites -previously outside the urban area (Green Belt) Newcastle City Feb-15

No.

Title ( LR ref.) and any associated transactions

Transaction date ( & valuation date if different) Title transferred to Location Land Status

Site Area (ha.) Price Price/Ha.

Adjusted price/ha. to net equivalent Profile Area Comments

1

1.TY 240135 2. TY220488 3. TY222542

13/10/2001 (valuation 16 July 2001) Bryant Homes

1. Upper Callerton /Kenton bank Foot NN1/2 (part) 2./3. NGP masterplan area.

1. agricultural- uplift to residential 2. agriculture with PP for residential ( majority built now) 3. Former pit only small area part of developed NGP Cell G, majority greenspace /SuDs 18.8 505,125 26,868 41,336 High Mid

1. 14.617 2. 4.1833. 3.168 total = 18.8Ha. For 1&2 onlyExcluded site 3. as thought to be largely undevelopable

2 TY472964 10-Jan-12Childcare Enterprise Limited

NGP- Brunton Nursey school

School land sold for nursery education purposes; urban 0.26 200,000 769,231 1,183,432 High Mid Lease from NCC

3 TY124062

21/08/2013, (valuation 31 March 2004)

William Leech (Investments) ltd. NN3 Newbiggin hall

agricultural land -uplift to residential 17.22 127,200 7,387 11,364 Mid

4 TY362400 04-Apr-00 Ms JohnsonButterlaw Farm, Middle Callerton NN1 ( part of) Farm house and curtilage 0.085 40,000 470,588 723,982 High Mid

5 TY482707 18-Jul-14Option Taylor Wimpey- Brown

NN2 Kingston park/Kenton Bank Foot (part). West of Falcons' Rugby Ground

agricultural land-uplift to be residential 5.506 500,001 90,810 139,708 High Mid

Value within a band range 500,001-1,000,000

1,000,000 181,620 279,415

Site is 5.506 ha. If you take into account the net: gross calculation., this would reset the range 100:65 gross: net for Neighbourhood GAs ) = 3.579 net ha.

AVERAGE (1/3/5higher) 71,958 110,705

Appendix 5: Known Land and Property Transactions5. 1 Local Land and Property Transaction Data: Newcastle

83 P04

5.2 Local Land and Property Transaction Data: Gateshead Local Land Transactions Gateshead

No.

Title ( LR ref.) and

any ascoiated

transactions

Transaction date ( &

valuation date if

different) Location Land Status

Site Area

(ha.) (app.) Price Price/Ha.

Adjusted

Price/ha. to net

equivalent. Profile Area Comments

1 TY474949 24/10/2008

Land adjoining

Pennyfine Road,

Sunniside

Comprises in part

established nursery,

open land and wooded

area. 1.79

The value as at

24 October 2008

was stated to be

between

£200,001 and

£500,000. £ 111,732 £ 172,414 High Mid On basis of £200,001

2 TY160432 05/07/2006

land on the South side

of South View West,

Highfield, Rowlands Gill

Mix of birch woodland,

birch and gorse scrub

on rough grassland,

interspersed with dog

rose, hawthorn, broom,

and other deciduous

tree species, indicative

of earlier tree and

shrub planting. 6.25

The price stated

to have been

paid on 5 July

2006 for the

land in this title

and in TY162352,

TY224488 and

TY333023 was

£365,000. £ 58,400 £ 89,901 High‐Mid

3 TY224488 05/07/2006

10 Highfield Road,

Rowlands Gill 6.25

The price stated

to have been

paid on 5 July

2006 for the

land in this title

and in TY160432,

TY162352 and

TY333023 was

£365,000. £ 58,400 £ 89,901 High‐Mid

4 TY387895 13/02/2002

2 The Limes and land to

the rear, Highfield

Road, Rowlands Gill

(NE39 2LY) 0.89

The value

stated as at 13

June 2002 was

£80,000 £ 89,888 £ 138,288

Mid / High‐

Mid

5 TY414396 06/04/2004

land lying to the north‐

west of 54 Derwent

Street, Chopwell

Site comprises a small

garage and storage

area, and scrub 0.03

The price stated

to have been

paid on 6 April

2004 was £6,000 200,000£ 300,000£ Mid

6 TY505733 19/10/2012

land lying to the west

of Mill Road, Chopwell,

Newcastle Upon Tyne.

Narrow area of land

adjoinign field

boundary and linking to

Whinney Leas at the

northern edge area 0.09

The price stated

to have been

paid on 19

October 2012

was £11,360 126,222£ 194,188£ Mid

7 TY434057 12/05/2005

land lying to the west

of Mill Road, Chopwell,

Newcastle Upon Tyne.

Area of rough pasture

and hay crop fields with

mature hawthorn

hedge enclosure, 24.97

The price stated

to have been

paid on 12 May

2005 was

£130,000 5,206£ 8,009£ Mid

AVERAGE 92,835£ 141,814£

Site area is approximate

84 P04

1 Bulk Portfolio SOLD

8 Hospitality buildings. Sale Date: 01/02/2013 # Properties: 8Sale Price: £620,000,000 - Confirmed Total Size: -

Price/SF: - Total Land Area: -Price/Room: £501,618 # of Rooms: 1236

Reversionary Yield: - Sale Conditions: Bulk/Portfolio Sale, Distress Sale

Comp ID: 2721606 Research Status: Confirmed


26 Buildings, having total size of 869,704 SF.Sale Date: 26/03/2014 (97 days on mkt) # Properties: 26Sale Price: £175,000,000 - Confirmed Total Size: 869,704 SF

Price/SF: - Total Land Area: -

Reversionary Yield: - Sale Conditions: Bulk/Portfolio Sale, Distress SaleNet Initial Yield: 9.30%



54 Buildings, having total size of 1,429,860 SF.Sale Date: 04/08/2014 # Properties: 54Sale Price: £128,820,000 - Confirmed Total Size: 1,429,860 SF


Reversionary Yield: - Sale Conditions: Bulk/Portfolio SaleNet Initial Yield: 10.00%



28 Buildings, having total size of 1,154,025 SF.Sale Date: 07/02/2014 # Properties: 28Sale Price: £75,000,000 - Confirmed Total Size: 1,154,025 SF




5 Multi-Property SOLD

2 Industrial buildings in Newcastle Upon Tyne, TWR, having total size of 166,151 SF.Sale Date: 01/04/2014 # Properties: 2Sale Price: £6,900,000 - Confirmed Total Size: 166,151 SF

Price/SF: £41.53 Total Land Area: -

Reversionary Yield: - Sale Conditions: -Net Initial Yield: 8.25%



7 Industrial buildings, having total size of 99,722 SF. Sale Date: 01/07/2014 # Properties: 7Sale Price: £5,430,000 - Confirmed Total Size: 99,722 SF




Copyrighted report licensed to Newcastle City Council - 584768. 01/04/2015Page 1

85 P04

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Appendix 6 - Commercial Sales in Gateshead and Newcastle

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5 Office buildings in Gateshead, TWR, having total size of 18,346 SF.Sale Date: 01/06/2013 # Properties: 5Sale Price: £2,066,000 - Confirmed Total Size: 18,346 SF




8 Multi-Condo SOLD

2 Office Units in Gateshead, TWR, having total size of 3,850 SF.Sale Date: 30/09/2014 # Properties: 2Sale Price: £695,000 - Confirmed Total Size: 3,850 SF


Reversionary Yield: - Sale Conditions: -


9 Multi-Condo SOLD

2 Office Units in Newcastle Upon Tyne, TWR, having total size of 5,817 SF.Sale Date: 01/10/2013 (389 days on mkt) # Properties: 2Sale Price: £450,000 - Confirmed Total Size: 5,817 SF




10 Portfolio PENDING

3 Properties. Asking Price: £330,000 Sale Type: Investment

Price/SF: £39.54 # Properties: 3Days on Market: 443 Total Size: 8,345 SF

Sale Status: Pending Total Land Area: -

Net Initial Yield: - Sale Conditions: -

11 Multi-Property SOLD

2 Buildings in Newcastle Upon Tyne, TWR, having total size of 9,692 SF.Sale Date: 30/04/2013 (433 days on mkt) # Properties: 2Sale Price: £316,000 - Confirmed Total Size: 9,692 SF




12 Multi-Condo SOLD

2 Industrial Units in Gateshead, TWR, having total size of 4,092 SF.Sale Date: 27/05/2014 # Properties: 2Sale Price: £165,000 - Confirmed Total Size: 4,092 SF





86 P04


4 Properties. Asking Price: £145,000 Sale Type: Investment OR Owner/User





3 Properties. Asking Price: £145,000 Sale Type: Investment OR Owner/User




15 Multi-Condo SOLD

3 Office Units in Newcastle Upon Tyne, TWR, having total size of 1,394 SF.Sale Date: 23/06/2014 (342 days on mkt) # Properties: 3Sale Price: £140,000 - Confirmed Total Size: 1,394 SF




16 Multi-Condo SOLD

2 Office Units in Newcastle Upon Tyne, TWR, having total size of 2,536 SF.Sale Date: 01/09/2013 # Properties: 2Sale Price: £120,000 - Confirmed Total Size: 2,536 SF





2 Properties. Asking Price: £105,000 Sale Type: Owner/User




18 Multi-Condo SOLD

2 Industrial Units in Gateshead, TWR, having total size of 5,390 SF.Sale Date: 31/01/2013 (57 days on mkt) # Properties: 2Sale Price: £90,000 - Confirmed Total Size: 5,390 SF





87 P04

19 Multi-Condo SOLD

2 Office Units in Gateshead, TWR, having total size of 1,081 SF.Sale Date: 01/11/2013 (151 days on mkt) # Properties: 2Sale Price: - Total Size: 1,081 SF



Comp ID: 2905923 Research Status: Research Complete

20 Multi-Condo SOLD

3 Office Units in Newcastle Upon Tyne, TWR. Sale Date: 01/04/2013 (377 days on mkt) # Properties: 3Sale Price: - Total Size: -



Comp ID: 2723834 Research Status: In Progress

21 Multi-Condo SOLD

2 Office Units in Gateshead, TWR, having total size of 2,755 SF.Sale Date: 01/03/2014 (1,201 days on mkt) # Properties: 2Sale Price: - Total Size: 2,755 SF




22 Multi-Condo SOLD

3 Retail Units in Gateshead, TWR, having total size of 1,920 SF.Sale Date: 01/08/2014 (179 days on mkt) # Properties: 3Sale Price: - Total Size: 1,920 SF





8 Hospitality buildings, having total size of 49,296 SF. Asking Price: - Sale Type: Investment

Price/SF: - # Properties: 8Days on Market: 118 Total Size: 49,296 SF

Sale Status: Pending Total Land Area: 0.82 ACPrice/Room: - # of Rooms: 359

Net Initial Yield: 7.43% Sale Conditions: -

24 Former Ringtons Premises - Abbotsford Rd SOLD

Gateshead, NE10 0EX Tyne And Wear CountySale Date: 01/09/2014 (375 days on mkt) Bldg Type: IndustrialWarehouseSale Price: - Year Built/Age: Built 1980 Age: 34

Price/SF: - NIA: 4,769 SF

Reversionary Yield: -Net Initial Yield: -

Comp ID: 3137888 Sale Conditions: -Research Status: Research Complete


88 P04

25 Baltimore House - Abbotts Hill SOLD

Gateshead, NE8 3DF Tyne And Wear CountySale Date: 30/01/2014 (290 days on mkt) Bldg Type: OfficeSale Price: - Year Built/Age: Built 2002 Age: 11




26 Former Ronald Thompson - Albany Rd SOLD

Gateshead, NE8 3EH Tyne And Wear CountySale Date: 09/09/2013 (125 days on mkt) Bldg Type: IndustrialWarehouseSale Price: £50,000 - Confirmed Year Built/Age: Built 1970 Age: 43

Price/SF: £13.25 NIA: 3,774 SF


Comp ID: 2833026 Sale Conditions: -Research Status: Confirmed

27 Christison Particle & Technologies Ltd - Albany Rd SOLD

Gateshead, NE8 3AT Tyne And Wear CountySale Date: 10/04/2014 Bldg Type: IndustrialWarehouseSale Price: £38,000 - Confirmed Year Built/Age: Built 1999 Age: 14



Comp ID: 3038460 Sale Conditions: Auction SaleResearch Status: Confirmed

28 3 Alwinton Rd SOLD

Newcastle Upon Tyne, NE27 0UA Tyne And Wear CountySale Date: 01/03/2013 Bldg Type: RetailStorefront Retail/ResidentialSale Price: £125,000 - Confirmed Year Built/Age: Built 1950 Age: 63

Price/SF: £253.55 NIA: 493 SF



29 Anderson Grn SOLD

Gateshead, NE9 5BQ Tyne And Wear CountySale Date: 04/06/2014 (481 days on mkt) Bldg Type: OfficeSale Price: £85,000 - Confirmed Year Built/Age: Built 1990 Age: 24




30 City Gate House - Bath Ln SOLD

Newcastle Upon Tyne, NE4 5SQ Tyne And Wear CountySale Date: 02/09/2013 (326 days on mkt) Bldg Type: OfficeSale Price: £500,000 - Confirmed Year Built/Age: Built 1881 Renov 2014 Age: 132

Price/SF: £142.65 NIA: 3,505 SF




89 P04

31 105 Bensham Rd PENDING

Gateshead, NE8 1PU Tyne And Wear CountyAsking Price: £160,000 Sale Type: Owner/User

Price/SF: £174.86 Bldg Type: RetailStorefront Retail/ResidentialDays on Market: 274 Bldg Status:

Sale Status: Pending NIA: 915 SF

Net Initial Yield: -Sale Conditions: -

32 Q8 - Quorum Business Park - Benton Ln SOLD

Newcastle Upon Tyne, NE12 8BU Tyne And Wear CountySale Date: 01/05/2014 Bldg Type: OfficeSale Price: £17,500,000 - Confirmed Year Built/Age: Built 2005 Age: 9

Price/SF: £174.38 NIA: 100,353 SF

Reversionary Yield: -Net Initial Yield: 8.10%


33 Q16 - Quorum 16 - Benton Ln SOLD

Newcastle Upon Tyne, NE12 8BX Tyne And Wear CountySale Date: 23/05/2013 (125 days on mkt) Bldg Type: OfficeSale Price: £3,550,000 - Confirmed Year Built/Age: Built 2004 Age: 9

Price/SF: £113.63 NIA: 31,243 SF




Newcastle Upon Tyne, NE12 8EZ Tyne And Wear CountySale Date: 06/01/2014 (182 days on mkt) Bldg Type: OfficeSale Price: £2,450,000 - Confirmed Year Built/Age: Built 2005 Age: 9

Price/SF: £39.19 NIA: 62,508 SF




Newcastle Upon Tyne, NE12 8EZ Tyne And Wear CountySale Date: 25/03/2013 (830 days on mkt) Bldg Type: OfficeSale Price: £1,250,000 - Confirmed Year Built/Age: Built 2009 Age: 3

Price/SF: £24.64 NIA: 50,725 SF



36 Former Salvation Army HQ - Benton Ln PENDING

Newcastle Upon Tyne, NE12 8EW Tyne And Wear CountyAsking Price: £250,000 Sale Type: Owner/User

Price/SF: £99.80 Bldg Type: OfficeDays on Market: 485 Bldg Status:

Sale Status: Pending NIA: 2,505 SF



90 P04

37 Arcadia House - Benton Ln SOLD

Newcastle Upon Tyne, NE12 8EW Tyne And Wear CountySale Date: 31/07/2013 (237 days on mkt) Bldg Type: OfficeSale Price: - Year Built/Age: Built 1997 Age: 16



Comp ID: 2809160 Sale Conditions: -Research Status: In Progress

38 Royal Buildings - 11-13 Bigg Mark SOLD

Newcastle Upon Tyne, NE1 1UN Tyne And Wear CountySale Date: 04/11/2013 (201 days on mkt) Bldg Type: OfficeSale Price: - Year Built/Age: -




39 Globe Gallery - 53-57 Blandford Sq SOLD

Newcastle Upon Tyne, NE1 4HZ Tyne And Wear CountySale Date: 09/09/2013 (545 days on mkt) Bldg Type: OfficeLoft/Creative SpaceSale Price: - Year Built/Age: Built 1970 Age: 43




40 Croft House - Blucher Rd SOLD

Newcastle Upon Tyne, NE12 6DT Tyne And Wear CountySale Date: 01/03/2013 (294 days on mkt) Bldg Type: OfficeSale Price: £249,950 - Confirmed Year Built/Age: Built 1998 Age: 15




41 Unit 3 - Express Works - Brunswick Park SOLD

Newcastle Upon Tyne, NE13 7BA Tyne And Wear CountySale Date: 01/03/2014 (79 days on mkt) Bldg Type: IndustrialWarehouseSale Price: £90,000 - Confirmed Year Built/Age: Built 2000 Age: 14




42 Brunswick Industrial Estate - 19 Brunswick Vlg SOLD

Newcastle Upon Tyne, NE13 7BA Tyne And Wear CountySale Date: 26/06/2013 (273 days on mkt) Bldg Type: IndustrialWarehouseSale Price: £358,000 - Confirmed Year Built/Age: Built 1988 Age: 24





91 P04

43 Units 1-5 - Industrial Unit, Unit 4-5 - Brunswick Industrial Esta SOLD

Newcastle Upon Tyne, NE13 7BA Tyne And Wear CountySale Date: 01/07/2013 Unit Type: 5,598 SF Industrial UnitSale Price: - Year Built/Age: Built 2008 Age: 4




44 Site 7 And Gestetner Building - Christon Rd SOLD

Newcastle Upon Tyne, NE3 1XD Tyne And Wear CountySale Date: 09/09/2013 (826 days on mkt) Bldg Type: IndustrialWarehouseSale Price: - Year Built/Age: Built 1979 Age: 34




45 Former Greggs Bakery - Christon Rd SOLD

Newcastle Upon Tyne, NE3 1XD Tyne And Wear CountySale Date: 01/02/2013 (606 days on mkt) Bldg Type: IndustrialWarehouseSale Price: - Year Built/Age: Built 1989 Age: 23




46 Clavering House And The Works - Clavering Pl SOLD

Newcastle Upon Tyne, NE1 3NG Tyne And Wear CountySale Date: 10/01/2013 (45 days on mkt) Bldg Type: OfficeSale Price: - Year Built/Age: Built 1789 Age: 224




47 90-92 Clayton St SOLD

Newcastle Upon Tyne, NE1 5PG Tyne And Wear CountySale Date: 29/07/2013 (185 days on mkt) Bldg Type: RetailStorefront Retail/ResidentialSale Price: - Year Built/Age: Built 1820 Age: 193




48 Neptune House - 1 Close SOLD

Newcastle Upon Tyne, NE1 3RQ Tyne And Wear CountySale Date: 20/12/2013 (247 days on mkt) Bldg Type: RetailBarSale Price: - Year Built/Age: -





92 P04

49 Metropolitan House - 19-21 Collingwood St SOLD

Newcastle Upon Tyne, NE1 1JE Tyne And Wear CountySale Date: 01/06/2014 Bldg Type: OfficeSale Price: £1,300,000 - Confirmed Year Built/Age: Built 1905 Age: 108

Price/SF: £107.70 NIA: 12,071 SF



50 Collingwood House - 2 Collingwood Ter SOLD

Gateshead, NE11 9DU Tyne And Wear CountySale Date: 10/04/2014 Bldg Type: RetailStorefrontSale Price: £39,000 - Confirmed Year Built/Age: Built 1971 Age: 43




51 Unit B - Abcom House - Crisanden Ct SOLD

Newcastle Upon Tyne, NE13 7GA Tyne And Wear CountySale Date: 13/12/2013 (245 days on mkt) Bldg Type: OfficeSale Price: - Year Built/Age: -




52 The Crown & Anchor - Croft Ln SOLD

Newcastle Upon Tyne, NE15 0NS Tyne And Wear CountySale Date: 10/01/2014 (363 days on mkt) Bldg Type: RetailBarSale Price: £231,500 Year Built/Age: Built 1890 Age: 124

Price/SF: £130.50 NIA: 1,774 SF



53 The Chopwell - Derwent St SOLD

Newcastle Upon Tyne, NE17 7AA Tyne And Wear CountySale Date: 10/05/2013 (95 days on mkt) Bldg Type: RetailBarSale Price: £87,000 - Confirmed Year Built/Age: Built 1895 Age: 118




54 Unit 1 - Don St SOLD

Gateshead, NE11 0TU Tyne And Wear CountySale Date: 22/11/2013 (169 days on mkt) Bldg Type: IndustrialWarehouseSale Price: £140,000 - Confirmed Year Built/Age: Built 1970 Age: 43





93 P04

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55 48-74 Downend Rd SOLD

Newcastle Upon Tyne, NE5 5NH Tyne And Wear CountySale Date: 24/03/2014 (5 days on mkt) Bldg Type: RetailStorefront Retail/ResidentialSale Price: £840,000 - Confirmed Year Built/Age: -

Price/SF: £121.51 NIA: 6,913 SF



56 Team Valley Trading Estate - 355A-355B Dukesway Ct SOLD

Gateshead, NE11 0BH Tyne And Wear CountySale Date: 04/09/2013 (334 days on mkt) Bldg Type: IndustrialWarehouseSale Price: £140,000 Year Built/Age: Built 1985 Age: 27




57 687-691 Durham Rd SOLD

Gateshead, NE9 5HB Tyne And Wear CountySale Date: 04/12/2013 (9 days on mkt) Bldg Type: RetailAuto RepairSale Price: £800,000 - Confirmed Year Built/Age: -

Price/SF: £64.59 NIA: 12,385 SF



58 Office Block - Eland Ln SOLD

Newcastle Upon Tyne, NE20 9TR Tyne And Wear CountySale Date: 07/03/2014 (170 days on mkt) Bldg Type: OfficeSale Price: £145,000 Year Built/Age: Built 2001 Age: 12

Price/SF: £143.99 NIA: 1,007 SF



59 A1-A4 - Industrial Unit, Unit A4 - Eleventh Ave N SOLD

Gateshead, NE11 0NJ Tyne And Wear CountySale Date: 30/06/2014 (539 days on mkt) Unit Type: 1,242 SF Industrial UnitSale Price: - Year Built/Age: Built 1990 Age: 24




60 Lilac House - Fell Way SOLD

Gateshead, NE9 7RL Tyne And Wear CountySale Date: 06/06/2013 (30 days on mkt) Bldg Type: RetailStorefront Retail/ResidentialSale Price: £45,000 - Confirmed Year Built/Age: Built 1896 Age: 117





94 P04

61 Brenkley Colliery Building - Front St SOLD

Newcastle Upon Tyne, NE13 6ES Tyne And Wear CountySale Date: 22/07/2014 Bldg Type: IndustrialWarehouseSale Price: £206,000 - Confirmed Year Built/Age: Built 1955 Age: 59

Price/SF: £105.37 NIA: 1,955 SF



62 The Camperdown - Front St SOLD

Newcastle Upon Tyne, NE12 5UT Tyne And Wear CountySale Date: 08/08/2013 (1,023 days on mkt) Bldg Type: RetailBarSale Price: £200,000 - Confirmed Year Built/Age: Built 1926 Age: 86




63 Time Central - 32 Gallowgate SOLD

Newcastle Upon Tyne, NE1 4BF Tyne And Wear CountySale Date: 22/11/2013 Bldg Type: OfficeSale Price: £24,680,000 - Confirmed Year Built/Age: Built 2006 Age: 7

Price/SF: £299.12 NIA: 82,509 SF



64 Nelson Street - 133-137 Grainger St SOLD

Newcastle Upon Tyne, NE1 5AE Tyne And Wear CountySale Date: 16/12/2013 Bldg Type: RetailStorefront Retail/OfficeSale Price: £1,800,000 - Confirmed Year Built/Age: Built 1800 Age: 213

Price/SF: £573.43 NIA: 3,139 SF



65 3663 First For Food Service Limited - Green Ln SOLD

Gateshead, NE10 0QH Tyne And Wear CountySale Date: 01/04/2013 Bldg Type: IndustrialDistributionSale Price: £1,600,000 - Confirmed Year Built/Age: Built 1985 Renov 2013 Age: 28

Price/SF: £23.11 NIA: 69,222 SF



66 Former Coast And County Meat Supply Co Ltd - Green Ln SOLD

Gateshead, NE10 0QH Tyne And Wear CountySale Date: 18/02/2014 (1,090 days on mkt) Bldg Type: IndustrialWarehouseSale Price: - Year Built/Age: Built 1970 Age: 43





95 P04

67 Units 3-4 - Green Lane Industrial Est SOLD

Gateshead, NE10 0UW Tyne And Wear CountySale Date: 30/04/2013 (356 days on mkt) Bldg Type: IndustrialWarehouseSale Price: - Year Built/Age: Built 1985 Age: 27




68 Lloyds Court, Unit 52-60 - Grey St SOLD

Newcastle Upon Tyne, NE1 6AF Tyne And Wear CountySale Date: 10/04/2014 Unit Type: 16,493 SF Office UnitSale Price: £3,865,000 - Confirmed Year Built/Age: Built 1830 Renov 1999 Age: 183

Price/SF: £234.34 NIA: 16,493 SF



69 Unit 1-2 - Dunston Industrial Estate - Halifax Rd SOLD

Gateshead, NE11 9JW Tyne And Wear CountySale Date: 04/04/2014 (25 days on mkt) Bldg Type: IndustrialManufacturingSale Price: £280,000 - Confirmed Year Built/Age: -




70 Regent Point - High St SOLD

Newcastle Upon Tyne, NE3 3PF Tyne And Wear CountySale Date: 08/11/2013 Bldg Type: OfficeSale Price: - Year Built/Age: Built 2008 Age: 5




71 14 High Bridge SOLD

Newcastle Upon Tyne, NE1 1EN Tyne And Wear CountySale Date: 07/09/2013 Bldg Type: RetailStorefront Retail/ResidentialSale Price: £270,000 - Confirmed Year Built/Age: Built 1940 Age: 73

Price/SF: £264.45 NIA: 1,021 SF



72 The Ship - High Heworth Ln SOLD

Gateshead, NE10 9XD Tyne And Wear CountySale Date: 03/06/2013 (588 days on mkt) Bldg Type: RetailBarSale Price: £450,000 - Confirmed Year Built/Age: Built 1909 Age: 103





96 P04

73 39 Horsley Ave SOLD

Newcastle Upon Tyne, NE27 0UG Tyne And Wear CountySale Date: 10/04/2013 (614 days on mkt) Bldg Type: OfficeSale Price: £120,000 - Confirmed Year Built/Age: Built 1998 Age: 15




74 Jackson House & New Century House - Jackson St SOLD

Gateshead, NE8 1ED Tyne And Wear CountySale Date: 30/04/2014 (121 days on mkt) Bldg Type: RetailStorefront Retail/OfficeSale Price: £8,500,000 - Confirmed Year Built/Age: Built 2008 Age: 6

Price/SF: £82.85 NIA: 102,598 SF



75 Unit 384A- E - Jedburgh Ct SOLD

Gateshead, NE11 0BQ Tyne And Wear CountySale Date: 01/06/2014 (194 days on mkt) Bldg Type: IndustrialWarehouseSale Price: £470,000 - Confirmed Year Built/Age: Built 1992 Age: 22


Reversionary Yield: 9.20%Net Initial Yield: 10.00%


76 Units 383A-R - Industrial Unit, Unit 383F - Jedburgh Ct SOLD

Gateshead, NE11 0BQ Tyne And Wear CountySale Date: 30/01/2014 (13 days on mkt) Unit Type: 508 SF Industrial UnitSale Price: £36,000 - Confirmed Year Built/Age: Built 1995 Age: 19




77 89-91 Jesmond Rd SOLD

Newcastle Upon Tyne, NE2 1NH Tyne And Wear CountySale Date: 01/05/2014 (937 days on mkt) Bldg Type: OfficeSale Price: - Year Built/Age: Built 1895 Age: 119




78 The Cradlewell - 175 Jesmond Rd SOLD

Newcastle Upon Tyne, NE2 1LA Tyne And Wear CountySale Date: 08/02/2013 (631 days on mkt) Bldg Type: RetailStorefront Retail/ResidentialSale Price: - Year Built/Age: Built 1907 Age: 105





97 P04

79 Premier Inn - Kingsway N SOLD

Gateshead, NE11 0BE Tyne And Wear CountySale Date: 01/05/2013 Bldg Type: HospitalityHotelSale Price: £9,100,000 - Confirmed Year Built/Age: -

Price/SF: £148.32 NIA: 61,353 SF



80 17 Lansdowne Ter SOLD

Newcastle Upon Tyne, NE3 1HP Tyne And Wear CountySale Date: 30/05/2013 (834 days on mkt) Bldg Type: OfficeSale Price: £200,000 Year Built/Age: -

Price/SF: £117.58 NIA: 1,701 SF



81 11-12 Leazes Cres SOLD

Newcastle Upon Tyne, NE1 4LN Tyne And Wear CountySale Date: 15/04/2014 Bldg Type: RetailStorefront Retail/ResidentialSale Price: £175,000 - Confirmed Year Built/Age: Built 1880 Age: 134




82 11-12 Leazes Cres PENDING

Newcastle Upon Tyne, NE1 4LN Tyne And Wear CountyAsking Price: £165,000 Sale Type: Owner/User

Price/SF: £282.05 Bldg Type: RetailStorefront Retail/ResidentialDays on Market: 132 Bldg Status: Built 1880



83 11-12 Leazes Cres SOLD

Newcastle Upon Tyne, NE1 4LN Tyne And Wear CountySale Date: 09/09/2013 (804 days on mkt) Bldg Type: RetailStorefront Retail/ResidentialSale Price: - Year Built/Age: Built 1880 Age: 133

Price/SF: - NIA: 585 SF



84 18 Leazes Park Rd SOLD

Newcastle Upon Tyne, NE1 4PG Tyne And Wear CountySale Date: 26/02/2014 (14 days on mkt) Bldg Type: RetailStorefront Retail/ResidentialSale Price: - Year Built/Age: -

Price/SF: - NIA: 508 SF




98 P04

85 38-40 Leazes Park Rd SOLD

Newcastle Upon Tyne, NE1 4PG Tyne And Wear CountySale Date: 19/12/2013 (21 days on mkt) Bldg Type: OfficeSale Price: £350,000 - Confirmed Year Built/Age: Built 1880 Age: 133

Price/SF: £130.84 NIA: 2,675 SF



86 14A Lyndhurst Ter PENDING

Newcastle Upon Tyne, NE16 3DY Tyne And Wear CountyAsking Price: £53,000 Sale Type: Owner/User




87 The Rope Works - Malvern Gdns SOLD

Gateshead, NE11 9LJ Tyne And Wear CountySale Date: 09/04/2014 (624 days on mkt) Bldg Type: IndustrialWarehouseSale Price: £85,000 Year Built/Age: Built 1977 Age: 36




88 Aidan House - Manor Chare PENDING

Newcastle Upon Tyne, NE1 2TT Tyne And Wear CountyAsking Price: £3,000,000 Sale Type: Owner/User

Price/SF: £76.23 Bldg Type: OfficeDays on Market: 35 Bldg Status: Built 1969



89 Plummer House - Market St SOLD

Newcastle Upon Tyne, NE1 6NA Tyne And Wear CountySale Date: 01/04/2014 Bldg Type: RetailStorefront Retail/ResidentialSale Price: £2,300,000 - Confirmed Year Built/Age: Built 1910 Age: 104

Price/SF: £77.96 NIA: 29,501 SF


Comp ID: 3098237 Sale Conditions: High Vacancy Property, Redevelopment Research Status: Confirmed Project

90 Central Arcade - Market St SOLD

Newcastle Upon Tyne, NE1 5BP Tyne And Wear CountySale Date: 29/08/2014 (1,694 days on mkt) Unit Type: 1,660 SF Retail UnitSale Price: £155,000 - Confirmed Year Built/Age: Built 1836 Renov 1906 Age: 177





99 P04

91 Retail Unit, Unit 29-31 - 29-39 Market St SOLD

Newcastle Upon Tyne, NE1 6JE Tyne And Wear CountySale Date: 06/01/2014 Unit Type: 21,257 SF Retail UnitSale Price: £2,700,000 - Confirmed Year Built/Age: Built 1799 Age: 214

Price/SF: £127.02 NIA: 21,257 SF



92 RT Pallets Former County School - Marley Hl SOLD

Newcastle Upon Tyne, NE16 5DY Tyne And Wear CountySale Date: 31/03/2014 (187 days on mkt) Bldg Type: IndustrialSale Price: £220,000 - Confirmed Year Built/Age: Built 1900 Age: 114

Price/SF: £20.31 NIA: 10,830 SF



93 Units 321a-321n - Industrial Unit, Unit 321T - Mayoral Way SOLD

Gateshead, NE11 0RT Tyne And Wear CountySale Date: 10/01/2014 (175 days on mkt) Unit Type: 506 SF Industrial UnitSale Price: £25,000 Year Built/Age: Built 1997 Age: 16




94 Media 4 - The Media Exchange - Media Exchange SOLD

Newcastle Upon Tyne, NE1 2QB Tyne And Wear CountySale Date: 03/06/2013 (1,385 days on mkt) Bldg Type: OfficeSale Price: - Year Built/Age: Built 2009 Age: 4




95 Media 5 - The Media Exchange - Media Exchange SOLD

Newcastle Upon Tyne, NE1 2QB Tyne And Wear CountySale Date: 01/05/2013 (1,352 days on mkt) Bldg Type: OfficeSale Price: - Year Built/Age: Built 2009 Age: 3




96 Shell Petrol Station - Millers Rd SOLD

Newcastle Upon Tyne, NE6 2UU Tyne And Wear CountySale Date: 19/05/2014 (19 days on mkt) Bldg Type: RetailService StationSale Price: £61,000 - Confirmed Year Built/Age: -



Comp ID: 3030670 Sale Conditions: Auction Sale, Ground Lease (Leasehold) Research Status: Confirmed


100 P04

97 Our Lady Of The Annunciation Church - Millway SOLD

Gateshead, NE9 5PQ Tyne And Wear CountySale Date: 11/11/2013 (557 days on mkt) Bldg Type: OfficeSale Price: £220,000 - Confirmed Year Built/Age: Built 1959 Age: 54




98 1 Cathedral Square - Mosley St SOLD

Newcastle Upon Tyne, NE1 1YF Tyne And Wear CountySale Date: 31/01/2013 Bldg Type: OfficeOffice Live/Work UnitSale Price: £9,500,000 - Confirmed Year Built/Age: Built 1974 Renov 2004 Age: 38

Price/SF: £196.97 NIA: 48,231 SF



99 Bank Chambers - 24-26 Mosley St SOLD

Newcastle Upon Tyne, NE1 1DF Tyne And Wear CountySale Date: 29/11/2013 (224 days on mkt) Bldg Type: RetailStorefront Retail/OfficeSale Price: £1,750,000 - Confirmed Year Built/Age: Built 1900 Age: 113

Price/SF: £102.42 NIA: 17,086 SF



100 Ashbby House - 5 Mylord Cres SOLD

Newcastle Upon Tyne, NE12 5UJ Tyne And Wear CountySale Date: 15/04/2014 (335 days on mkt) Bldg Type: IndustrialWarehouseSale Price: £150,000 - Confirmed Year Built/Age: Built 1991 Age: 22




101 Unit 2 - Team Valley Trading Estate - Nest Rd SOLD

Gateshead, NE10 0ES Tyne And Wear CountySale Date: 18/06/2013 (20 days on mkt) Bldg Type: IndustrialWarehouseSale Price: £1,005,000 - Confirmed Year Built/Age: Built 1975 Age: 38

Price/SF: £7.34 NIA: 136,861 SF



102 Unit 1 - Team Valley Trading Estate - Nest Rd SOLD

Gateshead, NE10 0ES Tyne And Wear CountySale Date: 01/09/2014 (376 days on mkt) Bldg Type: IndustrialWarehouseSale Price: - Year Built/Age: Built 1975 Age: 39





101 P04

103 Unit 5A-5C - Unit 5-6, Unit 6 - New York Way SOLD

Newcastle Upon Tyne, NE27 0QF Tyne And Wear CountySale Date: 01/03/2013 Unit Type: 7,645 SF Industrial UnitSale Price: £371,000 - Confirmed Year Built/Age: Built 1999 Age: 14




104 Unit 2 - New York Industrial Park - New York Way PENDING

Newcastle Upon Tyne, NE27 0QF Tyne And Wear CountyAsking Price: - Sale Type: Owner/User

Price/SF: - Bldg Type: IndustrialWarehouseDays on Market: 450 Bldg Status: Built 1983



105 95-117 Newgate St SOLD

Newcastle Upon Tyne, NE1 5RF Tyne And Wear CountySale Date: 01/06/2014 Bldg Type: RetailStorefrontSale Price: £35,000,000 - Confirmed Year Built/Age: Built 1898 Renov 2015 Age: 116

Price/SF: £179.75 NIA: 194,719 SF



106 10-10A - New England House - 10A Northumberland Rd FOR SALE

Newcastle Upon Tyne, NE1 8JF Asking Price: £2,100,000

Price/SF: £98.41 Days on Market: 78

Sale Status: Active

Net Initial Yield: 10.80%

Tyne And Wear County Sale Type: Investment Bldg Type: Office

Bldg Status: Built 1980 NIA: 21,339 SF

Sale Conditions: -

107 Unit 30 - Stephenson Industrial Estate - Northumbrian Way SOLD

Newcastle Upon Tyne, NE12 6EH Tyne And Wear CountySale Date: 01/01/2014 (23 days on mkt) Bldg Type: IndustrialSale Price: - Year Built/Age: Built 1965 Age: 49




108 5 Nun St SOLD

Newcastle Upon Tyne, NE1 5AG Tyne And Wear CountySale Date: 30/09/2013 (105 days on mkt) Bldg Type: RetailStorefront Retail/OfficeSale Price: £249,999 - Confirmed Year Built/Age: Built 1930 Age: 83





102 P04

109 High Fell Social Club - Old Durham Rd SOLD

Gateshead, NE9 5DR Tyne And Wear CountySale Date: 01/09/2014 (54 days on mkt) Bldg Type: RetailBarSale Price: £305,000 - Confirmed Year Built/Age: Built 1961 Age: 53



Comp ID: 3135108 Sale Conditions: Distress Sale, Redevelopment ProjectResearch Status: Confirmed

110 357 Old Durham Rd SOLD

Gateshead, NE9 5LA Tyne And Wear CountySale Date: 01/09/2013 (48 days on mkt) Bldg Type: RetailStorefrontSale Price: - Year Built/Age: Built 1953 Age: 60



Comp ID: 2847745 Sale Conditions: Auction SaleResearch Status: Research Complete

111 Central Square South - Orchard St SOLD

Newcastle Upon Tyne, NE1 3XX Tyne And Wear CountySale Date: 20/01/2014 Bldg Type: OfficeSale Price: £22,000,000 - Confirmed Year Built/Age: Built 1998 Age: 15

Price/SF: £230.84 NIA: 95,305 SF



112 Otterburn Hall - Otterburn SOLD

Newcastle Upon Tyne, NE19 1HE Tyne And Wear CountySale Date: 01/07/2014 Bldg Type: HospitalityHotelSale Price: £1,500,000 - Confirmed Year Built/Age: Built 1810 Age: 204

Price/SF: £32.52 NIA: 46,122 SF


Comp ID: 3155374 Sale Conditions: Distress SaleResearch Status: Confirmed

113 Yorkshire Chambers - 112-118 Pilgrim St SOLD

Newcastle Upon Tyne, NE1 6SQ Tyne And Wear CountySale Date: 01/04/2013 Bldg Type: OfficeSale Price: - Year Built/Age: Built 1901 Age: 111




114 Architectural House - Plummer St SOLD

Newcastle Upon Tyne, NE4 7AB Tyne And Wear CountySale Date: 05/02/2014 (204 days on mkt) Bldg Type: IndustrialSale Price: - Year Built/Age: Built 1993 Age: 20





103 P04

115 Wingrove House - Ponteland Rd SOLD

Newcastle Upon Tyne, NE5 3DE Tyne And Wear CountySale Date: 16/10/2013 Bldg Type: OfficeSale Price: £450,000 - Confirmed Year Built/Age: Built 1962 Age: 51

Price/SF: £12.89 NIA: 34,905 SF



116 Pitcher & Piano - 108 Quayside SOLD

Newcastle Upon Tyne, NE1 3DX Tyne And Wear CountySale Date: 01/03/2014 (46 days on mkt) Bldg Type: RetailBarSale Price: £7,550,000 - Confirmed Year Built/Age: Built 1995 Age: 19

Price/SF: £723.67 NIA: 10,433 SF


Comp ID: 2981783 Sale Conditions: Sale LeasebackResearch Status: Confirmed

117 5 Queensway N SOLD

Gateshead, NE11 0NY Tyne And Wear CountySale Date: 01/07/2014 Bldg Type: IndustrialWarehouseSale Price: £1,490,000 - Confirmed Year Built/Age: Built 2001 Age: 13

Price/SF: £44.98 NIA: 33,126 SF



118 Cobalt 15A - Quick Silver Way SOLD

Newcastle Upon Tyne, NE27 0QQ Tyne And Wear CountySale Date: 01/03/2014 Bldg Type: OfficeOffice Live/Work UnitSale Price: £1,505,000 - Confirmed Year Built/Age: Built 2009 Age: 4

Price/SF: £49.32 NIA: 30,515 SF



119 Cobalt 14 - Quicksilver Way SOLD

Newcastle Upon Tyne, NE27 0QQ Tyne And Wear CountySale Date: 09/04/2014 (135 days on mkt) Bldg Type: OfficeSale Price: £10,350,000 - Confirmed Year Built/Age: Built 2007 Age: 7

Price/SF: £224.34 NIA: 46,136 SF



120 The Globe - Railway St SOLD

Newcastle Upon Tyne, NE4 7AD Tyne And Wear CountySale Date: 12/05/2014 (223 days on mkt) Bldg Type: RetailSale Price: - Year Built/Age: -





104 P04

121 Former Distribution Warehouse - Rear Of Coxon Ter SOLD

Gateshead, NE10 0AQ Tyne And Wear CountySale Date: 29/08/2013 (101 days on mkt) Bldg Type: IndustrialWarehouseSale Price: £125,000 - Confirmed Year Built/Age: Built 1994 Age: 18




122 8 Ridley Pl SOLD

Newcastle Upon Tyne, NE1 8JW Tyne And Wear CountySale Date: 01/02/2013 (165 days on mkt) Bldg Type: RetailStorefrontSale Price: £286,000 - Confirmed Year Built/Age: Built 1913 Age: 99

Price/SF: £161.58 NIA: 1,770 SF



123 McDonalds Restaurants Ltd - Rotary Way SOLD

Newcastle Upon Tyne, NE3 5EH Tyne And Wear CountySale Date: 12/07/2014 Bldg Type: RetailFast FoodSale Price: £1,125,000 - Confirmed Year Built/Age: Built 1995 Age: 19

Price/SF: £443.44 NIA: 2,537 SF



124 JFS Studios - Saltmeadows Rd SOLD

Gateshead, NE8 3AH Tyne And Wear CountySale Date: 27/09/2013 (2,425 days on mkt) Bldg Type: OfficeSale Price: £60,000 - Confirmed Year Built/Age: Built 1995 Age: 18




125 Ashwood House - Saltmeadows Rd SOLD

Gateshead, NE8 3AH Tyne And Wear CountySale Date: 01/09/2014 Bldg Type: OfficeSale Price: - Year Built/Age: -




126 11 Saltmeadows Rd SOLD

Gateshead, NE8 3AH Tyne And Wear CountySale Date: 18/08/2014 (1,119 days on mkt) Bldg Type: RetailFreestandingSale Price: £140,000 - Confirmed Year Built/Age: Built 1966 Age: 48





105 P04

127 17 Saltmeadows Rd SOLD

Gateshead, NE8 3AH Tyne And Wear CountySale Date: 18/03/2014 (2,532 days on mkt) Bldg Type: IndustrialWarehouseSale Price: £400,000 - Confirmed Year Built/Age: Built 1980 Age: 33

Price/SF: £13.24 NIA: 30,212 SF



128 201 Saltwell Rd PENDING

Gateshead, NE8 4TL Tyne And Wear CountyAsking Price: £150,000 Sale Type: Owner/User




129 Quayside - 10-15 Sandhill SOLD

Newcastle Upon Tyne, NE1 3AF Tyne And Wear CountySale Date: 17/10/2013 (183 days on mkt) Bldg Type: RetailStorefrontSale Price: - Year Built/Age: Renov 2015




130 Waterside Hotel - 48-52 Sandhill SOLD

Newcastle Upon Tyne, NE1 3JF Tyne And Wear CountySale Date: 17/12/2013 (244 days on mkt) Bldg Type: HospitalityHotelSale Price: - Year Built/Age: -




131 Unit 1-10 - Industrial Unit, Unit 3 - Sandison Ct SOLD

Newcastle Upon Tyne, NE13 7BA Tyne And Wear CountySale Date: 13/06/2014 (381 days on mkt) Unit Type: 3,793 SF Industrial UnitSale Price: £130,000 - Confirmed Year Built/Age: Built 1982 Age: 32




132 89 Sandyford Rd SOLD

Newcastle Upon Tyne, NE1 8HW Tyne And Wear CountySale Date: 23/08/2014 (15 days on mkt) Bldg Type: OfficeOffice Live/Work UnitSale Price: - Year Built/Age: Built 1980 Age: 34





106 P04

133 Unit 1-4 - Armstrong Works - Scotswood Rd SOLD

Newcastle Upon Tyne, NE15 6UX Tyne And Wear CountySale Date: 01/12/2013 (80 days on mkt) Bldg Type: IndustrialSale Price: - Year Built/Age: -




134 The Willows Club - 18-20 Scrogg Rd SOLD

Newcastle Upon Tyne, NE6 4EX Tyne And Wear CountySale Date: 14/03/2013 (62 days on mkt) Bldg Type: RetailStorefront Retail/ResidentialSale Price: £155,000 - Confirmed Year Built/Age: Built 1860 Age: 153



Comp ID: 2744626 Sale Conditions: Bankruptcy SaleResearch Status: Confirmed

135 The Old Cannon - 42-44 Sheriffs Hwy PENDING

Gateshead, NE9 5UE Tyne And Wear CountyAsking Price: £150,000 Sale Type: Owner/User

Price/SF: £60.19 Bldg Type: RetailBarDays on Market: 610 Bldg Status: Built 1902



136 Ouseburn Point - 24-46 Shields Rd SOLD

Newcastle Upon Tyne, NE6 1DR Tyne And Wear CountySale Date: 01/05/2013 (232 days on mkt) Bldg Type: OfficeSale Price: - Year Built/Age: Built 2009 Age: 3




137 74-76 Shields Rd PENDING

Newcastle Upon Tyne, NE6 1DS Tyne And Wear CountyAsking Price: £225,000 Sale Type: Owner/User

Price/SF: £42.49 Bldg Type: RetailStorefrontDays on Market: 1247 Bldg Status: Built 1970



138 151-153 Shields Rd SOLD

Newcastle Upon Tyne, NE6 1DP Tyne And Wear CountySale Date: 01/06/2014 Bldg Type: RetailStorefront Retail/OfficeSale Price: - Year Built/Age: -





107 P04

139 165-167 Shields Rd SOLD

Newcastle Upon Tyne, NE6 1DP Tyne And Wear CountySale Date: 20/08/2013 (20 days on mkt) Bldg Type: RetailBankSale Price: £170,000 - Confirmed Year Built/Age: Built 1911 Age: 102




140 1037 Shields Rd SOLD

Newcastle Upon Tyne, NE6 4SP Tyne And Wear CountySale Date: 24/02/2014 (3 days on mkt) Bldg Type: IndustrialSale Price: £120,000 - Confirmed Year Built/Age: Built 1970 Age: 44




141 Proctor House - 15-29 Side SOLD

Newcastle Upon Tyne, NE1 3JE Tyne And Wear CountySale Date: 05/04/2013 Bldg Type: HospitalityHotelSale Price: £6,500,000 - Confirmed Year Built/Age: Built 1644 Renov 1907 Age: 368

Price/SF: £185.71 NIA: 35,000 SF


Comp ID: 2763182 Sale Conditions: High Vacancy PropertyResearch Status: Confirmed

142 35-35A Side SOLD

Newcastle Upon Tyne, NE1 3JE Tyne And Wear CountySale Date: 18/02/2014 (1,336 days on mkt) Bldg Type: OfficeSale Price: - Year Built/Age: Built 1892 Age: 121




143 Cobalt 15B and 15C - Silver Fox Way SOLD

Newcastle Upon Tyne, NE27 0QJ Tyne And Wear CountySale Date: 01/07/2013 Bldg Type: OfficeSale Price: £7,930,000 - Confirmed Year Built/Age: Built 2001 Age: 11

Price/SF: £84.56 NIA: 93,781 SF



144 New Hedley House - Silver Fox Way SOLD

Newcastle Upon Tyne, NE27 0QW Tyne And Wear CountySale Date: 14/03/2013 (93 days on mkt) Bldg Type: OfficeSale Price: £4,150,000 - Confirmed Year Built/Age: Built 2002 Age: 10

Price/SF: £74.43 NIA: 55,756 SF


Comp ID: 2713834 Sale Conditions: Bankruptcy SaleResearch Status: Confirmed


108 P04

145 1 - Colbalt 1 - Silver Fox Way SOLD

Newcastle Upon Tyne, NE27 0QJ Tyne And Wear CountySale Date: 08/08/2013 Bldg Type: OfficeSale Price: £1,200,000 - Confirmed Year Built/Age: Built 2003 Age: 10

Price/SF: £26.99 NIA: 44,453 SF



146 Cobalt 13b/c - Silverlink North SOLD

Newcastle Upon Tyne, NE27 0BY Tyne And Wear CountySale Date: 10/12/2013 (15 days on mkt) Bldg Type: OfficeSale Price: £10,500,000 - Confirmed Year Built/Age: Built 2000 Age: 13

Price/SF: £202.00 NIA: 51,981 SF



147 Former Salvation Army Hall - Smithburn Rd SOLD

Gateshead, NE10 9DT Tyne And Wear CountySale Date: 25/02/2014 (1 days on mkt) Bldg Type: OfficeSale Price: £127,500 - Confirmed Year Built/Age: -




148 14 South Shore Rd SOLD

Gateshead, NE8 3AE Tyne And Wear CountySale Date: 16/04/2014 (209 days on mkt) Bldg Type: IndustrialWarehouseSale Price: £97,500 - Confirmed Year Built/Age: Built 1970 Age: 44




149 1 St James Gate SOLD

Newcastle Upon Tyne, NE1 4AD Tyne And Wear CountySale Date: 01/08/2014 Bldg Type: OfficeSale Price: £18,050,000 - Confirmed Year Built/Age: Built 2004 Age: 9

Price/SF: £302.25 NIA: 59,719 SF



150 The Old Post Office - St Nicholas St SOLD

Newcastle Upon Tyne, NE1 1RH Tyne And Wear CountySale Date: 01/06/2014 Bldg Type: OfficeSale Price: - Year Built/Age: Built 1823 Age: 190





109 P04

151 Unit 1-7 - Parker Court - St Omers Rd SOLD

Gateshead, NE11 9EW Tyne And Wear CountySale Date: 05/08/2013 (392 days on mkt) Bldg Type: IndustrialWarehouseSale Price: £115,000 - Confirmed Year Built/Age: Built 1990 Age: 23




152 Unit C - Federation Business Park - St Omers Rd SOLD

Gateshead, NE11 9HR Tyne And Wear CountySale Date: 09/09/2013 (1,734 days on mkt) Bldg Type: IndustrialSale Price: - Year Built/Age: Built 1983 Age: 30




153 St Peters Wharf, Unit Bascule Bar & Bistro - St Peters Basin PENDING

Newcastle Upon Tyne, NE6 1TZ Tyne And Wear CountyAsking Price: - Sale Type: Owner/User

Price/SF: - Unit Type: 1,913 SF Office UnitDays on Market: 441 Bldg Status: Built 1994



154 4 Station Rd SOLD

Newcastle Upon Tyne, NE15 8LS Tyne And Wear CountySale Date: 06/03/2014 (150 days on mkt) Bldg Type: RetailStorefront Retail/ResidentialSale Price: £37,000 - Confirmed Year Built/Age: Built 1920 Age: 94




155 Stoneygate House - Stoneygate Ln PENDING

Gateshead, NE10 0HJ Tyne And Wear CountyAsking Price: £625,000 Sale Type: Owner/User

Price/SF: £11.05 Bldg Type: IndustrialDays on Market: 723 Bldg Status:



156 356 Sunderland Rd SOLD

Gateshead, NE8 3QP Tyne And Wear CountySale Date: 22/07/2013 (98 days on mkt) Bldg Type: RetailStorefront Retail/ResidentialSale Price: £55,000 - Confirmed Year Built/Age: Built 1930 Age: 83





110 P04

157 The Potters Wheel - Sunniside SOLD

Newcastle Upon Tyne, NE16 5EE Tyne And Wear CountySale Date: 05/07/2013 (151 days on mkt) Bldg Type: RetailBarSale Price: £180,000 - Confirmed Year Built/Age: Built 1975 Age: 38




158 Leadgate House - The Old Coach Sta SOLD

Newcastle Upon Tyne, NE15 0NT Tyne And Wear CountySale Date: 04/04/2014 (914 days on mkt) Bldg Type: RetailStorefront Retail/ResidentialSale Price: £460,000 - Confirmed Year Built/Age: Built 1934 Age: 79

Price/SF: £102.86 NIA: 4,472 SF



159 Cobalt 13a - The Silverlink N SOLD

Newcastle Upon Tyne, NE27 0QJ Tyne And Wear CountySale Date: 17/12/2013 (22 days on mkt) Bldg Type: OfficeSale Price: £3,500,000 - Confirmed Year Built/Age: Built 2008 Age: 5

Price/SF: £115.03 NIA: 30,426 SF



160 Units 6-10 Keel Row - Office Unit, Unit 7 - The Watermark SOLD

Gateshead, NE11 9SZ Tyne And Wear CountySale Date: 01/06/2014 (509 days on mkt) Unit Type: 1,856 SF Office UnitSale Price: £225,000 Year Built/Age: Built 2008 Age: 6

Price/SF: £121.23 NIA: 1,856 SF



161 211-213 Two Ball Lonnen SOLD

Newcastle Upon Tyne, NE4 9RS Tyne And Wear CountySale Date: 01/09/2014 (207 days on mkt) Bldg Type: RetailStorefront Retail/OfficeSale Price: £210,000 - Confirmed Year Built/Age: Built 1970 Age: 44

Price/SF: £159.82 NIA: 1,314 SF



162 2 Tyne Vw SOLD

Newcastle Upon Tyne, NE15 8DE Tyne And Wear CountySale Date: 18/12/2013 (212 days on mkt) Bldg Type: RetailStorefront Retail/ResidentialSale Price: £31,000 - Confirmed Year Built/Age: -





111 P04

163 HSS Unit - Union Rd SOLD

Newcastle Upon Tyne, NE6 1EH Tyne And Wear CountySale Date: 01/12/2013 (6 days on mkt) Bldg Type: IndustrialDistributionSale Price: - Year Built/Age: Built 1980 Age: 33




164 Walbottle Methodist Church - Walbottle Rd PENDING

Newcastle Upon Tyne, NE15 8HY Tyne And Wear CountyAsking Price: £250,000 Sale Type: Owner/User

Price/SF: £72.36 Bldg Type: OfficeOffice/ResidentialDays on Market: 616 Bldg Status:



165 369-375 Walker Rd PENDING

Newcastle Upon Tyne, NE6 2XW Tyne And Wear CountyAsking Price: £275,000 Sale Type: Owner/User

Price/SF: £15.25 Bldg Type: IndustrialDays on Market: 175 Bldg Status: Built 1933



166 Charlton Bonds Building - Waterloo St SOLD

Newcastle Upon Tyne, NE1 4DE Tyne And Wear CountySale Date: 01/11/2013 (174 days on mkt) Bldg Type: OfficeLoft/Creative SpaceSale Price: - Year Built/Age: Built 1885 Renov 1980 Age: 128




167 Driving Test Centre - Waterside Dr SOLD

Gateshead, NE11 9HU Tyne And Wear CountySale Date: 27/03/2014 (177 days on mkt) Bldg Type: OfficeSale Price: £1,970,000 - Confirmed Year Built/Age: Built 2007 Age: 7

Price/SF: £1,016.51 NIA: 1,938 SF



168 Unit 6 - Benton Square Industrial Estate - Wesley Way SOLD

Newcastle Upon Tyne, NE12 9TA Tyne And Wear CountySale Date: 09/04/2014 (552 days on mkt) Bldg Type: IndustrialSale Price: £320,000 - Confirmed Year Built/Age: Built 1970 Age: 44

Price/SF: £26.82 NIA: 11,932 SF




112 P04

169 1 West Rd PENDING

Newcastle Upon Tyne, NE20 9SU Tyne And Wear CountyAsking Price: - Sale Type: Investment

Price/SF: - Bldg Type: OfficeDays on Market: 48 Bldg Status: Built 1830



170 2 West Rd SOLD

Newcastle Upon Tyne, NE20 9SU Tyne And Wear CountySale Date: 21/02/2013 Bldg Type: OfficeOffice Live/Work UnitSale Price: £108,000 - Confirmed Year Built/Age: Built 1953 Age: 60




171 Bolbec Hall - Westgate Rd PENDING

Newcastle Upon Tyne, NE1 1SE Tyne And Wear CountyAsking Price: £1,100,000 Sale Type: Owner/User

Price/SF: £65.89 Bldg Type: OfficeDays on Market: 1799 Bldg Status: Built 1909



172 Neville Hall - Westgate Rd SOLD

Newcastle Upon Tyne, NE1 1SE Tyne And Wear CountySale Date: 01/05/2013 (695 days on mkt) Bldg Type: OfficeSale Price: £450,000 - Confirmed Year Built/Age: Built 1871 Age: 141




173 297 Westgate Rd SOLD

Newcastle Upon Tyne, NE4 6AJ Tyne And Wear CountySale Date: 27/11/2013 (22 days on mkt) Bldg Type: RetailStorefrontSale Price: £65,000 Year Built/Age: Built 1890 Age: 123





113 P04

Appendix 7 Publically Available Evidence

COMMERCIAL PLOT RATIO ANALYSIS Definition & Use Class*

Example Scheme Type GIA (sq m) Site Coverage

Site Size (HA)

A1, A2, A3, A4, A5 – Small Retail

Convenience Store*** 1600 80% 0.20

A1 – Supermarket Supermarket 2500 35% 0.60 B1(a) - Offices Office – City Centre 4000 400% 0.10

Office – Neighbourhoods/Out of Town

2000 40% 0.50

C1 – Hotel** Hotel – CITY CENTRE Hotel – NON-CITY CENTRE

8000 (135 rooms) 1800 (60 rooms)

200% 60%

0.40 0.25

C2 – Resi dential Institution

Nursing Home

3000 60% 0.50

Use Analysis RETAIL WAREHOUSE Based on plot ratio adopted for Light Industrial to allow for parking and servicing

requirement. Assuming 1 parking space per 33m2 of development SMALL RETAIL Based on a small single-storey retail parade with some external space for servicing SUPERMARKET Information provided by analysis of planning applications as follows:

WAITROSE, OSBORNE ROAD Size - 1,204m2 Site Area - 0.12 ha PLOT RATIO - 100% SAINSBURY’S, HIGH HEATON Size - 5,935m2 Site Area - 3.10 ha PLOT RATIO - 20%

OFFICES - CITY Based on a 4 storey scheme. OFFICES - NEIGHBOURHOODS

The Employment Land Review “Newcastle Property Market Overview and Demand Assessment” February 2010 utilises a plot ratio of 80%

LIGHT INDUSTRIAL & INDUSTRIAL

The Employment Land Review “Newcastle Property Market Overview and Demand Assessment” February 2010 utilises a plot ratio of 42%

CITY CENTRE HOTEL Information provided by analysis of planning applications as follows: SLEEPERZ HOTEL Size - 2,910m2 Site Area - 0.164 ha Beds - 95 PLOT RATIO - 177% SIZE/ROOM - 31m2 SANDMAN HOTEL Size - 4,875m2 Site Area - 0.390 ha Beds - 170 PLOT RATIO - 125% SIZE/ROOM - 29m2 FENKLE STREET

114 P04

Size - 6,079m2 Site Area - 0.260 ha Beds - 148 PLOT RATIO - 233% SIZE/ROOM - 41m2 NEWGATE Size - 18,800m2 Site Area - 0.700 ha Beds - 675 PLOT RATIO - 268% SIZE/ROOM - 28m2 STEPHENSON QUARTER Size - 17,800m2 Beds - 251 SIZE/ROOM - 71m2 Other Sources: JURYS INN, SOUTH SHORE, GATESHEAD Size - 4,645m2 Beds - 204 SIZE/ROOM - 23m2 MALMAISON, QUAYSIDE Size - 8,650m2 Beds - 122 SIZE/ROOM - 71m2

NON CITY CENTRE HOTEL

Assumption of a 2 storey development on a plot with landscaping and customer parking and servicing

RESIDENTIAL INSTITUTION

Assumption of a 2 storey development with landscaping and parking provision

STUDENT HOUSING Information provided by analysis of planning applications as follows: DOWNINGS, PHASE 2 Size - 10,997 Site Area - 0.27 ha Beds - 351 PLOT RATIO - 400% SIZE/ROOM - 31m2 PITT STREET Size - 6,515 Site Area - 0.88 ha Beds - 214 PLOT RATIO - 74% SIZE/ROOM - 30m2

115 P04

Property Address PropertyType Sale Date Bldg Sq Ft Sale Price

Price Per

SqFt (Net)

Price Per

Sqm (NET)

St Peters Basin, Bascule Bar & Bistro/GroundOffice 09/09/2015 23044 175000 91.48 £8.50507 Shields Rd Industrial 01/09/2015 30492 385000 12.63 £1.1738-40 Grainger St Retail 14/08/2015 3082 660000 214.15 £19.90Toll Bridge Rd (5 Properties) Industrial 12/08/2015 61464 4500000 73.21 £6.80North Rd (28 Properties) Mixed 10/08/2015 1571717 260000000 165.42 £15.37High St (2 Properties) Mixed 13/07/2015 6786 525000 77.36 £7.191-3 Penn St Industrial 13/07/2015 3115 203000 65.17 £6.055 Penn St Industrial 13/07/2015 5402 184000 34.06 £3.16Railway St Industrial 13/07/2015 6407 131000 20.45 £1.90502 Queens Dr (4 Properties) Hospitality 03/07/2015 850000014A Lyndhurst Ter Retail 01/07/2015 827 42000 50.79 £4.7299-101 St Georges Ter Retail 29/06/2015 2751 660000 239.91 £22.29Denby Dale Rd (231 Properties) Mixed 22/06/2015 1386000007 William Jessop Way (15 Properties) Mixed 17/06/2015 825554 355100000 430.1 £39.96Fossway (2 Properties) Retail (Retail Park) 01/06/2015 218143 46250000 212.02 £19.70Waldridge Rd Retail 21/05/2015 5641 605000 107.25 £9.96123-125 Northumberland St Retail 17/05/2015 3767 1400000 371.65 £34.53Bath St Industrial 11/05/2015 40806 406000 9.95 £0.92100-108 Westgate Rd (2 Retail Units) Retail 11/05/2015 694 95000 136.89 £12.72Shelley Rd Industrial 28/04/2015 56304 1250000 22.2 £2.06Eleventh Ave (6 Properties) Industrial 27/04/2015 180430 12050000 66.78 £6.20105 Bensham Rd Retail 16/04/2015 915 110000 120.22 £11.1733 St James Blvd Office 08/04/2015 28813 7725000 268.11 £24.9111-12 Leazes Cres Retail 02/04/2015 585 150000 256.41 £23.8274-76 Shields Rd Retail 01/04/2015 5295 150000 28.33 £2.63369-375 Walker Rd Industrial 30/03/2015 18034 205000 11.37 £1.0660-96 Jamaica St (23 Properties) Mixed 19/03/2015 680000000St Peters Basin, 2/1st Floor Office 19/03/2015 23044 170000 118.72 £11.03

APPENDIX 7 Freehold Comparables Gateshead and Newcastle (Oct. 2015)

116 P04

Shelly Rd, 10/Ground Light Industrial 15/03/2015 55157 145000 17.95 £1.6754-72 Queen St (42 Properties) Retail 06/03/2015 34948 1100000000 31475.33 £2,924.15Third Ave Industrial 28/02/2015 6327 164650 26.02 £2.42Blaydon Bank Industrial 27/02/2015 5266 50000 9.49 £0.88Phoenix Rd Industrial 23/02/2015 55059 2250000 40.87 £3.80Octavian Way, 3/Ground Industrial 20/02/2015 5775 170000 59.13 £5.4981-87 Clayton St (3 Retail Units) Retail 15/02/2015 2462 240000 97.48 £9.0613-19 Lonsdale Ter Industrial 22/01/2015 426 43500 102.11 £9.49Bottle Bank Hospitality 06/01/2015 88900 37700000 424.07 £39.4052 Front St Retail 01/01/2015 1210 154621 127.79 £11.87Saltmeadows Rd (7 Properties) Mixed 19/12/2014 420135 7100000 16.9 £1.5742 Clayton St Retail 19/12/2014 2029 185000 91.18 £8.4753-61 Grainger St Retail 14/12/2014 16420 1120000 68.21 £6.34Follingsby Clos (29 Properties) Mixed 01/12/2014 1423574 226500000 159.11 £14.7816-24 Pink Ln, Ground Retail 01/12/2014 2106 125000 126.9 £11.79Brunswick Industrial Esta Industrial 30/11/2014 3870 140000 36.18 £3.36Chainbridge Rd Industrial 01/11/2014 115694 1950000 16.85 £1.5768-76 Front St Retail 22/10/2014 10725 350000 32.63 £3.0310-14 Brunel St Industrial 13/10/2014 16483 175000 10.62 £0.99Kingfisher Blvd (9 Properties) Mixed 01/10/2014 232392 12750000 54.86 £5.10211-213 Two Ball Lonnen Retail 01/09/2014 1314 210000 159.82 £14.85Market St, 4th Floor Retail (District Shopping Centre)29/08/2014 51359 155000 93.37 £8.6789 Sandyford Rd Office 23/08/2014 34134 4600000 134.76 £12.52Penshaw Way Industrial 31/07/2014 10678 425000 39.8 £3.70Front St Industrial 22/07/2014 1955 206000 105.37 £9.79Station Ln Industrial 15/07/2014 6804 310000 45.56 £4.23Rotary Way Retail 12/07/2014 2537 1125000 443.44 £41.20Kingsway N (7 Properties) Industrial 01/07/2014 99722 5430000 54.45 £5.065 Queensway N Industrial 01/07/2014 33126 1490000 44.98 £4.1845 Front St Retail 19/06/2014 961 130000 135.28 £12.57Sandison Ct, 3/Ground Industrial 13/06/2014 27631 130000 34.27 £3.1895-117 Newgate St Retail 01/06/2014 194719 35000000 179.75 £16.70

117 P04

Jedburgh Ct Industrial 01/06/2014 8578 470000 54.79 £5.098-10A Front St Retail 29/05/2014 539 40000 74.21 £6.89Octavian Way (2 Industrial Units) Industrial 27/05/2014 4092 165000 40.32 £3.75Tilley Rd Industrial 19/05/2014 23797 500000 21.01 £1.95Cowen Rd Industrial 01/05/2014 6754 390000 57.74 £5.36Jackson St Retail 30/04/2014 102597 8500000 82.85 £7.70Shelly Rd, 1a/Ground Light Industrial 28/04/2014 55157 36000 24.16 £2.24221 Shields Rd Retail 22/04/2014 833 80000 96.04 £8.9214 South Shore Rd Industrial 16/04/2014 4742 97500 20.56 £1.9111-12 Leazes Cres Retail 15/04/2014 585 175000 299.15 £27.79Albany Rd Industrial 10/04/2014 5375 38000 7.07 £0.6637-44 Hutton Clos, Unit 43/Ground Industrial 09/04/2014 24230 95000 30.49 £2.83Malvern Gdns Industrial 09/04/2014 2363 85000 35.97 £3.34The Old Coach Sta Retail 04/04/2014 4472 460000 102.86 £9.56Halifax Rd Industrial 04/04/2014 6401 280000 43.74 £4.06Market St Retail 01/04/2014 29501 2300000 77.96 £7.245-9 Station Rd Retail 01/04/2014 878 47500 54.1 £5.0334 Durham Rd Retail 24/03/2014 22732 16250000 714.85 £66.4148-74 Downend Rd Retail 24/03/2014 6913 840000 121.51 £11.2917 Saltmeadows Rd Industrial 18/03/2014 30212 400000 13.24 £1.234 Station Rd Retail 06/03/2014 1052 37000 35.17 £3.27Brunswick Park Industrial 01/03/2014 2868 90000 31.38 £2.9213-19 Spout Ln (3 Retail Units) Retail 20/02/2014 1077 118000 109.56 £10.18Ravens Way (28 Properties) Mixed 07/02/2014 1177046 75000000 63.72 £5.9241-41A Spout Ln Retail 31/01/2014 752 105000 139.63 £12.971-5 Lee Clos, 1/Ground Industrial 31/01/2014 15890 100000 23.39 £2.17Jedburgh Ct, 383F/Ground Industrial 30/01/2014 10132 36000 70.87 £6.58Mayoral Way, 321T/Ground Industrial 10/01/2014 16519 25000 49.41 £4.5929-39 Market St, 29-31 Retail 06/01/2014 46373 2700000 127.02 £11.8010 Harraton Ter Retail 01/01/2014 822 65000 79.08 £7.352 Tyne Vw Retail 18/12/2013 387 31000 80.1 £7.44133-137 Grainger St Retail 16/12/2013 3139 1800000 573.43 £53.27

118 P04

24-26 Mosley St Retail 29/11/2013 17086 1750000 102.42 £9.52297 Westgate Rd Retail 27/11/2013 1123 65000 57.88 £5.3812-13 Sedling Rd Industrial 22/11/2013 27532 500000 18.16 £1.69Don St Industrial 22/11/2013 26795 140000 5.22 £0.48Factory Rd Industrial 12/11/2013 15737 790000 50.2 £4.665 Nun St Retail 30/09/2013 2851 249999 87.69 £8.151-1A St. Pauls Ter Retail 16/09/2013 480 65000 135.42 £12.58First Ave, 14/Ground Industrial 10/09/2013 31298 95000 28.33 £2.63Albany Rd Industrial 09/09/2013 3774 50000 13.25 £1.2314 High Bridge Retail 07/09/2013 1021 270000 264.45 £24.57355A-355B Dukesway Ct Industrial 04/09/2013 7937 140000 17.64 £1.64Rear Of Coxon Ter Industrial 29/08/2013 8820 125000 14.17 £1.32St Omers Rd Industrial 05/08/2013 25779 115000 4.46 £0.411-7 Elite Retail 23/07/2013 11601 100000 8.62 £0.80356 Sunderland Rd Retail 22/07/2013 615 55000 89.43 £8.3119 Brunswick Vlg Industrial 26/06/2013 8324 358000 43.01 £4.00Nest Rd Industrial 18/06/2013 136861 1005000 7.34 £0.68Fell Way Retail 06/06/2013 512 45000 87.89 £8.17Drum Rd Industrial 03/06/2013 85000 3825000 45 £4.18Kingsway N Hospitality 01/05/2013 61353 9100000 148.32 £13.78Benfield Rd (2 Properties) Mixed 30/04/2013 9692 316000 32.6 £3.0315-29 Side Hospitality 05/04/2013 35000 6500000 185.71 £17.25Green Ln Industrial 01/04/2013 69222 1600000 23.11 £2.15Durham Rd Industrial 28/03/2013 2792 148000 53.01 £4.9218-20 Scrogg Rd Retail 14/03/2013 18075 155000 8.58 £0.809-11 Main St Retail 12/03/2013 2354 125000 53.1 £4.93500 Argyle St (8 Properties) Hospitality 01/02/2013 1529384 620000000 405.39 £37.668 Ridley Pl Retail 01/02/2013 1770 286000 161.58 £15.01Mosley St Office 31/01/2013 48231 9500000 196.97 £18.30Blenheim Pl (2 Industrial Units) Industrial 31/01/2013 5390 90000 16.7 £1.55Vance Ct, 6 Industrial 30/01/2013 20042 115000 60.53 £5.62Storey Ct (2 Properties) Industrial 28/01/2013 45103 91000 2.02 £0.19

119 P04

Sedling Rd Industrial 03/01/2013 11773 75000 6.37 £0.595 Clarence St Industrial 31/12/2012 16516 500000 30.27 £2.81566-580A Durham Rd Retail 21/12/2012 12965 225000 17.35 £1.61Wincomblee Rd (6 Properties) Industrial 20/12/2012 70424 3590000 50.98 £4.7437-41 Stowell St Retail 14/12/2012 6171 1350000 218.77 £20.3262-64 Front St Retail 26/11/2012 3530 375000 106.23 £9.87263 Westgate Rd Retail 16/11/2012 363 72000 198.35 £18.43Buxton St Hospitality 15/11/2012 99015 12500000 126.24 £11.73311 Foster Ct, S311A/Ground Industrial 17/10/2012 14946 250000 38.73 £3.60Nest Rd Industrial 01/10/2012 29550 525000 17.77 £1.6512 Front St Retail 27/09/2012 2157 60000 27.82 £2.58Lancaster Rd Industrial 17/09/2012 255618 2800000 10.95 £1.02162 Brinkburn St S Industrial 06/09/2012 26629 180000 6.76 £0.6324-34 Northumberland St (2 Hospitality Units)Hospitality 01/09/2012 9323 8650000 927.81 £86.207-11 Nun St Retail 01/09/2012 1181 525000 444.54 £41.30Earlsway, 77/78 Industrial 31/08/2012 278285 100000 21.89 £2.03128-130 Shields Rd Retail 30/08/2012 1765 100000 56.66 £5.26St Omers Rd (4 Properties) Mixed 01/08/2012 95735 600000 6.27 £0.58199 Two Ball Lonnen Retail 31/07/2012 1415 142000 100.35 £9.32Eleventh Ave N, A2/Ground Industrial 01/07/2012 9555 65000 52.08 £4.84Durham Rd Industrial 29/06/2012 3935 340000 86.4 £8.03Stamfordham Rd Retail 28/06/2012 7406 1375000 185.66 £17.251-1A Arcadia Retail 26/06/2012 1062 90000 84.75 £7.8738 St Marys Pl Retail 15/06/2012 4151 640000 154.18 £14.3214-16 Front St Retail 11/06/2012 2156 60000 27.83 £2.59The Avenues, 15 Industrial 08/06/2012 7406 68000 45.79 £4.25234 Park Rd Retail 01/05/2012 728 60000 82.42 £7.66Spring Garden Ln Industrial 27/04/2012 2115 100000 47.28 £4.39Angel Park Industrial 16/04/2012 30000 1000000 33.33 £3.10St Omers Rd Industrial 15/04/2012 25779 145000 5.62 £0.52678 Durham Rd Retail 10/04/2012 1240 115000 92.74 £8.62Drum Industrial Estate Industrial 05/04/2012 10652 450000 42.25 £3.93

120 P04

North Rd Industrial 01/04/2012 143910 2100000 14.59 £1.36Chainbridge Rd Industrial 26/03/2012 144620 2500000 17.29 £1.6199-109 Grainger St Retail 02/03/2012 6901 1150000 166.64 £15.48Brunswick Industrial Esta Industrial 29/02/2012 9854 195000 19.79 £1.84Walton Rd Industrial 01/02/2012 13630 625000 45.85 £4.26Heddon On The Wall Industrial 27/01/2012 4572 300000 65.62 £6.1028-29 Front St Light Industrial 27/01/2012 4332 75000 17.31 £1.61262 Princeway Central Industrial 17/01/2012 110080 2650000 24.07 £2.24186-188 Saltwell Rd Retail 13/01/2012 782 67000 85.68 £7.9615-20 Faraday Clos Industrial 03/01/2012 27670 187200 6.77 £0.63

121 P04

Sign Date Start Date Address Post Code Use

Total Sq Ft

Leased

Achieved Rent/Sq

Ft/Yr

Achieved

Rent/Sqm/Yr

16/08/2015 15/10/2015 16C Follingsby Park NE10 8YG Industrial 9,273 5.00 £0.46

10/07/2015 10/07/2015 Baltic Rd NE10 0SB Industrial 1,808 4.20 £0.39

22/06/2015 22/06/2015 Cowen Rd NE21 5TW Industrial 2,785 3.95 £0.37

08/06/2015 07/08/2015 Ninth Ave E NE11 0EH Industrial 7,919 4.86 £0.45

01/06/2015 01/07/2015 Riversdale Ct NE15 8SG Industrial 2,000 4.50 £0.42

22/05/2015 22/06/2015 Brewery Ln NE10 0EY Industrial 1,020 3.92 £0.36

20/05/2015 20/06/2015 Noble Street Industrial Estate NE4 7PD Industrial 2,134 6.09 £0.57

03/05/2015 01/08/2015 Teal Farm Way NE38 8QD Industrial 11,000 4.50 £0.42

01/05/2015 01/05/2015 Delta Bank Rd NE11 9DJ Industrial 20,000 5.75 £0.53

10/04/2015 10/04/2015 Cowen Rd NE21 5TW Industrial 2,785 3.77 £0.35

09/04/2015 09/04/2015 Baltic Rd NE10 0SB Industrial 4,764 4.20 £0.39

01/04/2015 01/04/2015 Hadrian Ct NE11 0XW Industrial 1,066 6.33 £0.59

01/04/2015 01/04/2015 2 St Omers Rd NE11 9EL Industrial 1,255 2.53 £0.24

01/04/2015 01/04/2015 2 St Omers Rd NE11 9EL Industrial 468 6.80 £0.63


16/03/2015 16/03/2015 Hills Ct NE21 5NH Industrial 1,873 3.42 £0.32

15/03/2015 15/03/2015 Green Ln NE10 0QH Industrial 7,747 3.10 £0.29

15/03/2015 15/03/2015 Jedburgh Ct NE11 0BQ Industrial 904 6.31 £0.59

15/03/2015 15/03/2015 Lloyd Ct NE11 9EP Industrial 990 5.56 £0.52

15/03/2015 15/03/2015 Tundry Way NE21 5SJ Industrial 3,695 4.74 £0.44

06/03/2015 06/03/2015 Stirling Close NE38 8QD Industrial 1,977 3.29 £0.31

02/03/2015 02/03/2015 Jedburgh Ct NE11 0BQ Industrial 2,538 5.23 £0.49

01/03/2015 01/03/2015 Derwenthaugh Marina NE21 5LL Industrial 2,925 5.50 £0.51

01/03/2015 01/03/2015 53 Hutton Close NE38 0AH Industrial 6,955 3.52 £0.33

27/02/2015 27/02/2015 Stiring Close NE38 8QD Industrial 1,650 3.52 £0.33

20/02/2015 20/02/2015 Federation Way NE11 9HL Industrial 5,828 4.12 £0.38

15/02/2015 15/07/2015 Follingsby Ave NE10 8YF Industrial 40,117 4.62 £0.43


APPENDIX 7 Leasehold Comparables Gateshead and Newcastle (Oct. 2015)

122 P04

01/02/2015 01/02/2015 Lee Close NE38 8QF Industrial 3,178 3.74 £0.35

01/02/2015 01/02/2015 Phoenix Rd NE38 0AD Industrial 2,429 4.32 £0.40

23/01/2015 23/01/2015 Stadium Rd NE10 0XF Industrial 1,244 4.98 £0.46

20/01/2015 20/04/2015 Chainbridge Rd NE21 5ST Industrial 15,021 2.53 £0.24

14/01/2015 14/01/2015 Earlsway NE11 0QH Industrial 2,723 6.90 £0.64

13/01/2015 13/01/2015 Octavian Way NE11 0HZ Industrial 7,538 3.81 £0.35


17/12/2014 16/01/2015 383A Jedburgh Ct NE11 0BQ Industrial 1,015 5.42 £0.50

16/12/2014 16/12/2014 13 Denmark St NE6 2XF Industrial 1,000 5.00 £0.46

12/12/2014 12/12/2014 17-19 Foundry Ln NE6 1LH Industrial 2,110 4.74 £0.44

06/12/2014 07/02/2015 Benfield Rd NE6 4NQ Industrial 10,058 2.50 £0.23

02/12/2014 02/03/2015 Kingsway North NE11 0JH Industrial 17,897 5.59 £0.52

01/12/2014 01/01/2015 Bells Close Industrial Estate NE15 6UF Industrial 4,500 2.22 £0.21

01/12/2014 01/03/2015 Station Approach NE11 0UG Industrial 10,488 1.72 £0.16

20/11/2014 20/11/2014 Earlsway NE11 0QH Industrial 1,339 6.53 £0.61


10/11/2014 10/01/2015 8 Princes Park NE11 0NF Industrial 6,078 5.76 £0.54

01/11/2014 01/11/2014 Chainbridge Rd NE21 5AB Industrial 20,677 0.58 £0.05

28/10/2014 28/10/2014 Benfield Rd NE6 4NQ Industrial 4,350 2.30 £0.21

28/10/2014 28/10/2014 Rear Of Westfield Ter NE8 4LD Industrial 4,004 2.50 £0.23

24/10/2014 24/10/2014 St Omers Rd NE11 9EW Industrial 2,702 2.17 £0.20

22/10/2014 22/10/2014 Toll Bridge Rd NE21 5TR Industrial 3,488 5.02 £0.47


16/10/2014 16/11/2014 Forth Banks NE1 3PG Industrial 1,200 6.00 £0.56

15/10/2014 15/10/2014 Neilson Rd NE8 0EW Industrial 2,135 5.00 £0.46

15/10/2014 15/10/2014 Neilson Rd NE8 3DB Industrial 13,190 4.25 £0.39

10/10/2014 10/11/2014 Forth Banks NE1 3PG Industrial 1,074 5.78 £0.54

10/10/2014 10/11/2014 Stirling Close NE38 8QD Industrial 759 4.00 £0.37

03/10/2014 03/10/2014 11 Riversdale Ct NE15 8SG Industrial 1,000 4.50 £0.42

01/10/2014 01/10/2014 Earlsway NE11 0RQ Industrial 1,100 11.82 £1.10

01/10/2014 01/10/2014 Station Approach NE11 0UG Industrial 6,897 3.48 £0.32

26/09/2014 03/10/2014 69 Back Alwinton Ter NE3 1UD Industrial 1,995 3.01 £0.28

25/09/2014 25/10/2014 Tenth Ave W NE11 0HL Industrial 3,122 10.50 £0.98

123 P04


10/09/2014 01/10/2014 15-21 Riversdale Ct NE15 8SG Industrial 2,000 4.60 £0.43

04/09/2014 15/09/2014 158 Brinkburn St NE6 2AR Industrial 11,612 2.58 £0.24

03/09/2014 03/09/2014 5-8 Princes Park NE11 0NF Industrial 6,781 5.50 £0.51

02/09/2014 02/09/2014 252.02 Dukesway NE11 0PZ Industrial 3,444 5.87 £0.55

01/09/2014 01/09/2014 Shelley Rd NE15 9RT Industrial 27,536 3.00 £0.28


23/08/2014 22/09/2014 Sedling Rd NE38 9BZ Industrial 2,938 3.40 £0.32


15/08/2014 01/10/2014 Brough Park Trading Estate NE6 2YF Industrial 16,408 3.35 £0.31

15/08/2014 15/11/2014 Follingsby Close NE10 8YG Industrial 13,416 4.75 £0.44


06/08/2014 06/08/2014 Faraday Close NE38 8QA Industrial 3,137 3.73 £0.35

03/08/2014 04/08/2014 Fisher St NE6 4LT Industrial 10,022 2.99 £0.28

31/07/2014 01/08/2014 Goldcrest Way NE15 8NZ Industrial 15,680 5.00 £0.46

30/07/2014 30/07/2014 Chainbridge Rd NE21 5ST Industrial 4,572 4.00 £0.37

24/07/2014 22/09/2014 Eleventh Ave NE11 0JY Industrial 5,057 5.50 £0.51

14/07/2014 14/07/2014 22 Back Goldspink Ln NE2 1NU Industrial 1,203 6.03 £0.56

07/07/2014 07/07/2014 St Omers Rd NE11 9EW Industrial 2,840 3.25 £0.30

03/07/2014 01/09/2014 333 Dukesway Ct NE11 0BH Industrial 8,774 5.75 £0.53

03/07/2014 03/07/2014 4 Ayton St NE6 2FF Industrial 700 4.57 £0.42

02/07/2014 02/07/2014 24-25A Back Goldspink Ln NE2 1NU Industrial 2,496 5.01 £0.47

02/07/2014 01/08/2014 The Avenues NE11 0NJ Industrial 2,433 3.70 £0.34


27/06/2014 27/06/2014 A2 Eleventh Avenue North NE11 0NJ Industrial 1,216 6.17 £0.57

17/06/2014 17/06/2014 Cowen Rd NE21 5TX Industrial 1,807 4.15 £0.39

13/06/2014 13/06/2014 Mayoral Way NE11 0RT Industrial 2,079 2.88 £0.27

06/06/2014 06/06/2014 Newburn Riverside NE15 8NZ Industrial 8,591 5.00 £0.46

04/06/2014 04/06/2014 Follingsby Close NE10 8YG Industrial 4,027 4.85 £0.45



21/05/2014 21/05/2014 Dukesway NE11 0PZ Industrial 2,158 6.52 £0.61

20/05/2014 20/05/2014 Goldcrest Way NE15 8NZ Industrial 7,104 5.00 £0.46

124 P04

04/05/2014 04/05/2014 Harelaw Industrial Estate DH9 8HJ Industrial 44,463 3.23 £0.30

04/05/2014 04/05/2014 Harelaw Industrial Estate DH9 8HJ Industrial 13,993 3.23 £0.30


01/05/2014 01/05/2014 320M Mayoral Way NE11 0RT Industrial 779 5.46 £0.51

01/05/2014 01/05/2014 13 Perth Ct NE11 0JY Industrial 2,002 5.00 £0.46

01/05/2014 30/05/2014 Princes Park NE11 0NF Industrial 13,095 5.54 £0.51


29/04/2014 29/04/2014 Bells Close NE15 6UF Industrial 1,475 5.49 £0.51

29/04/2014 29/04/2014 Queensway N NE11 0NX Industrial 39,516 5.82 £0.54

28/04/2014 28/04/2014 Saltmeadows Rd NE8 3AH Industrial 100,110 2.05 £0.19



01/04/2014 30/05/2014 Kingfisher Blvd NE15 8NY Industrial 2,948 6.11 £0.57

31/03/2014 31/03/2104 9-10 Brough Park Way NE6 2YF Industrial 9,980 3.51 £0.33

31/03/2014 31/03/2014 St Michaels Rd NE6 1LR Industrial 1,500 4.75 £0.44


10/03/2014 10/03/2014 Faraday Close NE38 8QJ Industrial 6,951 3.09 £0.29

03/03/2014 03/03/2014 Durham Rd DH3 2RA Industrial 529,879 1.04 £0.10

28/02/2014 28/02/2014 7 Perth Ct NE11 0JY Industrial 2,002 6.49 £0.60

21/02/2014 24/02/2014 Perth Ct NE11 0JY Industrial 1,539 6.50 £0.60

14/02/2014 18/02/2014 4A Marys Pl NE6 3PZ Industrial 6,444 2.56 £0.24

10/02/2014 10/02/2014 Kingsway S NE11 0SH Industrial 12,805 0.98 £0.09

01/02/2014 01/02/2014 Hawick Cres NE6 1AS Industrial 2,324 4.52 £0.42

01/02/2014 03/03/2014 Vance Ct NE21 5NH Industrial 2,390 2.62 £0.24

31/01/2014 31/01/2014 Hawick Crescent Industrial Estate NE6 1AS Industrial 10,491 3.50 £0.33

24/01/2014 24/01/2014 Princes Park NE11 0PZ Industrial 64,459 3.03 £0.28


11/01/2014 01/03/2014 Bells Close NE15 5UF Industrial 2,750 2.55 £0.24

03/01/2014 03/01/2014 Hawks Rd NE8 3AD Industrial 8,603 2.09 £0.19

31/12/2013 31/01/2014 Neilson Rd NE8 3DB Industrial 11,556 5.00 £0.46

24/12/2013 24/12/2013 2A Chainbridge Rd NE21 5NH Industrial 4,910 3.05 £0.28

23/12/2013 23/12/2013 Benfield Rd NE6 5XA Industrial 5,046 2.77 £0.26

20/12/2013 20/12/2013 23 Denmark St NE6 2XF Industrial 500 5.00 £0.46

125 P04

02/12/2013 02/12/2013 Foundry Ln NE6 1LH Industrial 2,800 3.30 £0.31

02/12/2013 02/12/2013 Queensway S NE11 0SD Industrial 3,251 5.54 £0.51

01/12/2013 01/12/2013 North Rd DH9 8HN Industrial 1,921 4.69 £0.44

01/12/2013 01/12/2013 Station Rd NE42 6NP Industrial 5,020 1.92 £0.18




24/10/2013 23/12/2013 Earls Park N NE11 0RQ Industrial 9,041 5.04 £0.47

04/10/2013 04/10/2013 311 Foster Ct NE11 0NH Industrial 5,410 5.55 £0.52

03/10/2013 03/10/2013 Ninth Ave E NE11 0EJ Industrial 973 6.68 £0.62

30/09/2013 30/09/2013 Princes Park NE11 0LQ Industrial 7,409 5.40 £0.50


05/06/2014 05/06/2014 King Edward Bridge NE1 3TQ Light Industrial 1,278 4.38 £0.41



01/04/2014 01/04/2014 Dukesway NE11 0PZ Light Industrial 10,970 4.92 £0.46

28/09/2015 28/09/2015 42 Pilgrim St NE1 6SE Office 335 10.75 £1.00

30/07/2015 30/07/2015 59-61 Blandford Sq NE1 4HZ Office 1,704 8.80 £0.82

24/06/2015 24/06/2015 30-32 Grey St NE1 6AE Office 1,354 18.00 £1.67

01/05/2015 01/06/2015 20 Collingwood St NE1 1JF Office 1,496 9.43 £0.88

20/01/2015 20/01/2015 Tundry Way NE21 5SJ Office 568 8.45 £0.79

16/01/2015 16/01/2015 39-41 Stowell St NE1 4YB Office 392 12.24 £1.14

02/01/2015 02/01/2015 Forth Banks NE1 3PA Office 9,786 15.00 £1.39

02/01/2015 01/02/2015 12-22 Northumberland Rd NE1 8JF Office 3,606 16.00 £1.49

01/12/2014 01/12/2014 64-68 Northumberland St NE1 7DF Office 910 5.38 £0.50

01/11/2014 01/11/2014 23 Blackett St NE1 5BS Office 752 6.65 £0.62

01/11/2014 01/12/2014 233 Two Ball Lonnen NE4 9RX Office 4,255 2.82 £0.26

05/09/2014 05/09/2014 53 Lime St NE1 2PQ Office 1,353 11.90 £1.11

11/06/2014 11/06/2014 57 Lime St NE1 2PQ Office 864 9.03 £0.84

12/05/2014 12/05/2014 37-41 Stowell St NE1 4YB Office 392 14.54 £1.35

10/04/2014 10/04/2014 Forth St NE1 3NZ Office 376 11.56 £1.07

03/09/2015 10/11/2015 88-90 Westgate Rd NE1 4AF Retail 1,887 6.36 £0.59

01/09/2015 01/09/2015 3A Clayton Rd NE2 4RP Retail 320 32.81 £3.05

126 P04

25/08/2015 25/08/2015 195 High St NE3 4ET Retail 611 18.00 £1.67

14/08/2015 14/08/2015 Earls Way NE1 7AS Retail 7,616 25.60 £2.38

10/08/2015 10/08/2015 Interchange Centre NE8 1BH Retail 654 18.35 £1.70

31/07/2015 31/07/2015 39 Front St NE16 4EA Retail 469 25.59 £2.38

15/07/2015 15/07/2015 225 Chillingham Rd NE6 5LJ Retail 634 26.81 £2.49

09/07/2015 09/07/2015 62 Clayton St NE1 5PF Retail 1,077 20.43 £1.90

09/07/2015 09/07/2015 155 Kirkwood Dr NE3 3BE Retail 494 15.00 £1.39

01/07/2015 01/08/2015 41 Bath Ln NE4 5SP Retail 1,656 12.08 £1.12

01/07/2015 01/07/2015 105 Clayton St NE1 5PZ Retail 989 12.13 £1.13

12/06/2015 12/06/2015 24-26 Pudding Chare NE1 1UE Retail 749 12.02 £1.12

12/06/2015 12/06/2015 Tundry Way NE21 5SJ Retail 1,262 7.13 £0.66

11/06/2015 11/06/2015 60 Shields Rd NE6 1DR Retail 679 11.49 £1.07

03/06/2015 01/07/2015 6 St Marys Pl NE1 7PG Retail 587 28.96 £2.69

01/06/2015 01/06/2015 18B Osborne Rd NE2 2AD Retail 670 17.91 £1.66

20/05/2015 19/06/2015 25 Harraton Ter DH3 2QG Retail 1,415 5.30 £0.49

15/05/2015 15/05/2015 61 High St NE3 4AA Retail 1,310 10.31 £0.96

13/05/2015 13/05/2015 Front St NE21 6DU Retail 916 4.54 £0.42

08/05/2015 08/05/2015 135 Front St DH3 3BL Retail 424 16.51 £1.53

16/04/2015 16/04/2015 47 Shields Road West NE6 1JN Retail 390 16.00 £1.49

10/04/2015 10/04/2015 156 Prince Consort Rd NE8 4DU Retail 463 14.04 £1.30

25/03/2015 25/03/2015 6-9 Kenton Rd NE3 4RU Retail 1,336 11.23 £1.04

23/03/2015 23/03/2015 120B Front St DH3 3BA Retail 3,042 8.22 £0.76

19/03/2015 19/03/2015 Forth St NE1 3NZ Retail 355 17.50 £1.63

12/03/2015 12/03/2015 Forth St NE1 1RY Retail 652 16.39 £1.52

01/03/2015 01/03/2015 17 Glynfellis NE10 8RH Retail 895 6.70 £0.62

01/03/2015 01/03/2015 78-80 Grainger St NE1 5JQ Retail 1,108 40.61 £3.77

27/02/2015 27/02/2015 43-45 Shields Road West NE6 1JN Retail 1,041 12.49 £1.16

18/02/2015 18/02/2015 Grainger Market NE1 5QG Retail 247 17.61 £1.64

18/02/2015 18/02/2015 8 Monk St NE1 5XD Retail 365 17.12 £1.59

16/02/2015 16/02/2015 2 Arcadia DH2 1RF Retail 367 10.35 £0.96

16/02/2015 16/02/2015 Coast Rd NE7 7DR Retail 502 10.36 £0.96

11/02/2015 11/02/2015 6 Jackson St NE8 1ED Retail 1,249 9.61 £0.89


127 P04

23/01/2015 23/01/2015 8 Hood St NE1 6JQ Retail 952 26.26 £2.44

15/01/2015 15/01/2015 5 Hazelwood Dr NE2 2DN Retail 980 20.41 £1.90

15/01/2015 15/01/2015 195 Two Ball Lonnen NE4 9RS Retail 849 14.13 £1.31

10/12/2014 10/12/2014 17 Fenkle St NE1 5XN Retail 724 12.43 £1.15

01/12/2014 25/12/2014 36-40 Clayton St NE1 5PF Retail 3,784 15.86 £1.47

01/12/2014 01/12/2014 259 St Annes Close NE1 2QX Retail 476 7.35 £0.68


27/11/2014 27/11/2014 High St NE3 1JZ Retail 898 31.18 £2.90

01/11/2014 01/11/2014 19 Keir Hardie Ave NE10 8EJ Retail 581 5.16 £0.48

01/11/2014 01/11/2014 37 Keir Hardie Ave NE10 8EJ Retail 606 4.95 £0.46

24/10/2014 24/10/2014 27 Arlington Ave NE3 4TS Retail 581 6.88 £0.64

21/10/2014 03/11/2014 91A High St NE10 9LU Retail 116 13.45 £1.25

20/10/2014 20/10/2014 340 Old Durham Rd NE8 4BQ Retail 670 8.96 £0.83

17/10/2014 20/10/2014 6B Lombard Pl DH3 4QP Retail 517 5.03 £0.47

01/10/2014 01/10/2014 592-596 Durham Rd NE9 6HX Retail 593 12.65 £1.17

01/10/2014 01/10/2014 49 Heaton Rd NE6 5HE Retail 744 8.87 £0.82

01/10/2014 01/10/2014 221 High St NE3 1HQ Retail 823 12.15 £1.13

01/10/2014 01/10/2014 33 St James Blvd NE1 4AU Retail 775 20.00 £1.86

28/09/2014 28/09/2014 100 Coatsworth Rd NE8 1QP Retail 157 25.48 £2.37

22/09/2014 22/09/2014 6 Brentwood Ave NE2 3DH Retail 524 31.49 £2.93

20/09/2014 20/09/2014 Grainger Market NE1 5QW Retail 498 21.69 £2.01


16/09/2014 16/09/2014 153 Kenton Rd NE3 4NQ Retail 704 12.78 £1.19

15/09/2014 15/09/2014 16 Acorn Rd NE2 2DJ Retail 327 61.16 £5.68


08/09/2014 08/09/2014 95-97 Clayton St NE1 5PZ Retail 1,438 11.13 £1.03

04/09/2014 04/09/2014 100-108 Westgate Rd NE1 4AF Retail 694 8.65 £0.80

02/09/2014 02/09/2014 123-125 Northumberland St NE1 7AG Retail 3,767 28.67 £2.66

02/09/2014 02/09/2014 3 Ravensworth Villas NE9 7JP Retail 1,090 9.17 £0.85

01/09/2014 01/10/2014 233 Two Ball Lonnen NE4 9RX Retail 1,496 10.36 £0.96

31/08/2014 31/08/2014 64-68 Northumberland St NE1 7DF Retail 882 8.50 £0.79

22/08/2014 22/08/2014 46 Coatsworth Rd NE8 1QN Retail 575 9.04 £0.84

18/08/2014 18/09/2014 237 Chillingham Rd NE6 5LJ Retail 1,127 14.20 £1.32

128 P04

11/08/2014 11/08/2014 Front St NE21 6DU Retail 453 14.90 £1.38

04/08/2014 06/08/2014 222 Chillingham Rd NE6 5LP Retail 358 21.64 £2.01

04/08/2014 04/08/2014 Hillhead Pky NE5 1DT Retail 670 17.91 £1.66

29/07/2014 29/08/2014 84 High St NE10 9LU Retail 358 10.89 £1.01


18/07/2014 18/07/2014 14 Manor Grove NE15 8JY Retail 350 5.29 £0.49

04/07/2014 04/07/2014 99-101 St Georges Ter NE2 2SX Retail 538 33.46 £3.11

04/07/2014 04/07/2014 99-101 St Georges Ter NE2 2SX Retail 561 32.09 £2.98

01/07/2014 01/07/2014 36-40 Clayton St NE1 5PF Retail 3,784 10.57 £0.98


20/06/2014 20/06/2014 22 Starbeck Ave NE2 1RJ Retail 819 9.77 £0.91

19/06/2014 19/06/2014 240 Shields Rd NE6 1DX Retail 1,193 7.12 £0.66


13/06/2014 13/06/2014 592-596 Durham Rd NE9 6HX Retail 977 8.70 £0.81

02/06/2014 02/06/2014 Belvedere Parkway NE3 2PA Retail 16,050 21.65 £2.01

29/05/2014 29/05/2014 6 Market St NE1 6JF Retail 619 25.04 £2.33

28/05/2014 27/06/2014 99-105 Northumberland St NE1 7AG Retail 2,640 45.45 £4.22

25/05/2014 25/05/2014 104 Coatsworth Rd NE8 1QP Retail 162 28.89 £2.68

22/05/2014 22/05/2014 7 Front St DH3 3BQ Retail 930 16.13 £1.50

22/05/2014 22/05/2014 77 Shields Rd NE6 1DL Retail 486 14.98 £1.39

16/05/2014 16/05/2014 15 Ellison Rd NE8 2QU Retail 2,299 6.52 £0.61

15/05/2014 15/05/2014 7 Ashburton Rd NE3 4XN Retail 475 15.79 £1.47


09/05/2014 09/05/2014 26 Wretham Pl NE2 1XU Retail 667 6.00 £0.56

08/05/2014 08/05/2014 112 Heaton Rd NE6 5HN Retail 577 13.00 £1.21

06/05/2014 06/05/2014 19 Arlington Ave NE3 4TS Retail 581 6.88 £0.64

01/05/2014 01/05/2014 16 Hood St NE1 6JQ Retail 685 25.55 £2.37

24/04/2014 24/04/2014 61 The Side Near Dean St NE1 3JE Retail 193 28.24 £2.62


14/04/2014 14/04/2014 197-199 High St NE3 1HE Retail 553 26.22 £2.44


01/04/2014 01/04/2014 8-18 Wansbeck Rd S NE3 3HQ Retail 432 13.89 £1.29

25/03/2014 14/04/2014 4 Churchill Gdn NE2 1HB Retail 351 24.22 £2.25

129 P04

19/03/2014 19/03/2014 26 Starbeck Ave NE2 1RJ Retail 170 17.65 £1.64


13/03/2014 13/03/2014 53 Hunters Rd NE2 4DH Retail 473 12.68 £1.18

10/03/2014 10/03/2014 28 Nun St NE1 5AQ Retail 583 34.31 £3.19

03/03/2014 03/03/2014 263 Shields Rd NE6 1DQ Retail 476 17.48 £1.62

01/03/2014 01/03/2014 53 Hunters Rd NE2 4DH Retail 375 16.00 £1.49

17/01/2014 01/02/2014 32 Front St DH9 0HX Retail 946 10.57 £0.98

03/01/2014 03/01/2014 93 Front St NE16 4JL Retail 435 18.07 £1.68

01/01/2014 01/01/2014 12 The Gosforth Centre NE3 1JZ Retail 917 29.72 £2.76

31/12/2013 31/12/2013 48-50 Front St DH3 4JE Retail 4,580 10.92 £1.01

13/12/2013 13/12/2013 126 Front St DH3 3AY Retail 678 14.01 £1.30

01/12/2013 01/12/2013 49-51 Great North Rd NE3 2HH Retail 1,479 10.14 £0.94

30/11/2013 06/01/2014 2 Chirton Wynd NE6 2PW Retail 804 0.62 £0.06

29/11/2013 29/11/2013 694 West Rd NE5 2UR Retail 594 10.10 £0.94

21/11/2013 21/02/2014 38 St Marys Pl NE1 7PQ Retail 1,383 25.31 £2.35

16/11/2013 16/11/2013 209 Coatsworth Rd NE8 1SR Retail 410 15.22 £1.41


06/11/2013 06/11/2013 32 Neville St NE1 5DF Retail 569 31.63 £2.94

06/11/2013 01/01/2014 15-17 Station Rd NE3 1QD Retail 425 11.76 £1.09

01/11/2013 01/11/2013 St Cuthberts Walk DH3 3YQ Retail 776 15.46 £1.44


04/10/2013 04/10/2013 8-9 Wrekenton Row NE9 7JD Retail 1,180 9.32 £0.87

01/10/2013 01/10/2013 22 Saville Row NE1 8JE Retail 9,541 5.24 £0.49

130 P04

Appendix 8 Residential and Non Residential Appraisals

131 P04

APPRAISAL SUMMARY GATESHEAD COUNCIL Chopwell Middle Chopwell

Summary Appraisal for Merged Phases 1 2

REVENUE Sales Valuation Units m² Rate m² Unit Price Gross Sales

2B Private 15 1,050.00 £1,950.00 £136,500 2,047,500 3B Private 34 2,856.00 £1,950.00 £163,800 5,569,200 4 Bed private 27 3,267.00 £1,950.00 £235,950 6,370,650 2B Affordable 7 490.00 £1,950.00 £136,500 955,500 3B Affordable 6 504.00 £1,950.00 £163,800 982,800 Totals 89 8,167.00 15,925,650

NET REALISATION 12,498,208

OUTLAY

ACQUISITION COSTS Residualised Price (2.88 Ha £345,186.20 pHect) 994,136 Stamp Duty 4.00% 43,468 Agent Fee 1.00% 10,867 Legal Fee 0.75% 8,150

1,056,622 CONSTRUCTION COSTS Construction m² Rate m² Cost

2B Private 1,050.00 £814.00 854,700 3B Private 2,856.00 £814.00 2,324,784 4 Bed private 3,267.00 £814.00 2,659,338 2B Affordable 490.00 £814.00 398,860 3B Affordable 504.00 £814.00 410,256 Totals 8,167.00 6,647,938 6,647,938

Contingency 5.00% 332,397 Abnormals 5.00% 332,397

664,794 Other Construction

NHBC 76.00 un 500.00 /un 38,000 EPC 76.00 un 500.00 /un 38,000 Externals 10.00% 80,912 NHBC 13.00 un 500.00 /un 6,500 EPC 13.00 un 500.00 /un 6,500

169,912

PROFESSIONAL FEES Other Professionals 10.00% 583,882 Other Professionals 10.00% 89,003

672,885 DISPOSAL FEES

Sales Agent Fee 3.50% 437,437 Sales Legal Fee 89.00 un 600.00 /un 53,400

490,837 FINANCE

Debit Rate 6.50% Credit Rate 1.50% (Nominal) Total Finance Cost 452,111

TOTAL COSTS 10,155,098

PROFIT 2,343,110

Performance Measures

File: \\DEVMEM2\Apps\Argus Software\Developer\Chopwell Middle.with affordable and no planning contrib.32monthbuild 32monthsales2015.09.21.wcfx ARGUS Developer Version: 5.00.001 Date: 29/09/2015

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Profit on Cost% 23.07% Profit on GDV% 18.75% Profit on NDV% 18.75%

IRR 27.52%

Profit Erosion (finance rate 6.500%) 3 yrs 3 mths


133 P04


Adjustment Net Sales 0 2,047,500 0 5,569,200

(2,627,893) 3,742,757 (394,144) 561,356 (405,405) 577,395

(3,427,442) 12,498,208


134 P04



135 P04

APPRAISAL SUMMARY GATESHEAD COUNCIL Crawcrook Crawcrook North



3 Bed Private 58 4,872.00 £2,250.00 £189,000 10,962,000 4 Bed Private 70 8,470.00 £2,250.00 £272,250 19,057,500 2B Affordable 14 980.00 £2,250.00 £157,500 2,205,000 3B Affordable 12 1,008.00 £2,250.00 £189,000 2,268,000 Totals 154 15,330.00 34,492,500


OUTLAY

ACQUISITION COSTS Residualised Price (5.80 Ha £884,174.12 pHect) 5,128,210 Stamp Duty 4.00% 205,128 Agent Fee 1.00% 51,282 Legal Fee 0.75% 38,462


2 Bed Private 1,400.00 £839.00 1,174,600 3 Bed Private 4,872.00 £839.00 4,087,608 4 Bed Private 8,470.00 £839.00 7,106,330 2B Affordable 980.00 £839.00 822,220 3B Affordable 1,008.00 £839.00 845,712 Totals 16,730.00 14,036,470 14,036,470


1,403,647 Other Construction

Externals 10.00% 1,236,854 NHBC 148.00 un 500.00 /un 74,000 EPC 148.00 un 500.00 /un 74,000 Externals 10.00% 166,793 NHBC 26.00 un 500.00 /un 13,000 EPC 26.00 un 500.00 /un 13,000

1,577,647

PROFESSIONAL FEES Other Professionals 10.00% 1,360,539 Other Professionals 10.00% 183,473

1,544,012 DISPOSAL FEES

Sales Agent Fee 3.50% 1,142,659 Sales Legal Fee 174.00 un 600.00 /un 104,400

1,247,059 FINANCE

Debit Rate 6.50% Credit Rate 1.50% (Nominal) Debit Rates varied throughout the Cash Flow Total Finance Cost 1,000,769


PROFIT 6,414,702

File: \\DEVMEM2\Apps\Argus Software\Developer\Crawcrook North.with affordable no planning contrib.wcfx60 months + 60 month sales 2015 08 21.wcfx ARGUS Developer Version: 5.00.001 Date: 29/09/2015

136 P04

APPRAISAL SUMMARY GATESHEAD COUNCIL Crawcrook Crawcrook North Performance Measures


IRR 23.86%



137 P04



(909,563) 1,295,438 (935,550) 1,332,450

(1,845,113) 32,647,388


138 P04



139 P04

APPRAISAL SUMMARY GATESHEAD COUNCIL Crawcrook Crawcrook South



2 Bed Private 23 1,610.00 £2,100.00 £147,000 3,381,000 3 Bed Private 65 5,460.00 £2,100.00 £176,400 11,466,000 4 Bed Private 79 9,559.00 £2,100.00 £254,100 20,073,900 2B Affordable 16 1,120.00 £2,100.00 £147,000 2,352,000 3B Affordable 14 1,176.00 £2,100.00 £176,400 2,469,600 Totals 197 18,925.00 39,742,500


OUTLAY



2 Bed Private 1,610.00 £839.00 1,350,790 3 Bed Private 5,460.00 £839.00 4,580,940 4 Bed Private 9,559.00 £839.00 8,020,001 2B Affordable 1,120.00 £839.00 939,680 3B Affordable 1,176.00 £839.00 986,664 Totals 18,925.00 15,878,075 15,878,075




1,784,808




1,439,576 FINANCE



PROFIT 7,164,522

File: \\DEVMEM2\Apps\Argus Software\Developer\Crawcrook South with affordable no planning contrib.wcfx 67 months + 67 month sales 2015 09 21.wcfx ARGUS Developer Version: 5.00.001 Date: 29/09/2015

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Performance Measures Profit on Cost% 23.42% Profit on GDV% 18.98% Profit on NDV% 18.98%

IRR 19.48%



141 P04


Adjustment Net Sales 0 3,381,000 0 11,466,000 0 20,073,900

(970,200) 1,381,800 (1,018,710) 1,450,890 (1,988,910) 37,753,590


142 P04



143 P04

APPRAISAL SUMMARY GATESHEAD COUNCIL Dunston Hill Central Nursery



2B Private 64 4,480.00 £2,250.00 £157,500 10,080,000 3B Private 174 14,616.00 £2,250.00 £189,000 32,886,000 4B Private 212 25,652.00 £2,250.00 £272,250 57,717,000 2B Affordable 42 2,940.00 £2,250.00 £157,500 6,615,000 3B Affordable 38 3,192.00 £2,100.00 £176,400 6,703,200 Totals 530 50,880.00 114,001,200


OUTLAY

ACQUISITION COSTS Residualised Price (17.75 Ha £1,219,357.71 pHect) 21,643,599 Stamp Duty 4.00% 805,674 Agent Fee 1.00% 201,419 Legal Fee 0.75% 151,064


2B Private 4,480.00 £839.00 3,758,720 3B Private 14,616.00 £839.00 12,262,824 4B Private 25,652.00 £839.00 21,522,028 2B Affordable 2,940.00 £839.00 2,466,660 3B Affordable 3,192.00 £839.00 2,678,088 Totals 50,880.00 42,688,320 42,688,320

Contingency 5.00% 1,877,179 Abnormals 5.00% 1,877,179


Externals 10.00% 3,754,357 NHBC 450.00 un 500.00 /un 225,000 EPC 450.00 un 500.00 /un 225,000

4,204,357

PROFESSIONAL FEES Other Professionals 10.00% 3,754,357



3,793,905 FINANCE

Debit Rate 6.50% Credit Rate 1.50% (Nominal) Total Finance Cost 6,852,553


PROFIT 20,657,837


File: \\DEVMEM2\Apps\Argus Software\Developer\Central Nursery (Dunston Hill).with affordable and no planning contrib.wcfx120 months + amended sales 120 months 2015 09 21.wcfx ARGUS Developer Version: 5.00.001 Date: 29/09/2015

144 P04


IRR 14.03%



145 P04



(2,728,688) 3,886,313 (2,765,070) 3,938,130 (5,493,758) 108,507,443


146 P04



147 P04

APPRAISAL SUMMARY GATESHEAD COUNCIL Highfield



2B Private 8 560.00 £2,250.00 £157,500 1,260,000 3B Private 23 1,932.00 £2,250.00 £189,000 4,347,000 4B Private 28 3,388.00 £2,250.00 £272,250 7,623,000 2B Affordable 11 770.00 £2,250.00 £157,500 1,732,500 3B Affordable 6 504.00 £2,250.00 £189,000 1,134,000 Totals 76 7,154.00 16,096,500


OUTLAY

ACQUISITION COSTS Residualised Price (2.45 Ha £1,296,612.96 pHect) 3,176,702 Stamp Duty 4.00% 127,068 Agent Fee 1.00% 31,767 Legal Fee 0.75% 452


2B Private 560.00 £839.00 469,840 3B Private 1,932.00 £839.00 1,620,948 4B Private 3,388.00 £839.00 2,842,532 2B Affordable 770.00 £839.00 646,030 3B Affordable 504.00 £839.00 422,856 Totals 7,154.00 6,002,206 6,002,206



Externals 10.00% 209,079 NHBC 31.00 un 500.00 /un 15,500 EPC 31.00 un 500.00 /un 15,500 Externals 10.00% 64,603 NHBC 17.00 un 500.00 /un 8,500 EPC 17.00 un 500.00 /un 8,500

321,682




550,792 FINANCE



PROFIT 2,748,909


File: \\DEVMEM2\Apps\Argus Software\Developer\Highfield.with affordablewcfx.wcfxbuild 30 monthssales30months2015 09 21.wcfx ARGUS Developer Version: 5.00.001 Date: 29/09/2015

148 P04



IRR 23.05%



149 P04



(714,656) 1,017,844 (467,775) 666,225

(1,182,431) 14,914,069


150 P04



151 P04

APPRAISAL SUMMARY GATESHEAD COUNCIL High Spen High Spen East



2 Bed Private 15 1,050.00 £2,250.00 £157,500 2,362,500 3 Bed Private 44 3,696.00 £2,250.00 £189,000 8,316,000 4 Bed Private 53 6,413.00 £2,250.00 £272,250 14,429,250 2B Affordable 11 770.00 £2,250.00 £157,500 1,732,500 3B Affordable 9 756.00 £2,250.00 £189,000 1,701,000 Totals 132 12,685.00 28,541,250


OUTLAY



2 Bed Private 1,050.00 £839.00 880,950 3 Bed Private 3,696.00 £839.00 3,100,944 4 Bed Private 6,413.00 £839.00 5,380,507 2B Affordable 770.00 £839.00 646,030 3B Affordable 756.00 £839.00 634,284 Totals 12,685.00 10,642,715 10,642,715




1,196,271




1,028,573 FINANCE



PROFIT 5,146,168

File: \\DEVMEM2\Apps\Argus Software\Developer\High Spen East with affordable no planning contrib.wcfx 45 months + 45 months sales 2015 09 21.wcfx ARGUS Developer Version: 5.00.001 Date: 29/09/2015

152 P04



IRR 21.33%



153 P04



(714,656) 1,017,844 (701,663) 999,338

(1,416,319) 27,124,931


154 P04



155 P04

APPRAISAL SUMMARY GATESHEAD COUNCIL High Spen High Spen West



2 Bed Private 5 350.00 £2,250.00 £157,500 787,500 3 Bed Private 14 1,176.00 £2,250.00 £189,000 2,646,000 4 Bed Private 17 2,057.00 £2,250.00 £272,250 4,628,250 2B Affordable 3 210.00 £2,250.00 £157,500 472,500 3B Affordable 3 252.00 £2,250.00 £189,000 567,000 Totals 42 4,045.00 9,101,250


OUTLAY



2 Bed Private 350.00 £839.00 293,650 3 Bed Private 1,176.00 £839.00 986,664 4 Bed Private 2,057.00 £839.00 1,725,823 2B Affordable 210.00 £839.00 176,190 3B Affordable 252.00 £839.00 211,428 Totals 4,045.00 3,393,755 3,393,755




381,376




328,736 FINANCE

Debit Rate 6.50% Credit Rate 1.50% (Nominal) Debit Rates varied throughout the Cash Flow Total Finance Cost 396,161


PROFIT 1,649,566

File: \\DEVMEM2\Apps\Argus Software\Developer\High Spen West with affordable no planning contrib.wcfx20monthbuild20monthsales 2015 09 21.wcfx ARGUS Developer Version: 5.00.001 Date: 29/09/2015

156 P04



IRR 26.34%



157 P04


Adjustment Net Sales 0 787,500 0 2,646,000 0 4,628,250

(194,906) 277,594 (233,888) 333,113 (428,794) 8,672,456


158 P04



159 P04

APPRAISAL SUMMARY GATESHEAD COUNCIL Kibblesworth



2 Bed Private 27 1,890.00 £2,250.00 £157,500 4,252,500 3 Bed Private 74 6,216.00 £2,250.00 £189,000 13,986,000 4 Bed Private 90 10,890.00 £2,250.00 £272,250 24,502,500 2B Affordable 18 1,260.00 £2,250.00 £157,500 2,835,000 3B Affordable 6 504.00 £2,250.00 £189,000 1,134,000 Totals 215 20,760.00 46,710,000


OUTLAY



2 Bed Private 1,890.00 £839.00 1,585,710 3 Bed Private 6,216.00 £839.00 5,215,224 4 Bed Private 10,890.00 £839.00 9,136,710 2B Affordable 1,260.00 £839.00 1,057,140 3B Affordable 504.00 £839.00 422,856 Totals 20,760.00 17,417,640 17,417,640




1,956,764




1,706,548 FINANCE



PROFIT 8,693,920

File: \\DEVMEM2\Apps\Argus Software\Developer\Kibblesworth with affordable no planning contrib.wcfx60 months + amended sales60 months 2015 09 21.wcfx ARGUS Developer Version: 5.00.001 Date: 29/09/2015

160 P04

APPRAISAL SUMMARY GATESHEAD COUNCIL Kibblesworth Performance Measures


IRR 19.31%



161 P04



(1,169,438) 1,665,563 (467,775) 666,225

(1,637,213) 45,072,788


162 P04



163 P04

APPRAISAL SUMMARY GATESHEAD COUNCIL Ryton



2 Bed Private 66 4,620.00 £2,250.00 £157,500 10,395,000 3 Bed Private 181 15,204.00 £2,250.00 £189,000 34,209,000 4 Bed Private 220 26,620.00 £2,250.00 £272,250 59,895,000 2B Affordable 44 3,080.00 £2,250.00 £157,500 6,930,000 3B Affordable 39 3,276.00 £2,250.00 £189,000 7,371,000 Totals 550 52,800.00 118,800,000


OUTLAY



2 Bed Private 4,620.00 £839.00 3,876,180 3 Bed Private 15,204.00 £839.00 12,756,156 4 Bed Private 26,620.00 £839.00 22,334,180 2B Affordable 3,080.00 £839.00 2,584,120 3B Affordable 3,276.00 £839.00 2,748,564 Totals 52,800.00 44,299,200 44,299,200

Contingency 5.00% 2,214,960 Abnormals 5.00% 2,214,960



4,979,920




4,281,529 FINANCE



PROFIT 21,451,937

File: \\DEVMEM2\Apps\Argus Software\Developer\Ryton with affordable no planning contrib.wcfx120monthsbuild and 120monthsales 2015 09 21.wcfx ARGUS Developer Version: 5.00.001 Date: 29/09/2015

164 P04

APPRAISAL SUMMARY GATESHEAD COUNCIL Ryton Performance Measures


IRR 14.20%



165 P04



(2,858,625) 4,071,375 (3,040,538) 4,330,463 (5,899,163) 112,900,838


166 P04



167 P04

APPRAISAL SUMMARY GATESHEAD COUNCIL Chopwell South Chopwell



2B Private 37 2,590.00 £1,950.00 £136,500 5,050,500 3B Private 82 6,888.00 £1,950.00 £163,800 13,431,600 4 Bed private 65 7,865.00 £1,950.00 £235,950 15,336,750 2B Affordable 17 1,190.00 £1,950.00 £136,500 2,320,500 3B Affordable 15 1,260.00 £1,950.00 £163,800 2,457,000 Totals 216 19,793.00 38,596,350


OUTLAY



2B Private 2,590.00 £814.00 2,108,260 3B Private 6,888.00 £814.00 5,606,832 4 Bed private 7,865.00 £814.00 6,402,110 2B Affordable 1,190.00 £814.00 968,660 3B Affordable 1,260.00 £814.00 1,025,640 Totals 19,793.00 16,111,502 16,111,502



NHBC 184.00 un 500.00 /un 92,000 EPC 184.00 un 500.00 /un 92,000 Externals 10.00% 199,430 NHBC 32.00 un 500.00 /un 16,000 EPC 32.00 un 500.00 /un 16,000

415,430




1,190,073 FINANCE



PROFIT 5,687,964


File: \\DEVMEM2\Apps\Argus Software\Developer\Soouth Chopwell with affordable and no planning contrib.wcfx74 months +74monthsales 2015 09 21.wcfx ARGUS Developer Version: 5.00.001 Date: 29/09/2015

168 P04



IRR 22.69%



169 P04



(6,326,409) 9,010,341 (957,206) 1,363,294

(1,013,513) 1,443,488 (8,297,128) 30,299,222


170 P04



171 P04

APPRAISAL SUMMARY GATESHEAD COUNCIL Sunniside Sunniside NE



2 Bed Private 6 420.00 £2,250.00 £157,500 945,000 3 Bed Private 16 1,344.00 £2,250.00 £189,000 3,024,000 4 Bed Private 19 2,299.00 £2,250.00 £272,250 5,172,750 2B Affordable 4 280.00 £2,250.00 £157,500 630,000 3B Affordable 3 252.00 £2,250.00 £189,000 567,000 Totals 48 4,595.00 10,338,750


OUTLAY



2 Bed Private 420.00 £839.00 352,380 3 Bed Private 1,344.00 £839.00 1,127,616 4 Bed Private 2,299.00 £839.00 1,928,861 2B Affordable 280.00 £839.00 234,920 3B Affordable 252.00 £839.00 211,428 Totals 4,595.00 3,855,205 3,855,205




433,521




373,375 FINANCE



PROFIT 1,871,102

File: \\DEVMEM2\Apps\Argus Software\Developer\Sunniside NE with affordable no planning contrib.23month build & sales2015.09.21wcfx.wcfx ARGUS Developer Version: 5.00.001 Date: 29/09/2015

172 P04



IRR 25.60%



173 P04


Adjustment Net Sales 0 945,000 0 3,024,000 0 5,172,750

(259,875) 370,125 (233,888) 333,113 (493,763) 9,844,988


174 P04



175 P04

APPRAISAL SUMMARY GATESHEAD COUNCIL Sunniside Sunniside SE



2 Bed Private 11 770.00 £2,250.00 £157,500 1,732,500 3 Bed Private 29 2,436.00 £2,250.00 £189,000 5,481,000 4 Bed Private 36 4,356.00 £2,250.00 £272,250 9,801,000 2B Affordable 7 490.00 £2,250.00 £157,500 1,102,500 3B Affordable 7 588.00 £2,250.00 £189,000 1,323,000 Totals 90 8,640.00 19,440,000


OUTLAY



2 Bed Private 770.00 £839.00 646,030 3 Bed Private 2,436.00 £839.00 2,043,804 4 Bed Private 4,356.00 £839.00 3,654,684 2B Affordable 490.00 £839.00 411,110 3B Affordable 588.00 £839.00 493,332 Totals 8,640.00 7,248,960 7,248,960




814,896




699,382 FINANCE



PROFIT 3,490,144

File: \\DEVMEM2\Apps\Argus Software\Developer\Sunniside SE with affordable no planning contrib.32 monthbuild 32monthsales21.9.15.wcfx ARGUS Developer Version: 5.00.001 Date: 29/09/2015

176 P04



IRR 23.60%



177 P04



(454,781) 647,719 (545,738) 777,263

(1,000,519) 18,439,481


178 P04



179 P04

LICENSED COPYAPPRAISAL SUMMARYLOWER CALLERTON

Summary Appraisal for Morgod Phases I 2

REVENUESales Valuation

2 bed pr¡vâte

3 bed private4 bed private2 bêd afforable3 bsd affordablsTotalg

NET REALISATION

OUTLAY

ACOUtStTtON COSTSResidualised PricsStamp DutyAgent FeBLegal Fêe

CONSTRUCTION COSTSConBtruclion

2 b6d pr¡vate

3 bsd private4 bed pr¡vate

2 bed afforable3 bed affordableTotals

Cont¡ngêncyAbnormalsAbnormals Allowance

Olhor ConBtruct¡onExt6rnalsNHBCEPCExternalsNHBCEPC

32,286,2284.00ø/0 1,291,4491.00% 322,862o.750/o 242,147

Rate m'. CoEtÊ839.00 s,638,080f839.00 18,605,664€839.00 32,486,0801839.00 3,758,720Ê839.00 3,946,656

.914!Þ¿Sq

5.000/. 3,221,7605.00% 2,836,4915.00% 385,269

10.00yo 5,672,982500.00/un 340,000500.00 /un 340,000

10.00% 770,538500.00 /un 60,000500.00 /un 60,000

Ad¡ustmont000

(4,158,000)g.golpsq(8,523,900)

Un¡ts96

264320

6456

800

m?

6,720.0022,176.OO38,720.00

4,480.00!f,q@.

76,800.00

Rate m:f2,250,0012,250.00f2,250.00Ê2,250.0012,250.O0

Un¡t Pricse157,500r189,000î272,250€1s7,500e189,000

164,276,100

34,142,686

64,435,200

6,443,520

7,243,520

6,443,520

6,229,664

8,1 s7,989

133,096,099

31,180,00r

Gross SalosI 5,120,00049,896,00087,120,00010,080,000

L9ég4p9s.172,800,000

Nåt Salos1 5,1 20,00049,896,00087,120,000

5,922,0006.2't8.100

164,276,100

m'¡

6,720.0022,176.0038,720.004,480.004,704.OO

æ@sq

680.00 un680.00 un

120.00 un120.00 un

PROFESSIONAL FEESOther ProfessionalsOther Profsssionals

Total Finance Cost

TOTAL COSTS

PROFIT

Performance MeasurosProfit on Cost%Profit on GDV%Prof¡t on NDV%

10.ooo/. 5,672,982'10.00% 770,538

DISPOSAL FEESSales Agenl FeeSalss Legal Fe6 800.00 un

FINANCEDebit Rate 6.50% Crêdit Rale 1.50o/o (Nominal)

3.50% 5,749,664600.00 /un 480,000

23.43v.18.98%18,S8%

19.96%

3 yrs 3 mths

IRR

Profit Erosion (f¡nancê râte 6.500%)

File: HiPROJECTS (Shar6dl2014 SLR V|ABlLlry AND CIL VIABILIT\ISLR SITES - 2015 UPDATEIAPPRAISAL RUN 1 - LOWER CALLERTON 800units.wcfxARGUS Devêlopor Vers¡on: 5.00.001 Dats 1411012015

180 P04

LICENSED COPYAPPRAISAL SUMMARYLOWER CALLERTON

Summary Appraisal for Morgod Phasos 1 2

REVENUESalos Valuation

2 bsd private3 b€d pr¡vate

4 b€d pr¡vate

2 bêd afforable3 bsd affordableTotals

NET REALISATION

OUTLAY

ACQUtStTtON COSTSRosidual¡sêd Pr¡ceStamp DutyAgent FeeLegal Feô

CONSTRUCTION COSTSConstructlon

2 bed pr¡vate

3 bod private4 b6d private2 bêd afforable3 bêd affordableTotals

ContingencyAbnormalsAbnormâls Allowânce

m¿

6,720.0022,'t76.0038,720.004,480.004.704.00

76,800.00

36,328,9964.00% 1,453,1601.000/0 363,2900.750/. 272,467

Rats m'¿ CoEtÊ839.00 s,638,080f839.00 18,605,664Ê839.00 32,486,0801839.00 3,758,7201839.00 3,946,656

.914!s¿99.

5.00% 3,221,7605.00% 2,836,4915.00% 385,269

10.00./. 5,672,982500.00 /un 340,000500.00 /un 340,000

10.000/" 770,538500.00 iun 60,000500.00 /un 60,000

Units

264320

6456

800

Rale m,î2,2s0.o0€2,250.00t2,2s0.00Ê2,250.00Ê2,250.00

un¡t Pr¡ceÊ1 57,500Ê1 89,000î272,250Ê1 57,500Ê1 89,000

172,800,000

38,417,913

64,435,200

6,443,520

7,243,520

6,443,520

6,528,000

8,728,296

138,239,970

34,560,030

Gross Salos1s,120,0004S,896,00087,1 20,00010,080,000'10.584.000

172,800,000

m'ô,720.00

22,176.O038,720.004,480.004,704.OO

rc,c99s9.

Othsr ConstructionExternalsNHBCEPCExt6rnâlsNHBCEPC

680.00 un680.00 un

120.00 un120.00 un

DISPOSAL FEESSales Agent FêsSalos Legal F6ê

PROFESSIONAL FEESOther ProfessionalsOther Profess¡onals

10.000/0 5,672,98210.00% 770,538

25.000/0

20.000/0

20.00%

800.00 un3.500/0 6,048,000

600.00 /un 480,000

FINANCEDebit Rate 6.50% Credit Rats 1.50% (Nom¡nal)Totâl Finâncê Cost

TOTAL COSTS

PROFIT

Profit on Cost%Profit on GDV%Profit on NDV%

IRR

Profit Eros¡on (fìnance rate 6.500%)

2030%

3 yrs 6 mlhs

Fil€: HIPROJËCïS (Sharedl2014 SLR VIABILITY AND CIL VIABILII\ISLR SITES - 2015 UPDATE\APPRAISAL RUN '1 - LOWER CALLERTON 800units-NO AFFORDABLE.wcfxARGUS Þ6vsloper Vers¡on: 5.00.001 Oatèi 'l4l1Ol2O15

181 P04

LICENSED COPYAPPRAISAL SUMMARYMIDDLE CALLERTON

Summary Appra¡sal lor Merged Phasês I 2

REVENUESaloE Valuat¡on

2 bsd pr¡vate

3 bêd pr¡vate

4 b€d pr¡vate

2 bed afforabls3 bed âffordableTotâlg

NET REALISATION

OUTLAY

Þ[email protected],000.00

40,0s5,8304.O0v. 1,602,233't.00% 400,558o.75ø/. 300,419

Rale m¡ CostÊ839.00 7,047,600Ê839.00 23,257,080Ê839.00 40.607.600Ê839.00 4,698,400â839.00 4,933,320

80.544.000

5.OO./. 4,027,2005.00% 3,545,6145.00% 481,s86

lO.OOYo 7,091,228500.00 /un 425,000500.00/un 425,000

10.00% 963,172500.00 /un 75,000500.00/un 75,000

10.006/6 7,09't,22810.00% 963,172

3.59v" 7,187,O79600.00 /un 600,000

Un¡t8120330400

80

29.1,000

m'8,400.00

27,720.0048,400.00

5,600.00

Rate m"82,250.O0â2,250.00€2,250.00€2,250.00Ê2,250.00

Unit Pr¡coÊ1 57,500Ê189,0008272,250Êl 57,500Ê189,000

205,345,125

42,359,040

80,5¡14,000

8,054,400

9,054,400

8,054,400

7,787,079

10,504,889

r66,358,208

38,986,917

Gross Salog18,900,00062,370,000

108,900,00012,600,000

L3¿39.S99.216,000,000

Ad¡ustmont000

(5,197,500)

lsé5zÉzsi(10,654,875)

Not Salos18,900,00062,370,000

108,900,0007,402,5007.772.625

205,345,125

ACQUTStTTON COSTSRssidual¡sed PricsStamp DutyAg6nt FeoLegal Fee

CONSTRUCTION COSTSConstruction

2 bed private3 b6d private4 bod privatê2 bsd afforable3 bsd affordableTotâls

Cont¡ng6ncyAbnormalsAbnormals Allowancê

m'¿

8,400.0027,720.0048,400.00

5,600.005,880.00

96.000.00

850.00 un850.00 un

150.00 un'150.00 un

Othor ConEtruct¡onExternalsNHBCEPCExternalsNHBCEPC

PROFESSIONAL FEESOlhsr ProfessionalsOth6r Professionals

DISPOSAL FEESSales Agent FêeSales Logal Fôe 1,000.00 un

FINANCEDebit Rate 6.50% Crsdit Rate 1.5070 (Nominal)Total Finanæ Cost

TOTAL COSTS

PROFIT

Prof¡t on CostToProfit on GDV%Profit on NDV%

23.440/0'18.99%

18.990/o

IRR

Prot¡t Erosion (financê rat6 6.500%)

18.47%

3 yrs 3 mths

File: HIPROJECTS (Shared[2o'|4 SLR VIABILITY AND CIL VIABILITYìSLR SITES - 2015 UPDATE\APPRAISAL RUN 1 - MIDDLE CALLERTON l000units.wcfxARGUS Devsloper Vorsion: 5.00.001 Date; 1 4/1 0/20'1 5

182 P04

LICENSEDAPPRAISAL SUMMARYMIDDLE CALLERTON

Summary Appraisal for Mergod Phasos I 2

REVENUESaloB Valuat¡on

2 bed privato3 bed pr¡vate

4 bed private2 bed afforable3 bed affordablêTolals

NET REALISATION

OUTL,AY

ACQUTSTTION COSTSRssidual¡sed PriceStamp DutyAgent FêeLegal Feê

CONSTRUCTION COSTSConstruct¡on

2 bed pr¡vatê

3 bed private4 bed pr¡vate

2 bed afforable3 bed affordablôTotals

ContingêncyAbnormalsAbnormals Allowance

Un¡ls120

4008070

1,000

850.00 un850.00 un

150.00 un150.00 un

m'¿

8,400.0027,720.0048,400.00

5,600.005,880.00

.9!@Sg,

45,034,8694.000/" I,801,3951.000/0 450,3490.75% 337,762

Rato m' Co8tÊ839.00 7,047,600Ê839.00 23,257,080Ê839.00 40,607,600î839.00 4,698,400î839.00 4,933,320

80.544.000

5.O0% 4,027,2005.00% 3,545,6'145.00% 481,s86

7,O91,228425,00042s,000963,17275,00075,000

m'.8,400.00

27,720.O048,400.00

5,ô00.005.880.00

96,000.00

Rato m'Ê2,250.0082,250.0OÊ2,250.00Ê2,250.00Ê2,250.00

Unit Pr¡coÊ1 57,500Ê1 89,000î272,250Ê'157,500Ê189,000

216,000,000

47,624,374

80,5¡14,000

8,054,400

9,054,400

8,054,400

8,1 60,000

11,308,427

172,800,001

43,199,999

Gfosa Salog18,900,00062,370,000

'f08,900,00012,600,000

flgl9p99.216,000,000

Othor Construct¡onExternalsNHBCEPCExternalsNHBCEPC

'10.00%

500.00 /un500.00 /un

10.00%500.00 /un500.00 /un

PROFESSIONAL FEESOther ProfessionalsOther Profoss¡onals

10.oov" 7,09'1,22810.000/0 963,172

DISPOSAL FEESSales Agent FeeSale6 Legal Foe

FINANCEDêbit Rate 6.5070 Credit Rate 1.50% (Nominal)Total F¡nancs cost

TOTAL COSTS

PROFIT

IRR

Profit Erosion (fìnanco rate 6.500%)

3.50% 7,560,000600.00 /un 600,000

18.710/o

3 yrs 6 mths

1,000.00 un

Porformance MgaauroaProf¡t on Cosl%Prof¡t on GDV%Profit on NDV%

25.000/.20.ooo/o

20.oo./"

F¡l€: H;\PROJEcTS (SharedI2014 SLR VIABlLlry AND CIL VIABILIT\ISLR SITES - 2015 UPDATE\APPRAISAL RUN IARGUS Develop€r Vers¡on: 5.00.001

MIDDLE CALLERTON 1 000units-No AFFORDABLE.wcfxDate: 14hOl2O15

183 P04

ENSEDLAPPRAISAL SUMMARYUPPER CALLERTON

Summary Appralsal for Morgod Phasos I 2

REVENUESales Valualion

2 bed private3 bed private4 bed privatê2 bêd afforable3 bed affordableTotals

NET REALISATION

OUTLAY

Units.t44

396480

9684

1,200

m'¿

10,080.0033,264.0058,080.006,720.00

]J99.09,'n5,200.00

Rate m'Ê2,250.00€2,250.00Ê2,250.00e2,250.00Ê2,250.00

Unit PricoÊ1s7,500Ê189,0008272,250e157,500Ê1 89,000

246,414,150

50,423,273

96,652,800

9,665,280

10,865,280

9,665,280

9,344,495

12,S99,662

I 99,616,070

46,798,080

Gross Sal€s22,680,00074,844,000

130,680,000I 5,120,000

l.Þ.973@,259,200,000

Adjustmont000

(6,237,000)

tg.91c,cÞ9)(r2,78s,8s0)

Nst Salês22,680,00074,844,O00

130,680,0008,883,000

93?r@246,414,150

ACQUtStTtON COSTSRês¡dualisêd PricêSlampAgent

DutyFee

m2

10,080.0033,264.0058,080.006,720.007,056.00

Ll-g@sq

I,020.00 unI,020.00 un

47,681,5824.00% 1,907,2631.00./. 476,8'160.7so/o 357,612

Rate m'¿ Co6tÊ839.00 8,457,120Ê839,00 27,908,496Ê839.00 48,729,120Ê839.00 5,638,080Ê839.00 5,919,984

.99.9Þ¿p99.

5.O00/o 4,832,6405.OO./. 4,254,7375.00% 577,903

10.000/0 8,509,474500.00 /un 51 0,000500.00 /un 510,000

10.00% 1,155,806500.00 /un 90,000500.00 /un 90,000

'10.00% 8,509,47410.00% '1,155,806

3.500/0 8,624,455600.00 /un 72O,00O

Legal Fee

CONSTRUCTION COSTSConslruct¡on

2 bsd private3 bed private4 bed privâte2 bêd afforable3 bed affordableïotals

ContingencyAbnormalsAbnormals Allowâncê

Olhor ConstructionExternalsNHBCEPCExternalsNHBCEPC

180,00 un180.00 un

PROFESSIONAL FEESOther ProfessionalsOther Professionals

DISPOSAL FEESSales Agent FesSales Legal Fêê 1,200.00 un

FINANCEDebit Rat€ 6.50% Cr€dit Rate 1.50% (Nominal)Total Finance Cost

TOTAL COSTS

PROFIT

Profit on Cost%Profit on GDV%Profit on NDVo/o

23.44./,18.S9%18,99%

IRR

Prof¡t Erosion (finance rate 6.5007o)

17.230/.

3 yrs 3 mths

File: HIPROJECTS (Sharsdl2o14 SLR VIABILIryAND CIL VIABILIT\ISLR SITES - 20ls UPDATE\APPRAISAL RUN 1 - UPPER CALLERTON l2oounits.wcfxARGUS D6v€lop€r Vers¡on; 5.00.001 Dalei 14h012015

184 P04

LICENSED COPYAPPRAISAL SUMMARYUPPER CALLERTON

Summary Appraisal for Morged Phasos I 2

REVENUESales Valuat¡on

2 bêd pr¡vate

3 bed pr¡vate4 b€d privats2 bed afforable3 bed affordableTotals

NET REALISATION

OUTLAY

ACQUtStTtON COSTSResidual¡sed PriceStamp DutyAgent FseLegal Fee

coNSTRUCTtON COSlSConstruct¡on

2 bêd pr¡vate

3 bsd pr¡vats

4 b€d pr¡vate

2 bed afforablô3 b6d âffordâbloTotals

ConlingsncyAbnormalsAbnormâls Allowâncê

94 Zpgq.og.1,200 115,200.00

Units144396480

96

m2

10,080.0033,264,0058,080.00

6,720.00

Rato m¡82,250.O0Ê2,250.00Ê2,250.00e2,250.00e2,2s0.00

Unit PrlcoÊ1 57,500Ê1 89,0008272,250e1 57,500â189,000

259,200,000

71,063,927

82,9¡14,000

8,294,400

9,494,400

8,294,400

9,792,000

't7,476,887

207,360,014

51,839,986

Gross Saleg22,680,00074,844,000

130,680,00015,'120,000

l5.9ZS@259,200,000

m¿'10,080.00

33,264.0058,080.00

6,720.007,056.00

115.200.00

1,020.00 un1,020.00 un

67,'199,9314.OOo/o 2,687,9971.OOo/o 671,9990.750/0 503,999

Rate me CoatÊ720.00 7,257,600Ê720.00 23.950.080€720.00 41,817,600e720.00 4,838,400Ê720.00 5,080,320

c¿p44.sss

Othor Construct¡onExtsrnalsNHBCEPCExternalsNHBCEPC

PROFESSIONAL FEESOther Profess¡onalsOther Prof€ss¡onals

Total F¡nânæ Cost

TOIAL COSTS

PROFIT

Porformancê MoaaureaProf¡t on Cost%Profit on GDV%Profit on NDV%

180.00 un180.00 un

10.ooo/o 7,302,528500.00 /un 510,000500.00 /un 510,000

10.000/0 991,872500.00 /un 90,000500.00 /un 90,000

10.000/0 7,302,52810.00% 99't,872

3.50% 9,072,000600.00 /un 720,000

5.O0% 4,147,2005.0070 3,6s1,2645.0070 495,936

25.00%20.00%20.000/0

DISPOSAL FEESSâlês Agênt FeeSales Legal Fee 1,200.00 un

FINANCEDeb¡t Rate 6.50% Crêdit Rate 1.50% (Nom¡nal)

IRR

Profit Erosion (financo rate 6.500%)

15.95%

3 yrs 6 mths

File: HTPROJECTS (Sharedl2o14 SLR VIABILITY AND CIL VIABILIT\ISLR SITES - 2015 UPDATE\,APPRAISAL RUN '1 - UPPER CALLERTON 1200units-NO AFFORADABLE.wcfxARGUS D€veloper Version: 5.00.001 Dale:14110120'ls

185 P04

LICENSED CAPPRAISAL SUMMARYKINGSTON PARK. KENTON BANK FOOT

Summary Apprå¡sal for Morgod Phasos I 2

REVENUESalss Valuat¡on

2 bed pr¡vatê

3 bsd pr¡vate

4 bed pr¡vate2 bêd afforable3 bsd affordableTotalB

NEl REALISATION

OUTLAY

ACQUtStTtON COSTSResidualised Pr¡æStamp DutyAgent FeeLegal Fe€

CONSTRUCTION COSTSConslruction

2 bed pr¡vate

3 bed pr¡vate4 bed private2 bed afforable3 bed affordableTotals

Cont¡ngêncyAbnormalsAbnormals Allowancs

!@76,800.00

Un¡ts96

264320

64

Þ0.800

mu

6,720.0022,176.0038,720.004,480.00

Rate m'Ê2,250.00î2,250.0012,250.00r2,250.00€2,2s0.00

Un¡t PricoÊ1 57,500€'189,000î272,250Ê1 s7,500Ê1 89,000

GrosE Salos1 5,120,00049,896,00087.120,000'10,080,000

Ad¡uEtment000

(4,1 58,000)

Net Sal6sI 5,120,00049,896,00087,1 20,000

s,922,000glg4l¡

164,276,100Lséc4p99. 14.308€991172,800,000 (8,523,900)

mr6,720.00

22,176.O038,720.004,480.004,704.00

76.800.00

680.00 un680.00 un

120.00 un120.00 un

800.00 un

32,286,2244.O0Yo 1,291,449't.olv. 322,8620.7so/o 242,147

Rale m'¡ CostÊ839.00 5,638,080Ê839.00 18,605,664Ê839.00 32,486,080Ê839.00 3,7s8,720Ê839.00 3,946,656

.gt 4Ë¿9q

164,276,100

34,142,686

64,435,200

6,443,520

7,243,520

6,443,520

6,229,664

I,l 57,989

133,096,099

31,180,001

5.00%5.00%5.00%

3,221,7602,836,491

385,269

Othor Conslruct¡onExternalsNHBCEPCExt6rnalsNHBCEPC

10.00%500.00 /un500.00 /un

10.00%500.00 /un500.00 /un

5,672,982340,000340,000770,538

60,00060,000

't0.000/" 5,672,98210.00% 770,538

3.50% 5,74S,664600.00 /un 480,000

'19.96%

3 yrs 3 mths

PROFESSIONAL FEESOther ProfêssionalsOthêr Profêss¡onals

DISPOSAL FEESSales Agont Fô6Sales Legal Fee

FINANCEDeb¡t Rat€ 6.50% Credit Ratê 1.50% (Nom¡nal)Tolal Finance Cost

TOTAL COSTS

PROFIT

IRR

Profit Eros¡on (finance rale 6.500%)

Per'ormance MoaauroaProfit on Cost%Prof¡t on GDV%Prof¡t on NDV%

23.430/0

18.98%18.98%

F¡ls: HIPROJECTS (Shared[2014 SLR VIABILITY AND CIL VIABILITY\SLR SITES - 2015 UPDATE\APPRAISAL RUN 1 - KINGSTON PARK 800UNITS.WCFXARGUS Developer V€rsion: 5.00.001 Datet 1411012015

186 P04

LICENSED COPYAPPRAISAL SUMMARYKINGSTON PARK KENTON BANK FOOT

Summary Appra¡sal for Msrgod Phases 1 2

REVENUESale. Valuat¡on

2 bed privat€3 bed private

Totals

bed privat€bed afiorablobed affordâble

NET REALISATION

OUTLAY

ACQUtStTtON COSTSResidualised Pr¡coStamp DutyAg€nt FBeLegâl Feê


2 bed private3 bod private4 bed pr¡vate

2 bsd afforabls3 bed affordablsTotals

ContingencyAbnormalsAbnormals Allowance

Unite96

264320

64gq

800

m2

6,720.0022,176.0038,720.004,480.00

1J94pq76,800.00

Rate m'Ê2,250.00Ê2,250.00Ê2,250.00Ê2,2s0.00Ê2,250.00

Un¡t Pr¡coÊ157,500Ê189,000Ê272,250Ê157,500€189,000

Gross Salog'I 5,120,00049,896,00087,120,00010,080,000

llLÞ[email protected],800,000

m2

6,720.0022,176.O038,720.004,480.004,704.OO

rs@sq

36,328,9964.00% 1,453,1601.000/0 363,290o.750/o 272,467

Rala m'? CostÊ839.00 s,638,080Ê839.00 18,605.664Ê839.00 32,486,0808839.00 3,758,720Ê839.00 3.946,656

914!g¿sq

5.OO./. 3,221,7605.00% 2,836,4915.00o/o 385,269

10.00% 5,672,982500.00 /un 340,000500.00 /un 340,000

10.000/" 770,538500.00 /un 60,000500.00 /un 60,000

172,800,000

38,417,913

64,435,200

6,443,520

7,243,520

6,443,520

6,528,000

8,728,296

138,239,970

34,560,030

Ctther Construct¡onExternalsNHBCEPCExternalsNHBCEPC

680.00 un680.00 un

120.00 un120.00 un

DISPOSAL FEESSalos Agent Feesalss Legal Fes

PROFESSIONAL FEESOthsr ProfsssionalsOther Profess¡onals

10.00% 5,672,98210.00% 770,s38

25.OOy"

20.00%20.000/0

800.00 un3.500/0 6,048,000

600.00 /un 480,000

FINANCEDêb¡t Râte 6.50% Crêd¡t Rate 1.5070 (Nominâl)Total Finance Cost

TOÏAL COSTS

PROFIT

Prof¡t on Cost%Profit on GDV%Prof¡t on NDVo/.

IRR

Prof¡t Eros¡on (l¡nance ratê 6.500%)

20.300/0

3 yrs 6 mths

File; HiPROJECTS (SharedI2014 SLR VIABILITY AND CIL VIABILITY\SLR SITES - 2015 UPÞATE\APPRAISAL RUN 1 - KINGSTON PARK 800un¡ts-NO AFFORDABLË.wcfxARGUS Devêlopêr V6rsion: 5.00.00'l Dalei 1411012015

187 P04

LICENSED COPYAPPRAISAL SUMMARYNEWBIGGINHALL

Summary Appraisal for Msrgsd Phasos I 2


2 bed private3 bêd private4 bed private2 bed afforablo3 b6d affordâbleTolals

NET REALISATION

OUTLAY

ACQUtStTtON COSTSR6s¡dual¡sed Pr¡ceSlamp DutyAgenl FssLegal Fee


2 bsd pr¡vat€

3 bsd pr¡vate

4 bed pr¡vate

2 b€d afforablô3 bed affordableTotals

Cont¡ngsncyAbnormalsAbnormals Allowancê

Units

114902421

300

m'z

3,570.009,576.00

10,890.001,680,00't.764.00

27,480.00

Rate m¡Ê1,87s.00Ê'1,875.00Ê'1,875.00Ê'1,875.00Ê1,875.00

Unit Pr¡cgÊ1 31,250e1 57,500î226,875Ê1 31,250Ê1 57,500

48,861,281

6,51 4,001

22,368,720

2,236,872

2,536,872

2,236,872

1,890,145

'1,791,053

39,574,535

9,286,746

Gross Salos6,693,750

17,S55,00020,4't8,750

3,1 50,000

Ad¡ustmont000

(1,299,375)

Net Sâleg6,693,750

17,955,00020,418,750

1,850,6251.943.1 56

48,861,281!,391@, 11t04344)51,525,000 (2,663,719)

m'z

3,570.009,576,00

'10,890.00

1,680.001,764.O0

2!M

255.00 un255.00 un

4.O0./.1.OOo/.

0.7so/o

5,00%5.00%5.00%

10.00./.500.00 /un500.00 /un

10.00%500.00 /un500.00 /un

6,1 38,260261,385

6s,34649,010

'1,118,436

978,265140,171

1,956,530127,500127,500280,342

22,50022,500

Ralê m'? CostÊ814.00 2,905,980Ê8'14.00 7,794,864Ê814.00 8,864,460e814.00 1,367,520e814,00 '1,43s,896

2z359ø.

Oth6r Conatruct¡onExtornalsNHBCEPCExlsrnalsNHBCEPC

45.00 un45.00 un

DISPOSAL FEESSales Agent FeeSales Legal Fee

PROFESSIONAL FEESOther Profess¡onalsOther Professionals

'10.00% 1,956,53010.00% 280342

23.47./.19.01./.19.,'tvo

300.00 un3.51lo 1,710,'t4s

600.00 iun 180,000

FINANCEDeb¡t Rate 6.50% Credit Rate 1.50% (Nominal)Total Finance Cost

TOTAL COSTS

PROFIT

Prof¡t on Cost%Prof¡t on GDVToProf¡t on NDV%

IRR

Prof¡t Erosion (finance rate 6.500%)

26.170/"

3 yrs 3 mths

F¡le: HTPROJECTS (Shared)2014 SLR VIABILITY ANÞ CIL VlABltlnlSLR SITES - 2015 UPDATE\NEWBIcGINHALL - AFFORDABLE-¡¡ARCH 1s.wcfxARGUS Developer Version: 5.00.00'! Dater 14l10/2015

188 P04

LICENSED COPYAPPRAISAL SUMMARYNEWBIGGINHALL

Summary Appra¡sal for Msrg€d Phasos I 2


2 bêd afforâbl63 bed affordablê2 b8d pr¡vats3 bed pr¡vato

4 bed pr¡vatô

Totals

NET REALISATION

OUTLAY

ACQUISTTtON COSTSRssidualised Pr¡ceStamp DutyAgent Fs6Legal Foe

coNstRUcTtoN cosTsCo¡slruclion

2 bed afforable3 bed affordable2 bed pr¡vâtê

3 bed private4 bed privateTotals

Abnormals AllowancêConlingencyAbnormals

e0 !9.@9'300 27,480.00

Unils2421

51114

m.1,680.00'1,764.00

3,570.009,s76.00

10,890.00

2!_W.

45.00 un45.00 un

255.00 un255.00 un

m¡1,680.001,764.003,570.009,576.00

Ralo m'?

Ê'1,875.00Ê'1,875.00Ê1,875.00Ê1,875.00â1,875.00

Unlt PriceÊ131,250€157,500[13'1,250Ê157,500î226,875

5't,525,000

7,761,609

22,368,720

2,236,872

2,536,872

2,236,872

1,983,375

2,095,680

41,220,000

r0,305,000

Gross Salos3,150,0003,307,5006,693,750

17,955,000m,4l3J54,.5't,525,000

4.00./.1.00./.o.750/o

5.000/o

5.00%5.000/o

7,339,583293,583

73,39655,047

Rate m" CostÊ814.00 '1,367,520

Ê814.00 1,435,896e814.00 2,905,980Ê814.00 7,794,864Ê814.00 8,864,460

22.364.720

Othor Consl¡ucl¡onExternalsNHBCEPCExlernalsNHBCEPC

10.00%500.00 /un500.00 /un

10.00%500.00 /un500.00 /un

DISPOSAL FEESSalês Agent FosSales Legal Fee

'140,1711,'t 18,436

978,265

280,34222,50022,500

1,956,530127,500127,500

'to.ooo/o 280,342'10.00% 1,9s6,530

26.98Vo

3 yrs 6 mlhs

3.500/" 1,803,375600.00 /un 180,000

25.000/0

20.000/0

20.oo./.

PROFESSIONAL FEESOther ProfessionalsOlher Prof€ss¡onals

300.00 un

FINANCEDebit Rate 6.50o/o Credit Rate 1.50% (Nom¡nal)Tolâl F¡nancê Cost

TOTAL COSTS

PROFIT

Pertormanco MoaauresProfit on Costo/o

Profit on GDV%Prof¡t on NDVTo

IRR

Prof¡t Erosion (f¡nance rate 6.500o/o)

F¡le: HIPROJECÍS (Shared)\2014 SLR VIABILITY AND CtL VtABtLtT\tSLR STTES - 20j5 UpDATE\NEWBtcGtNHALL - NO AFFORDABLE-MARCH 1 S.wcfxARGUS Dsveloper Version; 5.00.001 Datsi 1411012015

189 P04

LICENSED COPYAPPRAISAL SUMMARYGREAT PARK EXTENSIONS

Summary App¡aisal fo¡ Mergod Phasos 1 2


2 bed private3 bed private4 bed privats2 bed afforable3 bod affordableTotals

NET REALISATION

OUTLAY

ACQUtStTtON COSTSResidualised PricêSlamp DutyAgent F€eLegal Fe€

CONSTRUGTION COSTSConstruct¡on

2 bed pr¡vate

3 bêd private4 bêd private2 bêd afforable3 bêd affordableTotals

Un¡tg72

19824048g.

600

m'.5,040.00

16,632.0029,040.00

3,360.00

!,þ@.57,600.00

24,342,8384.000/. 973,7141.000/0 243,4280.75% 182,571

Rate m'¡ CostÊ839.00 4,228,560Ê839.00 13,954,248e839.00 24,364,560€839.00 2,819,040â839.00 2,959,992

44.326.400

5.00% 2,416,3205.000/0 2,'t27,3685.0070 288,952

10.000/0 4,254,737500,00 /un 255,000500.00 /un 255,000

10,00% 577,903500.00 /un 45,000500.00 /un 45,000

Rato mr12,250.00r2,250.00€2,250.00î2,250.00Ê2,250.00

Unit Prico€1s7,500â'189,0008272,250Ê157,500el 89,000

123,207,075

25,742,551

48,326,400

4,832,640

5,432,640

4,832,640

4,672,248

5,984,946

99,824,06s

23,383,010

Gross Salea1 1,340,00037,422,00065,340,000

7,560,000

Ad¡ustmont000

(3,1 1 8,500)

Net SalssI 1 ,340,00037,422,00065,340,0004,441,500

¿93!.99S. ßøA-ÆI 4.663.575129,600,000 (6,392,925) 123,207,075

mt5,040.00

16,632.0029,040.00

3,360.003,528.00

gzÉsspq

Cont¡ngencyAbnormalsAbnormals Allowance

Other Conslruct¡onExternalsNHBCEPCExternalsNHBCEPC

510.00 un510.00 un

90.00 un90.00 un

DISPOSAL FEESSalos Agent FeêSalss Lsgal Feê

PROFESSIONAL FEESOthor Profess¡onâlsOlhsr Profsssionals

10.00% 4,254,737'10.000/0 577,903

23.420/0

1A.9Ao/o

18.98%

600.00 un3.50% 4,312,248

600.00 /un 360,000

FINANCEDebit Rale 6.50% Cred¡t Rate 1.500/0 (Nominal)Total Finance Cost

TOTAL COSTS

PROFIT

Profit on Cosl%Profit on cDV%Profit on NDV%

IRR

Profit Eros¡on (fìnance rate 6.5000/0)

21.28%

3 yrs 3 mths

File: HIPROJECTS (Shared[2014 SLR VIABILITY AND CIL VIABILIT\ISLR SITES - 2015 UPDATE\GREAT PARK CELL EXTENSIONS - AFFORDABLE.wcfxARGUS Developer V€rsion: 5.00.001 Dalei 14110120'15

190 P04

DCOLIAPPRAISAL SUMMARYGREAT PARK EXTENSIONS

Summary Appra¡sal for Morgod Phasos I 2

REVENUESalos Valuat¡on

2 bêd pr¡vâtê

3 bed pr¡vate

4 bed pr¡vatê2 bed afforablô3 bed affordablêTotâlg

NET REALISATION

OUTLAY

ACAUtSTTtON COSTSRssidualissd Pr¡csStamp DutyAgent F€eLogal Fêe

coNSTRUCflON COSTSConstruct¡on

2 bed pr¡vate

3 bed pr¡vate

4 bed pr¡vâte

2 bsd afforable3 bed affordableTotâls

un¡ts72

1982404842

600

m'¿

5,040.00't6,632.0029,040.00

3,360.00

@q57,600.00

27,407,9234.00% 1,096,3171.00% 274,0790.756/o 205,559

Rato m' CostÊ839.00 4,228,5601839.00 13,954,248€839.00 24,364,560e839.00 2,819,040e839.00 2,959,992

48.326.400

5.000/0 2,416,3205.000/" 2,127,3685.00% 288,952

10.000k 4,254,737500.00 /un 255,000500.00 /un 255,000

10.0070 577,903500.00 /un 45,000500.00 /un 45,000

10.000/0 4,254,737'10.00% 577,903

3.50% 4,536,000600.00 /un 360,000

Rate m,Ê2,250.00Ê2,250.00Ê2,250.00Ê2,250.00Ê2,250.00

Un¡t Pr¡ceÊ'157,500Ê189,0008272,250Ê157,500Êt89,000

129,600,000

28,983,878

48,326,400

4,832,640

5,432,640

4,832,640

4,896,000

6,375,794

103,679,992

25,920,008

Gross Sales'11,340,000

37,422,00065,340,000

7,560,000

2.93!J9g129,600,000

m.5,040,00

16,632.0029,040.00

3,360.003,528.00

5z.gggSq

ConlingencyAbnormalsAbnormals Allowânc6

Othor ConslructionExternalsNHBCEPCExternalsNHBCEPC

510.00 un5'10.00 un

90.00 un90.00 un

PROFESSIONAL FEESOlher ProfessionalsOther Professionals

DISPOSAL FEESSales Agent FeêSalos L6gal Fes 600.00 un

FINANCEDeb¡t Rate 6.50% Crêd¡t Rate 1.50% (Nominal)Total Finance Cost

TOTAL COSTS

PROFIT

Profit on Costo/o

Profit on GDVo/o

Profit on NDV%

25.OOo/o

20.ooo/o20.ooo/

IRR

Prof¡t Erosion (f¡nance rate 6.500%)

21.72%

3 yrs 6 mths

F¡ls; HIPROJECTS (Shared[2014 SLR VIABILITYAND CIL VIABILITY\SLR SITES - 2015 UPDATE\GREAT PARK CELL EXTENSIONS - NOAFFORDABLE.wcfxARGUS Devêlopêr Vêrs¡on: 5.00.001 Date:1411012015

191 P04

LICENSED COPYAPPRAISAL SUMMARYDINNINGTON

Summary Appra¡sal tor Msrged Phasos 1 2

REVENUESaloE Valual¡on

2 bed pr¡vate

3 bed pr¡vate

4 b€d pr¡vate

2 bôd afforable3 bed affordableTotal3

NET REALISATION

OUTLAY

ACOUTStTtON COSTSR€sidualised Pr¡ceStamp DutyAgent FeeLegal Fee

CONSTRUCTION COSTSConstruclion

2 bod pr¡vate

3 bed privats4 bed private2 bsd afforable3 bed affordablêTotals

Cont¡ngsncyAbnormalsAbnormâls Allowancê

Un¡ts3'1

82100

18250

m2

2,'t70.oo6,888.00

'12,100.00

1,330.00'1,5r 2.00

¿L9@99.

213.00 un213.00 un

37.00 un37.00 un

250.00 un

m2

2,170.006,888.00

1 2,100,00't,330.00

-1é!¿S9.24,000.00

Rat€ m'Ê2,250.00€2,250.00Ê2,250.00Ê2,250.00€2,250.00

Unit PricoÊ157,500Ê'189,000î272,250!1 s7,500e189,000

51,362,269

10,830,033

20,136,000

2,01 3,600

2,263,600

2,013,600

1,947,679

2,406,420

4r,6r0,932

9,751,337


'15,498,000

27,225,0002,S92,s003.402.000

54,000,000

Ad¡ustm€nt000

(1,234,406)

i!!93,928t(2,637,731)

Not Salos4,882,500

15,498,00027,225,000

1,758,094

i-e99É2g51,3ô2,269

4.O00/o

1.O00/o

0.75./.

Rato m, Co6lÊ839.00 1,820,630Ê839.00 5.77S,0328839.00 10,151,900Ê839.00 1,1 1s,870Ê839.00 '1,268,568

¿9Íi9p9g

1 0,241,1 66409,647102,41276,809

1,006,800887,578't19,222

1,775,156'106,500

106,500234,444

18,50018,500

5.00%5.000/o

5.000/o

Othor ConstructlonExlsrnalsNHBCEPCExternalsNHBCEPC

10.000/0

500.00 /un500.00 /un

10.00%500.00 /un500.00 /un

PROFESSIONAL FEES.Other ProfsssionalgOthêr Professionals

10.00% '1,775,156

10.000/0 238,444

DISPOSAL FEESSâles Agent FeeSalss Legal Fes

FINANCEDeb¡t Rate 6.50% Credit Rate 1.50% (Nominal)Total F¡nance Cost

TOTAL COSTS

PROFIT

IRR

Profit Erosion (finance rato 6.500%)

3.50% 1,797,679600.00 /un 150,000

24.OOok

3 yrs 3 mths

Porformancê MeasurosProfit on Cost%Profit on GDV%Profit on NDVo/"

23.43yo18.99%18.990/0

Filê: HTPROJECTS (Shared}2o14 SLR V|ABlLlry AND CIL V|ABlLll\lSLR SIÍES - 201s UPDATE\DINNINGTON - AFFORDABLE.wcIxARGUS Developer Version: 5.00.001 Datet 'l4l1Ùl2Ù15

192 P04

LICENSED COPYAPPRAISAL SUMMARYDINNINGTON

Summary Appra¡sal for Morgod Phasos I 2


2 bed pr¡vate

3 bed pr¡vate

4 bed private2 bed afforâble3 bed affordablBTotalg

NET REALISATION

OUTLAY

ACQUtStTtON COSTSRssidualisod Pr¡ceStamp DulyAgent FêêLegai Fss

coNsTRucTtoN cosTsConstruct¡on

2 bed private3 b€d private4 bed prìvate

2 bed afforable3 bsd affordableTotals


m2

2,1 70.006,888.00

1 2,100.001,330.00

ll¿ 1.512.00250 24,000.00

Unltg

'100

19

Rale m'f2,250.0012,250.00Ê2,250.00f2,250.0012,250.00

Unit PricoÊ157,500Ê189,000î272,250Ê157,500Ê189,000

54,000,000

12,191,504

20,'t36,000

2,013,600

2.263,600

2,01 3,600

2,040,000

2,541,697

43,200,000

10,800,000

Gross Salos4,882,s00

15,498,00027,22s,O00

2,992,5003.402.000

54,000,000

m.2,170.006,888.00

'12,100.00'1,330.00

1,512.0024.000.00

2'13.00 un21 3.00 un

1 1,s28,6094.000/0 461,1441.000/0 11s,286o.750/o 86,465

Rate m? costÊ839.00 1,820,630Ê839.00 5,779,032Ê839.00 10,151,900Ê839.00 1,115,870Ê839.00 1,268,568

¿9J-3!.000

5.00%5.00%5.00%

I,006,800887,578119,222

Olher ConstructlonExternalsNHBCEPCExternalsNHBCÊPC

37.00 un37.00 un

10.00%500.00 /un500.00 /un

10.00%500.00 /un500.00 /un

1,775,156106,500106,500238,444

18,500'18,500

PROFESSIONAL FEESOther ProfessionalsOlher Professionals

FINANCEDsbit Rate 6.50% Credit Rate 1.50% (Nominal)Total F¡nance Cost

TOTAL COSTS

PROFIT

IRR

Profit Ërosion (f¡nânce rate 6.5000/0)

10.00% 1,775,15610.00% 238,444

3.5070 1,890,000600.00 /un 150,000

24.680/0

3 yrs 6 mths

DISPOSAL FEESSales Agent FseSales Legal Feê 250.00 un

Porformance MeasureaProfit on Cost%Profit on GDV%Prof¡t on NDV%

25.000/"20.ooo/20.00%

Fils: HIPROJECTS (Sharsd)\2014 SLR VlABlLlry AND CIL VIABILITnSLR SITES - 2015 UPDATE\DINNINGTON - NO AFFORDABLE.wcfxARGUS Developsr Vsrs¡on; 5.00.001 Dalet 1411012015

193 P04

LICEN cAPPRAISAL SUMMARY

672.009,600.00

Unltg12

3240Ig,

r00Totals

WIDEOPEN

Summary Appra¡Bal for Msrgod Phasos 1 2


bêd privateb€d privat€bed privâtebed afforablebed affordable

NET REALISATION

OUTLAY

ACQUIStTION COSTSResidual¡sed Pr¡ceStamp DutyAgent Fe6Legal Fee


2 bed pr¡vate

3 bed pr¡vate

4 bed pr¡vate

2 bed afforable3 bed affordablsTotals


ma

840.002,688.004,840.00

560.00

Rate m"Ê2,250.00Ê2,250,00Ê2,250.00e2,250.00Ê2,250.00

Un¡t Pr¡coÊ1 57,500â1 89,000î272,250Ê157,500e1 89,000

20,456,550

4,265,435

8,054,400

805,440

905,440

805,440

775,979

978,823

16,590,957

3,865,593

Gross Salog1,890,0006,048,000

10,890,000'1,260,000

Ad¡usfmont000

(51e,750)

Not Salêg1,890,0006,048,000

10,890,000740,250gg9É99.

20,456,550Lé12@9. lgSJsE2r,600,000 (r,143,450)

mi840.00

2,688.004,840.00

560.00672.00

.9É9SSq

84.00 un84.00 un

5.O00/.

5.00%5.00%

't0.000/"

10.000/0

402,720351,038

51,682

4,033,5084.O00/o 161,3401.000/. 40,3350.750/0 30,251

Rato m'1 costÊ839.00 704,760î839.00 2,255,232t839.00 4,060,760f839.00 469,840€839.00 563,808

8.054.400

Oth€r Conslruct¡onExternalsNHBCEPCExternalsNHBCFPC

'10.00%

500.00 /un500.00 /un

'10.00%

500.00 /un500.00 /un

unun

6.006.00

702,07s42,00042,000

'103,365

8,0008,000

702,075103,365

PROFESSIONAL FEESOthsr Profess¡onâlsOthêr Profsss¡onals

DISPOSAL FEESSales Agsnt FseSalos Lêgal F6e

3.500/o600.00 /un

715,97960,000

23.300/"18.900/0

18.900¿

100.00 un


TOTAL COSTS

PROFIT

Porformanco MoasurosProfit on CostToProfit on GDVo/"Profit on NDVo/o

IRR

Profit Erosion (finance rale 6.500%)

22.246/o

3 yrs 3 mlhs

File: HIPROJECTS (SharedI20'14 SLR VIABILITY AND CIL VIABILIT\ISLR SITES - 2015 UPDATE\WIDEOPEN - AFFORDABLÊ.wcfxARGUS Developer Version: 5.00.001 Dal@:1411012015

194 P04

LICENSED COPYAPPRAISAL SUMMARY

Un¡ts123240Ie

100TotalÊ

WIDEOPEN

Summary Appra¡sal for Morgod Phasos 1 2

REVENUEsalêa valuat¡on

bed privatebed privatebed privatebed afforablobed affordable

NET REALISATION

OUTLAY

ACQUtStÏON COSTSRssidualised PriceSlamp DutyAgônt FeeLegal Fee


2 bed private3 bed private4 bed private2 bed afforable3 bed affordablôTotals

ContingencyAbnormalsAbnormals A¡lowance

m'z

840.002,688.004,840.00

560.00672.00

9,600.00

5.00705.00705.00%

Rate m"Ê2,250.00î2,250.0012,250.00Ê2,250.00î2,250.00

402,720351,038

51,ô82

702,07542,00042,000

103,3658,0008,000

702,075103,365

Un¡l PrlcoÊ'157,500â1 89,0008272,250Ê1 57,500€'189,000

GrosE Sales1,890,0006,048,000

10,890,0001,260,000

lé!¿@21,600,000

m'l840.00

2,688.004,840.00

560.00672.00

.9,9@sq

4,585,7074.00v" 183,4281.00v" 45,8570.750/0 34,393

Rato m" CostÊ839.00 704,760Ê839.00 2,255,232Ê839.00 4,060,760Ê839.00 469,840Ê839.00 563,808

8.054.400

21,600,000

4,849,385

8,054,400

805,440

905,440

805,440

816,000

1,043,895

,t7,280,000

4,320,000

Other Conatrucl¡onExtsrnalsNHBCEPCExternalsNHBCEPC

10.00%500.00 /un500.00 /un

10.00%500.00 /un500.00 /un

84.00 un84.00 un

16.00 un16.00 un

PROFESSIONAL FEESOthsr ProfessionalsOther Professionâls

Total Finance Cost

TOTAL COSTS

PROFIT

Porformance MeasurosProf¡t on Costo/.Prof¡t on GDV%Prof¡t on NDV%

10.000/0'to.000/0

DISPOSAL FEESSalês Agsnt FeeSalss Lsgal FB6 100.00 un

FINANCEDeb¡t Rate 6.50% Credit Rate 1.50% (Nominal)

3.50%600.00 /un

2s.000/0

20.00vo20.00./.

756,00060,000

IRR

Prof¡t Erosion (financs rat6 6.500%)

22.80./.

3 yrs 6 mths

File; HIPROJECTS (Shared[20'14 SLR VlABlLlry AND CIL VIABILIW\SLR SITES - 2015 UPDATE\WIDEOPEN - NO AFFORDABLE.wcfxARGUS Devêloper Vers¡on: 5.00.001 DaIa:14hO12015

195 P04

LICENSEDAPPRAISAL SUMMARYHAZLERIGG

Summary Appra¡Eal for Morgod Phasos I 2

REVENUESâlos Valuation

2 bsd privat€3 bêd privâte4 bed privatê2 bed afforablô3 bed affordableTotals

NET REALISAIION

OUTLAY

ACQUtStTtON COSTSRêsidual¡s6d Pr¡ceStamp DutyAgsnt FeeLegal Fee

coNsrRUcTtoN cosrsConstruct¡on

2 bod pr¡vat€

3 bêd pr¡vate

4 bed pr¡vale

2 bêd afforable3 bêd affordableTotals

ConlingencyAbnormalsAbnormals Allowance

Units48

132160

3228

400

mt3,360.00

1 1,088.0019,360.002,240.OO

¿.@38,400.00

Rato m'e1,875.00[1,875.00e1,875.00â1,875.00â1,875.00

Un¡t PrlceÊ'131,250el 57,500î226,875Ê131,250c157,500

68,¡148,375

9,108,992

31,2s7,600

3,125,760

3,525,760

3,'125,760

2,635,693

2,665,278

55,444,843

13,003,532


20,790,00036,300,000

4,200,000

4J.199q72,000,000

Ad¡ustmenl000

(1,732,500)

t cl9J2Ð(3,55r,62s)

Net Salog6,300,000

20,790,00036,300,000

2,467,500

¿Þ9!&68,448,375

4.00./.1.00./.0.750

8,584,968364,538

91,1 3568,351

Othor ConstructionExt6rnalsNHBCEPCExternalsNHBCEPC

10.00%500.00 /un500.00 /un

10.00%500.00 /un500.00 /un

m¡3,360.00

1'1,088.0019,360.002,240.002,352.00

!!@

340.00 un340,00 un

Rato m" Coste814.00 2,735,0408814.00 9,025,632Ê814.00'15,759,040Ê814.00 1,823,360Ê814.00 1,914,528

31.257.600

PROFESSIONAL FEESOther Profêss¡onalsOthsr Profess¡onals

60.00 un60.00 un

5.00%5.00%5.00%

23.450/0

19.00%19.000/.

1,562,8801,375,986

'186,894

2,75't,971170,000170,000373,789

30,00030,000

10.00% 2,751,97110.00% 373,789

DISPOSAL FEESSales Ag6nt FeoSalês Legal Fee 400.00 un

3.50% 2,395,693600.00 /un 240,000

FINANCEDebit Rato 6.50% Crêd¡t Rate 1.50% (Nominal)Total Finance Cost

TOTAL COSTS

PROFIT

Prcf¡t on Cost%Prof¡t on GDV%Prof¡t on NDV%

IRR


24.480/"

3 yrs 3 mths

File: HIPROJECTS (Shar6dI2014 SLR VIABILITY AND CIL VIABILIT\1SLR SITES - 20'15 UPDATE\HAZLERIGG AFFORDABLË-MARCH-'15.wcfxARGUS Devêloper Version: 5.00.001 Dalo:1411012015

196 P04

LICENSED COPYAPPRAISAL SUMMARYHAZLERIGG

Summary Appra¡sal for Mergod Phasos 1 2


2 bed private3 bed private4 bed pr¡vate


NET REALISATION

OUTLAY

ACQUtStTtON COSTSResidualised Pr¡c6Stamp DutyAgênt FeeLegal Fêe


2 bed privatê3 bed prìval€4 bed pr¡vats2 bêd âfforâble3 bed affordableTolâls

Conl¡ngencyAbnormalsAbnormâls Allowãnce

2.352.0038,400.00

Un¡tg48

132'160

32

&400

mz3,360.00

1 1,088.00'19,360.002,240.00

Rate m'1

t1,875.001't,875.00f1,875.0011,875.00e1,875.00

un¡t Pr¡ceÊ1 31,250e1 57,5002226,875Ê1 31,250Ê'157,500

72,000,000

10,927,167

31,257,600

3,1 25,760

3,s25,760

3,125,760

2,760,000

2,877,953

57,600,000

14,400,000


20,790,00036,300,000

4,200,0004.410.000

72,000,000

m'¿

3,360.001 1,088.0019,360.00

2,240.OO

2,352.OO

38.400.00

340.00 un340.00 un

10,333,01 I4.OOo/o 413,3211.00% 103,3300.750/0 77,498

Rate m'z CostÊ814.00 2,735,040Ê814.00 9,025,632Ê8'14.00 15,759,040Ê8'14.00 1,823,360Ê814,00 1,914,528

31.257.600

5.000/o

5.00%5.00%

Other Construct¡onExtsrnalsNHBCEPCExternalsNHBCEPC

10.00%500.00 /un500.00 /un

10.0070500.00 /un500.00 /un

FINANCEDebit Rats 6.50% Credit Rate 1.50% (Nominal)Total Financs Cost

TOTAL COSTS

PROFIT

IRR


1,562,8801,375,986

186,894

2,751,971170,000170,000373,789

30,00030,000

10.000/. 2,751,97110,00% 373,789

3.50% 2,520,000600.00 /un 240,000

24.780/o

3 yrs 6 mths

60.00 un60.00 un

PROFESSIONAL FEESolhêr ProfêssionalsOther Profêssionals

DISPOSAL FEESSalss Ag€nt FeeSales Legal Fee 400.00 un

Perlormance MaasuregProfit on Cost%Prof¡t on GDV%Prof¡t on NDV%

25.00%20.00%20.00%

File; HTPROJECTS (Shared^2014 SLR VIABILITY AND CIL VIABILIT\ISLR SITES - 2015 UPDATE\HAZLERIGG NO AFFORDABLE-IVIARCH-1s.wctxARGUS Dsveloper Version: 5.00.001 Dale:1411012015

197 P04

LICENSED COPYAPPRAISAL SUMMARYTHROCKLEY

Summary Appraisal for Morged Phaso8 1 2


2 bed private3 bed private4 bed private2 bêd afforable3 bed affordableTolals

NET REALISATION

OUTLAY

ACQUtStTl0N COSTSResidualisod Pr¡c6Slâmp DutyAgent FeeLegal Fe6

CONSTRUCTION COSTSConalruction

2 bed private3 bed private4 bed privato2 bed afforablê3 bed âffordableTotals

Cont¡ngencyAbnormâlsAbnormals Allowance

't'1,'109,050

4.000/0 473,7021.00% 118,42so.750/o 88,819

Rale m' Coatq8r4.00 5,356,120Ê814.00 14,290,584Ê814.00 16,251,510Ê814.00 2,4s0,140Ê814.00 2,666,664

1j-sþ.919

5.00% 2,050,7515.00% 1,794,9115.00% 255,840

10.00% 3,589,821500.00 /un 234,000500.00 /un 234,000

'10.00% 511,680500.00 /un 41,000500.00 /un 4'1,000

10.00"/o 3,589,82110.00% 51 1,680

3.50% 3,136,483600.00 /un 330,000

23.38%18.95%'18.95%

24.94ô/.

3 yrs 3 mths

Adjustmont000

(2,328,047',)

l¿É!ë1)(4,86r,828)

Unit694

20916543

39.550

m2

6,580.001 7,55ô.001s,965.003,010.00

3zzgJg50,387.00

Rate m'.Ê1,875.00Ê1,875.00Ê1,875.00Ê1,875.00Ê1,875.00

un¡t Pr¡coÊ131,250Ê157,500î226,875f131,250Ê157,500

Gross Salsg12,337,50032,91 7,50037,434,37s

5,643,7506.142.500

94,475,625

Nêt Salês12,337,50032,917,50037,434,375

3,3'l s,7033.608.71 I

89,613,797

m2

6,580.0017,556.00't9,96s.00

3,010.003,276.00

59@99.

89,613,797

1 1,789,996

41,0r 5,018

4,1 01,502

4,65't,s02

4,101,502

3,466,483

3,506,858

72,632,860

16,980,937

Other ConstructionExternalsNHBCEPCExternalsNHBCEPC

468.00 un468.00 un

82.00 un82.00 un

PROFESSIONAL FEESOlher Prof6ssionalsOlh€r Profess¡onals

DISPOSAL FEESSales Agent FseSalês Legal F6e 550.00 un

FINANCEDêb¡t Rate 6.50% Crsd¡t Rate 1.50% (Nom¡nal)Total F¡nance Cost

TOTAL COSTS

PROFIT

Psrformance MoaBuresProf¡t on Cost%Prof¡t on GDV%Prof¡t on NDV%

IRR

Prof¡t Erosion (fnancs rato 6.500%)

File: HIPROJECTS (Shared^2014 SLR VIABILITY AND CIL VIABILITìISLR SITES - 2015 UPDATE\THROCKLEY - AFFORDABLE-MARCHI 5.wcfxARGUS Devslopêr Vêrs¡on: 5.00.001 Datei 141'1012015

198 P04

LICENSED COPYAPPRAISAL SUMMARYTHROCKLEY

Summary Appra¡sal for Morgsd Phases 1 2


2 bed pr¡vatê

3 b€d private4 bed private2 bed afforable3 bêd affordableTotal8

NET REALISATION

OUTLAY

ACOUtStTtON COSTSRês¡dualised Pr¡ceStamp DutyAgsnt FeeLôgal Fee

CONSTRUGTION COSTSConstruct¡on

2 bed private3 bed pr¡vat€4 bed private2 bed afforablê3 bed affordableTotals


Un¡1894

20916543

!g550

m'z

6,580.00'17,556.00'19,965.00

3,010.00

E?29.09.50,3ô7.00

Rato m"c1,875.00e1,875.00e1,87s.00r1,875.00e1,875.00

Unit Pricee131,250Ê157,s00î226,875î.131,250Ê157,500

94,475,625

14,286,978

4l,01 5,018

4,1 01,502

4,651,502

4,1 01,502

3,636,647

3,787,352

75,580,500

18,895,125

Gross Saloa't2,337,s0032,917,50037,434,375

5,643,7506.142.500

94,475,625

m?

6,s80.0017,556.0019,965.00

3,0'10.003,276.00

.99@99.

468.00 un468.00 un

13,5'10,1454.000/0 540,4061.000/0 135,'10'1

0.75% 101,326

Rato m'. Costf814.00 5,356,120Ê814.00 14,290,584f814.00 16,251,510t8'14.00 2,450,140Ê814.00 2,666,664

41.015.018

5.000/o

5.00%5.00%

2,050,7511,794,911

255,840


't0.00%500.00 /un500.00 /un

10.00%500.00 /un500.00 /un

3,589,82 1

234,000234,OOO

51 1,68041,00041,000

82.00 un82.00 un

PROFESSIONAL FEESOther Profsss¡onâlsOther Professionals

DISPOSAL FEESSales Agent FêeSales Lsgal Fee

3.50% 3,306,647600.00 /un 330,000

25.00%20.00%20.000/0

'10.00% 3,589,82110.00% 5'11,680

2s.320/0

3 yrs 6 mths

550.00 un

FINANCEDebit Rate 6.50% Crêd¡t Râte 1.50ol" (Nominal)Total F¡nance Cost

TOTAL COSTS

PROFIT

Porlormance MeaaursaProfit on Cost%Profit on GDV0/.Prof¡t on NDV%

IRR

Profit Erosion (flnancs rat€ 6.500%)

File; HiPROJECTS (SharodI2o14 SLR VIABILITY AND CIL VIABILIT\ISLR SITES - 2015 UPDATE\THROCKLEY - NO AFFORDABLE-MARCH-ls.wcfxARGUS Devêloper Version: 5.00.001 Oatei 14110120'15

199 P04

LICENSED COPYAPPRAISAL SUMMARYNEWBURN RIVERSIDE 5OO UNITS. MARCH 2015

Suñmary Appra¡sal for Morged Phasos I 2

REVENUESal€6 Valuation

2 bed pr¡vatê

3 bsd pr¡vate

4 bed pr¡vatê2 bed afforable3 bêd affordableTolals

NET REALISATION

OUTLAY

ACQUtStflON COSTSResidualissd PricsStamp DutyAgent FeeLegal Fee

CONSTRUCTION COSTSConstruclion

2 bed pr¡vate

3 bêd pr¡vate

4 bêd private2 b€d afforable3 bed affordableTotâls

ContingsncyAbnormalsAbnormals Allowancs

Unitg86

190150

39

ma

6,020.001s,960.001 8,1 50.002,730.00

Þ 2@@.500 45,800.00

Ratå m'?

Ê1,875.00Ê1,875.00Ê1,875.00e1,875.00Ê1,875.00

Un¡t Price8131,250Ê1 57,500î226,875Ê131,250Ê157,500

8't,489,609

10,836,887

37,281,200

3,728,120

4,228,120

3,728,120

3,1 52,1 36

3,077,143

66,031,727

15,457,882

Gross Salssf ,2a7,50029,925,00034,031,250

5,1 1 8,750

Ad¡ustmont000

(2,111,484J

Not SalesI 1,287,s0029,925,00034,03'1,250

3,007,2665.512.500 12.273.906\ 3,239.Þ91.

85,875,000 (4,385,391) 8r,489,009

Olher ConatructionExternalsNHBCÊPCExternâlsNHBCEPC

m2

6,020.0015,960.001 8,1 50.002,730.O02,940.00

$.c9s9g

426.00 un426.00 un

74.00 un74.00 un

'10.00% 3,266,582500.00 /un 21 3,000500.00 /un 21 3,000

10.00% 461,538500.00 /un 37,000500.00 /un 37,000

10.00% 3,266,58210.00% 46'1,s38

10,214,1454.000/0 433,2121.000/0 108,3030.75% 81,227

Rats m'a Costf814.00 4,900,280â814.00 12,991,440î814.00 14,774,100î814.OO 2,222,220f814.00 2,393,160

37.281.200

22.82./.

3 yrs 3 mlhs

5.00%5.00%5.00%

1,864,060'1,633,291

230,769

3.50% 2,852J36600.00 /un 300,000

23.410/0

18.970/o

18.970/o

PROFESSIONAL FEESOlher ProfessionalsOthgr Professionals

DISPOSAL FEESSales Agent FeeSalês Lsgal Fse 500.00 un

FINANCEDêb¡t Rate 6.50% Credit Rate 1.50% (Nom¡nal)Total Finance Cost

TOTAL COSTS

PROFIT

Prof¡t on Cost%Profit on GDVo/o

Prof¡t on NDV%

IRR


Filo: HIPROJECTS (Sharod)2014 SLR VIABILITY AND CIL VIABILIT\ISLR SITES - 2015 UPDATE\NEWBURN- AFFORDABLE-|\4ARCH-'15-500 units.wcfxARGUS Dovelopêr Version; 5.00.001 Dale:1411012015

200 P04

LICENSED COPYAPPRAISAL SUMMARYNEWBURN RIVERSIDE 5OO UNITS. MARCH 2OI5

Sümmary Appral8al for Morged Phasos I 2

ACQUISITION GOSTSRês¡dualisêd Pricê


2 b€d private3 b€d pr¡vate

4 bed private2 bed afforable3 bed affordableTotals

NET REALISATION

OUTLAY

DISPOSAL FEESSalss Agent FeeSales Legal Fee

Un¡tg86

190'150

39

ë500

m'?

6,020.0015,960.001 8,150.002,730.002,940.00

45.800.00

426.00 un426.00 un

m'6,020.00

15,960.001 8,1 50.002,730.00

¿@s9.45,800.00

5.00%5.00%5.00%

Rate m'Ê1,87s.00e1,875.00Ê'1,87s.00e1,875.00Ê1,875.00

Unit Pricee13'1,250Ê157,5001226,875Ê131,250t157,500

8s,875,000

13,052,540

37,281,200

3,72A,120

4,228,120

3,728,120

3,305,625

3,376,270

68,699,995

l?,1 75,005

Gross Sales11 ,287,50029,925,00034,031,250

5,1 18,750

5é12ë985,875,000

StampAgent

DutyFss

Legal Fee


2 bsd private3 b€d pr¡vate4 bêd pr¡vate

2 bsd afforable3 b€d affordableTotâls


12,342,8284.OO./. 493,7131.O00/o 123,4280.75V" 92,571

Râte m' CostÊ814.00 4,900,2808814.00 12,591,440î814.OO 14,774,10028't4.OO 2,222,220Ê8'14.00 2,393,160

37.281.200

I,864,0601,633,291

230,769

Othor Conslruct¡onExtsrnalsNHBCEPCExternalsNHBCEPC

74.00 un74.00 un

'10.00% 3,266,582500.00 /un 213,000500.00 /un 213,000

10.000/0 461,538500.00 /un 37,000500.00 /un 37,000

10.00% 3,266,582'to.o1o/o 461,538

3.50% 3,005,625600.00 /un 300,000

22.930/0

3 yrs 6 mths


500.00 un

FINANCEDeb¡t Rate 6.50% Crsdit Rato 1.50% (Nom¡nal)lotal F¡nancs Cost

TOTAL COSTS

PROFIT

IRR

Profil Erosion (f¡nânce rale 6.500o/o)

Partormânce MeasuÍ€sProfit on Cost%Profit on GDV%Prof¡t on NDV%

25.00%20.000/0

20.00%

File: HIPROJECTS (Shared)\2014 SLR VIABILITY AND CIL VIABILIT\ISLR SITES - 2015 UPDATE\NEWBURN NO AFFORDABLE-MARCH-15-500 un¡ts.wcfxARGUS Dsvslopsr Vers¡on; 5.00.00'1 Dalat '1411012015

201 P04

LICENSEDAPPRAISAL SUMMARYGENERIC I UNITS LOW

Summary Appmisal for Phase I Phase f Prlvatå

REVENUESales valuatlon

3 bed private

NET REALISATION

OUTLAY

Unlts1

m'¡ Ratê m'¡84.00 Êt,450.00

Unit Pr¡ceÊ12'l,800

Gross Salos12 1,800


3 bed private

ContingencyAbnormals

ACQUtStTtON COSTSResidualis€d Pr¡ce

Othor Construct¡onNHBCEPC

PROFESSIONAL FEESOther Professionals

Rate m2€1,041.00

(14,874)

Cost87,444

4,3724,372

8,744

4,263600

121,800

(14,874)

87,444

8,744

I,000

8,744

4,863

1,518

97,440

24,360

84.00

1.00 un1.00 un

1.00 un

m¡

5.00%5.00%

500.00 /un500.00 /un

500500

10.00%

DISPOSAL FEESSales Agent FeeSalês Legal F€e

3.50%600.00 /un

FINANCETimescaloConstructionTotal Durat¡on

DuratlonI

12

CommencesJun 2013

Debit Rate 6.50% Credit Rate 1.50% (Nominal)Total Finance Cost

TOTAL COSTS

PROFIT

IRR

Profit Erosion (f¡nance rate 6.500%)

Performãnce MeasuråsProft on Costo/oProfìt on GDVo/.Profìt on NDV%

2s.o00/o20.O06/o

20.O06/o

106.36%

3 yrs 6 mths

File: HIPROJECTS (Shared)U014 SLR VIABILITYAND CIL VIABILIT\IClL - GENERIC RESI SITES - 2014 -AMENDED 25-2-15\GENERIC - LOW - I UNITS -AFFORDABLE.wcfxARGUS Developer Version: 5.00.001 Date: 03/03/2015

202 P04

LICENSED COPYAPPRAISAL SUMMARYGENERIC I5 UNITS LOW AFFORDABLE

Summary Appra¡sal for Molged Phases I 2


2 bed private3 bed private2 bed afforable3 bed affordableTotals

NET REALISATION

OUTLAY

ACQUTStTtON COSTSRes¡dualised Pr¡ceStamp DutyAgent FeeLegal Fee

Un¡ts m, Rale m,350.00 Ê1,450.00672.00 Ê1,450.00

70.00 â1,450.0084.00 €1,450.00

r,176.00

Un¡t Pr¡ceÊ101,500€121,800Ê101,500Ê121,800

1,613,089

67,14A

898,¿164

89,846

72,758

89,846

65,458

24,964

1,308,¿185

304,604

Gross Sales507,500974,400101,500

l¿!.9s9.1,705,200

Ad¡uslmênt00

(41,86e)

15!¿13.)(92,r r1)

Nêt Sales507,500974,400

59,63171.558

r,613,089

II!

l5

coNstRUcTtoN cosrsConstruction

2 b€d pr¡vate


ContingencyAbnormalsAbnorma¡s Allowance

5.000/o

5.00%5.00%

44,92339,040

5,883

4.00%1.00%0.75%

Rate m'9764.00Ê764.00Ê764.00Ê764.00

m2350.00672.O070.0084.00

1L@9q

15.00 un

61,6503,824

956

Cost267,400513,408

53,48064,176

!9gtgL

51,3416,5006,5006,4181,0001,000


13.00 un13.00 un

2.00 un2.00 un

10.00%500.00 /un500.00 /un

10.00%500.00 /un500.00 /un

DISPOSAL FEESSales Agent FeeSales Legal F€e


10.00%'10.000/.

78,0811 1.766

3.50%600.00 /un

56,4589,000

23.280/0

18.88%18.88%

FINANCEDeb¡t Rate 6.50% Credit Rate 1.50o/o (Nominal)Total Finance Cost

TOTAL COSTS

PROFIT

Performance MêasuresProf¡t on Cost%Profit on cDV%Prolìt on NDVo/.

IRR

Profìt Erosion (f¡nance rate 6.500%)

61.78./.

3 yrs 3 mths

File: HIPROJECTS (Shared)\2014 SLR VIABILITY AND CIL VIABILIT\lClL - GENERIC RESI SITES - 2014 - AMENDED 25-2-15\GENERIC - LOW - 15 UNITS - AFFORDABLE.wcfxARGUS Developer Version: 5.00.001 Date:03/03/2015

203 P04

LICENSED COPYAPPRAISAL SUMMARYGENERIC I5 UNITS LOW NO AFFORDABLE

Summary Appra¡sal for Mergod Phases I 2

REVENUESaleÊ Vaiuatlon

2 bed private3 bed private2 bød aÍÍonble3 bed affordableTolâls

NET REALISATION

OUTLAY

ACQUTSTTTON COSTSRes¡dualised PriceStamp DutyAgent FeeLegal Fee

coNsTRucltoN cosTsConstructlon

2 bed pr¡vate

3 bed pr¡vate

2 bed afforable3 bed affordâbleTotåls

ContingencyAbnormalsAbnormals Allowanæ

unlts m2350.00672.00

70.00

Rato m'¡Ê764.00Ê764.00Ê764.00Ê764.00

Rato m'Ê1,450.00Ê1,450.00Ê1,450.00Â1,450.00

138,4275,5371,384I,038

Cost267,400513,408

53,48064,'t76

.99&19L

44,92339,040

s,883

59,6829,000

Unit Pr¡ce!1 0l,500Ê121,800Ê101,500Ê1 21,800

1,705,200

146,386

898,464

89,846

72,758

89,846

68,682

29,334

I,395,318

309,882

Gross Sales507,500974,4001 01,500

l¿1é99.1,705,200

I,|

!15

4SqI,176.00

4.00%1.OO%

o.75%

Other ConstructionExternalsNHECEPCExternalsNHBCEPC

2.00 un2.00 un

51,3416,5006,5006,4181,0001,000

m'¡350.00672.O070.0084.00

!.GSq

13.00 un13.00 un

15.00 un

5.00%5.00%5.00%

10.00%500.00 /un500.00 /un

't0.00%500.00 /un500.00 /un

22.2'to/o18.170/o

18.17o/o


10.00%10.000/o

78,08111,766

3.50%600.00 /un

DISPOSAL FEESSales Agênt FeeSales Legal Fee

FINANCEDebit Rate 6.50% Cred¡t Rate 1.50% (Nominal)Total Finanæ Cost

TOTAL COSTS

PROFIT

Prolìt on Costo/.Profit on GDV%Profit on NDVo¿

IRR

Profìt Erosion (f¡nance rate 6.500%)

55.290/0

3 yrs I mth

File: HIPROJECTS (SharedI2014 SLR VIABILITY AND CIL VIABILIT\IClL - GENERIC RESI SITES - 2014 - AMENDED 25-2¡ 5\GENERIC - LOW - 15 UNITSARGUS Develop€r Version: 5.00.00'l

NO AFFORDABLE.wcfxDate:03/03/2015

204 P04

LICENSED COPYAPPRAISAL SUMMARYGENERIC 50 UNITS LOW AFFORDABLE

Summary Appralsal for Morgêd Phasês I 2

REVENUESales Valuatlon

2 bed pr¡vate

3 bed private4 bed pr¡vate2 bed afforable3 bed affordableTotals

NET REALISATION

OUTLAY

ACOUtStTtON COSTSResidualised Pr¡ceStamp DutyAg€nt FeoLegal Fee


2 bed private3 bed private4 bed pr¡vate2 bed afforable3 bed affordableTotals


Ad¡ustmênt000

(167,475)

í5!.z3C)(3r8,203)

252.004,031.00

Un¡ts1624

34

5õ

m2'I,120.00

2,016.00363.00280.00

Rato m2Êt,450.00€ t,450.00Ê1,450.00Ê1,450.00e1,450.00

Unit PriceÊ101,500Ê121,800Ê175,450Ê101,500Ê121,800

5,526,748

150,336

3,079,684

307,968

357,968

307,968

223,436

53,225

4,480,586

1,046,162

Gross Salês'1,624,000

2,923,200526,350406,000

.c$glsg.5,844,950

Nat Salos1,624,0002,923,200

526,350238,525

21!&.5,526,748

4.O0o/o

1.O0ô/.

O.75o/o

5.00%5.00%5.00%

134,98310,6802,6702,O02

153,984133,66220,322

267,32421,50021,50040,645

3,5003,500

267,32440,645

m21,',t20.002,016.00

363.00280.00252.OO

1@9q

7.00 un7.00 un

Rate m2 CostÊ764.00 855,680î764.00 1,540,224Ê764.00 277,332Ê764.00 213,920€764.00 't92,528

3.079.684

Other Con6truct¡onExternalsNHBCEPCExternâlsNHBCEPC

1O.01o/o

500.00 /un500.00 /un

10.00%500.00 /un500.00 /un

43.00 un43.00 un

50.00 un

10.00%10.000/0

PROFESSIONAL FEESOther ProfessionalsOther Profêssionals

FINANCEDeb¡t Rate 6.50o/o Credit Rat6 1.50% (Nom¡nal)Total Finance Cost

TOTAL COSTS

PROFIT


3.50%600.00 /un

193,43630,000

23.350/0

18.93%18.930/"

Profìt on Cost%Profit on GDV%Prof¡t on NDV%

IRR

Profìt Erosion (fìnance rate 6.500%)

64.420

3 yrs 3 mths

File; HIPROJECTS (Shared)U014 SLR VIABILITY AND CIL V|ABlLlTllClL - GENERIC RESI SITES - 2014 - AMENDED 25-2-15\GENERIC - LOW - 50 UNITS - AFFORDABLE.wcfxARGUS Developer Version: 5.00.001 Date: 03/03/2015

205 P04

LICENSED COPYAPPRAISAL SUMMARYGENERIC 50 UNITS LOW NO AFFORDABLE

Summary Appnisal for Mergod Phases I 2

REVENUESalês Valuat¡on



NET REALISATION

OUTLAY

ACQUTSTflON COSTSResidualised PriceStamp DutyAgent FeeL€gal Fee


2 bed pr¡vate

3 bed pr¡vâte

4 bed privale2 bed aforable3 bed affordableTotals


Un¡ts1624

34

350

m21,1 20.002,016.00

363.00280.002n.o0,

4,03f,00

Rate m?Ê1,450.00Ê1,450.00Ê1,450.00€1,450.0011,450.00

lJn¡t Pr¡cêÊ101,500î.12't,800Ê175,450Ê101,500Ê121,800

5,8¿14,950

324,594

3,079,684

307,968

357,968

307,968

Gross Sales'I,624,000

2,923,200526,350406,000365.400

5,8¿14,950

m21,120.002,016.00

363.00280.00252.00

1g!.9q

7.00 un7.00 un

43.00 un43.00 un

4.O0o/o

1.O0o/o

o.750/o

5.00%s.000/o

5.000/ô

10.00%10.000/.

3.50%600.00 /un

25.000/0

20.OOo/o

20.00./.

306,94412,2783,0692,302

153,984133,66220322

267,3242t,50021,50040,645

3,5003,500

267,32440,645

204,57330,000

Rate m' CostÊ764.00 855,680E764.OO 't,540,224Ê764.00 277,332Ê764.00 2'13,920e764.00 192,52A

.gpz9É9L

Other ConstructionExternâlsNHBCEPCExternalsNHBCEPC

10.o0%500.00 /un500.00 /un

10.00o/o

500.00 /un500.00 /un

PROFESSIONAL FEESOther ProfessionalsOther Professionãls

DISPOSAL FEESSales Agent FeeSales Legal Fee 50.00 un

FINANCEDêbit Rate 6.50% Cred¡t Rate '1.50% (Nominal)Total Financê Cost

TOTAL COSTS

PROFIT

234,573

63,204

4,675,960

I,168,990

Prol¡t on Cost%Prof¡t on GDV%Prof¡t on NDV%

IRR

Prolìt Erosion (f¡nanæ rate 6.500%)

62.200/a

3 yrs 6 mths

File: HiPROJECTS (SharedI20 l4 SLR VIABILITY AND CIL VIABILITYICIL - GENERIC RESI SITES - 2014 - AMENDED 2$2-1s\GENERIC - LOW - 50 UNITS - NO AFFORDABLE.wcfxARGUS Developer Version: 5.00.001 Date: 03/03/2015

206 P04

LICENSED COPYAPPRAISAL SUMMARYGENERIC IOO UNITS LOW AFFORDABLE

Summary Appraisal for M€rgod Phases 1 2


2 bed pr¡vate

3 bed pr¡vate

4 bed pr¡vate

2 bed afforâble3 bed affordãbleTotals

NET REALISATION

OUTLAY

ACQUtStTtON COSTSResiduâlised Pr¡cê

Stamp ÞutyAgent FseLegal Fes


2 bed pr¡vate

3 bed private4 bed pr¡vate2 b€d afforable3 bêd âffordâblêTotãls

ContingencyAbnormalsAbnomals Allowance

Unlts205015l05.

t00

m21,400.004,200.001,815.00

700.00

@sq8,535,00

Rate m'z

Ê1,450.00Ê1,450.00gt,450.00Ê1,450.00Ê1,450.00

Unlt Pdceâ101,500â121,800î.175,450Ê101,500€121,800

I 1,705,850

't23,567

6,520,740

652,O74

752,074

652,O74

469,705

315,193

9,485,427

2,220,423

Gross Sales2,030,0006,090,0002,631,7501,015,000

AdJustmont000

(41 8,688)

Net Salês2,030,0006,090,0002,631,750

596,313g99JS!. !Æ1Æ) 33].ZCe.12,375,750 (669,900) r1,705,8s0

Othêr ConslructlonExternalsNHBCEPCExtema¡sNHBCEPC

'10.00%

500.00 /un500.00 /un

10.00%500.00 /un500.00 /un

m'1,400.004,200.001,815.00

700.00420.00

8,535.00

85.00 un85.00 un

15.00 un15.00 un

4.00o/o

1.00%0.7syo

Rate m'Ê764.00Ê764.00Ê764.00Ê764.00Ê764.00

5.00%5.000/o

5.000/"

10.00%10.000/.

100,93315,7453,9362,952

Cost1,069,6003,208,800'1,386,660

534,800320,880

gþ29Æ.

326,037283,25342,784

566,50642,50042,50085,568

7,5007,500

566,50685,568


DISPOSAL FEESSales Ag6nt FeeSales L€gal Fee

3.50%600.00 /un

409,70560,000100.00 un

FINANCEDebit Rate 6.50% Cred¡t Rale 1.50% (Nominal)Total Finâncê Cost

TOTAL COSTS

PROFIT

IRR


Performance MeasurssProfit on Cost%Profit on GDV%Prof¡t on NDV%

23.410/o

18.970/.18.970/.

32.150/o

3 yrs 3 mths

File: HIPROJECTS (Shared)\2014 SLR VIABILITY AND CIL VlABlLlmClL - cENERIC RESI SITES - 2014 - Al\,IENDED 25-2-15\GENERIC - LOW - 100 UNITS - AFFORDABLE.wcfxARGUS Developêr Version: 5.00.001 Date: 03/03/2015

207 P04

LICENSED COPYAPPRAISAL SUMMARYGENERIC IOO UNITS LOW NO AFFORDABLE

Summary Appmlsal for Mergsd Phasos I 2

REVENUESalea Valuat¡on

2 bed private3 bed private4 bed private2 bed afforable3 bed affordableTotals

NET REALISATION

OUTLAY

ACQUTSTTTON COSTSRes¡dual¡s€d Pr¡ceStamp DutyAgênt FeeL€gal Fee


2 b€d private3 bed private4 bed private2 bed atforable3 bed affordableTotals


m21,400.004,200.00'I,815.00

700.00

4Sq8,535,00

4.00%'t.00%0.75%

m21,400.004,200.00I,815.00

700.00420.00

g@sq

Rats m'?

r764.00Ê764.00Ê764.00€764.00Ê764.00

5.00./o5.00%5.00%

15.00 un15.00 un

10.00%10.00%

3.50%600.00 /un

Un¡ts20501510

5.100

Ratè m'e1,450.00Ê1,450.00Ê1,450.00Ê1,450.00Ê'1,450.00

Un¡t Pr¡ceÊ101,500Ê121,800Ê175,450Ê101,500Ê121,800

12,375,750

476,06S

6,520,740

652,074

752,074

652,074

Gross Sales2,030,0006,090,0002,631,7501,015,000

609.00012,s75,750

Othêr Conatruct¡onExternalsNHBCEPCExt€rnalsNHBCEPC

85.00 un85.00 un

'10.00%

500.00 /un500.00 /un

10.oo%500.00 /un500.00 /un

450,183'18,007

4,5023,376

Cost1,069,6003,208,8001,386,660

534,800320,880

s,s29Æ.

326,037283,253

42,784

566,50642,50042,50085,568

7,5007,500

566,50685,568

433,15160,000


DISPOSAL FEESSales Ag6nt FeeSales Legal Fee '100.00 un

FINANCEDebit Rate 6.500/0 Credit Rate 1.50% (Nom¡nal)Total F¡nancê Cost

TOTAL COSTS

PROFIT

IRR

Prof¡t Erosion (l¡nance rate 6.500%)

Pêrformancå MoasurosProfit on Cost%Prof¡t on GDV%Profit on NDV%

25.000/.20.00yo20.oÛyo

493,151

354,418

9,900,600

2,475,150

31.77%

3 yrs 6 mths

F¡le: HIPROJECTS (SHAREÞ[2014 SLR VIABILITY AND CIL VIABILIT\IC|L - GENERIC RESI S¡TES - 2014 - Al\4ENDED 25-2¡s\GENERIC - LOW - 100 UNITS - NO AFFORDABLE.WCFXARGUS Developer Vers¡on: 5.00.001 Date:03/03/2015

208 P04

LICENSED COPYAPPRAISAL SUMMARYGENERIC I UNITS LOW.MID

Summary Appraisal for Phase 1 Phase 1 Private


3 bed private

NET REALISATION

OUTLAY

ACQUTSTTTON COSTSResidualised Price

Units1

m' Rate m2

84.00 Ê1,650.00

(7,045)

Unit PriceÊ138,600

138,600

(7,045)

91,308

9,131

1,000

9,131

5,451

1,905

110,880

27,720

Gross Sales138,600

coNsTRucTroN cosTsConstruction

3 bed private


Other ConstructionNHBCEPC



84.00

1.00 un

Rate m2

Ê1,087.00

5.00%5.00%

500.00 /un500.00 /un

3.50%600.00 /un

25.00%2Q.90o/o

20.00o/o

93.10%

Gost91,308

4,5654,565

m2

1.00 un1.00 un

500500

10.00% 9,131

4,851600

FINANCEDebit Rate 6.50% Credit Rate 1.50% (Nominal)Total Finance Cost

TOTAL COSTS

PROFIT

Performance MeasuresProfit on Cost%Profit on GDV%Profit on NDV%

IRR


File: HIPROJECTS (Shared|2O14 SLR VIABILITY AND CIL VIABILIT\ ClL - GENERIC RESI SITES - 2014 - AMENDED 25-2-15\GENERIC - MIDARGUS Developer Version: 5.00.001 Date: 19/10/2015

209 P04

LICENSED COAPPRAISAL SUMMARYGENERIC I5 UNITS LOW.MID AFFORDABLE

Summary Appraisal for Merged Phases I 2



nits5I1

!15

U m2

350.00672.00

70.0084.00

1,176.00

Rate m2

Ê1,650.00Ê1,650.00Ê1,650.00f 1,650.00

Unit PriceÊ1 15,500Ê138,600E1 15,500Ê138,ô00

1,835,584

195,617

927,864

92,786

74,648

92,786

73,245

32,210

1,489,'157

346,427

Gross Sales577,500

I ,108,8001 15,500't38,600

1,940,400

Adjustment00

(47,644)(57,173)

(104,816)

NET REALISATION

OUTLAY

ACQUTSTTTON COSTSResidualised PriceStamp DutyAgent FeeLegal Fee

coNsTRucTtoN cosTsConstruction






m2

350.00672.OO

70.0084.00

1 .1 76.00

13.00 un13.00 un

2.00 un2.00 un

15.00 un

4.00o/o

1.OOV'0.75o/o

Rate m2

Ê789.008789.00e789.00e789.00

5.00%5.00%5.00%

10.00%500.00 /un500.00 /un

r0.00%500.00 /un500.00 /un

10.00%10.00%

3.50%600.00 /un

23.26%18.87o/o

18.87%

56.220/0

Cost276,150530,208

55,23066,276

927.864

46,39340,318

6,075

183,7308,2692,0671,550

53,0216,5006,5006,6281,0001,000

80,63612,151

64,2459,000


TOTAL COSTS

PROFIT

Performance MeasuresProfit on Cost%Profit on GDV%Profit on NDVo/o

IRR


File:H:\PROJECTS (Shared)\2o14 SLRVIABILITYAND CILVIABILIT\ ClL- cENERIC RESISITES -2014- AMENDED 25-2-1s\cENERtC - MtDARGUS Developer Version: 5.00.001 Date: 19/10/2015

210 P04

LICENSED COPYAPPRAISAL SUMMARYGENERIC 15 UNITS LOW.MID NO AFFORDABLE




Unlts m2 Rate m2

350.00 e 1,650.00672.00 e 1,650.0070.00 Ê1,650.00

@ Ê1,650.001,176.00

Unit PriceÊ'115,500Ê138,600e 1 15,500Ê138,600

1,940,400

252,804

927,864

92,786

74,648

92,786

76,914

34,516

1,552,320

388,080

Gross Sales577,500

1,108,8001 15,500138.600

r,940,400

581

L15

NET REALISATION

OUTLAY








m2

350.00672.O070.0084.00

1 .1 76.00

4.00Yo1.00%0.750/o

Rate m2f789.00Ê789.00Ê789.00Ê789.00

5.00%5.00%5.00%

10.00%500.00 /un500.00 /un

10.00%500.00 /un500.00 /un

10.00%10.00%

3.50%600.00 /un

25.00o/o

20.00o/o

20.00o/o

58.37o/o

Cost276,150530,208

55,23066,276

927.864

46,39340,318

6,075

239,0599,5622,3911,793

53,0216,5006,5006,6281,0001,000

13.00 un13.00 un

2.00 un2.00 un

15.00 un

80,63612,151

67,9149,000


TOTAL COSTS

PROFIT


IRR


File: HIPROJECTS (Shared)\2014 SLR VIABILITY AND CIL VIABILIT\ICIL - GENERIC RESI SITES - 2014 - AMENDED 25-2-1s\GENERIC - MIDARGUS Developer Version: 5.00.001 Date: 19/10/2015

211 P04

LICENSED CAPPRAISAL SUMMARYGENERIC 50 UNITS LOW.MID AFFORDABLE




NET REALISATION

OUTLAY








Units1621

64g

50

m2

1,120.001,764.00

726.00280.00252.00

4,142.00

Rate m2

Ê1,650.00Ê1,650.00Ê1,650.00Ê1,650.00Ê1,650.00

Unit PrlceÊ1 15,500Êr 38,600f 199,650Ê1 15,500Ê138,600

6,472,208

601,656

3,268,038

326,804

376,804

326,804

256,527

90,870

5,247,503

'1,224,705

Gross Sales1,848,0002,910,600I ,197,900

462,000415,800

6,834,300

m"1,120.001,764.00

726.00280.00252.00

4.142.00

43.00 un43.00 un

7.00 un7.00 un

50.00 un

4.000/0

1.000/o

0.750/o

5.00%5.00%5.00%

10.00%500.00 /un500.00 /un

10.00%500.00 /un500.00 /un

10.00%10.00%

3.50%600.00 /un

2334%18.92%18.92%

51 .870/o

563,79926,336

6,5844,938

163,402142,41520,987

284,82921,50021,50041,9753,5003,500

284,82941,975

226,52730,000

Rate m2 Coste789.00 883,680Ê789.00 1,391,796Ê789.00 572,814Ê789.00 220,920Ê789.00 198,828

3.268.038


TOTAL COSTS

PROFIT

Performance MeasuresProiit on Costo/o

Profit on GDV%Profit on NDV%

IRR


File: H:\PROJECTS (Shared)\2o14 SLR VIABILITY AND CIL VIABILIT\IC|L - GENERIC RESI SITES - 2014 - AMENDED 25-2-15\cENER|C - MtDARGUS Developer Version: 5.00.001 Date: 19/10/2015

212 P04

LICENSEDAPPRAISAL SUMMARYGENERIC 50 UNITS LOW.MID NO AFFORDABLE




NET REALISATION

OUTLAY


coNsTRucTroN cosTsConstruction




Units1621

64

-g50

m2

1,120.001,764.00

726.00280.00252,00.

4,142.00

Rate m2

e 1,650.00Ê1,650.00Ê1,650.00Ê1,650.00Ê1,650.00

Unit PriceÊ1 15,500Ê138,600Ê199,650Ê115,500Ê138,600

6,834,300

797,868

3,268,038

326,804

376,804

326,804

269,201

101,922

5,467,440

1,366,860

Gross Sales1,848,0002,910,6001 ,1 97,900

462,000415.800

6,834,300

m21,120.001,764.00

726.00280.00252.00

4j42.00

4.00o/o

1.00%0.75%

5.00o/o

5.00%5.00%

10.00%500.00 /un500.00 /un

'10.00o/o

500.00 /un500.00 /un

10.00%10.00%

3.50%600.00 /un

25.00%20.00o/o

20.0Oo/.

51.83%

754,48530,1 797,5455,659

163,402142,415

20,987

Rate m2 Cost[789.00 883,680Ê789.00 1,391,796Ê789.00 572,814Ê789.00 220,920Ê789.00 198,828

3.268.038

43.00 un43.00 un

284,82921,50021,50041,9753,5003,500

7.00 un7.00 un




TOTAL COSTS

PROFIT


IRR

Profit Erosion (finance rate 6.500%)

284,82941,975

239,20130,000

3 yrs 6 mths

File: H:\PROJECTS (Shared)\2014 SLR VIABILITY AND CIL VIABILIT\IC|L - GENERIC RESI SITES - 2014 - AMENDED 25-2-15\cENERIC - MtDARGUS Developer Version: 5.00.001 Date: 19/10/2015

213 P04

LICENSEDAPPRAISAL SUMMARYGENERIC IOO UNITS LOW.MID AFFORDABLE




NET REALISATION

OUTLAY








Units20501510g.

100

m2

1,400.004,200.001,815.00

700.00420.00

8,535.00

Rate m2

Ê1,650.0081,650.00[1,650.00Ê1,650.00Ê1,650.00

Unit Pricee 1 15,500Ê138,600[199,650Ê1 15,500Ê138,600

13,320,450

973,984

6,734,115

673,412

773,412

673,412

526,216

445,459

10,800,008

2,520,442

Gross Sales2,310,0006,930,0002,994,7501,155,000

693.000'14,082,750

m2

1,400.004,200.00I ,815.00

700.00420.00

8.535.00

4,00%1.00%0.75%

5.00%5.00%5.00%

10.00%500.00 /un500.00 /un

10.00%500.00 /un500.00 /un

10.00%10.00%

3.50%600.00 /un

23.34o/o

18.920/o

18.92%

909,1 1845,12411,2818,461

Rate mz CostÊ789.00 1,104,600Ê789.00 3,313,800Ê789.00 1,432,035Ê789.00 552,300Ê789.00 331,380

6.734.115

85.00 un85.00 un

336,706292,522

44,184

585,04442,50042,50088,368

7,5007,500

585,04488,368

466,21660,000

15.00 un15.00 un

100.00 un


TOTAL COSTS

PROFIT


IRR 28.02%


File: HIPROJECTS (Shared)\2o14 SLR VIABILITY AND CIL VIABILIT\lClL - GENERIC RESI SITES - 2014 - AMENDED 25-2-15\GENER|C - MtDARGUS Developer Version: 5.00.001 Date: 19/10/2015

214 P04

LICENSED GOAPPRA¡SAL SUMMARYGENERIC lOO UNITS LOW.MID NO AFFORDABLE




NET REALISATION

OUTLAY

ACQUtSTTTON COSTSResidualised PriceStamp DutyAgent FeeLegal Fee







Units20501510

Þ100

m2

1,400.004,200.001 ,815.00

700.00420.00

8.535.00

85.00 un85.00 un

m2

1,400.004,200.001 ,815.00

700.00420.00

8,535.00

Rate m2

Ê1,650.00Ê1,650.00Ê1,650.00Ê1,650.00Ê1,650.00

1,295,58951,82412,9569,717

Unit PriceÊ115,500€138,600Ê199,650Ê1 15,500Ê138,600

14,082,750

1,370,086

6,734,115

673,412

773,412

673,412

552,896

488,869

11,266,200

2,816,550

Gross Sales2,310,0006,930,0002,994,7501 ,1 55,000

693.00014,082,750

4.00%1.00%0.75%

Rate m2 CostÊ789.00 1 ,104,600Ê789.00 3,313,800e789.00 1,432,035Ê789.00 552,300Ê789.00 331,380

6.734.115

15.00 un15.00 un

100.00 un

5.OO%

5.00%5.00o/o

10.00%500.00 /un500.00 /un

10.00%500.00 /un500.00 /un

10.00%10.00%

3.50o/o

600.00 /un

25.00%20.00%20.00%

28.23o/o

336,706292,522

44,184

585,04442,50042,50088,368

7,5007,500

585,04488,368

492,89660,000


TOTAL COSTS

PROFIT

Performance MeasuresProfit on Cost%Profit on GDVo/o

Profit on NDV%

IRR


File: HIPROJECTS (Shared)\2o14 SLR VIABILITY AND CIL VIABILIT\lClL - GENERIC RESI SITES - 2014 - AMENDED 25-2-1S\GENER|C - MtDARGUS Developer Version: 5.00.001 Date: 19/10/2015

215 P04

coAPPRAISAL SUMMARYGENERIC I UNITS MID

Summary Appralsal tor Phase I Phaso 1 Prlvato

REVENUESales Valualion

4 bed privateUnlts

1

NET REALISATION

OUTLAY

ACQUtStTtON COSTSRes¡dualised Pr¡æAgent FeeLegal Fee


4 bed private



DISPOSAL FEESSales Agent F€eSales Legal Fee

1.O00/o

o.75vo

m'z

121.OORat€ m'

Ê1,1 33.00

5.00%5.O0%

m'i Rato m'121.00 Ê1,875.00

Unit Price2226,875

226,875

3,988

r37,093

13,709

1,000

13,709

8,541

3,460

181,500

45,375

Gross Salss226,875

3,9193929

Cost137,093

6,8556,855

Other ConstrucllonNHBCEPC

1.00 un1.00 un

500.00 /un500.00 /un

500500

1.00 un3.50%

600.00 /un7,941

600

CommêncesJun 2013

10.00% 13,709

83.57o/o

3 yrs 6 mths

FINANCETlmescaleConstructionTotal Duralion

Durat¡onI

12

Debit Rate 6.50% Cred¡t Rate 1.50% (Nominal)Total Finance Cost

TOTAL COSTS

PROFIT

IRR

Profit Eros¡on (finance rate 6.500%)

Pgrfotmancê MeasurosProf¡t on Cost%Prof¡t on GDV%Prolìt on NDVo/o

25.000/0

20.o00/"20.o00/o

File: HIPROJECTS (Shared[2014 SLR VIABILITY AND CIL VIABILIT\IClL - GENERIC RESI SITES - 2014 - AMENDED 25-2¡5\GENËRlC - MtDARGUS Oeveloper Version: 5.00.001

1 UNITS - AFFORDABLE.wcfxDate:03/03/2015

216 P04

LICENSED CAPPRAISAL SUMMARYGENERIC 15 UNITS MID AFFORDABLE

Summary Appralsal for f,¡lsrged PhaEes I 2



4 bed pr¡vate

2 bed afforable3 bsd âffordableTotals

Un¡ts3641

!t5

m'z

210.00504,00484.00

70.00

!1.p9,1,352.00

4.O00/o

1.00%0.75%

5.00%5.00%5.00%

Ratê m'¡Ê1,875.00€1,875.00Êt,875.00Ê1,875.00Ê1,875.00

371,37515,2603,8152,861

55,02648,759

6,268

80,4236,5006,5006,838'I,000

1,000

97,5't712,536

84,5569,000

Unit PrlcsÊ 131,250Ê157,5008226,875Ê131,250Ê1 57,500

2,4f5,891

393,31 1

I,100,528

'110,053

102,26'l

1 10,053

93,556

46,592

r,956,354

459,537

Gross Sales393,750945,000907,500131,250

Ad¡ustmsnt000

(54,141).

Not Salås393,750945,000907,500

77,109

l5æss. 19,L99Ð 9?ë12,s3s,000 (fi9,109) 2,4r5,89r

NET REALISATION

OUTLAY

ACQU¡SITION COSTSResidualised PriceStamp DutyAgent FeeL€gal Fee



4 bed private2 b€d afforable3 bed affordableTotals


m2210.00504.00484.00

70.0084.00

l-@sq

Rate m" CostÊ814.00 170,940e814.00 410,256e814.00 393,9761814.00 56,980Ê814.00 68,376

LL9!@

Othêr ConstructlonExternalsNHBCEPCExternalsNHBCEPC

13.00 un13.00 un

2.00 un2.00 un

10.00%500.00 /un500.00 /un

10.00%500.00 /un500.00 /un

10.00%10.ooo/õ

3.50o/o

600.00 /un

23.490/0

19.O20/o

19.O2%


DISPOSAL FEESSales Ag€nt FeeSales Legal Fee 15.00 un

FINANCEDeb¡t Rate 6.50% Cr€d¡t Rate 1.50% (Nominal)Total Finance Cost

TOTAL COSTS

PROFIT

Performance M€asuresProlit on Cost%Profìt on GDV%Prof¡t on NDV%

IRR

Profit Erosion (flnance rat€ 6.500%)

52.78%

3 yrs 3 mths

F¡Ie: HIPROJECTS (ShaTed)\2014 SLR VIABILITY AND CIL VIABILIT\ICIL - GENERIC RESI SITES - 2014 - AMENDED 2'2-1s\GENERIC - IVIID - 15 UNITS . AFFORDABLE.wcfxARGUS Developer Version: 5.00.001 Date:03/03/2015

217 P04

LICENSEDAPPRAISAL SUMMARYGENERIC I5 UNITS MID NO AFFORDABLE

Summary AppEisal for Morgod Phases I 2


2 b€d private3 bêd pr¡vate

4 bed pr¡vate2 bed afforable3 bed affordableTotals

NET REALISATION

OUTLAY

ACOUtStTtON COSTSRes¡dualised PriceStamp DutyAgent FeeLegal Fee

CONSTRUCTION COSTSConstrucllon

2 bed pr¡vate

3 bed pr¡vate

4 bed private2 bed afforable3 bed affordableTotâls

ContingencyAbnormalsAbnormals Allowâncê

Un¡ts m2210.00504.00484.00

70.00

.e4ss,1,352.00

Rate m'¡Ê1,875.00€ t,875.00Ê1,875.00Ê1,875.00Ê1,875.00

Unlt Pr¡ce!131,250!1 57,500Ê226,875e131,250Ê157,500

2,535,000

458,177

r,100,528

1 10,053

102,261

1 10,053

97,725

49,204

2,028,000

507,000

Gross Sales393,750945,000907,500131,250

lgz.gsq2,535,000

3641

!l5

m2210.00504.00484.00

70.0084.00

1.352.00

2.00 un2.00 un

15.00 un

4.00o/o

1.000/.0.7 50/o

25.0oo/o

20.ooo/"20.o00/o

433,26417,3314,3333,249

88,7259,000

Rate m'z Coste814.00 170,940Ê814.00 410,256Ê814.00 393,976c814.00 56,980â814.00 68,376

1,199é3C,

Other ConEtruct¡onExternalsNHBCEPCExternalsNHBCEPC

'13.00 un13.00 un

10.00%500.00 /un500.00 /un

10.00%500.00 /un500.00 /un

PROFESSIONAL FEESOthêr ProfessionâlsOther Professionals

5.00%5.00%5.OOo/o

55,02648,759

6,268

40,4236,5006,5006,8381,0001,000

10.00%10.00%

97,51712,536

3.50%600.00 /un


FINANCEDeb¡t Rate 6.50olo Cred¡t Rate 1-50o/o (Nominal)Total Finance Cost

TOTAL COSTS

PROFIT

Parformance MoasuresProfit on Cost%Profit on GDV%Profìt on NDV%

IRR

Prof¡t Fros¡on (linance rate 6.500%)

54.73./.

3 yrs 6 mths

File: HIPROJECTS (Shared)12014 SLRARGUS Developer Version: 5.00.001

VIABILITY AND CIL VIABILITY\CIL - GENERIC RESI SITES - 2014 . AMENDED 25-2-,1S\GENERIC - I\4ID . 15 UNITS - NO AFFORDABLE.WCfuDate:03/03/2015

218 P04

LICENSEDAPPRAISAL SUMMARYGENERIC 50 UNITS MID AFFORDABLE

Summary Apprâlsãl for Mergsd Phases 1 2

REVENUESales Valuatlon

2 bed private3 bed privale4 bed pr¡vate


Units m2700.00

1,764.001,452.00

280.002n.00

4,,148.00

Ralo m'¡e 1,875.00Ê1,875.00€1,875.00€ t,875.00Ê1,875.00

Un¡t Price€131,250Ê157,5008226,875e131,250â157,500

7,928,531

1,2 16.330

3,620,672

362,067

412,067

362,067

307,499

143,1 55

6,423,858

r,504,673

Gross Sales1,31 2,5003,307,5002,722,500

525,000472.500

8,340,000

Ad¡u6tmont000

(216,s63)

í.93.9S0)(4r r,469)

Net Salês1,312,5003,307,5002,722,500

308,438

zIl&7,928,531

1021'12

4

sõ'

NET REALISATION

OUTLAY

ACQUtStTtON COSTSResidual¡sed PriceStamp DutyAgent FeeLegal Fee


2 bed private3 bed private4 bed private2 b€d afforable3 bed affordableTotals


m2700.00

1,764.001,452.OO

280.00252.OO

.1@Sq

43.00 un43.00 un

4.00v"1.00%0.750/o

5.00%5.00%5.00%

10.00%10.00%

3.50%600.00 /un

1,',t47,42347,935I 1,9848,988

181,0341 59,38121,652

318,76221,50021,50043,305

3,5003,500

318,76243,305

277,49930,000

Rate m'z CostÊ814.00 569,800â814.00 1,435,896Ê814.00 1,181,928€814.00 227,920e814.00 205,128

3.620.672


10.00%500.00 /un500.00 /un

10.00%500.00 /un500.00 /un

7.00 un7.00 un

PROFESSIONAL FEESOther Profsss¡onalsOlher Profêss¡onâls



TOTAL COSTS

PROFIT

IRR

Prof¡t Eros¡on (f¡nanæ rate 6.500%)

P€rformance MeasurêsProfit on Cost%Profit on GDV%Profìt on NDV%

23.42%18.98o/o

18.98%

44.860/0

3 yrs 3 mths

F¡IE: HIPROJECTS (ShATEd)U014 SLR VIABILIry AND CIL VIABILIT\ICIL - GENERIC RESI SITES - 2014 . AMENDED 25-2-'I5\GENERIC - MID - 50 UNITS - AFFoRDABLE.wcfxARGUS Developer Version; 5.00.00'l Date: 03/03/2015

219 P04

LICE cAPPRAISAL SUMMARYGENERIC 50 UNITS MID NO AFFORDABLE

Summary Appralsãl for Merged Phases I 2

REVENUESalðs Valuat¡on

2 bed private3 bed privat€

bed privatebed afforablebed affordãblê


4.O0o/o

1.00./.o.750/o

5.00%5.00%5.00%

10.00%10.00%

3.500/"600.00 /un

25.OOo/.

20.o0%20.o00/o

1,359,56454,38313,59610,197

18'1,034159,38121,652

318,76221,50021,50043,305

3,5003,500

318,76243,305

291,90030,000

8,340,000

1,437,739

3,620,672

362,067

412,067

362,067

321,900

155,487

6,672,000

1,668,000

t n¡ts m2700.00

1,764.001,452.00

280.00252.O0

4,/t48.00

Rato m'Ê1,875.00Ê1,875.00Ê1,875.00t1,875.00!1,875.00

Unit PricåÊ131,250€157,500Ê226,8758131,250Ê157,500

Gross Salês1,312,5003,307,5002,722,500

525,000

1021

124

sõ'472.500

8,340,000Totals

NET REALISATION

OUTLAY



2 bed pr¡vate

3 bed private4 bed privãte2 bed afforable3 bed affordableTotâls

ConlingencyAbnormalsAbnormals Allowance

m'¡700.00

1,764.00't,452.OO

280.00252.OO

f@sq

43.00 un43.00 un

7.00 un7.00 un

Rate m' CostÊ814.00 569,800€814.00 1,435,896Ê814.00 1,181,928e814.00 227,920Ê814.00 205,128

3.620.672

Other ConslructionExternalsNHBCEPCExternalsNHBCEPC

10.00%500.00 /un500.00 /un

't0.00%500.00 /un500.00 /un

PROFËSSIONAL FEESOther Profess¡onalsOther Profess¡onâls

50.00 un

FINANCEDebil Rate 6.500/0 Credit Rate 1.50% (Nom¡nat)Total Finance Cost

TOTAL COSTS

PROFIT

P€rformance Measur€sProfit on Cost%Profit on GDV%Profit on NOV%

IRR

Prof¡t Eros¡on (financ6 rate 6.500%)

45.530/0

3 yrs 6 mths

F¡le: H:\PROJECTS (Shared)U014 SLRARGUS Devêloper Version: 5.00.001

VIABILITY AND CIL VIABILIT\ ClL - GENERIC RESI SITES - 2014 - AMENDED 2S2-15\GENERIC - MID - 50 UNITS - NO AFFORDABLE.wcfXDate:03/03/201S

220 P04

APPRAISAL SUMMARY NEWCASTLE CITY COUNCIL GENERIC 100 UNITS MID AFFORDABLE



2 bed private 17 1,190.00 £1,875.00 £131,250 2,231,250 3 bed private 38 3,192.00 £1,875.00 £157,500 5,985,000 4 bed private 30 3,630.00 £1,875.00 £226,875 6,806,250 2 bed afforable 8 560.00 £1,875.00 £131,250 1,050,000 3 bed affordable 7 588.00 £1,875.00 £157,500 1,102,500 Totals 100 9,160.00 17,175,000


OUTLAY

ACQUISITION COSTS Residualised Price 2,012,961 Stamp Duty 4.00% 85,954 Agent Fee 1.00% 21,488 Legal Fee 0.75% 16,116


2 bed private 1,190.00 £814.00 968,660 3 bed private 3,192.00 £814.00 2,598,288 4 bed private 3,630.00 £814.00 2,954,820 2 bed afforable 560.00 £814.00 455,840 3 bed affordable 588.00 £814.00 478,632 Totals 9,160.00 7,456,240 7,456,240

Contingency 5.00% 372,812 Abnormals 5.00% 326,088 Abnormals Allowance 5.00% 46,724



845,624




630,048 FINANCE



PROFIT 3,085,250


IRR 25.40%


File: H:\PROJECTS (Shared)\2014 SLR VIABILITY AND CIL VIABILITY\CIL - GENERIC RESI SITES - 2014 - AMENDED 25-2-15\GENERIC - MID - 100 UNITS - AFFORDABLE.wcfx ARGUS Developer Version: 5.00.001 Date: 15/01/2016

221 P04

LICENSED COPYAPPRAISAL SUMMARYGENERIC IOO UNITS MID NO AFFORDABLE

Summary Apprâlsal tor Morgad Phases I 2

REVENUESalos valuat¡on

2 bed pr¡vate


NET REALISATION

OUTLAY

ACQUtStTtON COSTSResidual¡sed PriceStamp DutyAgent F6eLegal Fee


2 bed pr¡vate

3 bed private4 b€d private2 bed afforable3 bed affordableTotãls


Un¡ts17

30Iz

100

m'z

1,190.003,1 92.003,630.00

560.00

[email protected],160.00

Rato m'z

Ê1,875.00Ê l,875.00€1,875.00Ê1,875.00Ê1,875.00

Unit PilceÊ'131,250Ê157,500î226,875î.131,250Ê157,500

17,175,000

2,593,988

7,456,240

745,624

845,624

745,624

661,'t25

691,775

13,7¿10,000

3,435,000

Groas Sales2,231,2505,985,0006,806,2501,050,000

LL93és9.17,f75,000

2,452,9444.O0o/ø 98,118'tJl% 24,529o.75% 18,397

Other Construct¡onExternalsNHBCËPCExternalsNHBCEPC

85.00 un85.00 un

15.00 un15.00 un

'10.00%

500.00 /un500.00 /un

10.00%500.00 /un500.00 /un

PROFESSIONAL FEESOther ProfessionalsOthêr Profoss¡onâls

652,'17742,50042,50093,447

7,5007,500

'10.00%'10.000/.

652,17793,447

3.500/.600.00 /un

m'z

1,1 90.003,1 92.003,630.00

560.00588.00

9.1 60.00

100.00 un

Ratê m'z

Ê814.00Ê8 14.00Ê814.00Ê814.00€814.00

Cost968,660

2,598,2882,954,820

455,840478,632

1,!59Æ.

372,812326,088

46,724

601, 12560,000

5.00%5.00%5.00%

25.OOo/o

2O.O0o/o

20.ooo/.


FINANCEDeb¡t Råte 6.50% Cred¡t Rate 1.50% (Nominal)Total Finance Cost

TOTAL COSTS

PROFIT

1'. Prolìt on Cost%Profìt on GDV%Prof¡t on NDV%

IRR

Prolìt Erosion (fìnance rate 6.500%)

25.850/0

3 yrs 6 mths

File: HIPROJECTS (Shared)U014 SLR VIABILITY AND CIL V|ABlLlTllClL - GENERIC RESI SITES - 2014 - AMENDED 25-2-15\GENERIC - MID - 100 UNITS - NO AFFORDABLE.wcfxARGUS Dev€loper Version:5.00.001 Date:03/03/2015

222 P04

LICENSED COPYAPPRAISAL SUMMARYGENERIC I UNITS MID.HIGH

Summary Appnisal for Phase f Phase I Prlvate

REVENUESålês Valuat¡on

4 bed privåte

NET REALISATION

OUTLAY

ACOUtStTtON COSTSResidual¡sed Pr¡ceAg€nt FeeLegal Fee

1.00%O.75o/o

m2 Ratê m"â1,1 78.00

Cost142,538


4 bed private

Cont¡ngencyAbnormals

m' Rate m'l121.00 82,250.00

10.00% 14,254

73.710/.

3 yrs 6 mths

5.000/"5.000/.

7,1277.127

500.00 /un500.00 /un

500500

lJnlts

't2't.00

1.00 un1.00 un

1.00 un

30,343

Unlt Pr¡ceÊ272,250

272,250

30,874

142,538

14,254

1,000

14,254

10,'t29

4,752

217,800

54,450

Gross Sales272,250

JUJ228

Othêr Construct¡onNHBCEPC

PROFESSIONAL FEESOther Profess¡onals

OISPOSAL FEESSalês Agenl FeeSales Legal Fee

3.50%600.00 /un

9,529600

CommencesJun 2013

FINANCETlmêscaleConstructionTotal Durat¡on

DurationI

12

Debit Rate 6.50% Cred¡t Rate 1.50% (Nominal)Totâl Financ€ Cost

TOTAL COSTS

PROFIT

IRR

Prof¡t Eros¡on (finance rate 6.500%)

Porformancê M€asureaProf¡t on Cost%Profìt on GDV%Prof¡t on NDV%

25.A0o/o

20.o00/o

2O.OOo/o

File: HTPROJECTS (Shared)\2014 SLR VIABILITY AND CIL VIABILIT\tClL - GENERIC RESI SITES - 2014\GÊNERIC - MID-HIGH - 1 UNITS - AFFORDABLE wcfxARGUS Developer Version: 5.00.001 Date:03/03/2015

223 P04

LICENSED COPYAPPRAISAL SUMMARYGENERIC 15 UNITS MID.HIGH AFFORDABLE

Summâry Appralsal for Morged Phasos 1 2


3 bed pr¡vate4 bed pr¡vate

3 bed affordableTotals

NET REALISATION

OUTLAY

ACQUtSTilON COSISResidual¡s€d PriceStamp DutyAgent FeeLegal Fee


3 bed pr¡vale4 bed private3 bed âffordãblêTotâls

ContingencyAbnormalsAbnormals Al¡owance

Units4o

zt5

m2336.00

1,089.00'168.00

'1.593.00

m2 Rate m'336.00 Ê2,250.00

1,089.00 Ê2,250.00

l3g9g €2,250.001,593.00

Unit Pr¡cee189,0008272,250Ê189,000

3,428,325

8't7,874

1,336,527

133,653

148,653

133,653

128,991

74,297

2,773,647

654,678

Gross Salos756,000

2,450,250

3zg!9q3,584,250

Ad¡ustment00

lltsgg.)(r55,925)

Net Salea756,000

2,450,250

222J'þ3,428,325

2.00 un2.00 un

4.O0o/o

1.00o/o

o.750/o

5.00%5.00%5.000/.

23.600/o

19.'100/o

19.'tio/o

773,40330,9367,7345,801

66,8265S,779

7,O48

1 19,5586,5006,500

14,0951,000'1,000

1 19,9919,000

Rate m'¿ CostÊ839.00 281,904Ê839.00 913,671e839.00 '140,952

't.336.527

Othor ConstructlonExternalsNHBCEPCExternâlsNHBCEPC

13.00 un'13.00 un

10.00%500.00 /un500.00 /un

'10.00%

500.00 /un500.00 /un


10.00%10.00%

119,55814,095

3.50%600.00 /un

DISPOSAL FEESSales Agent Fe€Sales Legal Fee 15.00 un

FINANCEDebit Rale 6.50% Credit Rate 1.50% (Nominal)Total F¡nance Cosl

TOTAL COSTS

PROFIT

Profìt on Cost%Profìt on GDVo/.Profit on NDV%

IRR

ProfÌt Erosion (f¡nance rate 6.500%)

48.63%

3 yrs 3 mths

F¡le: HIPROJECTS (Shared)U014 SLR VIABILITY AND CIL VIABILIT\IClL - GENERIC RESI SITES - 2014\GENERIC - MID-HIGH - 15 UNITS - AFFORDABLE.wcfxARGUS Developer Vers¡onì 5.00.001 Date:03/03/2015

224 P04

LICENSED COPYAPPRAISAL SUMMARYGENERIC 15 UNITS MID.HIGH NO AFFORDABLE

Summary Appra¡sal for Mergsd Phasos I 2


3 bed private4 bed private3 bed affordableTotals

NET REALISATION

OUTLAY

ACQUtStTtON COSTSResidualised Pr¡ceStamp DutyAgent FeeLegal Fee


3 bed pr¡vate

4 bed pr¡vate



unlls m'i Rate m'l336.00 Ê2,250.00

1,089.00 Ê2,250.00168.00 Ê2,250.00

1,593.00

Un¡t Price€189,0001272,250!1 89,000

3,584,250

902,754

1,336,527

133,653

148,653

133,653

134,449

77,713

2,867,¡t00

716,850

Gross Salos756,000

2,450,250

3zgp99.3,584,250

4Iz

t5

m'z

336.001,089.00

'168.00

r-@99.

13.00 un13.00 un

4.000/0'1.00%

0.750/.

5.00%5.00%5.00%

853,66834,'t47

8,5376,403

66,82659,779

7,O48

1 19,5586,5006,500

14,0951,0001,000

125,4499,000

Rate m' Cost€839.00 2A1,904€839.00 913,671e83S.00 't40,952

Othsr ConstructlonExternalsNHBCEPCExternalsNHBCEPC

10.00%500.00 /un500.00 /un

10.00%500.00 /un500.00 /un

2.00 un2.00 un


10.00%10.00%

1 19,55814,095

3.500/.600.00 /un

DISPOSAL FEESSales Agent FeeSales L€gal Fee '15.00 un

FINANCEDebit Rate 6.50% Cred¡t Rate 1.50% (Nom¡nal)Total Finance Cost

TOTAL COSTS

PROFIT

IRR

Prof¡t Erosion (flnance rate 6.500%)

Porformance MeasuresProfit on Cost%ProfÌt on GDV%Profit on NDV%

25.O0%20.o0%20.O0o/o

50.48%

3 yrs 6 mths

F¡le: HIPROJECTS (Shared)\2014 SLR VIABILITY AND CIL VIABILIT\IClL - GENERIC RESI SITES - 2014\GENERIC - MID-HIGH - 15 UNITS - NO AFFORDABLE.wcfxARGUS Developer Version: 5.00.001 Date: 03/03/201 5

225 P04

LICENSED COPYAPPRAISAL SUMMARYGENERIC 50 UNITS MID.HIGH AFFORDABLE

Summary Appra¡sal for Merged Phases I 2



bed pr¡vate

bed afforablebed atfordable


m2420.00

't,428.002,420.00

280.00252.O0

61720

4

sõ

Adjustment000

(25s,87s)(233.888)(493,763)

Un¡ts m'¡420.OO

1,428.002,420.00

280.00252.00

4,800.00

2,292,9194.OOo/. 91,7171.00% 22,929O.75lo 17,197

Rate m'z CostÊ839.00 352,380Ê839.00 1,198,092Ê839.00 2,030,380€839.00 234,920€839.00 211,428

4.027.200

Unlt Prico€157,500Ê189,0008272,250Ê157,500Ê189,000

r0,306,238

2,424,762

4,027,200

402,720

452,720

402,720

390,718

242,O77

8,342,917

1,963,320

Gross Sales945,000

3,213,0005,445,000

630,000

59.99S.10,800,000

Rate m2€2,250.0022,250.OOÊ2,250.00Ê2,250.00€2,250.00

Nêt Sales945,000

3,213,0005,445,000

370,125

.333,1LC.10,306,238

ACQUtStTtON COSTSResidualised PriceStamp DutyAg€nt F€eLegal Fee

coNsTRucTroN cosTsConglruction

2 bed pr¡vate

3 bed pr¡vate

4 bed private2 bed afforable3 bed affordableTÕtâls

Cont¡ngencyAbnormalsAbnormals Allowânce

lotals

NET REALISAT!ON

OUILAY


5.00%5.00%5.00%

201,360179,04322,3't7

358,08521,50021,50044,635

3,5003,500

Other Construct¡onExternalsNHBCEPCExternalsNHBCEPC

'10.00o/o

500.00 /un500.00 /un

10.00%500.00 /un500.00 /un

43.00 un43.00 un

7.00 un7.00 un

Total Finanæ Cost

IOTAL COSTS

PROFIT

Profìt on Cost%Prol¡t on GDV%Prof¡t on NDV%

'10.00%

10.00%358,08544,635

3.500/0

600.00 /un360,718

30,000

23.53o/o

19.05%19.05%

50.00 un

FINANCEDebit Rate 6.50% Credit Rate 1.50% (Nominal)

IRR

Profìt Erosion (flnance rate 6.500%)

38.48./.

3 yrs 3 mths

F¡le: HIPROJECTS (Shared)U014 SLR VIABILITY AND CIL VIABILIT\1ClL - GENERIC RESI SITES - 2014\GENERIC - MID-HIGH - 50 UNITS - AFFORDABLE.wcfxARGUS Developer Version: 5.00.00'l Date:03/03/2015

226 P04

LICENSED COPYAPPRAISAL SUMMARYGENERIC 50 UNITS MID.HIGH NO AFFORDABLE

Summary Appraisal for Mêrged Phasos I 2

REVENUESalås Valuat¡on

2 bed pr¡vate3 bed pr¡vate4 bed pr¡vate2 bed atforable3 bed affordableTotals

NET REALISATION

OUTLAY

ACQUtStilON COSTSRes¡dualised Pr¡ceStamp DutyAgent FeeLegal Fee

coNsrRucloN cosrsConstructlon

2 bed pr¡vate3 bed pr¡vate4 bed pr¡vate2 bed afforable3 bed affordableTotals

Cont¡ngencyAbnormalsAbnormals Allowånce

Un¡ts m2420.00

1,428.002,420.00

280.00

Rate m'?

Ê2,250.00Ê2,250.00Ê2,250.00Ê2,250.00Ê2,250.00

Un¡t Pr¡csÊ157,500€1 89,000î272,250Ê157,500Ê189,000

r0,800,000

2,835,671

4,027,200

402,720

452,720

402,720

408,000

277,663

8,806,695

1,993,305

Gross Sales945,000

3,213,0005,445,000

630,000

sg7.sss.10,800,000

æ99.4,800.00

61720

4

5õ

m2420.00

1,428.002,420.O0

280.00252.00

4.800.00

7.00 un7.00 un

5.00%5.OOo/o

5.000/o

10.00%10.00%

3.50%600.00 /un

22.630/0

18.46%14.460/"

20 1,360179,04322,3't7

358,08521,50021,50044,635

3,5003,500

358,08544,635

378,00030,000

2,681,4864.O0o/o 107,2591.000/. 26,815o.750/o 20,111

Rate m' CostÊ839.00 352,380Ê839.00 1,198,092Ê839.00 2,030,380Ê839.00 234,920Ê839.00 211,428

4.O27.200

Othêr ConEtruct¡onExternalsNHBCEPCExternalsNHBCEPC

43.00 un43.00 un

10.o0%500.00 /un500.00 /un

10.00%500.00 /un500.00 /un


FINANCEDebit Rate 6.50% Cred¡t Rate 1.50% (Nominal)Total Finance Cost

TOTAL COSTS

PROFIT

PROFESSIONAL FÊESOther Profess¡onalsOther Professionals

Pertormanco MeasuresProfit on Cost%Prolìt on GDV%Profìt on NDV%

IRR


35.700/o

3 yrs 2 mths

File: HIPROJECTS (Shared)U014 SLR VIABILITY AND CIL VIABILITY\ClL - GENERIC RESI SITES - 2014\GENERIC - MID-HIGH - 50 UNITS - NO AFFORDABLE.wcfxARGUS Developer Version: 5.00.001 Date:03/03/2015

227 P04

LICENSED COPYAPPRAISAL SUMMARYGENERIC lOO UNITS MID.HIGH AFFORDABLE

Summary Appralsal for Merged Phases I 2

REVENUESales Valuallon

2 bed pr¡vate



NET REALISATION

OUTLAY

ACQUTSTilON COSTSRêsidual¡sed Pric6Stamp DutyAgent FeeLegal Fee


2 bed pr¡vate

3 bed pr¡vate


ContingencyAbnormalsAbnormâls Allowãncê

Unlts12

408

z100

m'840.00

2,772.004,840.00

560.00

[email protected],600.00

5.00%5.00%5.00%

Rate m'?

Ê2,250.00Ê2,250.00Ê2,250.00Ê2,250.0082,250.00

402,720354,56148,159

709,12342,50042,50096,317

7,5007,500

unlt Pr¡cêÊ157,500Ê189,000Ê272,250Ê157,500Ê189,000

20,534,513

4,312,365

8,054,¿!00

805,440

905,440

805,440

778,708

976,O27

'16,637,819

3,896,693

Gross Salês1,890,0006,237,000

10,890,0001,260,000

Ad¡ustment000

(s19,750)

Net Sales'1,890,000

6,237,00010,8S0,000

740,2501.323.000 lg35.Z3Ð lllÆ2r,600,000 (r,06s,488) 20,534,sr3

m2840.00

2,772.O04,840.00

5bU.UU

588.00

.9@99.

85.00 un85.00 un

10.00%500.00 /un500.00 /un

10.00%500.00 /un500.00 /un

4,077,8864.00% 163,1151.000/0 40,7790.75./. 30,584

Rate m" Costâ839.00 704,760Ê839.00 2,325,708Ê839.00 4,060,7601839.00 469,840â839.00 493,332

8.054.400

Other ConstructlonExternalsNHBCEPCExlernalsNHBCEPC

15.00 un15.00 un

PROFESSIONAL FEESOther ProfessionalsOthor Professionals

100.00 un

10.00%10.00%

3.50%600.00 /un

23.426/o

18.98%18.98%

709,12396,317

71A,70a60,000



IOTAL COSTS

PROFIT

Profìt on Cost%Prol¡t on GDVo/o

Profit on NDV%

IRR

Prof¡t Erosion (fìnance rate 6.500%)

22.820/.

3 yrs 3 mths

File: HIPROJECTS (Shar€d)\2014 SLR VIABILITY AND CIL VIABILIT\lClL - GENERIC RESI SITES - 2014\GENERIC - l\4lD-HIGHARGUS Developer Version: 5.00.00'l

100 UNITS - AFFORDABLE.wcfxDâte: 03/03/2015

228 P04

LICENSED COPYAPPRAISAL SUMMARYGENERIC lOO UNITS MID.HIGH NO AFFORDABLE

Summary Appraisal for Merged Phases 'l 2


2 bèd private3 bed pr¡vate

4 bed pr¡vate

2 bed atforable3 bed affordableTotals

NET REALISATION

OUTLAY

ACQUTSTTTON COSTSResidualisêd PricoStamp DutyAgent FeeLegal Fee

CONSTRUCTION COSTSConatruct¡on

2 bed pr¡vate

3 bed private4 bed private2 bed atforable3 bed atfordableTotals

ContingencyAbnormalsAbnormâls Allowancê

Unlls m2840.00

2,772.O04,840.00

560.00

Rato m'¿

€2,250.00€2,250.00!2,250.00e2,250.00!2,250.00

Unlt PrlcoÊ157,500Ê189,0001272,250e157,500Ê189,000

21,600,000

4,858,428

8,054,/tO0

805,440

905,440

805,440

816,000

'I,034,852

r7,280,000

4,320,000

Gross Sales1,890,0006,237,000

'10,890,000

1,260,000

L32.3J99.21,600,000

@9,600.00

40I7

00

m'1

840.002,772.004,840.00

560.00588.00

9.600.00

4,594,2584.OO./. 183,7701.O00k 45,9430.751o 34,457

Rate m: Cost€839.00 704,760Ê839.00 2,325,708€83S.00 4,060,760Ê839.00 469,840Ê839.00 493,332

8.054.400

10.00%500.00 /un500.00 /un

10.00%500.00 /un500.00 /un

402,720354,561

48,1 59

709,'12342,50042,50096,317

7,5007,500

5.00%5.00%5.00%

Other ConstructlonExternalsNHBCEPCExternalsNHBCEPC

85.00 un85.00 un

15.00 un15.00 un

DISPOSAL FEESSales Agent FeeSa¡es Legal Fee 100.00 un

FINANCEDeb¡t Rate 6.50% Cr€dit Rate 1.50% (Nominal)Total Finance Cost

ÎOTAL COSTS

PROFIT

PROFESSIONAL FEESOther Profess¡onalsOther Professionals

Performance MeasurssProfit on Cost%Prof¡t on GDV%Prof¡t on NDV%

'10.00%

10.00%709,123

96,317

3.50o/o

600.00 /un

25.000/0

20.ooo/.20.00%

756,00060,000

IRR


2339%

3 yrs 6 mths

File: HIPROJECTS (Shared)\2014 SLR VIABILITY AND CIL V|ABlLlw\ClL - GENERIC RESI SITES - 20'14\GENERIC - MID-HIGH - 100 UNITS - NO AFFORDABLE.wcfxARGUS Developer Version: 5.00.001 Date:03/03/2015

229 P04

APPRAISAL SUMMARYGENERIC 1 UNITS HIGH

Summary AppEíEal for Phaso I Phaso I Prlvate


4 bed pr¡våto

NET REALISATION

OUTLAY

ACQUtSTnON COSTSR€siduål¡sed PriæAg€nt FseLegal Fee

CONSTRUCTION COSTSConstrucllon

4 bod private


Units1

m'¡121.OO

1.00%0.75%

m2 Rato m'121.00 €2,700.00

Unlt Pr¡ceÊ326,700

326,700

64,273

148,104

14,810

1,000

14,810

't2,o35

6,328

261,360

65,3¡O

Gross Salos326,700

63,'t68632474

Ratè m'2

81,224.00Cost

148,104

5.00%5.000/o

Othsr ConstructlonNHBCEPC

1.00 un1.00 un

500.00 /un500.00 /un


7,4057,405

10.00% 14,810

67.11Vo

3 yrs 6 mths

3.50%600.00 /un

11,435600

CommgncesJun 2013

25.O0o/o

2O.OOo/o

20.ooo/o

500500

DISPOSAL FEESSalôs Agent FeeSâlos Lsgal Foe 1.00 un

FINANCETlmescalo DuratlonConstruct¡on 9Total Durat¡on '12

Debit Råte 6.50% Credit Rate 1.50% (Nominal)Total Finance Cost

TOTAL COSTS

PROFIT

Prof¡t on Cost%Profit on GDV%Prof¡t on NDV%

IRR

Protìt Eros¡on (finance rate 6.500%)

F¡le: H1PROJECTS (Shar€d)U014 SLR VIABILITY AND CIL VIABILIT\lClL - GENERIC RESI SITES - 2014\GENERIC - HIGH - I UNITS - AFFORÞABLE.wcfxARGUS Developor Veßion: 5.00.001 Date:03/03/2015

230 P04

LICENSED COPYAPPRAISAL SUMMARYGENERIC 15 UNITS HIGH AFFORDABLE

Summary Appra¡sal for Morgod Phases I 2

REVENUESales Vãluallon

3 bed pr¡vate

4 bed private3 bed âffordableTotals

NET REALISATION

OUTLAY

ACQUtStTtON COSTSResidualis€d Pr¡ceStamp DutyAgent FeeLegal Fee


3 bed pr¡vate

4 bed private3 bed atfordableTotals


Ad¡ustment00

í-c];!ls)(r87,110)

Units4

z5

'13.00 un13.00 un

m'. Rate m'z

336.00 Ê2,700.001,089.00 e2,700.00j@ Ê2,700.00

1,593.00

1,203,5344.000/. 48,1411.0ïo/o 12,0350.75./. I,O27

Rate m' CostÊ864.00 290,304e864.00 940,896€864.00 145,152

L3z9É5,e

Un¡t Pr¡ce8226,800Ê326,700e226,800

4,1 13,990

1,272,737

1,376,352

1 37,635

152,635

137,635

152,990

98,391

3,328,376

785,614

Gross Sales907,200

2,940,300

453S9S.4,301,100

Not Salos907,200

2,940,300266.490

4,r 13,990

m2

336.00I,089.00

168.00j-@9.

5.00%5.00%5.00%

68,8186'1,560

7,258


2.00 un2.00 un

10.00%500.00 /un500.00 /un

10.000/o

500.00 /un500.00 /un

123,1206,5006,500

14,5151,0001,000

DISPOSAL FEESSales Agent Fe€Sales Legal Fee 15.00 un

FINANCÊDebit Rate 6.50% Credit Rate 1.50% (Nominal)Total F¡nance Cost

TOTAL COSTS

PROFIT


Porformanca MoasurêsProfÌt on Cost%Profìt on GDVo/"Profit on NDV%

10.00%10.00%

123,12014,515

3.50%600.00 /un

23.60%19.10%19.100/o

143,9909,000

IRR

Prof¡t Erosion (fÌnance rate 6.500o/o)

45.291o

3 yrs 3 mths

File: HIPROJECTS (Shared)!20'14 SLR VIABILITY AND CIL VIABILITY\ClL - GENERIC RESI SITES - 2014\GENERIC - HIGH - 15 UNITS - AFFORDABLE.wcfxARGUS Dov€loper Version: 5.00.001 Date:03/03/2015

231 P04

LICENSED CAPPRAISAL SUMMARYGENERIC 15 UNITS HIGH NO AFFORDABLE

Summary Appralsal for Mergêd Phasos I 2

REVENUESalss Valuat¡on

3 bed privâte4 bed private3 bed affordableTotals

NET REALISATION

OUTLAY

ÂcoutstTloN cosTsResidualised PriceStamp DutyAgent FeeLegal F€e


3 bed pr¡vate

4 b€d pr¡vate



Unlts4o

zl5

mu336.00

1,089.00168.00

l.@

13.00 un13.00 un

15.00 un

4.00vo1.O0o/o

0.7 50/o

5.00%5.00%5.00%

'10.00%

10.00%

3.500/.600.00 /un

25.00ô/.20.00%2O.OOo/o

1,299,85251,99412,9999,749

68,81861,560

7,258

123,1206,5006,500

14,5151,000I,000

123,12014,515

150,5399,000

Rate m' CostÊ864.00 290,304e864.00 940,896Ê864.00 145,152

1,329@

m¡ Rate m2336.00 Ê2,700.00

1,089.00 Ê2,700.00168.00 Ê2,700.00

1,593.00

Unit PrlceÊ226,8008326,700€226,800

4,301,100

1,374,593

1,376,352

137,635

152,635

137,635

159,539

102,490

3,440,880

860,220

Gross Sales907,200

2,940,300453.600

4,301,100


2.00 un2.00 un

10.000/ô

500.00 /un500.00 /un

10.00%500.00 /un500.00 /un


DISPOSAL FEESSales Agent FeeSales Lêgal Fee

FINANCEDeb¡t Rate 6.50% Credit Rate 1.50% (Nominal)

Total Finance Cosl

TOTAL COSTS

PROFIT

Prof¡t on Cost%Prof¡t on GDV%Profìt on NDV%

IRR

Profit Eros¡on (f¡nance rate 6.500%)

47.14o/o

3 yrs 6 mths

File: H:\PROJECTS (Shared)V01 4 SLRARGUS Developer Version: 5.00.001

VIABILITY AND CIL VIABILITÌTCIL - GENERIC RESI SITES - 2014\GENERIC . HIGH - 15 UNITS - NO AFFORDABLE.wcfxDate: 03/03/20 15

232 P04

LICENSED CAPPRAISAL SUMMARYGENERIC 50 UNITS HIGH AFFORDABLE

Summary Appnisal for Merged Phases 'l 2

REVENUESalss valuat¡on

2 bed private3 bed private4 b€d private2 bed afforâble3 bêd affordablêTotals

NET REALISATION

OUTLAY

ACQUtStTtON COSTSResidual¡sed Pr¡ceStamp DutyAgent FeeLegal Fee

CONSTRUCTION COSTSConstÌuct¡on

2 bed private3 bed private4 bed private2 bed afforable3 bed affordableTolals

Cont¡ngencyAbnormalsAbnormâls Allowancê

Un¡ts m2

420.001,008.003,025.00

280.00

Rato m'¡e2,700.00Ê2,700.00Ê2,700.00e2,700.00Ê2,700.00

un¡t PrlcêÊ189,000€226,800Ê326,700Ê189,000€226,800

12,866,985

3,919,981

4,307,040

430,704

480,704

430,704

480,344

36't,627

10,4f I,105

2,455,880

Gross Salss1,1 34,0002,721,6008,167,500

756,000

9!9J99.13,459,500

Adjustment000

(311,850)

f¿gg.qqg)(592,51s)

Net Sales1,134,0002,721,6008,167,500

444,150399.735

12,866,985

1225

4

.3.

50252.O0

4,985.00

m'¡420.OO

1,008.003,025.00

280.00252.O0

4.985.00

43.00 un43.00 un

7.00 un7.00 un

5.00%5.00%5.00%

215,352192,37022,982

384,73921,50021,50045,965

3,5003,500

3,706,8384.0oo/o 148,2741.00o/o 37,0680.750/0 27,801

Rate m" CostÊ864.00 362,880â864.00 870,912â864.00 2,613,600Ê864.00 241,920Ê864.00 217,728

4,307.040

Other ConstruqtlonExtsrnalsNHBCEPCExt€rnalsNHBCEPC

'10.00%

500.00 /un500.00 /un

10.00%500.00 /un500.00 /un

PROFESSIONAL FEESOther Prof€ssionãlsOther Prof€ssionals

10.00o/o

10.00%384,73945,965

OISPOSAL FEESSalês Agent FÊeSales Legal Fee

3.50%600.00 /un

23.59V.19.09%19.090/o

50.00 un450,34430,000


TOTAL COSTS

PROFIT

Prof¡t on Cost%Profìt on GDV%Profit on NDV%

IRR

Profit Eros¡on (l¡nancê rat€ 6.500%)

34.610/0

3 yrs 3 mths

File: HTPROJECTS (SharedI2O14 SLR VIABILITY AND CIL V|ABlLlTllClL - GENERIC RESI SITES - 2014\GENERIC - HIGH - 50 UNITS - AFFORDABLE.wcfx

ARGUS Devolop€r Veßion: 5,00.001 Oale:03/03/2015

233 P04

LICENSED COPYAPPRAISAL SUMMARYGENERIC 50 UNITS HIGH NO AFFORDABLE

Summary Appraisal for Mergad Phasss I 2

REVENUESalos Valual¡on

2 bed pr¡vate

3 bed private4 bed pr¡vat€


NET REALISATION

OUTLAY

ACQUISIT¡ON COSTSResidualisêd Pr¡ceStamp DutyAgent FeeLegal F€e


2 b€d private3 b€d pr¡vate

4 b€d pr¡vâte



Un¡ts m'1

420.00I,008.003,025.00

280.00

Rate m'Ê2,700.00€2,700.00€2,700.00€2,700.00î2,700.00

Unit Pr¡ceÊ189,000Ê226,800Ê326,700Ê189,0008226,800

13,459,500

4,238,O97

4,307,040

430,704

480,704

430,704

501,083

379,268

10,767,600

2,69r,900

Gross Salos1,134,0002,721,6008,167,500

756,000680.400

13,459,500252.O0.

4,985.00

6't2

4

3.50

m2420.00

1,008.003,025.00

280.00252.O0

4.985.00

7.00 un7.00 un

4.O00/.

1.O00/.

0.75./.

5.000/o

5.00%5.00%

10.o00/.10.00%

4,OO7,657160,306

40,o7730,057

215,352192,37022,982

384,73921,50021,50045,965

3,5003,500

384,73945,965

Rato m'i CoEtÊ864.00 362,880Ê864.00 870,912Ê864.00 2,613,600Ê864.00 241,920e864.00 217,728

4.307.040


43.00 un43.00 un

1O.O0o/o

500.00 /un500.00 /un

'10.00%

500.00 /un500-00 /un


DISPOSAL FEESSales Ag€nt FseSales Legal Fee

3.50%600.00 /un

471,OA330,00050.00 un

FINANCED€bit Rate 6.50% Credit Rãte 1.50% (Nominal)Total Finance Cost

TOTAL COSTS

PROFIT

IRR

Prof¡t Erosion (finanæ rate 6.500%)

Performance MeasuresProlìt on Cost%Profìt on GDV%Profit on NDV9"

25.O0o/o

20.o00/o

20.o00/o

35.650/.

3 yrs 6 mths

File: HIPROJECTS (Shared)\2014 SLR VIABILITY AND CIL VIABILIT\lClL - GENERIC RESI SITES - 2014\GENERIC - HIGH - 50 UNITS - NO AFFORDABLE.wcfxARGUS Developer Vers¡on: 5.00.001 Date:03/03/2015

234 P04

LICENSED COPYAPPRAISAL SUMMARYGENERIC IOO UNITS HIGH AFFORDABLE

Summary Appnlsal for Morgod Phases I 2

REVENUESals6 Valuation

2 bed pr¡vate



NET REALISATION

OUTLAY

ACQUTSTTTON COSTSResidualised Pr¡ceStamp DutyAgent FeeLegal Fee


2 bed pr¡vate

3 bed pr¡vate

4 bed pr¡vate

2 bed afforabl€3 bed atfordableTotals

Cont¡ngencyAbnormâlsAbnormals Allowance

gggJq9,600.00

Unlts123340

8

Zr00

m'¿

840.002,772.004,840.00

560.00

Rate m'?

f2,700.00€2,700.00r2,700.00Ê2,700.00r2,700.00

Un¡t PrlcsÊ189,000Ê226,800€326,700e189,000€226,800

24,641,415

6,8'19,343

8,294,4{¡0

829,440

929,440

829,440

922,450

1,340,864

19,965,377

4,676,038

Groas Salês2,268,0007,484,400

13,068,0001,512,000

AdJustmont000

(623,700)

Net Sales2,268,0007,484,400

1 3,068,000888,300

!qg¿9s9. l9gtggÐ 932Æ.25,920,000 (r,278,585) 24,641,41s

Other ConstrucllonExternalsNHBCEPCExlernalsNHBCEPC

85.00 un85.00 un

m'z

840.002,772.OO4,840.00

560.00588.00

9@9g

'15.00 un'15.00 un

100.00 un

6,448,5514.O00/o 257,942'1.o00/o 64,486o.750/o 48,364

Rate m'¿ Cost€864.00 725,760€864.00 2,395,008€864.00 4,181,760Ê864.00 483,840Ê864.00 508,032

.9,294JSq

5.00%5.00%5.00%

10.00%500.00 /un500.00 /un

'10.00%

500.00 /un500.00 /un

414,720365,'t2649,594

730,25342,50042,50099,1 87

7,5007,500


10.00%10.00%

730,25399,1 87

3.50%600.00 /un

862,45060,000

DISPOSAL FEESSa¡es Agent FeeSal€s L€gal Fee

FINANCEDebit Rate 6.50% Credit Rate 1.50% (Nom¡nal)Total Finance Cost

TOTAL COSTS

PROFIT

IRR

Prolìt Erosion (f¡nance rate 6.500%)

Performance MeaEur€sProfìt on Costo/"Prof¡t on GDV%Prol¡t on NDV%

23.42./.18.98%18.98%

21.150/0

3 yrs 3 mths

File: HIPROJECTS (Shãred)\2014 SLR VIABILITY AND CIL VIABILIT\IClL - GENERIC RESI SITES - 2014\GENERIC - HIGH - 100 UNITS - AFFORDABLE.wcfxARGUS Developer V€rsion: 5.00.001 Date:03/03/2015

235 P04

LICENSED COPYAPPRAISAL SUMMARYGENERIC lOO UNITS H¡GH NO AFFORDABLE

Summary Appraisal for Mergêd Phases I 2

REVENUESalos Valuatlon


2 bed afforable3 bed âffordableTotals

NET REALISATION

OUTLAY

ACQUtStTTON COSTSResidual¡sed Pric€Stamp DutyAgent FeeLegal Fee




ContingencyAbnormâlsAbnormals Allowance

Units

40I!.t00

m2

840.002,772.004,840.00

560.00

é@99.9,600.00

Rate m'z

Ê2,700.00r2,700.00€2,700.00Ê2,700.00Ê2,700.00

730,25342,50042,50099,1 87

7,5007,500

907,20060,000

Un¡t PrlceÊ189,0008226,800Ê326,700Ê189,000î226,800

25,920,000

7,474,623

8,294,400

829,440

929,440

829,440

967,200

1,411,456

20,736,000

5,t84,000

Gross Sales2,268,0007,484,400

'13,068,000'I,512,000

!9gLqsg25,920,000

m2840.00

2,772.004,840.00

560.00588.00

.9@S9,

15.00 un15.00 un

5.00%5.00%s.00%

414,720365,12649,594

7,068,2024.000/o 282,7281.000/o 70,6820.750/0 53,O't2

Rats m' Cost€864.00 725,760€864.00 2,395,008Ê864.00 4,18'1,760Ê864.00 483,840Ê864.00 508,032

.9,29419q

Othor ConstructlonExternalsNHBCEPCExternalsNHBCEPC

85.00 un85.00 un

'10.00%

500.00 /un500.00 /un

10.00%500.00 /un500.00 /un

PROFESSIONAL FEESOther Profess¡onalsOther Profess¡onals

10.O0o/o

10.00%730,253

99,1 87

3.50%600.00 /un

DISPOSAL FEESSales Agent F€eSales Legal Fee 100.00 un

FINANCEDeb¡t Rate 6.50% Credit Rate 1.50% (Nom¡nal)Total Finance Cost

TOTAL COSTS

PROFIT

IRR


Pelformance MeasurgsProf¡t on Cost%Prof¡t on GDV%Profit on NDV%

25.000/0

20.0îo/o20.oo./.

21.770/0

3 yrs 6 mths

File: HIPROJECTS (SharedN2014 SLR VIABILITY AND CIL VIABILITY\ClL - GENERIC RESI SITES - 2014\GENERIC - HIGH - '100 UNITS - NO AFFORDABLE.wcfxARGUS Developer Version: 5.00.001 Date:03/03/20'15

236 P04

LICENSED COPYAPPRAISAL SUMMARYGENERIC IOO UNITS HIGH AFFORDABLE.CITY CENTRE

Summary Appra¡sal for Mêrgêd Phases I 2


2 bed pr¡vate

3 bed pr¡vat€

4 bed pr¡vat€2 bed afforable3 bêd âffordablêTotals

NET REALISATION

OUILAY

ACQUtStTtON COSTSResidualised PriceStamp DutyAgent FeeLegal Fee

coNstRucTtoN cosTsConstruction

2 bed pr¡vate

3 bed private4 bod private2 bed afforable3 bed affordableTotals


.ges99.9,600.00

Units123340

8

z100

m'840.00

2,772.OO4,840.00

560.00

Ralo m2€2,700.0082,700.O0Ê2,700.oo€2,700.0082,700.OO

Un¡t Pr¡ce€189,000Ê226,800Ê326,700€189,000Ê226,800

24,641,415

6,443,268

8,294,400

829,440

'1,344,160

829,440

922,450

1,302,219

19,965,377

4,676,038

Gross Sales2,268,0007,484,400

13,068,000'1,512,000'1.587.600

25,920,000

Adjustment000

(623,700)

t953,999)(r,278,585)

Net Sales2,268,0007,484,400

13,068,000888,300932.715

24,641,415

m2840.00

2,772.OO4,840.00

560.00588.00

9.600.00

6,O92,9254.00% 243,717't.00% 60,9290.75% 45,697

Ratåm" Cost9864.00 725,760!864_00 2,3S5,008!864.00 4,'181,760Ê864.00 483,840Ê864.00 508,032

8.294.400

Other ConstructionExternalsNHBCEPCCITY CENTRE ABNORMALSExternalsNHBCEPCCITY CENIRE ABNORMALS

10.00%500.00 /un500.00 /un

5.00%10.00%

500.00 /un500.00 /un

5.00%

85.00 un85.00 un

15.00 un15.00 un

5.OOo/o

5.00%5.00%

10-00%'10.00./o

3.50%600.00 /un

23.42%18.98%18.98%

414,720365,12649,594

730,25342,50042,500

365,12699,187

7,5007,500

49,594

730,25399,1 87

862,45060,000




TOTAL COSTS

PROFIT

Profìt on Cost%Prol¡t on GDV%Prof¡t on NDV%

IRR

Prof¡t Erosion (f¡nance rate 6.500%)

21.50o/o

3 yrs 3 mths

F¡le: HTPROJECTS (SharedI2014 SLR VIABILITY AND CIL VIABILIT\1ClL - GENERIC RESI SITES - 2014\GENERIC - HIGH - 100 UNITS - AFFORDABLE-CITY CENTRE.wcfxARGUS Developer Vers¡on; 5.00.001 Date:03/03/2015

237 P04

LICENSED COPYAPPRAISAL SUMMARYGENERIC IOO UNITS HIGH NO AFFORDABLE.CITY CENTRE

Summary Appra¡sal for Morgod Phases I 2

REVÉNUESalês Valuat¡on


NET REALISATION

OUÎLAY

ACQUtStTtON COSTSResidual¡sed PriceStamp DutyAgent FeeL€gal Fee

CONSTRUCTION COSTSConslruction

2 bed pr¡vate




.þ@99.9,600.00

Un¡ts12

408

z100

m:840.00

2,772.004,840.00

560.00

Ratê m'?

Ê2,700.00€2,700.00e2,700.00Ê2,700.00Ê2,700.00

Un¡t Pr¡cee1 89,000f226,800Ê326,700r1 89,000î226,800

25,920,000

7,143,521

8,294,400

829,440

1,294,566

429,440

967,200

1,377,433

20,736,000

5,r84,000

Gross Salss2,268,0007,484,400

13,068,0001,512,000

LSgJégg.25,920,000

m'840.00

2,772.004,840.00

560.00588.00

9.600.00

85.00 un85.00 un

15.00 un15.00 un

6,755,1 034.00% 270,2041.00./" 67,551o.750/o 50,663

Rate m'¡ CostÊ864.00 725,760Ê864.00 2,395,008Ê864.00 4,181,760Ê864.00 483,840Ê864.00 508,032

8.294.400

Other ConÊtruct¡onExternalsNHBCEPCCITY CENTRE ABNORMALSExternalsNHBCEPC

100.00 un

5.O0%5.00%5.00%

10.00%500.00 /un500.00 /un

5.00%10.00%

500.00 /un500.00 /un

10.00%'10.00%

3.500/o

600.00 /un

25.00./.20.00./.2O.0?o/o

414,720365,12649,594

730,25342,50042,500

365,12699,187

7,5007,500

730,25399,1 87

907,20060,000



FINANCEDeb¡t Rate 6.50% Credit Rate 1.50% (Nom¡nal)Total Finance Cost

TOTAL COSTS

PROFIT

Profìt on Cost%Prof¡t on GDVo/o

Prof¡t on NDV%

IRR


22.07%

3 yrs 6 mths

File: HIPROJECTS (Shared)\20'14 SLR VIABILITY AND CIL V|ABlLlmClL - GÉNERIC RESI SIIES - 2014\GENERIC - HIGH - 100 UNITS - NO AFFORDABLE-CITY CENTRE.wcfxARGUS Developer Version: 5.00.001 Date:03/03/20'15

238 P04

LICENSEDAPPRAISAL SUMMARYASSISTED LIVING SCHEMELOW . WITH AFFORDABLE

Summary Appralsal for Morged Phasos I 2

REVENUESalês Valuation

1 bed units2 þed units'l B€d Units2 B€d Un¡tsTotals

Adjustmont00

(171,064)(1 16.6341(287,698)

-1q99,2,¡140,00

Unlls2410

4

z40

Units24104

z40

m'.1,320.00

750.00220.O0

lnil¡alMRV/Unit

8425€50

8425Ê495

10.00%10.00%

4.OO%600.00 /un

22.39o/o

18.290/.18.29o/o

0.36%5.00%5.160/o

23.350/0

62 yrs 7 mths3 yrs 2 mths

Rate m2Ê'1,885.00Ê1,885.00Ê1,885.00e1,885.00

Net Rentat Sale10,200

495'I,700

99S,13,385

YP@

YP@

YP@

YP@

(1,1 51,642)

Ratê m'z costâ984.00 1,855,543€984.00 1,054,286e984.00 309,257Ê984.00 2',t0,857

3.429.943

5.00% 171,497

290,983145,491

52,01126,006

Unit PrlcêÊ103,675t14't,375Ê1 03,675L141,375

G¡oss Sales2,488,2001,4't3,750

4't4,700

292@4,599,400

204,000

9,900

34,000

19,800267,700

Net Salês2,488,2001,4'13,750

243,636

Logiu.g4,311,702

'I Bed Ground Rent2 Bed Ground Rent1 Bed Ground Rents2 Bed Ground RentsTotals

lnvostmont ValuatlonI B6d Ground RentCurr€nt Rent

Rsntal Arêa Summary

Contingency

DISPOSAL FEESSales Agent FeeSales L€gal Fee


I bed units2 bed units1 Bed Un¡ts2 Bed Un¡tsTotals

10,200

495

1,700

990

lnlt¡alMRV

10,200495

1,700

.999,13,385

3,429,943

't71,497

Current RentI Bed Ground RêntsCurrent Rent2 Båd Ground RentsCurrent Rent

5.0000o/o

5.0000%

5.0000%

5.0000%

20.0000

20.0000

20.0000

20.0000

GROSS DEVELOPMENT VALUE

NET REALISATION

OUTLAY

4,579,402

4,579,402

(1,'t51,642)

ACQUtStTtON COSTSResidual¡sed Price

Other ConstructlonExternalsAbnormalsExternalsAbnormals

10.00%5.00%

10.00%5.00%


m'1,885.711,O71.43

314.29214.29

3.485.71

40.00 un

290,98352,011

1 83,17624,000

514,491

342,994

207,176

227,205

3,741,664

837,738

FINANCEDebit Rate 6.50o/o Cred¡t Râte 0.00% (Nominal)Tolal Finance Cost

TOTAL COSTS

PROFIT

Prof¡t on Cost%Profit on GDV%Profìt on NDV%Development Y¡eld% (on Rent)Equ¡valent Y¡eld% (Nominal)Equivalent Y¡eld% (True)

IRR

Rent CoverProlìt Eros¡on (f¡nance rate 6.500o/o)

File: H:\PROJECTS (SharedI2014 SLR VIABILITY AND CIL VIABILIT\IRESIDENT|AL INSTITUTIONS\LOW - WITH AFFORDABLE.wcfxARGUS Developer Version: 5.00.001 Date:03/03/2015

239 P04

LICENSED COPYAPPRAISAL SUMMARYASSISTED LIVING SCHEMELOW. NO AFFORDABLE

Summary Appnlsal for Merged Phases I 2

REVENUESalos valuai¡on

1 bed un¡ts2 bed units1 Bed Units2 Bed UnitsTotals

Un¡ts24104

z40

Units2410

4

z40

m21,320.00

750.00220.OO

lqsq2,440,OO

4.0O'/o600.00 /un

Rato m'Ê1,885.00Ê1,885.00Ê1,885.00Ê1,885.00

194,68424,000

Un¡t Pr¡ceÊ't03,675Ê1 41,375Ê103,675î141,375

Gross Sälos2,488,2001,413,750

414,700

[email protected],599,/100

1 Bed Ground Rent2 Bed Ground Rent1 Bêd Ground R6nts2 Bed Ground RentsTotals

In¡tialMRV/Unlt

î.425Ê50

î.425Ê4S5

Rental Area Summary


NET REALISATION

OUTLAY

Net Rentat Salê10,200

4951,700

999,13,385

10.00%10.o0%

290,98352,011

YP@

YP@

YP@

YP@

(1,002,355)

Rate m'z CoatÊ984.00 1,855,543e984.00 1,054,286Ê984.00 309,257Ê984.00 210,857

3,!29Æ.

5.00% 171,497

290,983145,491

52,O1126,006

5.0000%

5.0000%

5.0000%

5.0000%

20.0000

20.0000

20.0000

20,0000

4,867,100

4,867,r00

lnltlalMRV

10,200495

1,700

.999.13,385

lnvestmont ValuatlonI Bed Ground RentCurrent R€nt2 Bsd Ground R.ntCurrent R€ntI B€d Ground RentsCurrent Rent2 8€d Ground RentsCurrent Rent

204,000

9,900

34,000

19,800267,700

10,200

495

1,700

990


1 bed units2 bed un¡ts1 Bed Units2 Bed UnitsTotâls

ACQUtStflON COSTSRes¡dualised Price

IRR

Ront Cover

m21,885.711,071.43

314.29214.29

3.485.71

Contingency



TOTAL COSTS

PROFIT

Porformancê MêasuresProf¡t on Cost%Prof¡t on GDV%Profìt on NDV%Development Yield% (on Rent)Equivalent Yield% (Nom¡nal)Equivalent Yield% (True)

(1,002,355)

3,429,943

171,497

514,491

342,994

2'18,684

2't7,O74

3,892,329

974,771

Othor ConstructionExternalsAbnormãlsExternalsAbnormals

10.00%5.00%

10.00%5.Aoo/o

PROFESSIONAL FEESOther Prof€ssionalsOther Professionals

25.O4o/o

2O.O3o/o

20.O3o/o

0.34o/o

5.00%5.16%

Prof¡t Erosion (fÌnance rate 6.500%)

25.880/0


File: H:\PROJECTS (Shared)U014 SLR VIABILITY AND CIL VIABILITIIRESIDENT|AL INSTITUTIONS\LOWARGUS Developer Version: 5.00.001

NO AFFORDABLE.wcfxDate:03/03/2015

240 P04

LICENSED COPYAPPRAISAL SUMMARYASSISTED LIVING SCHEMELOW MID . WITH AFFORDABLE

Summary Apprâlsal for Merged Phases I 2


1 bed un¡ts


Unlts m'z

1,320.00750.00220.O0

1qsg2,440.00

Nåt Rentat Sale10,200

4951,700

"9913,385

YP@

YP@

YP@

YP@

(730,873)

Rate m'i CostÊ984.00 1,855,543€984.00 1,054,286e984.00 309,257Ê984.00 210,A57

3.429.943

5.00% 171,497

Rate m'î2,145.0022,145.00Ê2,145.00€2,145.00

Unlt Prlceî.117,975â160,8758117,975e160,875

Net Sal€s2,831,4001,608,750

277,24'l

Gross Sales2,831,400I,608,750

471,900

Ad¡ustmont00

(194,659)

2410

4

z40

bêd un¡tsBed UnitsBed Units

Totals32!-@. lJ32&) 1e9.0æ

s,233,800 (327,381) 4,906,419

1 Bed Ground Rent2 Bed Ground Rent1 Bed Ground Rents2 Bed Ground R€ntsTotals

lnltlalMRV/Unlt

t425Ê50

Ê425Ê495

Ronlal Area Summary

lnvestment Valuatlon


NET REALISATION

OUILAY

Unltsln¡t¡alMRV

10,2öO495

1,700

999,r3,385

3,429,943

171,497

204,000

9,900

34,000

19,800267,700

2410

4

4õ

10,200

495

1,700

990

Cunent Rent2 Bod Ground RentCurrênt RêntI Bed Ground RentsCurrent Rent2 Bed Ground RentsCurr€nt R€nl

5.0000%

5.0000%

5.0000%

5.0000%

20.0000

20.0000

20.0000

20.0000

5,174,1'19

5,174,119

(730,873)CONSTRUCTION COSTSConstruction

I b€d un¡ts2 bed units'I Bed Units2 B€d Un¡tsTotals

m21,885.71't,071.43

314.29214.29

3.445.71

40.00 un

10.00%5.OO%

10.00%5.00%

290,983145,491

52,O1126,006

290,98352,011

Othor ConstructlonExternalsAbnormalsExternalsAbnormals


Cont¡ngèncy

DISPOSAL FEESSales Agent F€eSales Legal Fee

10.oo%10.o0%

4.006/.600.00 /un

206,96524,000

514,49'l

342,994

230,965

267,847

4,226,864

947,255


TOTAL COSTS

PROFIT

Prof¡t on Cost%Prof¡t on GDVo/.Profit on NDV%Development Yield% (on Rent)Equivalent Y¡eld% (Nom¡nal)Equivalent Yield% (True)

IRR

Rent Cov€rProflt Erosion (f¡nance ratê 6.500%)

22.41o/o

18.31o/o

18.310/o

0.32o/o

5.00%5.160/0

21.960/0

70 yrs I mths3 yrs 2 mths

F¡le: HIPROJECTS (Shared)\2014 SLR VIABILITY AND CIL VIABILIT\IRESIDENT|AL INSTITUTIONS\LOW ¡/lD - WITH AFFORDABLE.wcfxARGUS Developer Version: 5.00.001 Date:03/03/2015

241 P04

LICENSED COPYAPPRAISAL SUMMARYASSISTED LIVING SCHEMELOW MID. NO AFFORDABLE

Summary Appnlsal tor Merged Phasos I 2

REVENUESaleE Valuation

I bed units2 bêd units'I Bed Un¡ts2 Bed UnitsTotals

unlts m21,320.00

750.00220.O0150.00

2,¡140.00

Rate m'€2,145.00Ê2,145.00€2,145.00î2,145.00

Unit Pr¡ceL1't7,975€160,8751't17,975I 160,875

Gross Salos2,831,4001,608,750

471,900

3¿1J59.5,233,800

204,000

9,900

34,000

19,800267,700

24104

z40

Rsntal Area Summary

1 Bed Ground Rent2 Bed Ground Rent1 Bod Ground Rents2 Bêd Ground RentsTotals

lnlt¡alMRV/Un¡t

î425Ê50

1425Ê495

I Bod Ground RentCurrent Rent2 Bed Ground RontCurent Rent

Net Rsntat Salê10,200

4951,700

lnlllalMRV

'10,200

4951,700

99S, .99913,385 13,385

unlts24104

z40

Current Rent2 Bed Ground RontsCurrent Rent

ACQUTStTtON COSTSResidual¡sed Priæ

GROSS DEVELOPMENT VALUF

NET REALISATION

OUTLAY

'10,200

495

1,700

990

mz1,885.711,O71.43

3't4.292't4.29

3.485.71

40.00 un

YP@

YP@

YP@

YP@

4.OO%

600.00 /un

25.040/.20.030/0

20.o30/.0.30%5.00%5-160/.

24.31%


5.0000o/o

5.0000%

5.0000%

5.0000%

20.0000

20.0000

20.0000

20.0000

(560,820)

Rato m" CostÊ984.00 1,855,543Ê984.00 1,054,286Ê984.00 309,257€984.00 210,857

3,429.943

5.00% 17't,497

290,983145,491

52,01126,006

290,98352,O't1

5,501,500

5,50r,500

(560,820)

3,429,543

171,497

5 14,491

342,994

244,060

257,474

4,399,640

I,10t,860


1 bed un¡ts2 bed un¡ts'I Bed Units2 Bed UnitsTolâls

Other ConstructionExternalsAbnormalsExternalsAbnormals

10-00%5.00o/o

10.00%5.00%

PROFESSIONAL FEESOthêr ProfessionalsOther Professionals

10.00%10.000/ô

Contingency


220,06024,O00

FINANCEDebit Rate 6.50% Credit Rate 0.00% (Nominal)Total F¡nanæ Cost

TOTAL COSTS

PROFIT

Porformanca MeasuresProf¡t on Cost%Profit on GDV%Profìt on NDVo/.

Development Yield% (on Rent)Equivalent Yi€ld% (Nominal)Equivalenl Y¡eld% (True)

IRR

Rent Cov€rProf¡t Erosion (f¡nance rate 6.500%)

File: HIPROJECTS (Shared[2014 SLR VIABILITY AND CIL VIABILIT\IRESIDENTIAL INSTITUTIONS\LOW MID - NO AFFORDABLE.wcfxARGUS Developer Version: 5.00.001 Date:03/03/2015

242 P04

LICENSED COPYAPPRAISAL SUMMARYASSISTED L¡VING SCHEMEMID . WITH AFFORDABLE

Summâry Apprâlsal tor Msrged Phâsss I 2


'I bed un¡ts2 bed units1 Bed Units2 Bed trnitsTotals

lJnits m21,320.00

750.00220.OO

Rate m'z

e2,438.00Ê2,438.00e2,438.00Ê2,438.00

290,983145,49152,01126,006

290,98352,O11

233,77324,000

Un¡t Pr¡ce!134,090€182,8501134,090Ê182,8s0

Gross Sales3,21 8,1601,828,500

536,360

Ad¡ustment00

(221,249)

Not Salos3,218,1601,828,500

3't5,1't2

'I Bed Ground Rent2 Bed Ground Rent1 Bed Ground Rents2 Bed Ground RentsTotals


4951,700

Rontal Area Summary

GROSS DEVELOP¡/ENT VALIJE

NET REALISATION

OUTLAY

10,200

495

1,700

990

m2

1,885.711,07't.43

314.292'14.29

3.4B5.71

40.00 un

ln¡t¡alMRV/Un¡t

î425Ê50

î425Ê495

10.00o/o

5.00%10.00%5.00%

10.00%10.00%

4.O00/o

600.00 /un

22.95y"'t8.670/.

't8.671oo.28./"5.00o/o

5.16./.

21.35o/o


ln¡t¡alMRV

10,200495

1.700

.999,13,385

20.0000

20.0000

20.0000

20.0000

3,429,943

171,497

5,444,320

5,844,320

1276,629',)

.999.3,385

lsspg2,440.00

2410

4

z40

24104,

4õ

un¡ts

395.299. ll-Ðégu 2l!Æ.5,948,720 (372,100) s,s76,620

204,000

9,900

34,000

19,800267,700

I Bod Ground RentCurrent Rent2 Bed Ground RonlCurrent RentI Bed Ground RentsCurr€nt Rant2 Bed Ground RontsCurrent Rent

5.0000%

5.0000%

5.0000%

5.0000%

YP@

YP@

YP@

YP@

(276,629)

Rate m' CostÊ984.00 '1,855,543

Ê984.00 I,054,286Ê984.00 309,2571984.00 210,857

3.429.943

5.00% 171,497

ACOUtStTtON COSTSResidualised Pr¡ce


1 bed units2 bôd un¡tsI Bed Un¡ts2 Bed UnitsTotals

Other Construct¡onExternalsAbnormalsExternalsAbnormãls

PROFESSIONAL FEESOther Professiona¡sOther Profess¡onals

Contingency


FINANCEDebit Rate 6.50% Credit Rate 0.00% (Nom¡nal)

5't4,49'l

342,994

257,773

313,'187

4,753,257

r,091,064

Total F¡nance Cost

TOTAL COSTS

PROFIT

Performance M€asurosProfit on Cost%Profìl on GDV%Profìt on NDV%Development Yield% (on Rent)Equival€nt Yield% (Nom¡nal)Equivalent Yield% (True)

IRR

Rent CoverProfìt Erosion (finance rate 6.500%)

F¡le: HIPROJECTS (Shared)\2014 SLR VIABILITY AND CIL VIABILITìIRESIDENT|AL INSTITUTIONS\¡iìlD - WITH AFFOROABLE.wcfxARGUS Develop€r Versìon: 5.00.001 Date:03/03/2015

243 P04

LICENSED COPYAPPRAISAL SUMMARYASSISTED LIVING SCHEMEMID. NO AFFORDABLE



I bêd units2 bed units1 Bed Units2 Bed UnitsTotals


1 bed un¡ts2 bed un¡ts1 Bed Units2 Bed UnitsTotals

Units m21,320.00

750.00220.OO

lnltlalMRV/Un¡t

8425Ê50

î425Ê495

Rate m2!2,438.00â2,438.00!2,438.00€2,438.00

Net Rentat Sale'10,200

4951,700

.9,9S,13,385

244,65724,000

Unit Pdc€€134,090Ê182,850Ê134,090€1 82,850

lnltlalMRV

10,200495

1,700990

13,385

Gross Salês3,218,1 601,828,500

536,360

395JSq5,948,720

204,000

9,900

34,000

19,800267,700

Rsntal Area Summary

Current Rent


NET REALISATION

OUTLAY

ACQUtStTtON COSTSR€sidualis€d PriceSlamp DutyAgent F€eLegãl Fee

159{q2,¿140.00

24'10

4

z40

24104

4õ

Un¡ts1 Bed Ground Rent2 Bed Ground RentI Bed Ground Rênts2 Bed Ground RentsTotals

lnvestmont ValuationI Bod Ground RontCurrent Rent2 B6d Ground RentCurrent RentI Bsd Ground RentsCunent Rent

5.0000%

5.0000%

5.0000%

5.0000%

20.0000

20.0000

20.0000

20_0000

10,200

495

1,700

990

m'z

1,885.711,071.43

314.29214.29

3.485.71

40.00 un

YP@

YP@

YP@

YP@

4.0oo/o

1.O0o/o

o.75./.

4.O0o/o

600.00 /un

25.050/0

2O.03o/o

20.03./.0.270/o

5.00%5.160/"

23.21V"

93 yrs3 yrs 6 mths

6,216,420

6,216,420

3,429,943

171,497

514,491

342,994

272,657

306,602

4,971,251

1,245,169

(68,528)1,110

277208

(66,933)

Othsr Construct¡onExternalsAbnormalsExternalsAbnormals

10.00%5.OOo/o

10.00%5.00%

PROFESSIONAL FEESOther Profess¡onãlsOthêr Prof€ss¡onals

't0.000/0

10.00%

Cont¡ngency

DISPOSAL FEESSales Agênt FeeSales Legal Fee

Rate m'z CostÊ984.00 1,855,543Ê984.00 1,054,286Ê984.00 309,257Ê984.00 210,A57

3.429.943

5.00% 't71,497

290,983145,49152,01126,006

290,98352,O11

FINANCEDeb¡t Rate 6.50% Cred¡t Rat€ 0.00% (Nominal)Total Finanæ Cost

TOTAL COSTS

PROFIT

Psrformance M6asuresProfit on Cost%Profit on GDV%Profìt on NDV%Development Yield% (on Rent)Equivâlent Yield% (Nom¡nal)Equivalent Y¡eld% (True)

IRR

Rent CoverProf¡t Erosion (fìnance rate 6.500%)

File: HIPROJECTS (Shared)\2014 SLR VIABILITY AND CIL VIABILIT\IRESIDENT|AL INSTITUTIONS\[illD - NO AFFORDABLE.wcfxARGUS Developer Version: 5.00.001 Date:03/03/2015

244 P04

LICENSED COPYAPPRAISAL SUMMARYASSISTED LIVING SCHEMEHIGH MID . WITH AFFORDABLE

Summary Apprâlsal tor Morgêd Phases I 2


1 bed un¡ts2 bed units1 Bed Units2 B6d unitsTotâls

2þlÆ9.6,690,572

AdjustmBnt00

(26s,444)(1 80.984)(446,4281

Unlts24104

4õ

2410

4

z40

Unlts

m21,320.00

750.00220.OO

1q99.2,440.00

Rate m'z

Ê2,925.00î2,925.O0î2,925.00Ê2,925.00

Unlt PrlcêÊ160,8758219,375Ê160,8758219,375

Gross Salås3,861,0002,193,750

643,500

1,39J59.7,137,000

204,000

9,900

34,000

19,800267,700

Not Salos3,861,0002,193,750

378,056

1 Bed Ground Rsnt2 Bed Ground Rent1 Bed Ground Rents2 Bed Ground RentsTotals

lnltlalMRV/Un¡t

Ê.425Ê50

Ê425e495


495I,700

999.13,385

Rontal Arsa Summary

Contingency



1 bed units2 b€d un¡ts1 Bed Un¡ts2 Bed UnitsTotals

Rate m2 Costt984.00 1,855,543Ê984.00 1,054,286€984.00 309,257Ê984.00 210,857

3.429.943

5.000/0 17't,497

290,983'145,491

52,01126,006

lnitiålMRV

10,200495

1,700990

r3,385

lnvostmsnt ValuatlonI Bod Ground RontCurrent Renl

Curr€nt RentI Bsd Grou¡d RentsCurent Rent2 B€d Ground RentsCurrent Rent

5.0000%

5.0000%

5.0000%

5.0000%

20.0000

20.0000

20.0000

20.0000

10,200

495

1,700

990

m21,885.71't,07't.43

314.29214.29

3.485.7't

40.00 un

YP@

YP@

YP@

YP@


NET REALISATION

OUÏLAY

ACOUtStTtON COSTSR€sidual¡sed Pr¡æStamp DutyAgent FeeLegal F€e

465,90521,5195,3804,035

290,98352,O't'l

278,33124,000

6,958,272

6,958,272

496,838

3,429,943

171,497

5't4,491

342,994

302,331

401,213

5,659,308

1,298,964

Oth€¡ ConstructlonExternalsAbnormalsExternalsAbnormâls

10.00%5.00%

10.00%5.00ô/ô

PROFESSIONAL FEESOth€r ProfessionalsOther Professionals

4.OOo/o

1.00%0.750/o

10.00%10.000/.

4.OOo/.

600-00 /un

22.95o/o't8.670/o

18.67o/o

O.24o/o

5.00%5.160/.

FINANCÊDebit Rate 6.50% Credit Rate 0.00% (Nominal)Total Finance Cost

TOIAL COSTS

PROFIT

Profìt on Cost%Prol¡t on GDV%Prol¡t on NDV%Dêvelopment Y¡eld% (on Renl)Equ¡valent Yiâld% (Nominal)Equ¡valent Yield% (True)

IRR

R€nt Cover

20.370/0

97 yrs 1 mth3 yrs 2 mthsProf¡t Erosion (f¡nanco rate 6.500%)

F¡le: HTPROJECTS (SharedN2014 SLR VIABILITY AND CIL VIABILIT\IRESIDENT|AL INSTITUTIONS\HIGH MID - WITH AFFORDABLE.wcfxARGUS Developer Version: 5.00.001 Datê:03/03/2015

245 P04

LICENSED COPYAPPRAISAL SUMMARYASSISTED LIVING SCHEMEHIGH MID - NO AFFORDABLE


REVENUESalss Valuation

1 bed units2 bed units1 Bed Units2 Bed UnitsTotals

Unlts24104

z40

Unlts2410

4

z40

m21,320.00

750.00220.00

1qss.2,440.O0

Rate m"Ê2,925.00â2,925.00t2,925.00Ê2,925.00

Not Rontat Salå10,200

4951,700

9e013,385

296,18824,OOO

Unlt Pr¡cêÊ160,875t219,375Ê160,875î219,375

Gross Salos3,861,0002,1 93,750

643,500

lgg¿59.7,137,000

204,000

9,900

34,000

'19,800

267,700

1 Bed Ground Rent2 Bed Ground Rent'1 Bed Ground Rents2 Bed Ground RentsTotãls

lnltlalMRV/Unlt

1425Ê50

Ê.425€495

Rental Arêa Summary

Stamp DutyAgent FeeLegal Fee

CONSTRUCTION COSTSConstrucl¡on

Totals

Cont¡ngency


4.O00/õ'1.00%

0.750/o

711,O7328,443

7,'t115,333

ln¡t¡alMRV

10,200495

1,700

.999.13,385

lnvestmånt ValuatlonI Bed Ground RentCurrent Rent2 B.d Ground RentCurrent RentI Bêd Ground RontsCurrent Rent2 8od Ground RontsCurrênt Rent

'to,200

495

1,700

990

5.00000/o

5.0000%

5.0000%

5.0000%

20.0000

20.0000

20.0000

20.0000

YP@

YP@

YP@

YP@


NET REALISATION

OUTLAY


7,404,700

7,404,700

751,959

bed un¡tsbêd unilsBed LJnits

Bed Units

m'1,885.711,071.43

314.29214.29

.3@!

40.00 un

3,429,943

171,497

Ratê m'? Cost€984.00 1,855,543Ê984.00 1,054,286e984.00 309,257Ê984.00 210,857

3.429.943

5.00% 171,497

290,983145,491

52,01126,006

290,98352,O1',!

Othor ConstructionExternalsAbnormalsExternalsAbnormals

10.o00/o

5.00%10.00%5.00%

PROFESSIONAL FEESOther Prof€ssionalsOther Profess¡onals

'10.00%

10.00%

4.O00/"

600.00 /un

514,491

342,994

320,188

395,350

5,926,423

1,478,277

FINANCEDebit Rate 6.50o/o Credit Rate 0.00% (Nominal)Total F¡nânæ Cost

TOTAL COSTS

PROFIT

Prof¡t on Cost%Profit on GDV%Profìt on NDV%Development Yield% (on Rent)Equivalent Yiêldo/o (Nominal)Equivalent Yield% (True)

24.940/019.96%'t9.960/0

o.230/0

5.000/0

5.160/0

IRR

R€nt Covêr

22.070/o

1 10 yrs 5 mths3 yrs 5 mthsProfìt Eros¡on (fìnance rate 6.500%)

F¡le: HIPROJECTS (Shared)U014 SLR VIABILITY AND CIL VIABILITY\RESIDENTIAL INSTITUTIONS\HIGH MID - NO AFFORDABLE.wcfxARGUS Develop€r Version: 5.00.001 Date:03/03/2015

246 P04

LICENSED COPYAPPRAISAL SUMMARYASSISTED LIVING SCHEMEHIGH . WITH AFFORDABLE

Summary Appraisal for Morged Phases I 2

REVENUESales Veluat¡on

1 bed units2 b€d un¡ts1 Bed Unils2 Bed UnitsTotals

coNSTRUCTtON COSTSConstruct¡on

1 bed un¡ts2 b€d units1 Bed Un¡ts2 Bed UnitsTotâls

AdJustmont00

(31 8,533)

!2!tß1)(s35,7r4)

Units24'10

4

z40

Un¡ts24104

4õ

m'.1,320.00

750.00220.00

1q9q2,440.00

10.00%10.000/.

4.OOo

600.00 /un

Rate m'€3,510.00r3,510.00Ê3,5 10.00€3,510.00

Unit Pr¡ce€ 1 93,0508263,250Ê193,050Ê263,250

Gross Salðs4,633,2002,632,500

772,200526.500

8,564,400

204,000

9,900

34,000

19,800267,700

Net Salss4,633,2002,632,500

453,668

399.919.8,028,686

Rêntal Area Summary


NET REALISATION

OUTLAY

ACOUTSTilON COSTSRes¡dual¡sed PriceStamp DutyAg€nt FeeLegal Fa€

1 Bed Ground Rent2 Bed Ground Rent1 Bed Ground Rents2 Bed Ground RentsTotals

lnltialMRV/Unlt

Ê425Ê50

î.425€495

Nåt Rèntat Sale10,200

4951,700

999.13,385

lnltlalMRV

'10,200

4951,700

.999,13,385

Current Rent2 Bod G¡ound RontCunent RentI Bed Ground RentsCurrent Rent2 Bod Ground RåntsCurrent Rent

'10,200

495

'I,700

990

5.0000%

5.00000/"

5.0000%

5.0000%

20.0000

20.0000

20.0000

20.0000

YP@

YP@

YP@

YP@

1,347,1394.000/0 53,8861.00% '13,471

o.75% 10,104

Ratêm'¡ Cost€984.00 1,855,543e984.00 1,054,286e984.00 309,257f984.00 210,857

3.429.943

5.00% '171,497

290,983145,491

52,O1126,006

8,296,386

8,296,386

't,424,600

3,425,943

17 1,497

514,491

342,994

355,855

508,074

6,747,455

1,548,932

Other ConstructionExternalsAbnormalsExlernalsAbnormals

'10.00%

5.00%10.00%5.00%


Cont¡ngency


m'z

1,885.711,O71.43

314.29214.29

3.4rgz.r.

40.00 un

290,98352,011

331,85524,O00

FINANCEDebit Rate 6.50o/o Cred¡t Rate 0.00% (Nom¡nal)ïotal Financa Cost

TOTAL COSTS

PROFIT

P€rformance MeasuresProf¡t on Cost%Profit on GDV%Profit on NDVo/.Devêlopment Yield% (on Rent)Equ¡valent Yield% (Nominal)Equ¡valent Yield% (Tru6)

IRR

Rent CoverProf¡t Erosion (f¡nance rate 6.500%)

22.960/o

18.670/o

18.670/o

O.20o/o

5.00%5.160/Ò

19.66%

115 yrs I mths3 yrs 2 mths

F¡le: H:\PROJECTS (Shared)\2014 SLR VIABILITY AND CIL VIABILIT\IRESIDENT|AL INST¡TUTIONS\HIGH - WITH AFFORDABLE.wcfxARGUS Deve¡oper Vers¡on: 5.00.001 Dat6:03/03/2015

247 P04

LICENSED COPYAPPRAISAL SUMMARYASSISTED LIVING SCHEMEHIGH . NO AFFORDABLE

Summary Appraisal for M€rgêd Phases I 2


1 b€d un¡ts2 bed units1 B€d Un¡ts2 Bed UnitsTotals

9903,385

Unlts24104

240

Unlts24104

z40

m'¿

1,320.00750.00220.O0

1q99.2,440,00

Rate m'e3,510.00!3,510.00Ê3,510.00€3,510.00

Nåt Rentãt Sale10,200

4951,700

99S,13,385

1,637,33165,493'16,373

12,280

290,983145,491

52,O1'l26,006

290,98352,011

353,28424,000

Unlt Pr¡coe193,0502263,250Ê1 93,050f263,250

Gross Salss4,633,2002,632,500

772,200

529.9S9.8,564,400

Rèntal Area Summary

'1 Bed Ground Rent2 Bed Ground RentI Bed Ground Rents2 Bed Ground R€ntsTotals

lnltlalMRV/Unlt

Ê425€50

Ê425Ê495

YP@

YP@

YP@

YP@

lnltlalMRV

10,200495

1,700

3,429,943

171,497

I Bed Ground R€ntCurrent Rent2 Bod Ground RentCurrent Rent

10,200

495

1,700

990

5.0000%

5.0000%

5.0000%

5.0000%

20.0000

20.0000

20.0000

20.0000

204,000

9,900

34,000

19,800267,700

Cu¡rent Rent2 Båd Ground RentsCurent Rent


NET REALISATION

OUTLAY

ACQUtStTtON COSTSRes¡dualised PriceStamp DutyAgent F€eL€gal Fee

Contingency

DISPOSAL FEESSal€s Agent FeeSal€s Legal Fee

8,832,100

8,832,100

1,731,474

4.OO%1.00%0.750/

10.00%5.00%

10.00%5.00%

'10.00%

10.00%

4.O00/o

600.00 /un

CONSTRUCTION COSTSConatruction

1 bed units2 bed units1 Bed tJn¡ts2 Bod UnitsTotals

m21,885.71't,o71.43

314.29214.29

[email protected]

40.00 un

Rato m'z Cost€984.00 1,855,543Ê984.00 1,054,286e984.00 309,257Ê984.00 210,857

.g¿¿cÉ13

5.00% 171,497

Other ConstructionExternalsAbnormalsExlernalsAbnormals


514,491

342,994

377,284

501,123

7,068,8't0

1,763,290

FINANCED€bit Rate 6.50% Cred¡t Rate 0.00% (Nominal)Total Finanæ Cost

TOTAL COSTS

PROFIT

Pertormanco MoasurosProfit on Costo/o

Prof¡t on GDV%Pro1lt on NDV%Development Yield% (on Rent)Equivalent Yield% (Nominal)Equivalent Yield% (True)

IRR

Rent CoverProfìt Erosìon (f¡nance rate 6.500%)

24.94o/o

19.96%19.96%

0.19'/o5.09o/o

5.160/o

21.28o/o

yrs I mthsyrs 5 mths

ót3

File: HIPROJECTS (Sharêd)U014 SLR VIABILITY AND CIL VIABILIT\IRESIOENT|AL INSTITUTIONS\HIGH - NO AFFORDABLE.wcfxARGUS Developer Version: 5.00.001 Date:03/03/2015

248 P04

LICENSEDAPPRAISAL SUMMARY


1 bed units2 bed units1 Bed Un¡ts2 Bed Un¡tsTotals

m21,320.00

750.00220.OO

1q9q2,4r'.O,OO

ASSISTED LIVING SCHEMECITY CENTRE . WITH AFFORDABLE

Summary Appraisal for Mergod Phases I 2

Rental Area Summary

Currênt Rent

10,200

4,950

1,700

990

Unlts Rate m'Ê3,510.00Ê3,510.00Ê3,510.00Ê3,510.00

Unlt Pr¡ceÊ193,050Ê263,250Ê193,0501263,250

Gross Salss4,633,2002,632,500

772,200

Adjustment00

(318,533)

Net Sales4,6s3,2002,632,500

453,668

2410

4

z40

2410

4

4õ

Unltslnit¡al

MRV/UniTÊ.425!495t425Ê495

Nèt Rêntat Sale10,2004,9501,700

999,17,8/t0

5.0000%

5.0000%

5.0000%

5.0000%

lnltialMRV

10,2004,9501,700

99S17,840

529.999. Q17.'t81\ 3!9.æ8,564,,t00 (535,714) 8,028,686

204,000

99,000

34,000

19,800356,800

'l Bed Ground Rent2 Bêd Ground Rent1 Bed Ground Rents2 Bed Ground RentsTolals

lnvestment Valuat¡onI Bed Ground RentCurr€nt Rent2 Bed Ground RentCurrent RentI Bod Ground RontsCurrent Rent

20.0000

20.0000

20.0000

20.0000

YP@

YP@

YP@

YP@

GROSS DEVELOP|\ilENT VALUE

NET REALISATION

OUTLAY

ACQUTSTilON COSTSRos¡duâl¡s6d Price

m'¿

1,885.711,O71.43

314.29214.29

@2.!

40.00 un4.O0o/o

600.00 /un335,419

24,OOO

8,385,486

8,385,486

't,324,302

3,429,943

't71,497

685,989

342,994

359,419

504,686

6,818,831

1,566,656

CONSTRUCTION COSTSConstrucl¡on

1 bed units2 bêd units1 Bed Units2 Bed UnitsTotals

Stamp DutyAgent FeeLegal Fee

Contingency

Other Construct¡onExternalsAbnormalsCity Centre AbnormalsExternalsAbnôrmâlsC¡ty Centre Abnormals

1,252,2954.O0./. 50,092'1.o0./" 12,523o.750/o 9,392

Rate m'z costÊ984.00 1,855,543Ê984.00 r,054,286Ê984.00 309,257Ê984.00 210,857

3.429.943

5.00% 17'1,497


10.00%5.00%5.00%

10.00%5.00%5.00%

290,983145,491145,491

52,01126,00626,006

10.00%10.00%

290,98352,011


FINANCEDebit Rate 6.50% Cred¡t Rate 0.00% (Nominal)Total Finance Cost

TOTAL COSTS

PROFIT

Profit on Cost%Profit on GDV%Profit on NDVo/o

Development Yield% (on Rent)Equivalent Yield% (Nominal)Equivalent Y¡eld% (True)

22.98%'18.68%

18.681o0.26%5.00%5.16%

IRR

Rênt Côvêr

19.86y"

87 yrs 10 mths3 yrs 2 mthsProf¡t Erosion (finance rate 6.500%)

F¡le: HIPROJECTS (Shared)\2014 SLR VIABILITY AND CIL VIABILITY\RESIDENTIAL INSTITUTIONS\CITY CENTRE - WITH AFFORDABLE.wcfxARGUS Developer Version: 5.00.001 Dâte:06/03/2015

249 P04

LIGENSED COPYAPPRAISAL SUMMARYASSISTED LIVING SCHEMECITY CENTRE. NO AFFORDABLE

Summary Appralsal for Morgod Phasos I 2

Rêntal Area Summary


1 bed units2 bed units1 Bed Un¡ts2 Bed Un¡tsTotals

m'¡1,320.00

750.00220.O0

Un¡ts Ralo m'Ê3,510.00Ê3,510.00Ê3,510.00Ê3,510.00

1,448,42657,93714,48410,863

290,983't45,491'145,491

52,01126,00626,006

290,98352,01 1

Unit Pr¡cèÊ193,0508263,250Ê 193,0508263,250

Gross Salês4,633,2002,632,500

772,200

529é@8,564,¡O0

204,000

9,900

34,000

19,800267,700

24'10

4

z40

24104

z40

Un¡ts

L999.2,440,00

1 Bed Ground Rent2 Bed Ground Rent1 Bed Ground Rents2 Bed Ground RentsTotals

ln¡tlali¡lRV/Unlt

Ê.425Ê50

î.425Ê495

Nat Rontat Salê10,200

4951,700

10,200

495

1,700

990

YP@

YP@

YP@

YP@

lnltlalMRV

'10,200

4951,700

20.0000

20.0000

20.0000

20.0000

3,429,943

't71,497

990 99013,385 13,385

lnvestment Valuat¡onI Bod Ground RentCurrent Rent2 Bed Ground RentCurrent Rentt Bsd Ground R€ntsCurrent Rent2 Bod Ground RontsCurr€nt Renl

5.0000%

5.0000%

5.0000%

5.0000%


NET REALISATION

OUILAY

ACQUtStTtON COSTSResidualised PriceStamp DutyAgent FeeLegal Fee

8,832,100

8,832,100

't,531,711coNsTRucTtoN cosrsConstructlon

'I bed un¡ls2 bed un¡ts1 Bed Units2 Bed UnitsTotals

m'z

1,885.711,O71.43

314.29214-29

.s@2.!

Ratê m'¡ coste984.00 1,855,543€984.00 1,054,286€984.00 309,257Ê984.00 210,857

3.429.943

5.00% 171,497

4.OO%'t.00%0.75%

10.00%10.00%

Contingency

Other ConstructlonExternalsAbnormalsCity Centre AbnormalsExternalsAbnormalsC¡ty Centre Abnormals

10.00%5.00%5.00%

10.00%5.00%5.00%

PROFESSIONAL FEESOthêr ProfêssionâlsOther Professionals

685,989

342,994

377,284

489,1 61

7,028,579

1,803,521



TOTAL COSTS

PROFIT

Pårformâncå MeasuresProfìt on Costo¿Profit on GDV%Profit on NDV%Development Y¡eld% (on Rent)Equ¡valent Yield% (Nominal)Equ¡val€nt Yield% (True)

IRR

Rent CoverProf¡t Eros¡on (f¡nance rat€ 6.500%)

4.O0Vo600.00 /un

353,28424,O00

25.660/.20.420k20.421o

0.190/.5.00%5.160/.

21.8A6


File: HIPROJECTS (Shared)U014 SLR VIABILITY AND CIL VIABILIT\IRESIDENT|AL INSTITUTIONS\CITY CENIRE - NO AFFORDABLE.wcfxARGUS Developer Vers¡on: 5.00.001 Dale:03/03/2015

250 P04

SHARED ACCOMMODATION

LOW MEDIUM HIGH CITY CENTRE 1. DEVELOPMENT VALUE QUANTUM UNIT RATE UNIT TOTAL QUANTUM UNIT RATE UNIT TOTAL QUANTUM UNIT RATE UNIT TOTAL QUANTUM UNIT RATE UNIT TOTAL

GROSS FLOOR AREA 16266 GFA m2 100% 16266 GFA m2 100% 16266 GFA m2 100% 16266 GFA m2 100%NET LETTABLE AREA 530 ROOMS 2856 PER ROOM 530 ROOMS 3672 PER ROOM 530 ROOMS 5916 PER ROOM 530 ROOMS 5916 PER ROOMINVESTMENT YIELD 1,513,680£ p.a. 8.50% 1,946,160£ p.a. 8.50% 3,135,480£ p.a. 7.50% 3,135,480£ p.a. 7.50%RENT FREE 0 MONTHS 1.00 0 MONTHS 1.00 0 MONTHS 1.00 0 MONTHS 1.00GROSS DEVELOPMENT VALUE 17,808,000£ 22,896,000£ 41,806,400£ 41,806,400£ Less Buyer's Costs 17,808,000£ -5.75% 1,023,960.00-£ 22,896,000£ -5.7500% 1,316,520.00-£ 41,806,400£ -5.7500% 2,403,868.00-£ 41,806,400£ -5.7500% 2,403,868.00-£ NET RECEIPT 16,784,040£ 21,579,480£ 39,402,532£ 39,402,532£

2 DEVELOPMENT COSTSBUILDING COSTS ESTIMATE (INC. PRELIMS, OH & P) 16266 m2 1269.534 per m2 20,650,240£ 16266 m2 1269.534 per m2 20,650,240£ 16266 m2 1269.534 per m2 20,650,240£ 16266 m2 1269.534 per m2 20,650,240£ EXTERNAL WORKS 20,650,240£ 11.25% 2,323,152£ 20,650,240£ 11.25% 2,323,152£ 20,650,240£ 11.25% 2,323,152£ 20,650,240£ 11.25% 2,323,152£ FEES 22,973,392£ 10% 2,297,339£ 22,973,392£ 10% 2,297,339£ 22,973,392£ 10% 2,297,339£ 22,973,392£ 10% 2,297,339£ ABNORMALS ALLOWANCE 22,973,392£ 5% 1,148,670£ 22,973,392£ 5% 1,148,670£ 22,973,392£ 5% 1,148,670£ 22,973,392£ 5% 1,148,670£ CITY CENTRE ABNORMALS 22,973,392£ 0 -£ 22,973,392£ 0 -£ 22,973,392£ 0 -£ 22,973,392£ 0.05 1,148,670£ CONTINGENCY 22,973,392£ 5% 1,148,670£ 22,973,392£ 5% 1,148,670£ 22,973,392£ 5% 1,148,670£ 22,973,392£ 5% 1,148,670£ EPC 16266 m2 0.50£ 8,133£ 16266 m2 0.50£ 8,133£ 16266 m2 0.50£ 8,133£ 16266 m2 0.50£ 8,133£ DEVELOPMENT FINANCE (ON HALF BUILD) 1.33 yrs 6.50% 1,194,616.39£ 1.33 yrs 6.50% 1,194,616.39£ 1.33 yrs 6.50% 1,194,616.39£ 1.33 yrs 6.50% 1,244,392.07£ FINANCE ARRANGEMENT FEE 27,576,203£ 0.10% 27,576£ 27,576,203£ 0.10% 27,576£ 27,576,203£ 0.10% 27,576£ 28,724,873£ 0.10% 28,725£ SALES FEES (LEGAL AND SURVEYORS) 16,784,040£ 1.25% 209,801£ 21,579,480£ 1.25% 269,744£ 39,402,532£ 1.25% 492,532£ 39,402,532£ 1.25% 492,532£ LETTING FEES (LEGAL AND SURVEYORS) 1,513,680£ 15.00% 227,052£ 1,946,160£ 15.00% 291,924£ 3,135,480£ 15.00% 470,322£ 3,135,480£ 15.00% 470,322£ PROFIT REQUIREMENT 15% 2,189,223£ 15% 2,814,715£ 15% 5,139,461£ 15% 5,139,461£ DEVELOPMENT COSTS 31,424,471£ 32,174,778£ 34,900,710£ 36,100,304£

AMOUNT AVAILABLE FOR SITE PURCHASE NEGATIVE LAND VALUE 14,640,431-£ NEGATIVE LAND VALUE 10,595,298-£ 4,501,822£ 3,302,228£ SDLT 509,175-£ 368,491-£ 156,568£ 114,847£ LEGALS AND SURVEYORS FEES ON PURCHASE 222,764-£ 161,215-£ 68,498£ 50,246£ FINANCE 1,179,109-£ 853,323-£ 362,567£ 265,954£ RESIDUAL VALUE 12,729,383-£ 9,212,270-£ 3,914,189£ 2,871,180£

BENCHMARK VALUE URBAN 81,330£ 406,650£ 853,965£ 853,965£ BENCHMARK VALUE NON URBAN 24,399£ 121,995£ 256,190£ 256,190£ HEADROOM URBAN HEADROOM PER M2 787.58-£ 12,810,713-£ HEADROOM PER M2 591.35-£ 9,618,920-£ HEADROOM PER M2 188.14£ 3,060,224£ HEADROOM PER M2 124.01£ 2,017,215£ HEADROOM NON URBAN HEADROOM PER M2 784.08-£ 12,753,782-£ HEADROOM PER M2 573.85-£ 9,334,265-£ HEADROOM PER M2 224.89£ 3,657,999£ HEADROOM PER M2 160.76£ 2,614,991£

251 P04

INDUSTRIAL

LOW MEDIUM HIGH

1. DEVELOPMENT VALUE QUANTUM UNIT RATE UNIT TOTAL QUANTUM UNIT RATE UNIT TOTAL QUANTUM UNIT RATE UNIT TOTAL

GROSS FLOOR AREA 3000 GFA m2 100% 3000 GFA m2 100% 3000 GFA m2 100%

NET LETTABLE AREA 3000 GIFA 35 per m2 3000 GIFA 45 per m2 3000 GIFA 60 per m2

INVESTMENT YIELD 105,000£ p.a. 10.00% 135,000£ p.a. 8.00% 180,000£ p.a. 7.50%

RENT FREE 10 MONTHS 0.92 10 MONTHS 0.94 10 MONTHS 0.94

GROSS DEVELOPMENT VALUE 969,830£ 1,582,671£ 2,259,631£

Less Buyer's Costs 969,830£ -5.75% 55,765.20-£ 1,582,671£ -5.7500% 91,003.58-£ 2,259,631£ -5.7500% 129,928.78-£

NET RECEIPT 914,064£ 1,491,667£ 2,129,702£

2 DEVELOPMENT COSTS

BUILDING COSTS ESTIMATE (INC. PRELIMS, OH & P) 3000 m2 471 per m2 1,413,000£ 3000 m2 471 per m2 1,413,000£ 3000 m2 471 per m2 1,413,000£

EXTERNAL WORKS 1,413,000£ 11.25% 158,963£ 1,413,000£ 11.25% 158,963£ 1,413,000£ 11.25% 158,963£

FEES 1,571,963£ 10% 157,196£ 1,571,963£ 10% 157,196£ 1,571,963£ 10% 157,196£

ABNORMALS ALLOWANCE 1,571,963£ 5% 78,598£ 1,571,963£ 5% 78,598£ 1,571,963£ 5% 78,598£

CITY CENTRE ABNORMALS 1,571,963£ 0 -£ 1,571,963£ 0 -£ 1,571,963£ 0 -£

CONTINGENCY 1,571,963£ 5% 78,598£ 1,571,963£ 5% 78,598£ 1,571,963£ 5% 78,598£

EPC 3000 m2 0.50£ 1,500£ 3000 m2 0.50£ 1,500£ 3000 m2 0.50£ 1,500£

DEVELOPMENT FINANCE (ON HALF BUILD) 0.50 yrs 6.50% 30,653.27£ 0.50 yrs 6.50% 30,653.27£ 0.50 yrs 6.50% 30,653.27£

FINANCE ARRANGEMENT FEE 1,887,855£ 0.10% 1,888£ 1,887,855£ 0.10% 1,888£ 1,887,855£ 0.10% 1,888£

SALES FEES (LEGAL AND SURVEYORS) 914,064£ 1.25% 11,426£ 1,491,667£ 1.25% 18,646£ 2,129,702£ 1.25% 26,621£

LETTING FEES (LEGAL AND SURVEYORS) 105,000£ 15.00% 15,750£ 135,000£ 15.00% 20,250£ 180,000£ 15.00% 27,000£

PROFIT REQUIREMENT 20% 152,344£ 20% 248,611£ 20% 354,950£

DEVELOPMENT COSTS 2,099,916£ 2,207,903£ 2,328,968£

AMOUNT AVAILABLE FOR SITE PURCHASE NEGATIVE LAND VALUE 1,185,852-£ NEGATIVE LAND VALUE 716,236-£ NEGATIVE LAND VALUE 199,266-£

SDLT 43,465-£ 26,252-£ 7,304-£

LEGALS AND SURVEYORS FEES ON PURCHASE 19,016-£ 11,485-£ 3,195-£

FINANCE 36,758-£ 22,201-£ 6,177-£

RESIDUAL VALUE 1,086,614-£ 656,298-£ 182,590-£

BENCHMARK VALUE URBAN 150,000£ 750,000£ 1,575,000£

BENCHMARK VALUE NON URBAN 45,000£ 225,000£ 472,500£

HEADROOM URBAN HEADROOM PER M2 412.20-£ 1,236,614-£ HEADROOM PER M2 468.77-£ 1,406,298-£ HEADROOM PER M2 585.86-£ 1,757,590-£

HEADROOM NON URBAN HEADROOM PER M2 377.20-£ 1,131,614-£ HEADROOM PER M2 293.77-£ 881,298-£ HEADROOM PER M2 218.36-£ 655,090-£

252 P04

LOW MEDIUM HIGH CITY CENTRE

1. DEVELOPMENT VALUE QUANTUM UNIT RATE UNIT TOTAL QUANTUM UNIT RATE UNIT TOTAL QUANTUM UNIT RATE UNIT TOTAL QUANTUM UNIT RATE UNIT TOTAL

GROSS FLOOR AREA 2000 GFA m2 85% 2000 GFA m2 85% 2000 GFA m2 85% 4000 GFA m2 80%

NET LETTABLE AREA 1700 GIFA 86 per m2 1700 GIFA 108 per m2 1700 GIFA 161 per m2 3200 GIFA 226 per m2

INVESTMENT YIELD 146,200£ p.a. 8.50% 183,600£ p.a. 8.50% 273,700£ p.a. 7.50% 723,200£ p.a. 7.00%

RENT FREE 10 MONTHS 0.93 10 MONTHS 0.93 10 MONTHS 0.94 10 MONTHS 0.95

GROSS DEVELOPMENT VALUE 1,606,955£ 2,018,036£ 3,435,894£ 9,765,037£

Less Buyer's Costs 1,606,955£ -5.75% 92,399.90-£ 2,018,036£ -5.7500% 116,037.09-£ 3,435,894£ -5.7500% 197,563.93-£ 9,765,037£ -5.7500% 561,489.63-£

NET RECEIPT 1,514,555£ 1,901,999£ 3,238,331£ 9,203,547£

2 DEVELOPMENT COSTS

BUILDING COSTS ESTIMATE (INC. PRELIMS, OH & P) 2000 m2 1183 per m2 2,366,000£ 2000 m2 1183 per m2 2,366,000£ 2000 m2 1183 per m2 2,366,000£ 4000 m2 1301 per m2 5,204,000£

EXTERNAL WORKS 2,366,000£ 11.25% 266,175£ 2,366,000£ 11.25% 266,175£ 2,366,000£ 11.25% 266,175£ 5,204,000£ 11.25% 585,450£

FEES 2,632,175£ 10% 263,218£ 2,632,175£ 10% 263,218£ 2,632,175£ 10% 263,218£ 5,789,450£ 10% 578,945£

ABNORMALS ALLOWANCE 2,632,175£ 5% 131,609£ 2,632,175£ 5% 131,609£ 2,632,175£ 5% 131,609£ 5,789,450£ 5% 289,473£

CITY CENTRE ABNORMALS 2,632,175£ 0 -£ 2,632,175£ 0 -£ 2,632,175£ 0 -£ 5,789,450£ 0.05 289,473£

CONTINGENCY 2,632,175£ 5% 131,609£ 2,632,175£ 5% 131,609£ 2,632,175£ 5% 131,609£ 5,789,450£ 5% 289,473£

EPC 2000 m2 0.50£ 1,000£ 2000 m2 0.50£ 1,000£ 2000 m2 0.50£ 1,000£ 4000 m2 0.50£ 2,000£

DEVELOPMENT FINANCE (ON HALF BUILD) 1.17 yrs 6.50% 119,763.96£ 1.17 yrs 6.50% 119,763.96£ 1.17 yrs 6.50% 119,763.96£ 1.17 yrs 6.50% 274,395.81£

FINANCE ARRANGEMENT FEE 3,159,610£ 0.10% 3,160£ 3,159,610£ 0.10% 3,160£ 3,159,610£ 0.10% 3,160£ 7,238,813£ 0.10% 7,239£

SALES FEES (LEGAL AND SURVEYORS) 1,514,555£ 1.25% 18,932£ 1,901,999£ 1.25% 23,775£ 3,238,331£ 1.25% 40,479£ 9,203,547£ 1.25% 115,044£

LETTING FEES (LEGAL AND SURVEYORS) 146,200£ 15.00% 21,930£ 183,600£ 15.00% 27,540£ 273,700£ 15.00% 41,055£ 723,200£ 15.00% 108,480£

PROFIT REQUIREMENT 15% 197,551£ 15% 248,087£ 15% 422,391£ 15% 1,200,463£

DEVELOPMENT COSTS 3,520,946£ 3,581,935£ 3,786,459£ 8,944,434£

AMOUNT AVAILABLE FOR SITE PURCHASE NEGATIVE LAND VALUE 2,006,391-£ NEGATIVE LAND VALUE 1,679,936-£ NEGATIVE LAND VALUE 548,128-£ 259,113£

SDLT 70,516-£ 59,042-£ 19,264-£ 9,107£

LEGALS AND SURVEYORS FEES ON PURCHASE 30,851-£ 25,831-£ 8,428-£ 3,984£

FINANCE 142,126-£ 119,001-£ 38,827-£ 18,355£

RESIDUAL VALUE 1,762,899-£ 1,476,062-£ 481,608-£ 227,668£

BENCHMARK VALUE URBAN 50,000£ 250,000£ 525,000£ 210,000£

BENCHMARK VALUE NON URBAN 15,000£ 75,000£ 157,500£ 63,000£

HEADROOM URBAN HEADROOM PER M2 906.45-£ 1,812,899-£ HEADROOM PER M2 863.03-£ 1,726,062-£ HEADROOM PER M2 503.30-£ 1,006,608-£ HEADROOM PER M2 4.42£ 17,668£

HEADROOM NON URBAN HEADROOM PER M2 888.95-£ 1,777,899-£ HEADROOM PER M2 775.53-£ 1,551,062-£ HEADROOM PER M2 319.55-£ 639,108-£ HEADROOM PER M2 41.17£ 164,668£

253 P04

47789

Typewritten Text

47789

Typewritten Text

47789

Typewritten Text

Offices

Sheet B Supermarket - Discount CHECKED 10/01/2015 PRINTED 24/02/2015LOW MEDIUM HIGH CITY CENTRE

1. DEVELOPMENT VALUE QUANTUM UNIT RATE UNIT TOTAL QUANTUM UNIT RATE UNIT TOTAL QUANTUM UNIT RATE UNIT TOTAL QUANTUM UNIT RATE UNIT TOTALGROSS FLOOR AREA 1510 GFA m2 95% 1510 GFA m2 95% 1510 GFA m2 95% 1510 GFA m2 95%NET LETTABLE AREA 1435 GIFA 130 per m2 1435 GIFA 130 per m2 1435 GIFA 130 per m2 1435 GIFA 130 per m2INVESTMENT YIELD 186,485£ p.a. 6.75% 186,485£ p.a. 6.75% 186,485£ p.a. 6.75% 186,485£ p.a. 6.75%RENT FREE 12 MONTHS 0.94 12 MONTHS 0.94 12 MONTHS 0.94 12 MONTHS 0.94GROSS DEVELOPMENT VALUE 2,588,048£ 2,588,048£ 2,588,048£ 2,588,048£ Less Buyer's Costs 2,588,048£ -5.00% 129,402.38-£ 2,588,048£ -5.0000% 129,402.38-£ 2,588,048£ -5.0000% 129,402.38-£ 2,588,048£ -5.0000% 129,402.38-£ NET RECEIPT 2,458,645£ 2,458,645£ 2,458,645£ 2,458,645£

2 DEVELOPMENT COSTSBUILDING COSTS ESTIMATE (INC. PRELIMS, OH & P) 1510 m2 825.648 per m2 1,246,728£ 1510 m2 825.648 per m2 1,246,728£ 1510 m2 825.648 per m2 1,246,728£ 1510 m2 825.648 per m2 1,246,728£ EXTERNAL WORKS 1,246,728£ 11.25% 140,257£ 1,246,728£ 11.25% 140,257£ 1,246,728£ 11.25% 140,257£ 1,246,728£ 11.25% 140,257£ FEES 1,386,985£ 10% 138,699£ 1,386,985£ 10% 138,699£ 1,386,985£ 10% 138,699£ 1,386,985£ 10% 138,699£ ABNORMALS ALLOWANCE 1,386,985£ 5% 69,349£ 1,386,985£ 5% 69,349£ 1,386,985£ 5% 69,349£ 1,386,985£ 5% 69,349£ CITY CENTRE ABNORMALS 1,386,985£ 0 -£ 1,386,985£ 0 -£ 1,386,985£ 0 -£ 1,386,985£ 0.05 69,349£ CONTINGENCY 1,386,985£ 5% 69,349£ 1,386,985£ 5% 69,349£ 1,386,985£ 5% 69,349£ 1,386,985£ 5% 69,349£ EPC 1510 m2 0.50£ 755£ 1510 m2 0.50£ 755£ 1510 m2 0.50£ 755£ 1510 m2 0.50£ 755£ DEVELOPMENT FINANCE (ON HALF BUILD) 1.00 yrs 6.50% 54,092.43£ 1.00 yrs 6.50% 54,092.43£ 1.00 yrs 6.50% 54,092.43£ 1.00 yrs 6.50% 56,346.28£ FINANCE ARRANGEMENT FEE 1,665,138£ 0.10% 1,665£ 1,665,138£ 0.10% 1,665£ 1,665,138£ 0.10% 1,665£ 1,734,487£ 0.10% 1,734£ SALES FEES 2,458,645£ 1.25% 30,733£ 2,458,645£ 1.25% 30,733£ 2,458,645£ 1.25% 30,733£ 2,458,645£ 1.25% 30,733£ LETTING FEES 186,485£ 15.00% 27,973£ 186,485£ 15.00% 27,973£ 186,485£ 15.00% 27,973£ 186,485£ 15.00% 27,973£ PROFIT REQUIREMENT 20% 409,774£ 20% 409,774£ 20% 409,774£ 20% 409,774£ DEVELOPMENT COSTS 2,189,375£ 2,189,375£ 2,189,375£ 2,261,048£

AMOUNT AVAILABLE FOR SITE PURCHASE 269,270£ 269,270£ 269,270£ 197,598£ SDLT 2,408£ 2,408£ 2,408£ 1,767£ LEGALS AND SURVEYORS FEES ON PURCHASE 9,632£ 9,632£ 9,632£ 7,068£ FINANCE 16,434£ 16,434£ 16,434£ 12,060£ RESIDUAL VALUE 240,796£ 240,796£ 240,796£ 176,703£

BENCHMARK VALUE URBAN 151,000£ 755,000£ 1,585,500£ 1,585,500£ BENCHMARK VALUE NON URBAN 271,800£ 317,100£ 400,150£ 400,150£ HEADROOM URBAN HEADROOM PER M2 59.47£ 89,796£ HEADROOM PER M2 340.53-£ 514,204-£ HEADROOM PER M2 890.53-£ 1,344,704-£ HEADROOM PER M2 932.98-£ 1,408,797-£ HEADROOM NON URBAN HEADROOM PER M2 20.53-£ 31,004-£ HEADROOM PER M2 50.53-£ 76,304-£ HEADROOM PER M2 105.53-£ 159,354-£ HEADROOM PER M2 147.98-£ 223,447-£

254 P04

HOTELS 24/02/2015





INVESTMENT YIELD 7,800,000£ p.a. 100.00% 7,800,000£ p.a. 100.00% 10,800,000£ p.a. 100.00% 26,100,000£ p.a. 100.00%



Less Buyer's Costs 7,800,000£ -5.75% 448,500.00-£ 7,800,000£ -5.7500% 448,500.00-£ 10,800,000£ -5.7500% 621,000.00-£ 26,100,000£ -5.7500% 1,500,750.00-£

NET RECEIPT 7,351,500£ 7,351,500£ 10,179,000£ 24,599,250£

2 DEVELOPMENT COSTS

BUILDING COSTS ESTIMATE (INC. PRELIMS, OH & P) 3600 m2 1198.392 per m2 4,314,211£ 3600 m2 1198.392 per m2 4,314,211£ 3600 m2 1198.392 per m2 4,314,211£ 8000 m2 1657.308 per m2 13,258,464£

EXTERNAL WORKS 4,314,211£ 11.25% 485,349£ 4,314,211£ 11.25% 485,349£ 4,314,211£ 11.25% 485,349£ 13,258,464£ 11.25% 1,491,577£

FEES 4,799,560£ 10% 479,956£ 4,799,560£ 10% 479,956£ 4,799,560£ 10% 479,956£ 14,750,041£ 10% 1,475,004£


CITY CENTRE ABNORMALS 4,799,560£ 0 -£ 4,799,560£ 0 -£ 4,799,560£ 0 -£ 14,750,041£ 5% 737,502£

CONTINGENCY 4,799,560£ 5% 239,978£ 4,799,560£ 5% 239,978£ 4,799,560£ 5% 239,978£ 14,750,041£ 5% 737,502£

EPC 3600 m2 0.50£ 1,800£ 3600 m2 0.50£ 1,800£ 3600 m2 0.50£ 1,800£ 8000 m2 0.50£ 4,000£



SALES FEES (LEGAL AND SURVEYORS) 7,351,500£ 1.25% 91,894£ 7,351,500£ 1.25% 91,894£ 10,179,000£ 1.25% 127,238£ 24,599,250£ 1.25% 307,491£

LETTING FEES (LEGAL AND SURVEYORS) 7,800,000£ 2.00% 156,000£ 7,800,000£ 2.00% 156,000£ 10,800,000£ 2.00% 216,000£ 26,100,000£ 2.00% 522,000£

PROFIT REQUIREMENT 20% 1,225,250£ 20% 1,225,250£ 20% 1,696,500£ 20% 4,099,875£


AMOUNT AVAILABLE FOR SITE PURCHASE NEGATIVE LAND VALUE 200,648-£ NEGATIVE LAND VALUE 200,648-£ 2,060,258£ 211,191£

SDLT 6,833-£ 6,833-£ 70,165£ 7,192£

LEGALS AND SURVEYORS FEES ON PURCHASE 2,990-£ 2,990-£ 30,697£ 3,147£

FINANCE 19,992-£ 19,992-£ 205,279£ 21,043£

RESIDUAL VALUE 170,833-£ 170,833-£ 1,754,117£ 179,809£

BENCHMARK VALUE URBAN 100,000£ 500,000£ 1,050,000£ 840,000£

BENCHMARK VALUE NON URBAN 180,000£ 210,000£ 265,000£ 252,000£

HEADROOM URBAN HEADROOM PER M2 75.23-£ 270,833-£ HEADROOM PER M2 186.34-£ 670,833-£ HEADROOM PER M2 195.59£ 704,117£ HEADROOM PER M2 82.52-£ 660,191-£

HEADROOM NON URBAN HEADROOM PER M2 97.45-£ 350,833-£ HEADROOM PER M2 105.79-£ 380,833-£ HEADROOM PER M2 413.64£ 1,489,117£ HEADROOM PER M2 9.02-£ 72,191-£

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Sheet D Retail Warehouse PRINTED 24-2-15LOW MEDIUM HIGH

1. DEVELOPMENT VALUE QUANTUM UNIT RATE UNIT TOTAL QUANTUM UNIT RATE UNIT TOTAL QUANTUM UNIT RATE UNIT TOTALGROSS FLOOR AREA 1000 GFA m2 95% 1000 GFA m2 95% 1000 GFA m2 95%NET LETTABLE AREA 950 GIFA 110 per m2 950 GIFA 145 per m2 950 GIFA 160 per m2INVESTMENT YIELD 104,500£ p.a. 6.50% 137,750£ p.a. 6.50% 152,000£ p.a. 6.50%RENT FREE 12 MONTHS 0.94 12 MONTHS 0.94 12 MONTHS 0.94GROSS DEVELOPMENT VALUE 1,509,570£ 1,989,888£ 2,195,739£ Less Buyer's Costs 1,509,570£ -5.00% 75,478.51-£ 1,989,888£ -5.0000% 99,494.40-£ 2,195,739£ -5.0000% 109,786.93-£ NET RECEIPT 1,434,092£ 1,890,394£ 2,085,952£

2 DEVELOPMENT COSTSBUILDING COSTS ESTIMATE (INC. PRELIMS, OH & P) 1000 m2 566.13 per m2 566,130£ 1000 m2 566.13 per m2 566,130£ 1000 m2 566.13 per m2 566,130£ EXTERNAL WORKS 566,130£ 11.25% 63,690£ 566,130£ 11.25% 63,690£ 566,130£ 11.25% 63,690£ FEES 629,820£ 10% 62,982£ 629,820£ 10% 62,982£ 629,820£ 10% 62,982£ ABNORMALS ALLOWANCE 629,820£ 5% 31,491£ 629,820£ 5% 31,491£ 629,820£ 5% 31,491£ CITY CENTRE ABNORMALS 629,820£ 0 -£ 629,820£ 0 -£ 629,820£ 0 -£ CONTINGENCY 629,820£ 5% 31,491£ 629,820£ 5% 31,491£ 629,820£ 5% 31,491£ EPC 1000 m2 0.50£ 500£ 1000 m2 0.50£ 500£ 1000 m2 0.50£ 500£ DEVELOPMENT FINANCE (ON HALF BUILD) 1.00 yrs 6.50% 24,562.97£ 1.00 yrs 6.50% 24,562.97£ 1.00 yrs 6.50% 24,562.97£ FINANCE ARRANGEMENT FEE 756,284£ 0.10% 756£ 756,284£ 0.10% 756£ 756,284£ 0.10% 756£ SALES FEES 1,434,092£ 1.25% 17,926£ 1,890,394£ 1.25% 23,630£ 2,085,952£ 1.25% 26,074£ LETTING FEES 104,500£ 15.00% 15,675£ 137,750£ 15.00% 20,663£ 152,000£ 15.00% 22,800£ PROFIT REQUIREMENT 20% 239,015£ 20% 315,066£ 20% 347,659£ DEVELOPMENT COSTS 1,054,219£ 1,140,961£ 1,178,136£

AMOUNT AVAILABLE FOR SITE PURCHASE 379,872£ 749,433£ 907,816£ SDLT 3,397£ 6,702£ 8,118£ LEGALS AND SURVEYORS FEES ON PURCHASE 13,588£ 26,807£ 32,473£ FINANCE 23,185£ 45,740£ 55,407£ RESIDUAL VALUE 339,703£ 670,184£ 811,818£

BENCHMARK VALUE URBAN 60,000£ 300,000£ 630,000£ BENCHMARK VALUE NON URBAN 108,000£ 126,000£ 159,000£ HEADROOM URBAN HEADROOM PER M2 279.70£ 279,703£ HEADROOM PER M2 370.18£ 370,184£ HEADROOM PER M2 181.82£ 181,818£ HEADROOM NON URBAN HEADROOM PER M2 231.70£ 231,703£ HEADROOM PER M2 544.18£ 544,184£ HEADROOM PER M2 652.82£ 652,818£

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Sheet A Small Retail CHECKED 10/01/2015LOW MEDIUM HIGH CITY CENTRE* but see detailed scheme appraisal for city centre

1. DEVELOPMENT VALUE QUANTUM UNIT RATE UNIT TOTAL QUANTUM UNIT RATE UNIT TOTAL QUANTUM UNIT RATE UNIT TOTAL QUANTUM UNIT RATE UNIT TOTALGROSS FLOOR AREA 279 GFA m2 78% 279 GFA m2 78% 279 GFA m2 78% 279 GFA m2 78%NET LETTABLE AREA 218 GIFA 60 per m2 218 GIFA 88 per m2 218 GIFA 237 per m2 218 GIFA 220 per m2INVESTMENT YIELD 13,057£ p.a. 8.50% 19,151£ p.a. 8.50% 51,576£ p.a. 7.50% 47,876£ p.a. 7.00%RENT FREE 12 MONTHS 0.92 12 MONTHS 0.92 12 MONTHS 0.93 12 MONTHS 0.93GROSS DEVELOPMENT VALUE 141,580£ 207,650£ 639,702£ 639,204£ Less Buyer's Costs 141,580£ -5.00% 7,078.99-£ 207,650£ -6.0000% 12,459.03-£ 639,702£ -9.0000% 57,573.14-£ 639,204£ -9.0000% 57,528.38-£ NET RECEIPT 134,501£ 195,191£ 582,128£ 581,676£

2 DEVELOPMENT COSTSBUILDING COSTS ESTIMATE (INC. PRELIMS, OH & P) 279 m2 731.46 per m2 204,077£ 279 m2 731.46 per m2 204,077£ 279 m2 731.46 per m2 204,077£ 279 m2 1133.262 per m2 316,180£ EXTERNAL WORKS 204,077£ 11.25% 22,959£ 204,077£ 11.25% 22,959£ 204,077£ 11.25% 22,959£ 316,180£ 11.25% 35,570£ FEES 227,036£ 10% 22,704£ 227,036£ 10% 22,704£ 227,036£ 10% 22,704£ 351,750£ 10% 35,175£ ABNORMALS ALLOWANCE 227,036£ 5% 11,352£ 227,036£ 5% 11,352£ 227,036£ 5% 11,352£ 351,750£ 5% 17,588£ CITY CENTRE ABNORMALS 227,036£ 0 -£ 227,036£ 0 -£ 227,036£ 0 -£ 351,750£ 0 -£ CONTINGENCY 227,036£ 5% 11,352£ 227,036£ 5% 11,352£ 227,036£ 5% 11,352£ 351,750£ 5% 17,588£ EPC 279 m2 0.50£ 140£ 279 m2 0.50£ 140£ 279 m2 0.50£ 140£ 279 m2 0.50£ 140£ DEVELOPMENT FINANCE (ON HALF BUILD) 1.00 yrs 6.50% 8,854.41£ 1.00 yrs 6.50% 8,854.41£ 1.00 yrs 6.50% 8,854.41£ 1.00 yrs 6.50% 13,718.26£ FINANCE ARRANGEMENT FEE 272,583£ 0.10% 273£ 272,583£ 0.10% 273£ 272,583£ 0.10% 273£ 422,240£ 0.10% 422£ SALES FEES 134,501£ 1.25% 1,681£ 195,191£ 1.25% 2,440£ 582,128£ 1.25% 7,277£ 581,676£ 1.25% 7,271£ LETTING FEES 13,057£ 15.00% 1,959£ 19,151£ 15.00% 2,873£ 51,576£ 15.00% 7,736£ 47,876£ 15.00% 7,181£ PROFIT REQUIREMENT 20% 22,417£ 20% 32,532£ 20% 97,021£ 20% 96,946£ DEVELOPMENT COSTS 307,766£ 319,554£ 393,744£ 547,779£

AMOUNT AVAILABLE FOR SITE PURCHASE NEGATIVE LAND VALUE 173,266-£ NEGATIVE LAND VALUE 124,363-£ 188,384£ 33,897£ SDLT 1,549-£ 1,112-£ 1,685£ 303£ LEGALS AND SURVEYORS FEES ON PURCHASE 6,198-£ 4,448-£ 6,739£ 1,213£ FINANCE 10,575-£ 7,590-£ 11,498£ 2,069£ RESIDUAL VALUE 154,943-£ 111,212-£ 168,463£ 30,313£

BENCHMARK VALUE URBAN 6,200£ 31,000£ 65,100£ 65,100£ BENCHMARK VALUE NON URBAN 1,860£ 9,300£ 19,530£ 19,530£ HEADROOM URBAN HEADROOM PER M2 577.58-£ 161,143-£ HEADROOM PER M2 509.72-£ 142,212-£ HEADROOM PER M2 370.48£ 103,363£ HEADROOM PER M2 124.69-£ 34,787-£ HEADROOM NON URBAN HEADROOM PER M2 562.02-£ 156,803-£ HEADROOM PER M2 431.94-£ 120,512-£ HEADROOM PER M2 533.81£ 148,933£ HEADROOM PER M2 38.65£ 10,783£

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Sheet C Supermarket PRINTED 24/02/2015LOW MEDIUM HIGH CITY CENTRE

1. DEVELOPMENT VALUE QUANTUM UNIT RATE UNIT TOTAL QUANTUM UNIT RATE UNIT TOTAL QUANTUM UNIT RATE UNIT TOTAL QUANTUM UNIT RATE UNIT TOTALGROSS FLOOR AREA 5000 GFA m2 95% 5000 GFA m2 95% 5000 GFA m2 95% 5000 GFA m2 95%NET LETTABLE AREA 4750 GIFA 150 per m2 4750 GIFA 195 per m2 4750 GIFA 215 per m2 4750 GIFA 215 per m2INVESTMENT YIELD 712,500£ p.a. 6.75% 926,250£ p.a. 6.75% 1,021,250£ p.a. 6.75% 1,021,250£ p.a. 6.75%RENT FREE 12 MONTHS 0.94 12 MONTHS 0.94 12 MONTHS 0.94 12 MONTHS 0.94GROSS DEVELOPMENT VALUE 9,888,108£ 12,854,541£ 14,172,955£ 14,172,955£ Less Buyer's Costs 9,888,108£ -5.00% 494,405.41-£ 12,854,541£ -5.0000% 642,727.04-£ 14,172,955£ -5.0000% 708,647.76-£ 14,172,955£ -5.0000% 708,647.76-£ NET RECEIPT 9,393,703£ 12,211,814£ 13,464,307£ 13,464,307£

2 DEVELOPMENT COSTSBUILDING COSTS ESTIMATE (INC. PRELIMS, OH & P) 5000 m2 1084.164 per m2 5,420,820£ 5000 m2 1084.164 per m2 5,420,820£ 5000 m2 1084.164 per m2 5,420,820£ 5000 m2 1084.164 per m2 5,420,820£ EXTERNAL WORKS 5,420,820£ 11.25% 609,842£ 5,420,820£ 11.25% 609,842£ 5,420,820£ 11.25% 609,842£ 5,420,820£ 11.25% 609,842£ FEES 6,030,662£ 10% 603,066£ 6,030,662£ 10% 603,066£ 6,030,662£ 10% 603,066£ 6,030,662£ 10% 603,066£ ABNORMALS ALLOWANCE 6,030,662£ 5% 301,533£ 6,030,662£ 5% 301,533£ 6,030,662£ 5% 301,533£ 6,030,662£ 5% 301,533£ CITY CENTRE ABNORMALS 6,030,662£ 0 -£ 6,030,662£ 0 -£ 6,030,662£ 0 -£ 6,030,662£ 0.05 301,533£ CONTINGENCY 6,030,662£ 5% 301,533£ 6,030,662£ 5% 301,533£ 6,030,662£ 5% 301,533£ 6,030,662£ 5% 301,533£ EPC 5000 m2 0.50£ 2,500£ 5000 m2 0.50£ 2,500£ 5000 m2 0.50£ 2,500£ 5000 m2 0.50£ 2,500£ DEVELOPMENT FINANCE (ON HALF BUILD) 1.25 yrs 6.50% 293,994.78£ 1.25 yrs 6.50% 293,994.78£ 1.25 yrs 6.50% 293,994.78£ 1.25 yrs 6.50% 306,244.57£ FINANCE ARRANGEMENT FEE 7,239,295£ 0.10% 7,239£ 7,239,295£ 0.10% 7,239£ 7,239,295£ 0.10% 7,239£ 7,540,828£ 0.10% 7,541£ SALES FEES 9,393,703£ 1.25% 117,421£ 12,211,814£ 1.25% 152,648£ 13,464,307£ 1.25% 168,304£ 13,464,307£ 1.25% 168,304£ LETTING FEES 712,500£ 15.00% 106,875£ 926,250£ 15.00% 138,938£ 1,021,250£ 15.00% 153,188£ 1,021,250£ 15.00% 153,188£ PROFIT REQUIREMENT 20% 1,565,617£ 20% 2,035,302£ 20% 2,244,051£ 20% 2,244,051£ DEVELOPMENT COSTS 9,330,442£ 9,867,416£ 10,106,071£ 10,420,156£

AMOUNT AVAILABLE FOR SITE PURCHASE 63,261£ 2,344,397£ 3,358,236£ 3,044,152£ SDLT 566£ 20,965£ 30,031£ 27,222£ LEGALS AND SURVEYORS FEES ON PURCHASE 2,263£ 83,860£ 120,125£ 108,890£ FINANCE 3,861£ 143,085£ 204,963£ 185,793£ RESIDUAL VALUE 56,571£ 2,096,488£ 3,003,117£ 2,722,246£

BENCHMARK VALUE URBAN 400,000£ 2,000,000£ 4,200,000£ 4,200,000£ BENCHMARK VALUE NON URBAN 720,000£ 840,000£ 1,060,000£ 1,060,000£ HEADROOM URBAN HEADROOM PER M2 68.69-£ 343,429-£ HEADROOM PER M2 19.30£ 96,488£ HEADROOM PER M2 239.38-£ 1,196,883-£ HEADROOM PER M2 295.55-£ 1,477,754-£ HEADROOM NON URBAN HEADROOM PER M2 132.69-£ 663,429-£ HEADROOM PER M2 251.30£ 1,256,488£ HEADROOM PER M2 388.62£ 1,943,117£ HEADROOM PER M2 332.45£ 1,662,246£

106.50% A 106.50% A 106.50% A 106.50% A6.50% B 6.50% B 6.50% B 6.50% B

0.06825 C 0.06825 C 0.06825 C 3,003,117£ 0.06825 C111.83% D 111.83% D 111.83% D 111.83% D

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Paul Scaplehorn Strategic Property Newcastle City Council Civic Centre Newcastle upon Tyne NE1 8QH

Email [email protected] Direct 0191 223 5786 Mobile 07747 008 410 Fax 0191 223 5799

Your Ref Our Ref JAR

23 February 2015

DTZ

Central Square Forth Street Newcastle upon Tyne NE1 3PJ

Dear Paul MARKET CHECK, CIL VIABILITY STUDY

Further to your email of 13 February 2015 and our subsequent telephone conversation, we have had opportunity to review the draft update to your CIL Viability Study and can provide the following comments in regards of the assumptions being made to assess the potential implementation of this levy. This letter follows the format of your draft document and reviews each of the associated in turn commencing with the residential appraisal. Residential

Scheme Mix and Unit Sizes In broad terms we consider the scheme mix assumptions and proportional split between differing residential unit types to be consistent with current market conditions. At the current time there is a clear preference for delivering traditional family housing in the form of 3 and 4 bed semi detached and detached house styles and this has been reflected in the assumptions. We therefore consider this to be a reasonable assumption for the purpose of your study. In regards density however, you have assumed delivery of between 30 and 45 units per hectare. In our experience this is marginally above what we are typically seeing in the market at the current time. With a preference from house builders to deliver more traditional unit types, this has led to a slight reduction in overall development densities. We are now seeing typical schemes delivering in the order of 20 – 25 units per hectare with the most dense schemes not going above around 30 – 35 units per hectare. As sense check, the Council should calculate the amount of accommodation being delivered per net developable acre. At the current time most volume house builders will deliver between 24,700 sq ft and 37,000 sq ft of residential accommodation per hectare with the highest value schemes typically at the

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Appendix 9 DTZ Market Assessment Letter

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lower end of this range. Within your Argus appraisals, you should be able to cross reference the scheme assumptions and check that they fall within this range. Where any individual scheme assumption falls outside of this range you will need to re-assess either the mix of units or more likely the density to which units are being built. In regards unit sizes these all appear broadly consistent with a volume house builders product and so appear reasonable for the purpose of your study. Residential Sale Values While it is clearly difficult to accurately assess sale prices given the hypothetical nature of the scheme scenarios, the values reported and the revisions you have set out are all broadly consistent with our own expectations of market performance at the current time and we consider them reasonable for the purpose of your appraisal. In regards affordable unit values the document states that you have assumed a reduction of 41.25% for all affordable unit types. In our experience, and dependent upon the tenure of the specific affordable unit types, such discount can range from anywhere between 30% and upwards towards 70%. Furthermore, we are also aware that transfer values being negotiated in the open market and where housing associations can be found to take Section 106 units, will only pay values up to a cap of around £70,000 to £80,000 per dwellings. Again, within your Argus appraisal a sense check should be undertaken against affordable unit types to ascertain whether values are going above this cap level and where they are the percentage figure stated may need to be revised. Development Costs The figures presented are taken from the BCIS database and therefore represent a robust source of information for the purpose of undertaken area wide viability studies. It should be noted, and is no doubt well known to you, that the BCIS figure takes its data from a wide variety of samples and volume house builders with their economies of scale can often negotiate build costs significantly below the BCIS figures. Given the further assumptions you make in regards other development costs however we do not consider this to be an issue for the purpose of an area wide viability study and consider the figures stated to be reasonable. In regards the other development costs you set out a series of assumptions, we review each of these in turn: Professional Fees - We typically find professional fees for residential schemes ranging between 6%

and 12%. Your assumption is therefore at the upper end of this range however it is considered appropriate given the high level nature of the study being undertaken.

Site acquisition fees – In our experience there are few residential developers who will pay

acquisition fees at the current time and as a result we typically only assume a gross acquisition cost of 1% to cover all fees associated with the acquisition. We therefore consider there may be scope to reduce the assumption you have made.

Finance – We consider the assumption of 6.5% finance cost to be reasonable at the current time but

it should be noted that in the short term finance costs are likely to decrease.

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Marketing Costs – We note you have increased marketing costs to 3.5% and consider this reasonable at the current time.

Legal Fees – We typically assume a rate of £500 per unit and while your assumption is marginally

above this we do not consider this unreasonable at the current time.

Developer Profit (Private) – We consider this assumption to be reasonable at the current time.

Developer Profit (Affordable) – We consider this assumption to be reasonable at the current time.

Section 106 Costs – We have no evidence with which to assess the reasonableness of this assumption but recommend that you review it with your planning colleagues and consider what the average rate currently being negotiated and ensure this assumption is consistent with such rate.

Abnormals Allowance – As you will be aware the level of abnormals vary significantly on a site by

site basis and it is difficult to make a single assumption that will accurately reflect what developers may or may not incur on any specific site. For the purpose of an area wide viability study we therefore consider that the assumption stated is reasonable but a caveat should be made in your final report over the potential variation around this figure.

Externals – We believe the assumption of 10% to be reasonable at the current time and appropriate

given the adoption of BCIS figures for general build costs.

Contingency – We typically adopt contingencies of between 2% and 5% with contingencies at the lower end of this range when a development is to come forward from a volume house builder. Given the nature of your appraisals we consider 5% however to be reasonable at the current time.

NHBC Costs – We consider the assumption to be reasonable at the current time.

Build Period We consider the build rates to be appropriate in current market conditions and sales rates to also be consistent with current demand. Within your appraisals, the first sales on any scheme should be timed to be delivered around 6 months from commencement of development when a volume house builder will typically have their first plot available. Benchmark Land Value The assumptions around benchmark land value are clearly the most challenging to establish and will be subject to most scrutiny when reviewed by the wider development industry. Within your appraisals you have adopted a fixed land price for the purpose of assessing what is a reasonable return to a land owner and there are certainly merits in adopting this approach and is well used for both area wide and site specific studies. In our appraisals we typically adopt the Shinfield approach whereby benchmark land value is calculated as 50% of the uplift in value between a site’s existing use value and the residual land value after taking into consideration abnormal development costs. Using this methodology the benchmark flexes considerably depending on the level of abnormal development cost and the type of site that is to be brought forward.

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Notwithstanding this alternative approach, there is a relatively limited amount of land sale evidence within Newcastle itself, however we are aware from our own experiences and those of other land agents, that in neighbouring authorities mid to high market greenfield land values are now typically in the order of £800,000 to £1,000,000 per acre with true mid market locations typically in the order of £600,000 to £800,000 per acre and low value areas typically in the order of £400,000 to £600,000. In our experience, you can typically reduce greenfield figures between 40% to 60% to account for abnormal cost deductions and the requirements to deliver Section 106 obligations. Using this as a reference point in reviewing your own benchmark figures, the assumptions appear broadly realistic, albeit there is little evidence base from which we can truly ascertain whether these figures are reasonable and indeed individual land owners will have their own expectations which may grossly inflate the figures being adopted. Commercial Scheme Types We have reviewed the proposed development densities and size of developments with our appropriate market agency colleagues to ensure they remain realistic at the current time. In each case colleagues have confirmed that this assumptions appear reasonable for the purpose of a high level viability study. Rental and Capital Values The rents and yields have again been reviewed by appropriate colleagues who specialise in each of these sub market sectors. In broad terms each of the assumptions appears realistic at the current time with the exception of the following adjustments: Retail warehouses – We are advised that at the prime end of the market demand remains strong

however there is now significant variation below this level in terms of demand for retail warehouse accommodation and this is having a knock on effect in rents. In our opinion, the rental values adopted should be adjusted as follows:

Low value £110 per sq m Medium £145 per sq m High £160 per sq m

Across all retail warehouse scenarios the yield should also be increased to 8% to reflect current

market position. Supermarkets – At the height of the market the assumption of £215 per sq m would consistently be

achieved by the four largest supermarket chains, however as you have seen this is a significantly changing market with the dynamics of demand shifting significantly from larger supermarket stores to smaller convenience formats and the demand particularly from the large supermarket brands fluctuating significantly as a result of challenging trading conditions. As a result we believe slight variations in rental tones should be adopted with the £215 per sq m used at the high value point and stepped changes down from this level across medium and low markets.

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Industrial (Use Class B2) – The rental figures adopted have again been reviewed by our commercial agency teams and they consider them to be high against current market conditions. We consider that the assumptions could be revised downwards to as follows:

Low £35 per sq m Medium £45 per sq m High £60 per sq m

Build Costs As with the residential appraisals you have again adopted BCIS data for the purpose of this study and as such these costs are considered reasonable. In addition, the associated professional fees, finance, profit and other cost assumptions are all within an acceptable range and so can also be considered reasonable. We hope the above is of assistance to you in preparing your overall CIL study. If you need any further comments or input then please do not hesitate to contact us. Yours sincerely

Jonathan Rudge MSc MRICS Associate Director RICS Registered Valuer

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Appendix 11 Post Draft Charging Schedule Submission Notes February 2016

1. Introduction

1.1 Following consultation on the Draft Charging Schedules (DCS) Community Infrastructure Levy (CIL) for Gateshead and Newcastle, further assessments were required in order to address representations. This report summarises our approach to these additional assessments and their findings. 1.2 Firstly, following consideration of consultation responses a review of retail appraisals and proposed CIL rates has been undertaken to test the proposed levy for supermarkets, retail warehouses and the threshold size of developments over which retail charges would apply. Subsequent to the viability review a revised supermarket rate is included in the Newcastle City Council Statement of Modification (NCC Modification Ref. No. 4) and Gateshead Council Modification (GC No. 2) in addition to a revised CIL rate for the retail warehousing category, see Modification references (NCC No.7) (GC No.3). Additional appraisal evidence is included in this Appendix to respond to an objection to the £0 CIL rate for retail warehousing in Newcastle Central Area. 1.3 Secondly, following consideration of consultation responses a review of student accommodation appraisals and proposed rates has been applied in Newcastle. Additional appraisals and sensitivity testing was undertaken and a revised rate is included in the Newcastle City Council Statement of Modification (NCC Modification No. 2)

These above elements are covered in more detail in the following sections of this Appendix.

2. Retail Appraisal Review

2.1 In response to 3 separate representations received on the CIL retail levies proposed in the Draft Charging Schedules a number of elements were included in the review undertaken with regard to the retail sector that has been the subject of significant economic change, they include:

a) The validity of the DCS proposed rates, threshold size over which CIL charges apply and the definition for supermarkets;

b) The validity of the DCS proposed rates, threshold size over which the CIL charges apply and the definition for retail warehousing; and

c) The justification for the £0 CIL rate for retail warehousing in Newcastle Central Area

2.2

a) The validity of the DCS proposed rates, threshold size over which charges apply and the definition for supermarkets

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It is recognised that both authorities are currently experiencing a somewhat varied pattern of viability and delivery of supermarket schemes. The DCS authority wide CIL supermarket rate in both Gateshead and Newcastle of £30/sq m has been set (in common with the other rates) by having reference to a range of evidence, including development on the ground. The proposed rate cannot be justified or sustained by virtue of viability evidence alone as the results are somewhat inconsistent with what is actually happening in the market. The only typologies coming forward presently are either new build discount supermarkets or convenience stores which demonstrates viability in the specific value areas they are being developed. The main supermarket lead operators have changed the format of their stores in the last few years (during the CIL rate setting preparation and consultation periods), with smaller format convenience stores opening in Newcastle Central Area and high value locations (2013-15). Some of these are new build, but many are refurbishments of existing buildings which would not be subject to CIL charges. In Newcastle, 3 new build discounter supermarkets have recently been built in the Medium Commercial Value areas.

Further supermarket modelling and sensitivity testing has been undertaken by reviewing and adjusting the yield and profit (where appropriate) to reflect known recent market transactions on the larger format supermarkets. However, the Council acknowledges that there is a lack of recent publically available transactional evidence on the smaller format new build stores and have therefore added further caution by reducing the rate to £10/sq m.

The above referenced sensitivity testing has been undertaken by reducing the yield in the high and city centre value areas as it is considered that if a supermarket is developed in these locations they would offer a more secure investment and this would be reflected in any investment yield. In comparison, whilst the recent discounter supermarkets that have been built in the Low value areas (CIL Zone 3) represent a strong covenant, it is likely that any onward sale of the investment would attract a slightly higher yield due to likely limitations to the discount market in such locations. Additionally, the Councils are aware of recent supermarket transactions completing at profit levels nearer 15% of cost which gives additional headroom to the existing appraisals. The combination of these 2 viability inputs suggest there is sufficient headroom to propose authority wide CIL charges at £10/sq m with a cautious viability buffer.

It is unlikely that we will see any larger format developments coming forward in the near future, but to ensure all supermarket formats remain viable, it is proposed to reduce the rate to £10 across all charging zones. Such rates would not put the delivery of the Plan at serious risk. An additional appraisal to the supermarket and discounter supermarket appraisals consulted on at Appendix 8 is included below at 1.1.

The threshold size over which the supermarket CIL charges is set at over 280 sqm has been tested and is considered justified. Stores under 280 sqm represent a clear difference in nature of operation to medium/larger format stores with associated car parking and characterised by Sunday trading operation regulations.

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The definition is considered effective and appropriate for this form of development.

2.3

b) The validity of the DCS proposed rates, threshold size over which the CIL charges apply and the definition for retail warehousing

As part of the retail review, the retail warehousing typologies have also been reviewed. The rents were adjusted at DCS stage in response to DTZ’s ( now known as Cushman and Wakefield) advice (see Appendix 9), however, DTZ have more recently suggested that a more appropriate yield would be 7% rather than the 8% which was consulted on in the most recent round of consultation.. The result of this change in yield is a reduction in the available headroom such that in the High value area an adjustment to the CIL rate would be appropriate to ensure the rate is set with a cautious buffer to allow for changes in viability. The results of the additional appraisal suggests there is sufficient headroom in Commercial Zones 2 and 3 (Low/ Medium/ High Value Areas) to derive CIL charges at a reduced rate from £80/sqm to £50/sqm, with an allowance for a cautious viability buffer. Such rates would not put the delivery of the Plan at risk.

The original viability appraisal is located in Appendix 8 of this Annex and the revised appraisal is attached to this Submission Notes Appendix 11 at 1.2 below.

The appraisal in Appendix 8 of this Annex, tested the retail warehouse scheme at 1,000 sqm Gross Internal Area in size. In response to a representation to the threshold size over which CIL retail warehouse charges will apply (over 280 sqm) being too low and placing an unacceptable burden on bringing forward small scale developments with economic benefits, further sensitivity testing has been undertaken. We have given consideration to the threshold size of 280 sqm and tested the retail warehouse appraisals at different scales of operation, however, this does not materially affect the available headroom. As indicated in 2.2 above the threshold of 280 sqm and above is based on a difference in nature of operation, and there is, therefore, no proposal to amend the threshold size over which CIL is applied.

The development ‘use’ category for both authorities is “Retail Warehousing (A1), vehicle sales (Sui Generis)”, whereby “Retail warehouses are usually large stores specialising in the sale of household goods (such as carpets, furniture and electrical goods), DIY items and other ranges of goods. They can be stand-alone units, but are also often developed as part of retail parks. In either case, they are usually located outside of existing town centres and cater mainly for car-borne customers. As such, they usually have large adjacent, dedicated surface parking.” This definition is considered to be clear and appropriate for application to proposed development schemes as submitted for planning permission. The economic appraisals tested are considered to be generic across comparison retail schemes, however, it is recognised that ‘vehicle sales (sui generis)’ is more difficult to appraise with real precision and given that this development typology is not currently anticipated or planned for, it is proposed to Modify this development use category

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and delete ‘vehicle sales (sui generis)’ from both authorities DCSs as submitted (Modification NCC No. 6/ GC No. 3).

2.4

d) The justification for the £0 CIL rate for retail warehousing in Newcastle Central Area

Retail warehousing is not a form of retailing that is currently typical of the City Centre or Newcastle Central Area. The opportunities for this form of retailing in the future would be very much limited to the fringes of Newcastle Central Area and have not therefore been tested. The £0 rate proposed would not therefore put this form of development at risk.

3. Student Accommodation Appraisal Review

3.1 Secondly, as indicated a review of the student accommodation appraisals have been undertaken in response to receipt of 3 separate representations received to the Newcastle DCS. No previous responses on the proposed student accommodation levy of £80/sqm in Newcastle Central Area and Zone 2 were received at the PDCS (April 2015) stage of consultation, however, as part of due diligence it is considered appropriate to undertake such a review at this stage prior to submission.

Recent national research and press indicates a continued strong market for student accommodation in Newcastle. Savills World Research ’Spotlight: World Student Housing’ (2015/16)i , states rapid wealth creation in emerging economies has led to a surge in globally mobile students seeking quality education overseas and, in turn, a place to stay. At the same time recessionary conditions in western markets have led to a surge in domestic student numbers, driving the need for student accommodation at home and further boosting demand for accommodation. Growing demand is set alongside very low levels of supply in many markets, making student housing a secure and appealing investment. Student housing is now a firmly established investment class in the UK and US. The article goes on to identify the universities by ranking those that are still seeing a growth in undergraduate numbers in the UK post tuition fees. Newcastle University with a Complete University Guide score of 791 (2016)ii is still growing in the non UK market and places Newcastle with around 75% of its students living in halls or the private rented sector.iii As such, there is no available evidence that indicates student accommodation schemes will not continue to be received for future planning consent.

The appraisals for the student accommodation typology in the Newcastle commercial value areas are included at Appendix 8 of this Annex Update. These appraisals have been checked and verified with an additional 2 further typologies tested based on recent consented schemes to provide a wider reference point in deriving a robust CIL rate for student accommodation.

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A sensitivity analysis against the original appraisals was prepared and a series of appraisals on additional student development typologies were carried out on Argus Developer using the following assumption adjustments to test the objections to viability assumption received, this includes:

(1) Updating the finance arrangement fee to 1.5% of construction cost ( although this is at the top end of our expectations)

(2) Updating construction costs have been checked (at BCIS 4Q15) to ensure that any changes to more recent increased BCIS build cost levels are still within confidence limits compared to the base date of 4Q14 for this Annex. Updated net income levels per room in response to upwards movements in the market have also been considered for 4Q15- see table 1 below.

TABLE 1 STUDENT ACCOOOMDATION RENTS (2015)

(3) Amending the yield from 7.5% for City Centre appraisals to 6.5%. This adjustment is also borne out by recent evidence obtained and is considered a more accurate reflection of the market against the recent Savills research documents referred to above.

One representor referred to what had been charged through planning obligations for schemes with consent. However, these costs are not part of the viability appraisals, and it is worth noting that the CIL compliant s106 costs have been amended to an average of £2,000 per scheme to allow for any necessary direct works or traffic orders to make the development acceptable in planning. Build costs have been subject to sensitivity analysis to BCIS 4Q15.

We have also had regard to recent CIL Examiner’s decisions and have concluded that a CIL charge being assessed to fall under 2% of GDV or 25% of the residual value of the land are of assistance in deriving a CIL rate in addition to a headroom viability buffer in order proposed rates do not threaten the ability to develop viably the scale of development in the Plan. We have also taken a ‘step back’ and looked at the market as a whole.iv

source ANNUAL RENTTHE VIEW - CITY CENTRE - 51 WEEK LETSILVER STUDIO website 22-1-16 8,640£ GOLD STUDIO 8,791£ PLATINUM STUDIO 9,092£ SHARED APARTMENT - STANDARD website 22-1-16 6,430£ SHARED APARTMENT - PREMIUM 7,032£ SHARED APARTMENT - DELUXE 7,485£ ROSEDALE COURT - STODDART ST.SHARED APARTMENT ROOM website 8-11-16 6,018£ SINGLE STUDIO (standard price) 9,690£

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The City Council has taken two key tasks in reviewing appropriate and available evidence–establishing an accurate assessment of viability and supported by market intelligence. Student Housing is one of the main major development types being considered and delivered in Newcastle Central Area at present and as such competition for sites is amongst developers competing for these opportunities. This means that site development for other less viable uses can be ‘priced out’ unless there are specific policies or ownership patterns that prevent this. Therefore a question to be asked is what would happen if CIL were levied – it is our opinion that the premium for student housing development land is such that a levy at the rate suggested would not take the residual value of the scheme to below a level where it could not compete against alternative uses. The strength of the student accommodation market is evidenced by recent transactions that have occurred at significantly over the established threshold value and alternative use value.

The additional appraisal results are attached to this Submission Notes Appendix 11 at 2.1-2.4 and are summarised as set out below in Table 2. The results indicate the resultant headroom per sqm for a number of notional student accommodation schemes varying in scale and mix of studio and cluster flats.

Appraisal 1 is the base appraisal Developed for the CIL PDCS and DCS evidence 16,266 sqm 0.75 ha. 32% studios/ 68% rooms in clusters;

Appraisal 2 adopts the same notional scheme as Appraisal 1 with updates (1-3 above);

Appraisal 3 represents a smaller scheme of 3,600 sqm/ 0.15 ha with 50% studios/ 50% rooms (in clusters).

Appraisal 4 represents a smaller scheme of 5,073 sqm/ 0.09 ha with 7% studios/ 93% rooms (in clusters).

TABLE 2 STUDENT ACCOMMODATION- APPRAISAL HEADROOM

Base appraisals

Base appraisal (4Q15)

Appraisal 3 Appraisal 4

Residual Value

4,092,524 3,690,549 2,776,947 712,722

Threshold Value/ ha.

2,100,000 2,100,000 2,100,000 2,100,000

Threshold Value (£)

945,000 945,000 304,500 189,000

Headroom (£) 3,147,524 2,745,549 2,472,447 523,722 Non CIL costs (£)

2,000 2,000 2,000 2,000

Headroom After Non CIL costs(£)

3,145,524 2,743,549 2,470,447 521,722

Headroom / sqm (£)

193 169 686 103

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The available headroom suggests that a cautious rate would be derived at £50/m2 with an allowance for a viability buffer. This also provides a reasonable residual value for each of the tested schemes and also tallies with the tone of the 2% Gross Development Value /25% Residual Value tolerance testing. The Council have also carried out additional sensitivity adopting much higher threshold values than those shown above, this also indicates that a cautious rate has been derived (as modified).

4. Conclusion

Subsequent to the above evidence review, a revised supermarket rate is included in the Newcastle City Council Statement of Modifications (NCC Modification Ref. No. 4) and Gateshead Council Statement of Modifications (GC Modification No. 2) in addition to a revised CIL rate for the retail warehousing category, see Modification references (NCC No.7) (GC No.3). Additional appraisal evidence is included in this Appendix to respond to an objection to the £0 CIL rate for retail warehousing in Newcastle Central Area. In Newcastle a Modification has also been made to the rates for student accommodation. The modifications to the DCSs are summarised in the Background Paper (P01) and the DCSs incorporating Modifications are summarised below for ease of read.

Newcastle City Council Submission Draft Charging Schedule (February 2016)

Development and Use Class

Residential Zone A

Residential Zone B

Newcastle Central Area, Zone 1

Commercial, Zone 2

Commercial Zone 3

Dwellings* (inc. sheltered housing) (C3)

£60/sqm £30/sqm £0 - -

Shared/ Student Accommodation (C3, C4, Sui Generis)

- - £50/sqm £50/sqm £0

Hotels (C1) - - £0 £40/sqm £0

Small retail (A1) units ≤ 280 sqm - - £0 £30/ sqm £0

Supermarket** (A1)> 280 sqm

- - £10/sqm £10/sqm £10/sqm

Retail Warehousing*** (A1) > 250 sqm - - £0 £50/ sqm £50/ sqm

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All Other Development**** £0 £0 £0 £0 £0

Gateshead Council Submission Draft Charging Schedule (February 2016)

Development and Use Class

Residential Zone A

Residential Zone B

Gateshead Commercial (Central Area) Zone 1

Gateshead Commercial Zone 2

Gateshead Commercial Zone 3

Dwellings* (inc. sheltered housing) (C3)

£60/sqm £30/sqm - - -

Hotels (C1) - - £0 £40/sqm £0 Small retail (A1) units ≤ 280 sqm

- - £0 £30/sqm £0

Supermarket (A1)** > 280 sqm

- - £10/sqm £10/sqm £10/sqm

Retail Warehousing (A1)*** > 280 sqm,

- - £0 £50/sqm £50/sqm

All Other Development****

£0 £0 £0 £0 £0

*Dwellings- includes houses and flats

**Supermarkets are convenience–led stores selling mainly everyday essential items, including food, drinks, newspapers/ magazines and confectionary, where it is intended to utilise less than 50% of the gross retail floor area for the sale of comparison goods and where, depending on scale, weekly food shopping needs are met. In addition, the area used for the sale of goods will generally be above that applied for the purposes of the Sunday Trading Act of 280sq. m.

***Retail warehouses are usually large stores specialising in the sale of household goods (such as carpets, furniture and electrical goods), DIY items and other ranges of goods. They can be stand-alone units, but are also often developed as part of retail parks. In either case, they are usually located outside of existing town centres and cater mainly for car-borne customers. As such, they usually have large adjacent, dedicated surface parking.

****For clarity this includes: Office (Use Class B business, industry, storage and distribution), Extra Care (Use Class C2)

i http://www.savills.co.uk/research_articles/188297/193140-0 ii http://www.thecompleteuniversityguide.co.uk/league-tables/rankings?v=wide iii http://pdf.euro.savills.co.uk/residential---other/spotlight--uk-student-housing-2015.pdf ivCIL Issues and Questions to be Discussed at the Hearing Session on Leicester City Council DCS (6 November 2015) http://www.leicester.gov.uk/media/180446/cil-leicester-student-miqs-oct-2015.pdf and CIL Evidence Examiner’ Reports from Birmingham City Council and Bournemouth BC. http://www.birmingham.gov.uk/cil http://www.bournemouth.gov.uk/PlanningBuilding/PlanningPolicy/PlanningPolicyFiles/CILExamination/CIL-Examiners-Report-301015.pdf

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Supermarket





INVESTMENT YIELD 712,500£ p.a. 6.75% 926,250£ p.a. 6.50% 1,021,250£ p.a. 6.00% 1,021,250£ p.a. 5.75%



Less Buyer's Costs 9,888,108£ -5.00% 494,405.41-£ 13,380,282£ -5.0000% 669,014.08-£ 16,057,390£ -5.0000% 802,869.50-£ 16,795,149£ -5.0000% 839,757.43-£

NET RECEIPT 9,393,703£ 12,711,268£ 15,254,520£ 15,955,391£

2 DEVELOPMENT COSTS

BUILDING COSTS ESTIMATE (INC. PRELIMS, OH & P) 5000 m2 1084.164 per m2 5,420,820£ 5000 m2 1084.164 per m2 5,420,820£ 5000 m2 1084.164 per m2 5,420,820£ 5000 m2 1084.164 per m2 5,420,820£

EXTERNAL WORKS 5,420,820£ 11.25% 609,842£ 5,420,820£ 11.25% 609,842£ 5,420,820£ 11.25% 609,842£ 5,420,820£ 11.25% 609,842£

FEES 6,030,662£ 10% 603,066£ 6,030,662£ 10% 603,066£ 6,030,662£ 10% 603,066£ 6,030,662£ 10% 603,066£


CITY CENTRE ABNORMALS 6,030,662£ 0 -£ 6,030,662£ 0 -£ 6,030,662£ 0 -£ 6,030,662£ 0.05 301,533£

CONTINGENCY 6,030,662£ 5% 301,533£ 6,030,662£ 5% 301,533£ 6,030,662£ 5% 301,533£ 6,030,662£ 5% 301,533£

EPC 5000 m2 0.50£ 2,500£ 5000 m2 0.50£ 2,500£ 5000 m2 0.50£ 2,500£ 5000 m2 0.50£ 2,500£



SALES FEES 9,393,703£ 1.25% 117,421£ 12,711,268£ 1.25% 158,891£ 15,254,520£ 1.25% 190,682£ 15,955,391£ 1.25% 199,442£

LETTING FEES 712,500£ 15.00% 106,875£ 926,250£ 15.00% 138,938£ 1,021,250£ 15.00% 153,188£ 1,021,250£ 15.00% 153,188£

PROFIT REQUIREMENT 20% 1,565,617£ 20% 2,118,545£ 20% 2,542,420£ 20% 2,659,232£


AMOUNT AVAILABLE FOR SITE PURCHASE 63,261£ 2,754,366£ 4,827,703£ 5,088,916£

SDLT 566£ 24,631£ 43,172£ 45,508£

LEGALS AND SURVEYORS FEES ON PURCHASE 2,263£ 98,524£ 172,688£ 182,031£

FINANCE 3,861£ 168,107£ 294,649£ 310,591£

RESIDUAL VALUE 56,571£ 2,463,104£ 4,317,194£ 4,550,786£

BENCHMARK VALUE URBAN 400,000£ 2,000,000£ 4,200,000£ 4,200,000£

BENCHMARK VALUE NON URBAN 120,000£ 600,000£ 1,260,000£ 1,260,000£

HEADROOM URBAN HEADROOM PER M2 68.69-£ 343,429-£ HEADROOM PER M2 92.62£ 463,104£ HEADROOM PER M2 23.44£ 117,194£ HEADROOM PER M2 70.16£ 350,786£

HEADROOM NON URBAN HEADROOM PER M2 12.69-£ 63,429-£ HEADROOM PER M2 372.62£ 1,863,104£ HEADROOM PER M2 611.44£ 3,057,194£ HEADROOM PER M2 658.16£ 3,290,786£

Appendix 11 Appraisals1.1 Supermarket Appraisal Revised

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Retail Warehouse

LOW MEDIUM HIGH

1. DEVELOPMENT VALUE QUANTUM UNIT RATE UNIT TOTAL QUANTUM UNIT RATE UNIT TOTAL QUANTUM UNIT RATE UNIT TOTAL

GROSS FLOOR AREA 1000 GFA m2 95% 1000 GFA m2 95% 1000 GFA m2 95%

NET LETTABLE AREA 950 GIFA 110 per m2 950 GIFA 145 per m2 950 GIFA 160 per m2

INVESTMENT YIELD 104,500£ p.a. 7.00% 137,750£ p.a. 7.00% 152,000£ p.a. 7.00%

RENT FREE 12 MONTHS 0.93 12 MONTHS 0.93 12 MONTHS 0.93

GROSS DEVELOPMENT VALUE 1,395,194£ 1,839,119£ 2,029,372£

Less Buyer's Costs 1,395,194£ -5.00% 69,759.68-£ 1,839,119£ -5.0000% 91,955.94-£ 2,029,372£ -5.0000% 101,468.62-£

NET RECEIPT 1,325,434£ 1,747,163£ 1,927,904£

2 DEVELOPMENT COSTS

BUILDING COSTS ESTIMATE (INC. PRELIMS, OH & P) 1000 m2 566.13 per m2 566,130£ 1000 m2 566.13 per m2 566,130£ 1000 m2 566.13 per m2 566,130£

EXTERNAL WORKS 566,130£ 11.25% 63,690£ 566,130£ 11.25% 63,690£ 566,130£ 11.25% 63,690£

FEES 629,820£ 10% 62,982£ 629,820£ 10% 62,982£ 629,820£ 10% 62,982£

ABNORMALS ALLOWANCE 629,820£ 5% 31,491£ 629,820£ 5% 31,491£ 629,820£ 5% 31,491£

CITY CENTRE ABNORMALS 629,820£ 0 -£ 629,820£ 0 -£ 629,820£ 0 -£

CONTINGENCY 629,820£ 5% 31,491£ 629,820£ 5% 31,491£ 629,820£ 5% 31,491£

EPC 1000 m2 0.50£ 500£ 1000 m2 0.50£ 500£ 1000 m2 0.50£ 500£

DEVELOPMENT FINANCE (ON HALF BUILD) 1.00 yrs 6.50% 24,562.97£ 1.00 yrs 6.50% 24,562.97£ 1.00 yrs 6.50% 24,562.97£

FINANCE ARRANGEMENT FEE 756,284£ 0.10% 756£ 756,284£ 0.10% 756£ 756,284£ 0.10% 756£

SALES FEES 1,325,434£ 1.25% 16,568£ 1,747,163£ 1.25% 21,840£ 1,927,904£ 1.25% 24,099£

LETTING FEES 104,500£ 15.00% 15,675£ 137,750£ 15.00% 20,663£ 152,000£ 15.00% 22,800£

PROFIT REQUIREMENT 20% 220,906£ 20% 291,194£ 20% 321,317£

DEVELOPMENT COSTS 1,034,751£ 1,115,299£ 1,149,819£

AMOUNT AVAILABLE FOR SITE PURCHASE 290,683£ 631,864£ 778,085£

SDLT 2,599£ 5,650£ 6,958£

LEGALS AND SURVEYORS FEES ON PURCHASE 10,398£ 22,602£ 27,832£

FINANCE 17,741£ 38,564£ 47,489£

RESIDUAL VALUE 259,944£ 565,047£ 695,806£

BENCHMARK VALUE URBAN 60,000£ 300,000£ 630,000£

BENCHMARK VALUE NON URBAN 18,000£ 90,000£ 189,000£

HEADROOM URBAN HEADROOM PER M2 199.94£ 199,944£ HEADROOM PER M2 265.05£ 265,047£ HEADROOM PER M2 65.81£ 65,806£

HEADROOM NON URBAN HEADROOM PER M2 241.94£ 241,944£ HEADROOM PER M2 475.05£ 475,047£ HEADROOM PER M2 506.81£ 506,806£

1.2 Retail Warehouse Appraisal Revised

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2.1 Student Accommodation - Base Appraisal (4Q14)- large scale mix of studios and cluster flats

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2.2 Student Accommodation - Revised Base Appraisal (4Q15) - large scale mix of studios and cluster flats

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2.3 Student Accommodation - Base Appraisal (4Q15) - Higher proportion of studio rooms to cluster accommodation

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2.4 Student Accommodation - Base Appraisal (4Q15) - Smaller proportion of studio rooms to cluster accommodation

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Documents

Gateshead and Newcastle · 2018. 5. 15. · Appendix 11 Post Draft Charging Schedule Submission Notes . Updates since DCS version (October 2015) include: • Additional Appendix 11