Non-Residential Appendices (1-26) · APPRAISAL SUMMARY ADAMS INTEGRA Appendix 1 -Retail Large Format Convenience Supermarket Summary Appraisal for Phase 1 Currency in £ REVENUE Rental

Non-Residential Appendices (1-26)

APPRAISAL SUMMARY ADAMS INTEGRA Appendix 1 -Retail Large Format Convenience Supermarket

Summary Appraisal for Phase 1

Currency in £

REVENUE

Rental Area Summary Initial Net Rent Initial Units m² Rate m² MRV/Unit at Sale MRV

Large Format Retail-Convenience 1 2,000.00 200.00 400,000 400,000 400,000

Investment Valuation Large Format Retail-Convenience Market Rent 400,000 YP @ 4.5000% 22.2222 (1yr Rent Free) PV 1yr @ 4.5000% 0.9569 8,506,114

GROSS DEVELOPMENT VALUE 8,506,114

Purchaser's Costs (493,355) (493,355)

NET DEVELOPMENT VALUE 8,012,759

NET REALISATION 8,012,759

OUTLAY

ACQUISITION COSTS Residualised Price (0.45 Ha 5,895,292.65 pHect) 2,652,882

2,652,882 Stamp Duty 235,644 Agent Fee 1.00% 26,529 Legal Fee 0.50% 13,264 Town Planning 2.00% 53,058

Project: Appendix 1 -Retail Large Format Convenience ARGUS Developer Version: 7.60.000 - 1 - Date: 15/11/2018

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328,495 CONSTRUCTION COSTS Construction m² Rate m² Cost

Large Format Retail-Convenience 2,000.00 m² 1,095.00 pm² 2,190,000 2,190,000

Contingency 3.00% 65,700 Mayoral CIL 2,000.00 m² 60.00 pm² 120,000 Demolition 50,000 CIL 2,000.00 m² 165.00 pm² 330,000

565,700

PROFESSIONAL FEES Architect 4.00% 87,600 Quantity Surveyor 2.00% 43,800 Structural Engineer 1.00% 21,900 Mech./Elec.Engineer 1.00% 21,900 Project Manager 1.50% 32,850 C.D. Manager 0.50% 10,950

219,000 MARKETING & LETTING

Letting Agent Fee 10.00% 40,000 Letting Legal Fee 2.00% 8,000

48,000 DISPOSAL FEES

Sales Agent Fee 1.00% 80,128 Sales Legal Fee 0.25% 20,032

100,159

Additional Costs Arrangement Fee 2.00% 59,628

59,628 FINANCE

Debit Rate 7.000%, Credit Rate 0.000% (Nominal) Land 359,155



Construction 154,280 Total Finance Cost 513,435

TOTAL COSTS 6,677,299

PROFIT 1,335,460

Performance Measures Profit on Cost% 20.00% Profit on GDV% 15.70% Profit on NDV% 16.67% Development Yield% (on Rent) 5.99% Equivalent Yield% (Nominal) 4.50% Equivalent Yield% (True) 4.63%

IRR 23.23%

Rent Cover 3 yrs 4 mths Profit Erosion (finance rate 7.000%) 2 yrs 8 mths


SENSITIVITY ANALYSIS REPORT ADAMS INTEGRA

Appendix 1 -Retail Large Format Convenience Supermarket

Table of Profit Amount and Land Cost Construction: Rate pm²

Rent: Yield -200.00 pm² -100.00 pm² 0.00 pm² +100.00 pm² +200.00 pm² 895.00 pm² 995.00 pm² 1,095.00 pm² 1,195.00 pm² 1,295.00 pm²

-0.5000% £1,509,616 £1,509,617 £1,509,616 £1,509,616 £1,509,616 4.0000% (£3,722,566) (£3,532,898) (£3,343,232) (£3,153,565) (£2,963,899)

-0.2500% £1,417,409 £1,417,408 £1,417,408 £1,417,407 £1,417,409 4.2500% (£3,357,052) (£3,167,386) (£2,977,720) (£2,788,053) (£2,598,385) 0.0000% £1,335,461 £1,335,460 £1,335,460 £1,335,462 £1,335,461 4.5000% (£3,032,215) (£2,842,548) (£2,652,882) (£2,463,213) (£2,273,547)

+0.2500% £1,262,154 £1,262,153 £1,262,155 £1,262,154 £1,262,153 4.7500% (£2,741,627) (£2,551,961) (£2,362,292) (£2,172,627) (£1,982,960)

+0.5000% £1,196,191 £1,196,191 £1,196,192 £1,196,191 £1,196,191 5.0000% (£2,480,153) (£2,290,486) (£2,100,819) (£1,911,152) (£1,721,486)

Sensitivity Analysis : Assumptions for Calculation

Construction: Rate pm² Original Values are varied in Fixed Steps of £100.00

Heading Phase Rate No. of Steps Large Format Retail-Convenience 1 £1,095.00 2 Up & Down

Rent: Yield Original Values are varied in Fixed Steps of 0.25%

Heading Phase Cap. Rate No. of Steps Large Format Retail-Convenience 1 4.5000% 2 Up & Down

Project: Appendix 1 -Retail Large Format Convenience ARGUS Developer Version: 7.60.000 - 3 - Report Date: 15/11/2018

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TIMESCALE AND PHASING GRAPH REPORT ADAMS INTEGRA

Appendix 1 -Retail Large Format Convenience Supermarket

Project Timescale Project Start Date Nov 2018 Project End Date Aug 2020 Project Duration (Inc Exit Period) 22 months

Phase 1

Project: Appendix 1 -Retail Large Format Convenience ARGUS Developer Version: 7.60.000 - 5 - Report Date: 15/11/2018

APPRAISAL SUMMARY ADAMS INTEGRA Appendix 2- Retail- Large Format Comparison Retail Warehouse


Currency in £

REVENUE


Large Format Retail-Retail Warehouse 1 1,000.00 250.00 250,000 250,000 250,000

Investment Valuation Large Format Retail-Retail Warehouse Market Rent 250,000 YP @ 5.2500% 19.0476 (6mths Rent Free) PV 6mths @ 5.2500% 0.9747 4,641,621





OUTLAY


2,026,761 Stamp Duty 89,838 Agent Fee 1.50% 30,401 Legal Fee 1.00% 20,268 Town Planning 2.00% 40,535

Project: Appendix 2- Retail- Large Format Comparison ARGUS Developer Version: 7.60.000 - 1 - Date: 15/11/2018

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APPRAISAL SUMMARY ADAMS INTEGRA Appendix 2- Retail- Large Format Comparison Retail Warehouse


Large Format Retail-Retail Warehouse 1,000.00 m² 768.00 pm² 768,000 768,000

Contingency 3.00% 23,040 Demolition 25,000 Mayoral CIL 1,000.00 m² 60.00 pm² 60,000 CIL 1,000.00 m² 165.00 pm² 165,000

273,040



Marketing 1.00% 2,500 Letting Agent Fee 10.00% 25,000 Letting Legal Fee 1.75% 4,375



49,408 FINANCE

Debit Rate 7.000%, Credit Rate 0.000% (Nominal) Land 196,548 Construction 40,197 Total Finance Cost 236,746


APPRAISAL SUMMARY ADAMS INTEGRA Appendix 2- Retail- Large Format Comparison Retail Warehouse TOTAL COSTS 3,643,672

PROFIT 728,735


IRR 26.48%




Appendix 2- Retail- Large Format Comparison Retail Warehouse


Rent: Yield -200.00 pm² -100.00 pm² 0.00 pm² +100.00 pm² +200.00 pm² 568.00 pm² 668.00 pm² 768.00 pm² 868.00 pm² 968.00 pm²

-0.5000% £807,364 £807,365 £807,364 £807,364 £807,364 4.7500% (£2,546,090) (£2,448,784) (£2,351,479) (£2,254,175) (£2,156,870)

-0.2500% £766,082 £766,082 £766,082 £766,082 £766,082 5.0000% (£2,375,605) (£2,278,300) (£2,180,995) (£2,083,691) (£1,986,386) 0.0000% £728,736 £728,735 £728,735 £728,735 £728,736 5.2500% (£2,221,370) (£2,124,065) (£2,026,761) (£1,929,456) (£1,832,150)

+0.2500% £694,786 £694,786 £694,786 £694,787 £694,786 5.5000% (£2,081,169) (£1,983,864) (£1,886,559) (£1,789,254) (£1,691,949)

+0.5000% £663,792 £663,792 £663,792 £663,792 £663,792 5.7500% (£1,953,171) (£1,855,866) (£1,758,561) (£1,661,256) (£1,563,951)



Heading Phase Rate No. of Steps Large Format Retail-Retail Warehouse 1 £768.00 2 Up & Down


Heading Phase Cap. Rate No. of Steps Large Format Retail-Retail Warehouse 1 5.2500% 2 Up & Down

Project: Appendix 2- Retail- Large Format Comparison ARGUS Developer Version: 7.60.000 - 3 - Report Date: 15/11/2018


Appendix 2- Retail- Large Format Comparison Retail Warehouse

Project Timescale Project Start Date Oct 2018 Project End Date Feb 2020 Project Duration (Inc Exit Period) 17 months

Phase 1

Project: Appendix 2- Retail- Large Format Comparison ARGUS Developer Version: 7.60.000 - 5 - Report Date: 15/11/2018

APPRAISAL SUMMARY ADAMS INTEGRA Appendix 3 Small Comparison Retail A1-A5 Main Centres


Currency in £

REVENUE


Small Format Comparison Retail -Prime 1 298.00 800.00 157,200 157,200 157,200

Investment Valuation Small Format Comparison Retail -Prime Current Rent 157,200 YP @ 5.2500% 19.0476 2,994,286 Rent Free (157,200) YP 9mths @ 5.2500% 0.7171

PV 9yrs 3mths @ 5.2500% 0.6229 (70,225) 2,924,060





OUTLAY

ACQUISITION COSTS Residualised Price (0.03 Ha 28,598,110.14 pHect) 857,943

857,943 Stamp Duty 31,397 Agent Fee 1.50% 12,869

Project: Appendix 3 Small Comparison Retail A1-A5 ARGUS Developer Version: 7.60.000 - 1 - Date: 15/11/2018

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Legal Fee 1.50% 12,869 Town Planning 2.00% 17,159


Small Format Comparison Retail -Prime 300.00 m² 2,028.00 pm² 608,400 608,400

Contingency 5.00% 30,420 Mayoral CIL 300.00 m² 60.00 pm² 18,000 Demolition 50,000 CIL 300.00 m² 165.00 pm² 49,500

147,920






34,431 Tenancy Void Costs

Total Tenancy Void Costs 119,200

FINANCE



Debit Rate 7.500%, Credit Rate 0.000% (Nominal) Land 64,538 Construction 25,282 Letting Void 146,030 Other 121,924 Total Finance Cost 357,775


PROFIT 459,078


IRR 15.98%




Appendix 3 Small Comparison Retail A1-A5 Main Centres


Rent: Yield -200.00 pm² -100.00 pm² 0.00 pm² +100.00 pm² +200.00 pm² 1,828.00 pm² 1,928.00 pm² 2,028.00 pm² 2,128.00 pm² 2,228.00 pm²

-0.5000% £508,018 £508,018 £508,018 £508,017 £508,017 4.7500% (£1,097,866) (£1,067,766) (£1,037,667) (£1,007,567) (£977,467)

-0.2500% £482,314 £482,314 £482,314 £482,314 £482,314 5.0000% (£1,003,475) (£973,375) (£943,275) (£913,175) (£883,075) 0.0000% £459,078 £459,078 £459,078 £459,078 £459,078 5.2500% (£918,143) (£888,043) (£857,943) (£827,843) (£797,743)

+0.2500% £437,971 £437,971 £437,971 £437,972 £437,971 5.5000% (£840,633) (£810,533) (£780,433) (£750,333) (£720,233)

+0.5000% £418,716 £418,716 £418,716 £418,716 £418,716 5.7500% (£769,921) (£739,820) (£709,721) (£679,621) (£649,521)



Heading Phase Rate No. of Steps Small Format Comparison Retail -Prime 1 £2,028.00 2 Up & Down


Heading Phase Cap. Rate No. of Steps Small Format Comparison Retail -Prime 1 5.2500% 2 Up & Down

Project: Appendix 3 Small Comparison Retail A1-A5 ARGUS Developer Version: 7.60.000 - 3 - Report Date: 15/11/2018


Appendix 3 Small Comparison Retail A1-A5 Main Centres

Project Timescale Project Start Date Oct 2018 Project End Date Jul 2021 Project Duration (Inc Exit Period) 34 months

Phase 1

Project: Appendix 3 Small Comparison Retail A1-A5 ARGUS Developer Version: 7.60.000 - 5 - Report Date: 15/11/2018

APPRAISAL SUMMARY ADAMS INTEGRA Appendix 4 - Retail A1-A5 Local centre/edge of town


Currency in £

REVENUE


Retail A1-A5 1 300.00 200.00 35,000 35,000 35,000

Investment Valuation Retail A1-A5 Current Rent 35,000 YP @ 6.0000% 16.6667 583,333 Rent Free (35,000) YP 9mths @ 6.0000% 0.7127

PV 9yrs 3mths @ 6.0000% 0.5833 (14,551) 568,783

GROSS DEVELOPMENT VALUE 568,783


NET DEVELOPMENT VALUE 535,793

NET REALISATION 535,793

OUTLAY

ACQUISITION COSTS Residualised Price (Negative land) (389,063)

(389,063) Town Planning 2.00% 7,781

7,781

Project: Appendix 4 - Retail A1-A5 ARGUS Developer Version: 7.60.000 - 1 - Date: 15/11/2018

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APPRAISAL SUMMARY ADAMS INTEGRA Appendix 4 - Retail A1-A5 Local centre/edge of town CONSTRUCTION COSTS Construction m² Rate m² Cost

Retail A1-A5 300.00 m² 2,028.00 pm² 608,400 608,400

Contingency 3.00% 18,252 Mayoral CIL 300.00 m² 60.00 pm² 18,000 Demolition 25,000

61,252



Marketing 1.00% 3,500 Letting Agent Fee 10.00% 3,500 Letting Legal Fee 2.00% 700

7,700 DISPOSAL FEES


6,697 Tenancy Void Costs

Total Tenancy Void Costs 24,000

FINANCE Debit Rate 7.500%, Credit Rate 0.000% (Nominal) Land (14,101) Construction 20,984 Letting Void 28,305


APPRAISAL SUMMARY ADAMS INTEGRA Appendix 4 - Retail A1-A5 Local centre/edge of town

Other 23,699 Total Finance Cost 58,886

TOTAL COSTS 446,494

PROFIT 89,299


IRR 24.60%




Appendix 4 - Retail A1-A5 Local centre/edge of town



-0.5000% £97,513 £97,513 £97,513 £97,513 £97,513 5.5000% £284,961 £319,348 £353,735 £388,207 £422,709

-0.2500% £93,225 £93,226 £93,225 £93,226 £93,225 5.7500% £303,301 £337,688 £372,160 £406,662 £441,163 0.0000% £89,299 £89,299 £89,299 £89,299 £89,299 6.0000% £320,099 £354,561 £389,063 £423,564 £458,066

+0.2500% £85,689 £85,689 £85,689 £85,689 £85,689 6.2500% £335,597 £370,098 £404,600 £439,102 £473,603

+0.5000% £82,360 £82,360 £82,360 £82,360 £82,360 6.5000% £349,927 £384,429 £418,930 £453,432 £487,933



Heading Phase Rate No. of Steps Retail A1-A5 1 £2,028.00 2 Up & Down


Heading Phase Cap. Rate No. of Steps Retail A1-A5 1 6.0000% 2 Up & Down

Project: Appendix 4 - Retail A1-A5 ARGUS Developer Version: 7.60.000 - 3 - Report Date: 15/11/2018


Appendix 4 - Retail A1-A5 Local centre/edge of town

Project Timescale Project Start Date Dec 2018 Project End Date Sep 2021 Project Duration (Inc Exit Period) 34 months

Phase 1

Project: Appendix 4 - Retail A1-A5 ARGUS Developer Version: 7.60.000 - 5 - Report Date: 15/11/2018

APPRAISAL SUMMARY ADAMS INTEGRA Appendix 5 -Small Convenience Retail Convenience Store


Currency in £

REVENUE


Small Format Convenience 1 300.00 200.00 39,400 39,400 39,400

Investment Valuation Small Format Convenience Market Rent 39,400 YP @ 6.2500% 16.0000 (6mths Rent Free) PV 6mths @ 6.2500% 0.9701 611,578

GROSS DEVELOPMENT VALUE 611,578


NET DEVELOPMENT VALUE 576,106


OUTLAY


(263,611) Town Planning 2.00% 5,272


Project: Appendix 5 -Small Retail ARGUS Developer Version: 7.60.000 - 1 - Date: 15/11/2018

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Small Format Convenience 300.00 m² 2,028.00 pm² 608,400 608,400


46,252




6,304 DISPOSAL FEES


7,201 FINANCE

Debit Rate 7.000%, Credit Rate 0.000% (Nominal) Land (9,385) Construction 18,815 Total Finance Cost 9,430

TOTAL COSTS 480,089

PROFIT 96,018




IRR Out of Range




Appendix 5 -Small Convenience Retail Convenience Store



-0.5000% £104,613 £104,613 £104,614 £104,614 £104,613 5.7500% £152,926 £187,243 £221,645 £256,046 £290,448

-0.2500% £100,136 £100,136 £100,136 £100,136 £100,136 6.0000% £174,700 £209,102 £243,503 £277,905 £312,306 0.0000% £96,018 £96,018 £96,018 £96,018 £96,018 6.2500% £194,808 £229,209 £263,611 £298,012 £332,414

+0.2500% £92,216 £92,216 £92,216 £92,216 £92,216 6.5000% £213,367 £247,768 £282,170 £316,571 £350,973

+0.5000% £88,697 £88,697 £88,697 £88,697 £88,697 6.7500% £230,549 £264,951 £299,352 £333,754 £368,155



Heading Phase Rate No. of Steps Small Format Convenience 1 £2,028.00 2 Up & Down


Heading Phase Cap. Rate No. of Steps Small Format Convenience 1 6.2500% 2 Up & Down

Project: Appendix 5 -Small Retail ARGUS Developer Version: 7.60.000 - 3 - Report Date: 15/11/2018


Appendix 5 -Small Convenience Retail Convenience Store

Project Timescale Project Start Date Nov 2017 Project End Date Oct 2019 Project Duration (Inc Exit Period) 24 months

Phase 1

Project: Appendix 5 -Small Retail ARGUS Developer Version: 7.60.000 - 5 - Report Date: 15/11/2018

APPRAISAL SUMMARY ADAMS INTEGRA Appendix 6- B1a Secondary Offices Grade B


Currency in £

REVENUE


B1a Offices-Prime locations 1 450.00 215.00 96,750 96,750 96,750

Investment Valuation B1a Offices-Prime locations Market Rent 96,750 YP @ 7.2500% 13.7931 (3mths Unexpired Rent Free) PV 3mths @ 7.2500% 0.9827 1,311,335 Re-Letting Void (96,750) YP 1yr 3mths @ 7.2500% 1.1555

PV 4yrs 9mths @ 7.2500% 0.7172 (80,173) 1,231,162





OUTLAY


(510,810) CONSTRUCTION COSTS

Project: Appendix 6- B1a Secondary Offices ARGUS Developer Version: 7.60.000 - 1 - Date: 15/11/2018

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APPRAISAL SUMMARY ADAMS INTEGRA Appendix 6- B1a Secondary Offices Grade B Construction m² Rate m² Cost

B1a Offices-Prime locations 500.00 m² 2,358.00 pm² 1,179,000 1,179,000


75,370






17,396 FINANCE

Debit Rate 7.000%, Credit Rate 7.000% (Nominal) Land (46,325) Construction 42,527 Letting Void 61,635 Other 16,224 Total Finance Cost 74,061

TOTAL COSTS 966,462


APPRAISAL SUMMARY ADAMS INTEGRA Appendix 6- B1a Secondary Offices Grade B

PROFIT 193,293


IRR 24.73%

Rent Cover 1 yr 12 mths Profit Erosion (finance rate 7.000%) 2 yrs 8 mths



Appendix 6- B1a Secondary Offices Grade B



-0.5000% £208,451 £208,451 £208,451 £208,451 £208,451 6.7500% £447,972 £448,106 £448,239 £448,373 £448,506

-0.2500% £200,596 £200,596 £200,596 £200,596 £200,596 7.0000% £480,395 £480,529 £480,662 £480,796 £480,929 0.0000% £193,293 £193,293 £193,293 £193,293 £193,293 7.2500% £510,543 £510,676 £510,810 £510,943 £511,077

+0.2500% £186,485 £186,485 £186,485 £186,485 £186,485 7.5000% £538,642 £538,776 £538,909 £539,043 £539,176

+0.5000% £180,125 £180,125 £180,125 £180,125 £180,125 7.7500% £564,893 £565,027 £565,160 £565,294 £565,427



Heading Phase Rate No. of Steps B1a Offices-Prime locations 1 £2,358.00 2 Up & Down


Heading Phase Cap. Rate No. of Steps B1a Offices-Prime locations 1 7.2500% 2 Up & Down

Project: Appendix 6- B1a Secondary Offices ARGUS Developer Version: 7.60.000 - 3 - Report Date: 15/11/2018


Appendix 6- B1a Secondary Offices Grade B

Project Timescale Project Start Date Oct 2018 Project End Date May 2021 Project Duration (Inc Exit Period) 32 months

Phase 1

Project: Appendix 6- B1a Secondary Offices ARGUS Developer Version: 7.60.000 - 5 - Report Date: 15/11/2018

APPRAISAL SUMMARY ADAMS INTEGRA Appendix 7- B1a Grade A Offices Prime/Main locations


Currency in £

REVENUE


B1a Offices-Prime locations 1 1,350.00 270.00 364,500 364,500 364,500

Investment Valuation B1a Offices-Prime locations Market Rent 364,500 YP @ 5.5000% 18.1818 (6mths Rent Free) PV 6mths @ 5.5000% 0.9736 6,452,212





OUTLAY


(466,030) CONSTRUCTION COSTS Construction m² Rate m² Cost

B1a Offices-Prime locations 1,500.00 m² 2,841.00 pm² 4,261,500 4,261,500

Project: Appendix 7- B1a Grade A Offices (1) ARGUS Developer Version: 7.60.000 - 1 - Date: 15/11/2018

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Contingency 3.00% 127,845 Mayoral CIL 1,500.00 m² 60.00 pm² 90,000

217,845






79,014 FINANCE

Debit Rate 7.500%, Credit Rate 0.000% (Nominal) Land (29,781) Construction 161,688 Letting Void 352,635 Total Finance Cost 484,542


PROFIT 1,012,998

Performance Measures



Profit on Cost% 20.00% Profit on GDV% 15.70% Profit on NDV% 16.67% Development Yield% (on Rent) 7.20% Equivalent Yield% (Nominal) 5.50% Equivalent Yield% (True) 5.69%

IRR 22.55%




Appendix 7- B1a Grade A Offices Prime/Main locations



-0.5000% £1,116,947 £1,116,947 £1,116,947 £1,116,947 £1,116,947 5.0000% (£293,878) (£137,655) £19,438 £183,442 £347,988

-0.2500% £1,062,495 £1,062,495 £1,062,495 £1,062,496 £1,062,494 5.2500% (£71,867) £88,310 £252,768 £417,611 £583,095 0.0000% £1,012,997 £1,012,998 £1,012,998 £1,012,997 £1,012,997 5.5000% £136,269 £300,815 £466,030 £631,515 £797,134

+0.2500% £967,808 £967,808 £967,808 £967,809 £967,808 5.7500% £330,357 £495,831 £661,316 £827,276 £993,632

+0.5000% £926,388 £926,388 £926,389 £926,388 £926,388 6.0000% £509,341 £674,826 £841,026 £1,007,382 £1,173,739



Heading Phase Rate No. of Steps B1a Offices-Prime locations 1 £2,841.00 2 Up & Down


Heading Phase Cap. Rate No. of Steps B1a Offices-Prime locations 1 5.5000% 2 Up & Down

Project: Appendix 7- B1a Grade A Offices (1) ARGUS Developer Version: 7.60.000 - 3 - Report Date: 15/11/2018


Appendix 7- B1a Grade A Offices Prime/Main locations


Phase 1

Project: Appendix 7- B1a Grade A Offices (1) ARGUS Developer Version: 7.60.000 - 5 - Report Date: 15/11/2018

APPRAISAL SUMMARY ADAMS INTEGRA Appendix 8- B1/B2/B8 Small Units Startup/Move on Units


Currency in £

REVENUE


B1/B2/B8 Small units 1 500.00 100.00 50,000 50,000 50,000

Investment Valuation B1/B2/B8 Small units Market Rent 50,000 YP @ 7.5000% 13.3333 (3mths Rent Free) PV 3mths @ 7.5000% 0.9821 654,722


OUTLAY


(113,689) CONSTRUCTION COSTS Construction m² Rate m² Cost

B1/B2/B8 Small units 500.00 m² 998.00 pm² 499,000 499,000


54,970

PROFESSIONAL FEES Architect 3.00% 14,970

Project: Appendix 8- B1/B2/B8 Small Units ARGUS Developer Version: 7.60.000 - 1 - Date: 15/11/2018

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Quantity Surveyor 2.00% 9,980 Structural Engineer 1.00% 4,990 Mech./Elec.Engineer 1.00% 4,990 Project Manager 2.00% 9,980 C.D. Manager 1.00% 4,990



8,750 DISPOSAL FEES


9,821 FINANCE

Debit Rate 7.000%, Credit Rate 0.000% (Nominal) Land (5,291) Construction 15,408 Letting Void 26,732 Total Finance Cost 36,850

TOTAL COSTS 545,601

PROFIT 109,120




IRR 29.36%




Appendix 8- B1/B2/B8 Small Units Startup/Move on Units


Rent: Yield -200.00 pm² -100.00 pm² 0.00 pm² +100.00 pm² +200.00 pm² 798.00 pm² 898.00 pm² 998.00 pm² 1,098.00 pm² 1,198.00 pm²

-0.5000% £117,051 £117,051 £117,051 £117,051 £117,051 7.0000% (£30,901) £22,876 £78,194 £133,765 £189,548

-0.2500% £112,949 £112,949 £112,949 £112,949 £112,949 7.2500% (£13,429) £41,113 £96,554 £152,187 £208,015 0.0000% £109,120 £109,120 £109,120 £109,120 £109,120 7.5000% £2,989 £58,151 £113,689 £169,422 £225,250

+0.2500% £105,539 £105,539 £105,539 £105,539 £105,539 7.7500% £18,834 £74,147 £129,719 £185,544 £241,377

+0.5000% £102,182 £102,182 £102,182 £102,182 £102,181 8.0000% £33,743 £89,174 £144,830 £200,658 £256,579



Heading Phase Rate No. of Steps B1/B2/B8 Small units 1 £998.00 2 Up & Down


Heading Phase Cap. Rate No. of Steps B1/B2/B8 Small units 1 7.5000% 2 Up & Down

Project: Appendix 8- B1/B2/B8 Small Units ARGUS Developer Version: 7.60.000 - 3 - Report Date: 15/11/2018


Appendix 8- B1/B2/B8 Small Units Startup/Move on Units

Project Timescale Project Start Date Oct 2018 Project End Date Sep 2020 Project Duration (Inc Exit Period) 24 months

Phase 1

Project: Appendix 8- B1/B2/B8 Small Units ARGUS Developer Version: 7.60.000 - 5 - Report Date: 15/11/2018

APPRAISAL SUMMARY ADAMS INTEGRA Appendix 9- B1/B2/B8 Large Unit Large Factory/Warehouse


Currency in £

REVENUE


B1/B2/B8 Large Units 1 5,000.00 90.00 450,000 450,000 450,000

Investment Valuation B1/B2/B8 Large Units Market Rent 450,000 YP @ 5.5000% 18.1818 (6mths Rent Free) PV 6mths @ 5.5000% 0.9736 7,965,694





OUTLAY

ACQUISITION COSTS Residualised Price (1.25 Ha 911,907.44 pHect) 1,139,884

1,139,884 Agent Fee 1.00% 11,399 Legal Fee 0.50% 5,699

17,098 CONSTRUCTION COSTS

Project: Appendix 9- B1/B2/B8 Large Unit ARGUS Developer Version: 7.60.000 - 1 - Date: 15/11/2018

AlexM

Highlight

APPRAISAL SUMMARY ADAMS INTEGRA Appendix 9- B1/B2/B8 Large Unit Large Factory/Warehouse Construction m² Rate m² Cost

B1/B2/B8 Large Units 5,000.00 m² 717.00 pm² 3,585,000 3,585,000

Contingency 3.00% 107,550 Demolition 10,000 Mayoral CIL 5,000.00 m² 60.00 pm² 300,000

417,550






90,044 FINANCE

Debit Rate 7.000%, Credit Rate 0.000% (Nominal) Land 149,479 Construction 226,655 Letting Void 208,108 Total Finance Cost 584,243



APPRAISAL SUMMARY ADAMS INTEGRA Appendix 9- B1/B2/B8 Large Unit Large Factory/Warehouse PROFIT

1,250,614


IRR 20.35%




Appendix 9- B1/B2/B8 Large Unit Large Factory/Warehouse

Sensitivity Analysis results are not available. Click the Analysis Results tab, then print the report.

Project: Appendix 9- B1/B2/B8 Large Unit ARGUS Developer Version: 7.60.000 - 3 - Report Date: 15/11/2018


Appendix 9- B1/B2/B8 Large Unit Large Factory/Warehouse


Phase 1

Project: Appendix 9- B1/B2/B8 Large Unit ARGUS Developer Version: 7.60.000 - 5 - Report Date: 15/11/2018

APPRAISAL SUMMARY ADAMS INTEGRA Appendix 10 - Hotel Budget Style


Currency in £

REVENUE


100 Bed Budget Hotel 1 2,130.00 251.17 534,992 534,992 534,992

Investment Valuation 100 Bed Budget Hotel Market Rent 534,992 YP @ 4.7500% 21.0526 (6mths Rent Free) PV 6mths @ 4.7500% 0.9771 11,004,663





OUTLAY


(912,644) Town Planning 2.00% 18,253


Project: Appendix 10 - Hotel ARGUS Developer Version: 7.60.000 - 1 - Date: 15/11/2018

AlexM

Highlight

APPRAISAL SUMMARY ADAMS INTEGRA Appendix 10 - Hotel Budget Style

100 Bed Budget Hotel 2,800.00 m² 2,803.00 pm² 7,848,400 7,848,400

Contingency 3.00% 235,452 Demolition 25,000 Mayoral CIL 2,800.00 m² 60.00 pm² 168,000

428,452



Letting Agent Fee 10.00% 53,499 Letting Legal Fee 2.00% 10,700



114,030 FINANCE



PROFIT 1,727,733


APPRAISAL SUMMARY ADAMS INTEGRA Appendix 10 - Hotel Budget Style Performance Measures


IRR 56.77%




Appendix 10 - Hotel Budget Style



-0.5000% £1,935,620 £1,935,620 £1,935,619 £1,935,620 £1,935,620 4.2500% (£621,323) (£337,191) (£53,060) £251,724 £562,506

-0.2500% £1,825,897 £1,825,894 £1,825,898 £1,825,898 £1,825,896 4.5000% (£153,463) £142,343 £452,519 £764,217 £1,077,441 0.0000% £1,727,732 £1,727,733 £1,727,733 £1,727,732 £1,727,733 4.7500% £288,810 £599,920 £912,644 £1,225,870 £1,540,633

+0.2500% £1,639,391 £1,639,388 £1,639,391 £1,639,393 £1,639,390 5.0000% £701,648 £1,014,871 £1,328,774 £1,643,731 £1,958,684

+0.5000% £1,559,469 £1,559,470 £1,559,469 £1,559,469 £1,559,468 5.2500% £1,077,504 £1,392,025 £1,706,979 £2,022,436 £2,338,964



Heading Phase Rate No. of Steps 100 Bed Budget Hotel 1 £2,803.00 2 Up & Down


Heading Phase Cap. Rate No. of Steps 100 Bed Budget Hotel 1 4.7500% 2 Up & Down

Project: Appendix 10 - Hotel ARGUS Developer Version: 7.60.000 - 3 - Report Date: 15/11/2018


Appendix 10 - Hotel Budget Style

Project Timescale Project Start Date Oct 2018 Project End Date Jun 2020 Project Duration (Inc Exit Period) 21 months

Phase 1

Project: Appendix 10 - Hotel ARGUS Developer Version: 7.60.000 - 5 - Report Date: 15/11/2018

APPRAISAL SUMMARY ADAMS INTEGRA Appendix 11- Residential Care Home 60 Bed


Currency in £

REVENUE


60 Bed Residential Care Home 1 2,250.00 200.00 450,000 450,000 450,000

Investment Valuation 60 Bed Residential Care Home Market Rent 450,000 YP @ 5.7500% 17.3913 (6mths Rent Free) PV 6mths @ 5.7500% 0.9724 7,610,347





OUTLAY

ACQUISITION COSTS Residualised Price (Negative land) (1,963,625)

(1,963,625) CONSTRUCTION COSTS Construction m² Rate m² Cost

60 Bed Residential Care Home 3,000.00 m² 2,150.00 pm² 6,450,000 6,450,000

Project: Appendix 11- Residential Care Home ARGUS Developer Version: 7.60.000 - 1 - Date: 15/11/2018

AlexM

Highlight

APPRAISAL SUMMARY ADAMS INTEGRA Appendix 11- Residential Care Home 60 Bed

Contingency 3.00% 193,500 Mayoral CIL 3,000.00 m² 60.00 pm² 180,000 Demolition/Enabling Costs 25,000

398,500

PROFESSIONAL FEES Architect 4.00% 258,000 Quantity Surveyor 1.00% 64,500 Structural Engineer 1.00% 64,500 Mech./Elec.Engineer 1.00% 64,500 Project Manager 1.50% 96,750 C.D. Manager 1.00% 64,500 Other Professionals 0.50% 32,250





143,379 FINANCE



PROFIT 1,194,823


APPRAISAL SUMMARY ADAMS INTEGRA Appendix 11- Residential Care Home 60 Bed Performance Measures


IRR Out of Range




Appendix 11- Residential Care Home 60 Bed

Table of Profit Amount and Land Cost Rent: Rate pm²

Rent: Yield -50.00 pm² -25.00 pm² 0.00 pm² +25.00 pm² +50.00 pm² 150.00 pm² 175.00 pm² 200.00 pm² 225.00 pm² 250.00 pm²

-0.5000% £983,792 £1,147,757 £1,311,722 £1,475,688 £1,639,652 5.2500% £2,912,521 £2,169,252 £1,432,052 £700,759 (£20,167)

-0.2500% £937,962 £1,094,287 £1,250,614 £1,406,941 £1,563,268 5.5000% £3,124,054 £2,414,207 £1,709,310 £1,010,283 £317,808 0.0000% £896,118 £1,045,472 £1,194,823 £1,344,179 £1,493,532 5.7500% £3,317,174 £2,638,116 £1,963,625 £1,293,891 £629,640

+0.2500% £857,767 £1,000,727 £1,143,689 £1,286,650 £1,429,611 6.0000% £3,494,278 £2,843,394 £2,196,727 £1,554,519 £917,033

+0.5000% £822,486 £959,568 £1,096,649 £1,233,730 £1,370,812 6.2500% £3,658,117 £3,033,369 £2,412,361 £1,795,207 £1,182,102


Rent: Rate pm² Original Values are varied in Fixed Steps of £25.00

Heading Phase Rate No. of Steps 60 Bed Residential Care Home 1 £200.00 2 Up & Down


Heading Phase Cap. Rate No. of Steps 60 Bed Residential Care Home 1 5.7500% 2 Up & Down

Project: Appendix 11- Residential Care Home ARGUS Developer Version: 7.60.000 - 3 - Report Date: 15/11/2018


Appendix 11- Residential Care Home 60 Bed

Project Timescale Project Start Date Oct 2018 Project End Date Jul 2020 Project Duration (Inc Exit Period) 22 months

Phase 1

Project: Appendix 11- Residential Care Home ARGUS Developer Version: 7.60.000 - 5 - Report Date: 15/11/2018

APPRAISAL SUMMARY ADAMS INTEGRA 12 Car Park


Currency in £

REVENUE


100 space 2 deck car park 1 1,200.00 182.00 218,400 218,400 218,400

Investment Valuation 100 space 2 deck car park Current Rent 218,400 YP @ 5.5000% 18.1818 3,970,909





OUTLAY


1,265,408 Stamp Duty 51,770 Agent Fee 1.00% 12,654 Legal Fee 0.50% 6,327


Project: 12 Car Park ARGUS Developer Version: 7.60.000 - 1 - Date: 15/11/2018

AlexM

Highlight


100 space 2 deck car park 2,400.00 m² 591.00 pm² 1,418,400 1,418,400

Contingency 3.00% 42,552 CIL 2,400.00 m² 25.00 pm² 60,000 Demolition 10,000

112,552

PROFESSIONAL FEES Architect 2.00% 28,368 Quantity Surveyor 2.00% 28,368 Structural Engineer 2.00% 28,368 Mech./Elec.Engineer 1.00% 14,184 Project Manager 1.00% 14,184



42,269 FINANCE

Debit Rate 7.000%, Credit Rate 0.000% (Nominal) Land 71,477 Construction 22,833 Total Finance Cost 94,310


PROFIT 623,434

Performance Measures Profit on Cost% 20.00% Profit on GDV% 15.70% Profit on NDV% 16.67% Development Yield% (on Rent) 7.01% Equivalent Yield% (Nominal) 5.50%



Equivalent Yield% (True) 5.69%

IRR 48.57%




12 Car Park


Rent: Rate pm² -100.00 pm² -50.00 pm² 0.00 pm² +50.00 pm² +100.00 pm² 491.00 pm² 541.00 pm² 591.00 pm² 641.00 pm² 691.00 pm²

-100.00 pm² £280,887 £280,887 £280,888 £280,887 £280,887 82.00 pm² £11,454 £142,771 £274,659 £406,547 £538,835

-50.00 pm² £452,160 £452,161 £452,160 £452,160 £452,160 132.00 pm² (£753,206) (£632,848) (£512,492) (£392,042) (£270,256)

0.00 pm² £623,433 £623,433 £623,434 £623,433 £623,433 182.00 pm² (£1,506,122) (£1,385,766) (£1,265,408) (£1,145,052) (£1,024,696) +50.00 pm² £794,706 £794,707 £794,706 £794,706 £794,706 232.00 pm² (£2,259,039) (£2,138,681) (£2,018,325) (£1,897,969) (£1,777,612)

+100.00 pm² £965,979 £965,979 £965,978 £965,978 £965,980 282.00 pm² (£3,011,955) (£2,891,599) (£2,771,242) (£2,650,886) (£2,530,528)



Heading Phase Rate No. of Steps 100 space 2 deck car park 1 £591.00 2 Up & Down

Rent: Rate pm² Original Values are varied in Fixed Steps of £50.00

Heading Phase Rate No. of Steps 100 space 2 deck car park 1 £182.00 2 Up & Down

Project: 12 Car Park ARGUS Developer Version: 7.60.000 - 3 - Report Date: 15/11/2018


12 Car Park

Project Timescale Project Start Date Nov 2018 Project End Date Nov 2019 Project Duration (Inc Exit Period) 13 months

Phase 1

Project: 12 Car Park ARGUS Developer Version: 7.60.000 - 5 - Report Date: 15/11/2018

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Occupational Deals Report

Hounslow West, London – Industrial Space

07/08/2018

Page | 1


Occupational Deals Report Hounslow West, London – Industrial Space

CENTRAL PARK ESTATE, STAINES ROAD, HOUNSLOW, TW4 5DJ Deal Date 31/05/2018

Unit details 6,930 SqFt Letting Lease Lease length – 5 years

Letting details Achieved rent £84,892.50 PerAnnum Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available

Amenities Not Available

Tenant Enjoy Landlord Airport Industrial GP Limited and Airport Industri

Acquiring agent Not Available

Disposing agent JLL Tom Lowther +44 (0)203 805 6902

Disposing agent Not Available

National Works, Bath Road, Hounslow, TW4 7EA Deal Date 15/04/2018

Unit details 1,552 Net SqFt Unit A12 Letting Lease Lease length – Not Available

Letting details Achieved rent Not Available Asking rent £25,000 PerAnnum Business rates Not Available Service charges Not Available Rent free periods Not Available


Tenant Undisclosed Landlord Undisclosed


Disposing agent Telsar Limited 01895 819911


Page | 2



Steyning Way Trading Estate, Steyning Way, Hounslow, TW4 6DL Deal Date 05/12/2016

Unit details 5,121 Net SqFt Second-hand Grade B Unit 693 Letting Lease Lease length – Not Available

Letting details Achieved rent Not Available Asking rent £7 per SqFt Business rates Not Available Service charges Not Available Rent free periods Not Available


Tenant Undisclosed Landlord St James Place Property Unit Trust


Disposing agent JLL 020 8759 4141


Tamian Way, Green Lane, Hounslow, TW4 6BL Deal Date 15/09/2016

Unit details 27,365 Net SqFt Unit 1 Letting Lease Lease length – Not Available

Letting details Achieved rent Not Available Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available




Disposing agent Cushman & Wakefield 020 3296 3000


Page | 3



Steyning Way Trading Estate, Steyning Way, Hounslow, TW4 6DL Deal Date 11/07/2016




Tenant Undisclosed Landlord St James Place Property Unit Trust




Central Park Trading Estate, Central Park Trading Estate, Staines Road, Hounslow, TW4 5DJ Deal Date 22/06/2016




Tenant Undisclosed Landlord Airport Industrial GP Limited


Disposing agent Dowley Turner Real Estate LLP 020 3328 9080


Page | 4



Logistics Centre (The), Green Lane, Hounslow, TW4 6BT Deal Date 23/05/2016

Unit details 21,358 Net SqFt Letting Lease Lease length – Not Available



Tenant Undisclosed Landlord Dorset County Council




Fairway Trading Estate, Fairway Close, London, TW4 6BU Deal Date 15/11/2015

Unit details 13,024 Net SqFt Unit 11 Letting Lease Lease length – 5 years

Letting details Achieved rent £8.90 per SqFt Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods


Tenant Fara Foundation Landlord Segro PLC


Disposing agent dohertybaines 020 7355 3033

Disposing agent Savills 020 7499 8644

Page | 5




Unit details 11,305 Net SqFt Second-hand Grade B Unit 7 Letting Lease Lease length – 10 years



Tenant Trad Scaffolding Landlord Segro PLC



Disposing agent De Souza & Company Limited 020 8707 3030

270-272, Bath Road, Hounslow, TW4 7DF Deal Date 01/09/2015

Unit details 15,000 Net SqFt Letting Lease Lease length – 4 years and 6 months

Letting details Achieved rent £18.50 per SqFt Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available


Tenant Eaton Power Landlord Undisclosed

Acquiring agent Cushman & Wakefield 020 8569 1600



Page | 6




Unit details 11,416 Net SqFt New - Refurb (pre-construction) Unit 9 Letting Lease Lease length – 10 years



Tenant Polsteel Limited Landlord Segro PLC



Disposing agent De Souza & Company Limited 020 87073030





Tenant Prestige Food and Wine Limited Landlord Segro PLC




Page | 7



Viridian Park, Pulborough Way, Hounslow, TW4 6DE Deal Date 15/06/2015


Letting details Achieved rent Not Available Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods


Tenant Undisclosed Landlord Segro PLC





Unit details 1,552 Net SqFt Second-hand Grade B Unit A12 Letting Lease Lease length – Not Available





Disposing agent Letdirect (now trading as IPIF) 0800 804 8600


Page | 8



685, Steyning Way, Hounslow, TW4 6DL Deal Date 15/02/2015








5, Pulborough Way, Hounslow, TW4 6DE Deal Date 15/12/2014








Page | 9



Heathrow South Cargo Centre, Heathrow South Cargo Centre, Girling Way, Great South West Road, Feltham, TW14 0PH

Deal Date 07/10/2014


Letting details Achieved rent £1,639,575 PerAnnum Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available


Tenant Kuehne + Nagel (UK) Limited Landlord Airport Industrial Property Unit Trust

Acquiring agent Clews & Co Limited 01295 760 935



Freehold Industrial Centre, Amberley Way, Hounslow, TW4 6BX Deal Date 19/08/2014


Letting details Achieved rent Not Available Asking rent £8.14 per SqFt Business rates Not Available Service charges Not Available Rent free periods Not Available


Page | 10



Tenant Fraser Water Services Limited Landlord Undisclosed




Hounslow Trade Park, Staines Road, Hounslow, TW3 3JL Deal Date 18/08/2014

Unit details 4,041 Net SqFt New - New Build (existing) Unit 10 Letting Lease Lease length – Not Available

Letting details Achieved rent £31,931 PerAnnum Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available


Tenant Oto Bathrooms Limited Landlord Aegon Uk Property Fund Limited


Disposing agent Rapleys Llp 0870 777 6292

Disposing agent Colliers International 01895 813344





Page | 11



Tenant Hevac Mechanical Distribution Limited Landlord Aegon Uk Property Fund Limited





Unit details 6,892 Net SqFt Second-hand Grade B Unit 3 Letting Lease Lease length – 5 years



Tenant United Airlines Landlord Segro PLC





Unit details 6,792 Net SqFt New - Refurb (existing) Unit 05 Letting Lease FRI Lease length – 5 years

Letting details Achieved rent £10 per SqFt Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available


Page | 12



Tenant Vantec Europe Limited Landlord Airport Industrial Property Unit Trust









Tenant Do & Co Landlord Airport Industrial Property Unit Trust



Disposing agent Eversheds LLP 020 7919 4500


Unit details 29,785 Net SqFt Site 1 Letting Lease Lease length – Not Available



Page | 13



Tenant Undisclosed Landlord Segro PLC





Unit details 12,994 Net SqFt New - Refurb (existing) Unit 10 Letting Lease FRI Lease length – Not Available



Tenant Deltech UK Limited Landlord Undisclosed





Page | 14






Tenant Burger and Lobster Restaurant Group Limited Landlord Segro PLC





Unit details 5,279 Net SqFt Second-hand Grade B Entire Building Letting Lease Lease length – 5 years





Disposing agent Altus Group 01753 689000



Page | 15



Unit details 52,937 Net SqFt New - New Build (existing) Unit 2 Letting Lease FRI Lease length – 10 years



Tenant DHL Excel Supply Chain Landlord Airport Industrial Property Unit Trust





Unit details 16,038 Net SqFt Units 7 & 8 Letting Lease Lease length – 5 years








Page | 16






Tenant Himalaya Carpets Landlord Kames Capital plc








Tenant Johnstone Works Landlord Aegon Uk Property Fund Limited





Page | 17






Tenant YESSS Electrical Landlord Aegon Uk Property Fund Limited








Tenant National Lighting Landlord Aegon Uk Property Fund Limited





Page | 18






Tenant Yourway Transport Limited Landlord Segro PLC








Tenant Inviron Limited Landlord Segro PLC





Page | 19






Tenant Tile Depot Landlord Kames Capital plc


Disposing agent Colliers International 020 7935 4499






Tenant Screwfix Landlord Kames Capital plc





Page | 20






Tenant Topps Tiles Landlord Kames Capital plc








Tenant Halfords Autocentre Landlord Kames Capital plc





Page | 21



Unit details 5,014 Net SqFt Warehouse & Yard Letting Lease Lease length – Not Available








Unit details 1,322 Net SqFt Unit C02 Letting Lease Lease length – 3 years



Tenant Books and Periodicals Agency Limited Landlord IPIF





Page | 22



Unit details 1,322 Net SqFt Unit C03 Letting Lease Lease length – Not Available



Tenant Chings bead & Jewellery Landlord Industrial Property Investment Fund





Unit details 2,050 Net SqFt Unit B06 Letting Lease Lease length – 1 year



Tenant Quos Business Process Outsourcing Limited Landlord Industrial Property Investment Fund




Page | 23



Heathrow Causeway Centre, Ariel Way, Hounslow, TW4 6JW Deal Date 01/09/2011




Tenant Private individual(s) Landlord Segro PLC



Disposing agent DTZ (now part of Cushman & Wakefield) 0203 296 3000

99, Green Lane, Hounslow, TW4 6BW Deal Date 20/07/2017

Unit details 12,992 Net SqFt Occupational Sale

Sale Details Price £1,950,000 Tenure Freehold

Vendor Undisclosed Purchaser SNG Properties Limited




Page | 24



Maple Grove Business Centre, Lawrence Road, Hounslow, TW4 6DR Deal Date 15/04/2016

Unit details 4,239 Net SqFt Second-hand Grade B Unit 11 Occupational Sale

Sale Details Price Not Available Tenure Freehold

Vendor Undisclosed Purchaser Undisclosed


Disposing agent Altus Group 01753 689000


Freehold Industrial Centre, Amberley Way, Hounslow, TW4 6BX Deal Date 14/07/2015

Unit details 1,736 Net SqFt Second-hand Grade B Unit 6 Occupational Sale






Site At, Green Lane, Hounslow, TW4 6ER Deal Date 23/12/2013

Page | 25



Unit details 40,000 Net SqFt Design & Build Occupational Sale





Disposing agent DTZ (now part of Cushman & Wakefield) 0203 296 3000



Unit details 18,400 Net SqFt Unit 5 & 6 Occupational Sale


Vendor Undisclosed Purchaser GE Aviation Systems Limited


Disposing agent Cushman & Wakefield 020 8569 1600



Page | 26





Vendor Segro PLC Purchaser Undisclosed






Hounslow West, London – Office Space

07/08/2018

Page | 1


Occupational Deals Report Hounslow West, London – Office Space

6, Lawrence Road, Hounslow, TW4 6DN Deal Date 15/11/2013

Unit details 6,338 Net SqFt Second-hand Grade B Entire Building Letting Lease Lease length – Not Available








Unit details 880 Net SqFt Unit 4 Letting Lease Lease length – Not Available







Page | 2












Unit details 284 Net SqFt 1st Floor Letting Lease FRI Lease length – Not Available







Page | 3



Vista Office Centre, Vista Office Centre, 50, Salisbury Road, Hounslow, TW4 6JQ Deal Date 15/06/2008






Disposing agent Vail Williams LLP 0238 082 0900



Unit details 284 Net SqFt Unit 4, 1st Floor Letting Lease Lease length – Not Available







Page | 4




Unit details 4,887 Net SqFt 6th floor Letting Lease Lease length – Not Available





Disposing agent Edwin Hill (now trading as Altus Edwin Hill) 01753 689000



Unit details 1,153 Net SqFt 4th floor Letting Lease Lease length – 5 years



Tenant Luminova (UK) Limited Landlord CLSH MANAGEMENT LIMITED




Page | 5







Tenant Apollo Communications Landlord RO Properties Limited





Unit details 5,050 Net SqFt Letting Lease Lease length – 10 years



Tenant Metropolitan Police Authority Landlord CLS Holdings plc

Acquiring agent Smith Melzack Pepper Angliss (now trading as Vail Williams) 020 8263 6002

Disposing agent Andrews Denford & Boyd Limited 020 7494 0377


Page | 6







Tenant Metropolitan Police Authority Landlord CLS Holdings plc

Acquiring agent Smith Melzack Pepper Angliss (now trading as Vail Williams) 020 7638 1856




Unit details 1,750 Net SqFt Part Floor Letting Assignment IRL Lease length – 2 years



Tenant Suir Engineering UK Limited Landlord Arcplan UK Limited




Page | 7



Heathrow Causeway Centre, Ariel Way, Hounslow, TW4 6JW Deal Date 11/07/2001

Unit details 12,012 Gross SqFt Units 7 & 8 Letting Assignment Lease length – 9 years



Tenant Carter Refridgeration & retail Services Limited Landlord BancTec Limited

Acquiring agent Smith Hodgkinson International Limited 0161 233 2900




Unit details 9,591 Gross SqFt Unit 3 Letting Lease FRI Lease length – 3 years



Tenant Ulverscroft Limied Landlord Undisclosed




Page | 8



Wallbrook Business Centre, Wallbrook Business Centre, Green Lane, London, TW4 6NW Deal Date 29/03/2001

Unit details 3,159 Gross SqFt Unit 5 Letting Lease Lease length – 5 years



Tenant HORIZON TECHNOLOGY GROUP PLC Landlord Brown, Beverly & moran





Unit details 2,820 Gross SqFt Unit 2 Letting Lease Lease length – 8 years



Tenant FUSION LIMITED Landlord Queen's College


Disposing agent Smith-Woolley Limited 01993 811624


Page | 9




Unit details 10,400 Gross SqFt 3rd & 4th floors Letting Lease Lease length – 5 years



Tenant EDS International Landlord CLS Holdings plc





Unit details 12,500 Gross SqFt Letting Lease Lease length – 10 years



Tenant Hiserv UK Limited Landlord CLS Holdings plc




Page | 10




Unit details 4,760 Net SqFt Units 1 & 2 Occupational Sale

Sale Details Price £495,000 Tenure Freehold

Vendor RO Properties Limited Purchaser Devonshire Healthcare Services Limited

Acquiring agent De Souza & Company Limited 020 87073030

Disposing agent Vokins Chartered Surveyors 020 8400 9000


Phoenix Court, 531, Staines Road, Hounslow, TW4 5DP Deal Date 15/11/2011

Unit details 6,500 Net SqFt Entire Building Occupational Sale






Page | 11




Unit details 2,178 Net SqFt Unit 4 Occupational Sale


Vendor Private individual(s) Purchaser Private individual(s)


Disposing agent Levene Chartered Surveyors 0800 118 899





Vendor Undisclosed Purchaser Fusis Limited





Page | 12




Sale Details Price £1,200,000 Tenure Freehold

Vendor Undisclosed Purchaser Fusion Business Systems Limited


Disposing agent Savills 01225 474500







Disposing agent Smith-Woolley Limited 01993 811624


Amberley House, Amberley Way, London, TW4 6BH Deal Date 30/03/2001

Page | 13



Unit details 1,087 Gross SqFt Occupational Sale




Disposing agent Savills 01483 796800




Hounslow West, London – Retail Space

07/08/2018

Page | 1


Occupational Deals Report Hounslow West, London – Retail Space

117-119, Beavers Lane, Hounslow, TW4 6HF Deal Date 05/12/2016

Unit details 670 Net SqFt Second-hand (Retail) Ground Letting Lease FRI Lease length – Not Available





Disposing agent Dunphys Chartered Surveyors 020 8577 5172


275, Bath Road, Hounslow, TW3 3DA Deal Date 12/05/2014

Unit details 1,697 Net SqFt Second-hand (Retail) Ground Letting Lease FRI Lease length – 20 years





Disposing agent Dunphys Chartered Surveyors 020 8577 5172


Page | 2



Cavendish Parade, Bath Road, Hounslow, TW4 7DJ Deal Date 15/03/2012

Unit details Letting Lease Lease length – 10 years



Tenant Albemarle & Bond Landlord Undisclosed

Acquiring agent Brasier Freeth 01923 210810



300, Bath Road, Hounslow, TW4 7DN Deal Date 15/11/2011

Unit details 1,470 Net SqFt Ground Floor Letting Lease FRI Lease length – 10 years





Disposing agent Claridges Commercial 0845 205 0007


Page | 3



348, Bath Road, Hounslow, TW3 3DH Deal Date 15/05/2008






Disposing agent Jenkins Law 020 7440 1840


279, Staines Road, Hounslow, TW4 5AL Deal Date 27/09/2002

Unit details Letting Lease IRL Lease length – 15 years



Tenant Skytrak Travel Limited Landlord Undisclosed




Page | 4



Morrisons Cavendish Parade, Bath Road, Hounslow, TW4 7DJ Deal Date 30/08/1990




Tenant Morrisons Landlord Undisclosed




savills.co.uk/research 01

GRAPH 1

Domestic investors have accounted for 59% of acquisitions this year

UK Commercial Market in Minutes

UK investors are 13% more acquisitive in 2018

August 2018

Savills World Research UK Commercial

Stronger than expected office occupational story renews UK investor confidence and activity The average UK commercial property prime yield remained stable at 4.56% in July, the same level as at October 2017.

Upward pressure is expected to continue in the following months on most retail sectors, and the average prime yield across all retail segments is now 5.05%, compared to 4.90% a year ago.

The most notable change in the market in recent months has been the return of domestic investors to the field. As Graph 1 shows, domestic investors have accounted for 59% of all acquisitions this year, the highest proportion since 2011.

In volume terms this is an increase of 12.9% year-on-year, compared to a 21% fall in non-domestic investor activity.

We believe that this change is being driven by a number of factors. Firstly, is the continuing strong occupational story in the logistics market, and a better than expected occupational trend in the office market.

Secondly, there has been a comparative lack of larger assets on the market that would typically attract the most international investor interest. There have been only 56 deals of over £100m in the first seven months of 2018, compared to 70 in the same period last year.

Finally, the recent increasing speculation around a rising probability of a hard Brexit has caused some non-domestic investors to question the outlook for the UK.

Looking ahead to the remainder of 2018 we expect that domestic investors will remain the most active buyers, though the largest prime assets will still predominantly attract non-domestic attention.

Graph source: xxxxxxxxxxxxxxxxxxx

TABLE 1

Prime yields

July 17 June 18 July 18

West End Offices 3.25% 3.25% 3.25%

City Offices 4.00% 4.00% 4.00%

Offices M25 5.25% 5.00% 5.00%

Provincial Offices 5.25% 4.75% 4.75%

High Street Retail 4.00% 4.25% 4.25%#

Shopping Centres 4.50% 5.00% 5.00%

Retail Warehouse (open A1)

5.25% 5.25% 5.25%#

Retail Warehouse (restricted)

5.75% 5.50% 5.50%#

Foodstores 5.00% 4.50% 4.50%

Industrial Distribution

4.75% 4.25% 4.25%

Industrial Multi-lets

4.50% 4.00% 4.00%

Leisure Parks 5.00% 5.25% 5.25%

Regional Hotels 4.75% 4.25% 4.25%

Table source: Savills

Graph source: Property Data, Savills

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

OthersOccupiersPrivate InvestorsPrivate Prop CoQuoted Prop CoUK InstitutionsOverseas Investors

Market in Minutes | UK Commercial

02

August 2018

GRAPH 3

Limited correlation between the base rate and prime property yield

Local authorities keep buying, though remain a small part of the overall market One group of investors that garnered a disproportionate amount of media comment in 2017 were the local authorities.

As Graph 2 shows, they look on track to exceed 2017's level of activity this year, having already invested nearly £1bn in UK commercial property so far this year. However, this group of investors still accounts for only 3.4% of the total market, and as such are hardly providing it with a dramatic boost, or exposing it to a potential fall should they withdraw.

Much of the recent comment on this group of investors has been around whether they 'should' be investing in property when local authority spending is being tightened. However, this avenue of comment is rather weak as the fundamental reason why they are investing in income-producing assets is to plug the gap that has been created by the reduction in income from central government.

Investment in commercial property can deliver both an income return and a social return for local authorities, and we see no credible argument for discouraging or limiting their investment activity in this sector so long as it is well-informed, transparent, and benchmarked. Furthermore, while the proportion of investments by local authorities that are outside their operational area has risen to 39% this year, we believe that this is justifiable in the context of spreading investment risk.

Should the recent base rate rise be a cause of concern for property investors? With the markets having finally called the timing of an interest rate rise correctly, the inevitable questions are being asked as to what this means for UK commercial property.

As far as the macro-economy (and hence consumer spending and GDP growth) goes, we expect the impacts to be limited. Relatively few households have a variable rate mortgage and thus we do not expect this rise, or the prospect of further gentle rises to have a dramatic impact on the economy.

There is also the question of whether the interest rate rise will impact on property investor's cost of debt. Again we expect this to have a limited impact, as the prospects of a rise had been priced into the debt market for some time.

Finally, there is the question of whether there is any relationship between the base rate and property yields. Traditionally it has been broadly understood that the property yield should be in part a function of the risk-free rate of return. However, the last decade has seen less of a relationship due to lower LTV's and the increasing amount of non-domestic investor activity in the UK .

Indeed, as Graph 3 shows, only two of the last five periods of rising base rates have coincided with a rise in the prime property yield. We expect that this next phase of "gradual" and "limited" rises will see market fundamentals driving the yield, rather than the base rate.

Savills plcSavills is a leading global real estate service provider listed on the London Stock Exchange. The company established in 1855, has a rich heritage with unrivalled growth. It is a company that leads rather than follows, and now has over 700 offices and associates throughout the Americas, Europe, Asia Pacific, Africa and the Middle East.

This report is for general informative purposes only. It may not be published, reproduced or quoted in part or in whole, nor may it be used as a basis for any contract, prospectus, agreement or other document without prior consent. Whilst every effort has been made to ensure its accuracy, Savills accepts no liability whatsoever for any direct or consequential loss arising from its use. The content is strictly copyright and reproduction of the whole or part of it in any form is prohibited without written permission from Savills Research.

James GullifordJoint Head of UK Investment+44 (0)20 7409 8711 [email protected]

Mat OakleyResearch+44 (0)20 7409 [email protected]

Graph source: Bank of England, Savills

Please contact us for further information

GRAPH 2

Local authority investment into UK commercial property

Graph source: Savills Research

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

% o

f mar

ket

£m

LA Invest £m LA % of Total

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%01

/01/

1990

01/0

4/19

9101

/07/

1992

01/1

0/19

9301

/01/

1995

01/0

4/19

9601

/07/

1997

01/1

0/19

9801

/01/

2000

01/0

4/20

0101

/07/

2002

01/1

0/20

0301

/01/

2005

01/0

4/20

0601

/07/

2007

01/1

0/20

0801

/01/

2010

01/0

4/20

1101

/07/

2012

01/1

0/20

1301

/01/

2015

01/0

4/20

1601

/07/

2017

Base

rate

and

yiel

d %

City office prime yield UK base rate

London Borough of Hounslow- Non-Residential Values table- Q4 2018

Development Use

Type/Use Class

Indication

Example Scheme

Type GIA [m2]

Site

Coverage

[%]

Site Size

[Ha]

Build

Period

[months]

Values Range

Rent £/m2 Invest

ment

Yield

[%]

Build

Cost 1[£/m2]

External

Works

Addition

[%]

Total

Build

Cost

exc

fees

[£/m2]

Low Mid High

Retail- Large Format-

convenience

Large

supermarket

2000 45 0.5 12 185 200 225 4.5 935 15 1095

Retail Large Format-

comparison

Large format retail

warehouse- edge

of centre

1000 4 0.4 7 225 250 275 5.25 656 15 768

A1-A5- comparison

retail Main Centres 300 100 0.03 6 700 800 900 5.25 1898 5 2028

A1-A5- comparison

retail Local Centre 300 100 0.03 6 150 200 250 6.0 1898 5 2028

A1-A5- small retail Convenience 300 100 0.03 6 150 175 200 6.25 1898 5 2028

B1a – Offices Secondary 500 100 0.15 12 200 215 230 7.25 2034 15 2358

B1a- Offices Prime/Main

Centre 1500 100 0.5 12 175 250 225 5.5 2451 15 2841

B1/B2/B8- industrial

Warehousing

Startup/Move on

unit 1000 50 0.2 10 85 100 130 7.5 864 15 998

B1/B2/B8-

Industrial/Warehousing

Larger

factory/warehouse 5000 40 1.25 18 80 90 100 5.5 621 15 717

C1- Hotel Budget style 2800 80 0.35 14 5000/rm2 5350/rm 5700/rm 4.75 2428 15 2803

C2- Residential

Institution

Nursing

Home/Care home 3000 80 0.35 16 175 200 225 5.75 1862 15 2150

BREEAM ‘Excellent’ % of Build Costs 0.4-1.8

Incl in

Total

Build

Costs

Professional Fees % of Build Costs 10

1 BCIS – current Q4 2016-Median General – rebased to Richmond [118] 2 Hotel- annual per room rental rate

London Borough of Hounslow- Non-Residential Values table- Q4 2018

Contingency % of Build Costs 5

Planning/Building

Regs/Insurances % of Build Costs 2

Other % of Build Costs Variable

Finance

Interest rate per

annum % of Total costs 7.0

Arrangement

fees/Valuations etc % of Total Costs 2.0

Site Acquisition

Costs

Stamp Duty % of Land Value 5.0 >£250k

Agents fees % of Land Value 1.0

Marketing Costs

Advertising % of ERV 5

Letting agents fees % of ERV 10

Letting Legal fees % of ERV 0.5

Disposal Costs

Sales Agents Fees % of Sale Value 1.0

Sales Legal Fees % of Sale Value 0.25

Purchasers Costs % of Sale Value 6.8

Description: Rate per m2 gross internal floor area for the building Cost including prelims. Last updated: 01Sep2018 02:05

Rebased to London Borough of Hounslow ( 113; sample 34 )

£/m2 study

Maximum age of results: 5 years

Building function (Maximum age of projects)

£/m² gross internal floor areaSample

Mean Lowest Lower quartiles Median Upper quartiles Highest

New build

282.2 Purpose builtfactories

Generally (5) 1,196 505 1,155 1,967 4

Over 2000m2 GFA (5) 1,196 505 1,155 1,967 4

284.2 Purpose builtwarehouses/stores

Generally (5) 1,003 366 610 864 1,110 2,960 15

Up to 500m2 GFA (5) 2,960 1

500 to 2000m2 GFA (5) 915 494 796 864 1,031 1,536 9

Over 2000m2 GFA (5) 769 366 600 621 1,023 1,238 5

320. Offices

Generally (5) 2,133 1,479 1,864 2,405 2,421 2,493 11

Airconditioned

Generally (5) 2,161 1,479 1,875 2,410 2,463 2,493 6

12 storey (5) 2,089 1,698 2,479 2

35 storey (5) 2,129 1,479 2,415 2,493 3

Not airconditioned

Generally (5) 2,099 1,588 2,031 2,036 2,410 2,428 5

12 storey (5) 2,021 1,588 2,034 2,428 4

6+ storey (5) 2,410 1

341.1 Retail warehouses

Generally (5) 1,199 1

1000 to 7000m2 GFA (5) 1,199 1

345. Shops

Generally (5) 1,812 1,029 1,898 2,422 4

12 storey (5) 1,812 1,029 1,898 2,422 4

345.1 Shops withdomestic, officeaccommodation (5)

3,157 2,349 3,964 2

442.2 Nursing homes longstay (residential homes) (5)

2,212 1

447. Care homes for theelderly

Generally (5) 1,901 1,279 1,725 1,862 2,096 2,521 7

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Over 2000m2 GFA (5) 1,901 1,279 1,725 1,862 2,096 2,521 7

810.1 Estate housing

Generally (5) 1,402 801 1,200 1,331 1,494 4,739 407

Single storey (5) 1,663 1,001 1,318 1,588 1,863 4,739 63

2storey (5) 1,333 801 1,180 1,304 1,439 2,673 325

3storey (5) 1,467 936 1,221 1,386 1,560 2,841 16

4storey or above (5) 3,126 2,392 2,587 4,400 3

810.11 Estate housingdetached (5)

2,228 1,382 1,572 1,835 2,317 4,739 9

810.12 Estate housingsemi detached

Generally (5) 1,355 801 1,187 1,324 1,460 2,421 124

Single storey (5) 1,625 1,066 1,420 1,588 1,758 2,421 17

2storey (5) 1,319 801 1,183 1,291 1,434 2,368 103

3storey (5) 1,167 1,024 1,147 1,352 4

810.13 Estate housingterraced

Generally (5) 1,488 936 1,253 1,368 1,564 4,400 69

Single storey (5) 1,583 1,204 1,599 1,928 4

2storey (5) 1,412 960 1,253 1,366 1,490 2,673 57

3storey (5) 1,640 936 1,234 1,465 1,883 2,841 7

4storey or above (5) 4,400 1

816. Flats (apartments)

Generally (5) 1,645 902 1,349 1,540 1,891 5,573 279

12 storey (5) 1,600 983 1,325 1,502 1,800 2,597 75

35 storey (5) 1,609 902 1,344 1,504 1,878 3,007 182

6+ storey (5) 2,097 1,150 1,563 1,926 2,051 5,573 22

818. Housing with shops,offices, workshops or thelike (5)

2,126 1,074 1,714 1,900 2,615 3,608 30

843.1 Supported housingwith shops, restaurants orthe like (5)

1,786 1,421 1,590 1,672 1,770 2,831 12

852. Hotels (5) 2,476 1,972 2,182 2,428 2,511 3,286 5

Shell only

282.2 Purpose builtfactories (5)

405 289 521 2

284.2 Purpose builtwarehouses/stores (5)

462 381 542 2

320.1 Offices with shops,banks, flats, etc (5)

1,355 1

341.1 Retail warehouses(5)

678 510 656 892 4

344. Hypermarkets,supermarkets (5)

1,294 608 851 935 1,625 2,606 6

345. Shops (5) 889 749 855 909 949 985 5

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£/m2 study

Maximum age of results: Default period




New build

125. Car parks (Multistorey) (15)

620 377 471 591 710 1,176 10

125.4 Car parks(Underground) (20)

964 763 968 1,161 3

18Nov2018 13:47 © RICS 2018 Page 1 of 1

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New build

282.1 Advance factories

Generally (5) 1,104 806 954 1,192 1,251 1,319 7

Up to 500m2 GFA (5) 1,083 973 1,192 2

500 to 2000m2 GFA (5) 1,274 1,242 1,261 1,319 3

Over 2000m2 GFA (5) 870 806 935 2

282.22 Purpose builtfactories/Offices mixedfacilities (5)

999 729 869 935 1,143 1,310 7

284.1 Advancewarehouses/stores (5)

778 585 971 2

19Nov2018 16:46 © RICS 2018 Page 1 of 1

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Description: Rate per m2 gross internal floor area for the building Cost including prelims. Last updated: 02Feb2019 00:39


£/m2 study





New build

532. Community Centres

Generally (5) 2,651 1,571 2,149 2,819 3,061 3,710 15

Up to 500m2 GFA

Generally (5) 2,628 1,571 2,038 2,924 2,984 3,481 9

Steel framed (5) 2,365 1,571 2,204 3,481 4

Brick construction (5) 2,510 2,038 2,981 2

Timber framed (5) 2,954 2,924 2,984 2

500 to 2000m2 GFA

Generally (5) 2,686 1,847 2,281 2,582 3,058 3,710 6

Steel framed (5) 3,710 1

Concrete framed (5) 2,260 1

Brick construction (5) 1,847 1

Timber framed (5) 3,138 1

532.1 General purposehalls

Generally (5) 2,064 1,495 2,085 2,613 3

Up to 500m2 GFA (5) 2,064 1,495 2,085 2,613 3

562.12 Gymnasia/sportshalls

Generally (5) 2,375 1,958 2,791 2

500 to 2000m2 GFA (5) 2,375 1,958 2,791 2

14Feb2019 17:13 © RICS 2019 Page 1 of 1

APPRAISAL SUMMARY ADAMS INTEGRA South Bedfont (Bedfont Lakes) Affordable within appartments

Summary Appraisal for Merged Phases 1 2 3 4 5

Currency in £

REVENUE Sales Valuation Units m² Rate m² Unit Price Gross Sales

M-1 Bed 2 Person Appt 2 100.00 4,800.00 240,000 480,000 M-2 Bed 4 Person Appt 6 420.00 4,000.00 280,000 1,680,000 M- 3 Bed 5 Person Appt 14 1,204.00 3,953.49 340,000 4,760,000 M- 4 Bed 7 Person Appartment 3 324.00 3,703.70 400,000 1,200,000 I-LLR-1 Bed 2 Person Appt 2 100.00 2,430.00 121,500 243,000 I-LLR- 2 Bed 4 Person Appt 4 280.00 1,928.57 135,000 540,000 I-LLR 3 Bed 5 Person Appt 6 516.00 1,728.84 148,680 892,080 S-1 Bed 2 Person Appt 5 250.00 2,430.00 121,500 607,500 S- 2 Bed 4 Person Appt 12 840.00 1,928.57 135,000 1,620,000 S- 3 Bed 5 Person Appt 27 2,322.00 1,728.84 148,680 4,014,360 S- 4 Bed 7 Person Appt 7 756.00 1,501.67 162,180 1,135,260 M-2 Bed 4 Person House 27 2,133.00 4,430.38 350,000 9,450,000 M-3 Bed 5 Person House 43 3,999.00 5,161.29 480,000 20,640,000 M-4 Bed 7 Person House 10 1,150.00 5,304.35 610,000 6,100,000 I-LLR-1 Bed 2 Person Appt 2 100.00 2,037.00 101,850 203,700 I-LSO- 2 Bed 4 Person Appt 6 420.00 2,061.26 144,288 865,728 I-LSO 3 Bed 5 Person Appt 6 516.00 1,677.77 144,288 865,728 M-1 Bed 2 Person Appt 3 150.00 4,800.00 240,000 720,000 M-2 Bed 4 Person Appt 7 490.00 4,000.00 280,000 1,960,000 M- 3 Bed 5 Person Appt 15 1,290.00 3,953.49 340,000 5,100,000 M- 4 Bed 7 Person Appartment 4 432.00 3,703.70 400,000 1,600,000 I-1 Bed 2 Person Appt 1 50.00 2,430.00 121,500 121,500 I-LLR- 2 Bed 4 Person Appt 4 280.00 1,928.57 135,000 540,000 I-LLR- 3 Bed 5 Person Appt 6 516.00 1,728.84 148,680 892,080 S-1 Bed 2 Person Appt 5 250.00 2,430.00 121,500 607,500 S- 2 Bed 4 Person Appt 12 840.00 1,928.57 135,000 1,620,000 S- 3 Bed 5 Person Appt 27 2,322.00 1,728.84 148,680 4,014,360 S- 4 Bed 7 Person Appt 7 756.00 1,501.67 162,180 1,135,260

Project: South Bedfont (1) ARGUS Developer Version: 7.60.000 - 1 - Date: 17/04/2019


M-2 Bed 4 Person House 27 2,133.00 4,430.38 350,000 9,450,000 M-3 Bed 5 Person House 44 4,092.00 5,161.29 480,000 21,120,000 M-4 Bed 7 Person House 11 1,265.00 5,304.35 610,000 6,710,000 I-LSO-1 Bed 2 Person Appt 1 50.00 2,037.00 101,850 101,850 I-LSO- 2 Bed 4 Person Appt 4 280.00 1,636.87 114,581 458,324 I-LSO- 3 Bed 5 Person Appt 6 516.00 1,677.77 144,288 865,728 M-1 Bed 2 Person Appt 3 150.00 4,800.00 240,000 720,000 M-2 Bed 4 Person Appt 7 490.00 4,000.00 280,000 1,960,000 M- 3 Bed 5 Person Appt 15 1,290.00 3,953.49 340,000 5,100,000 M- 4 Bed 7 Person Appartment 4 432.00 3,703.70 400,000 1,600,000 I-1 Bed 2 Person Appt 1 50.00 2,430.00 121,500 121,500 I-LLR- 2 Bed 4 Person Appt 4 280.00 1,928.57 135,000 540,000 I-LLR- 3 Bed 5 Person Appt 6 516.00 1,728.84 148,680 892,080 S-1 Bed 2 Person Appt 5 250.00 2,430.00 121,500 607,500 S- 2 Bed 4 Person Appt 12 840.00 1,928.57 135,000 1,620,000 S- 3 Bed 5 Person Appt 27 2,322.00 1,728.84 148,680 4,014,360 S- 4 Bed 7 Person Appt 7 756.00 1,501.67 162,180 1,135,260 M-2 Bed 4 Person House 27 2,133.00 4,430.38 350,000 9,450,000 M-3 Bed 5 Person House 44 4,092.00 5,161.29 480,000 21,120,000 M-4 Bed 7 Person House 11 1,265.00 5,304.35 610,000 6,710,000 I-LSO-1 Bed 2 Person Appt 1 50.00 2,037.00 101,850 101,850 I-LSO- 2 Bed 4 Person Appt 4 280.00 1,636.87 114,581 458,324 I-LSO- 3 Bed 5 Person Appt 6 516.00 1,677.77 144,288 865,728 M-1 Bed 2 Person Appt 3 150.00 4,800.00 240,000 720,000 M-2 Bed 4 Person Appt 7 490.00 4,000.00 280,000 1,960,000 M- 3 Bed 5 Person Appt 15 1,290.00 3,953.49 340,000 5,100,000 M- 4 Bed 7 Person Appartment 4 432.00 3,703.70 400,000 1,600,000 I-1 Bed 2 Person Appt 1 50.00 2,430.00 121,500 121,500 I-LLR- 2 Bed 4 Person Appt 4 280.00 1,928.57 135,000 540,000 I-LLR- 3 Bed 5 Person Appt 6 516.00 1,728.84 148,680 892,080 S-1 Bed 2 Person Appt 5 250.00 2,430.00 121,500 607,500 S- 2 Bed 4 Person Appt 12 840.00 1,928.57 135,000 1,620,000 S- 3 Bed 5 Person Appt 27 2,322.00 1,728.84 148,680 4,014,360 S- 4 Bed 7 Person Appt 7 756.00 1,501.67 162,180 1,135,260 M-2 Bed 4 Person House 27 2,133.00 4,430.38 350,000 9,450,000



M-3 Bed 5 Person House 44 4,092.00 5,161.29 480,000 21,120,000 M-4 Bed 7 Person House 11 1,265.00 5,304.35 610,000 6,710,000 I-LSO-1 Bed 2 Person Appt 1 50.00 2,037.00 101,850 101,850 I-LSO- 2 Bed 4 Person Appt 4 280.00 1,636.87 114,581 458,324 I-LSO- 3 Bed 5 Person Appt 6 516.00 1,677.77 144,288 865,728 M-1 Bed 2 Person Appt 3 150.00 4,800.00 240,000 720,000 M-2 Bed 4 Person Appt 7 490.00 4,000.00 280,000 1,960,000 M- 3 Bed 5 Person Appt 15 1,290.00 3,953.49 340,000 5,100,000 M- 4 Bed 7 Person Appartment 4 432.00 3,703.70 400,000 1,600,000 I-1 Bed 2 Person Appt 1 50.00 2,430.00 121,500 121,500 I-LLR- 2 Bed 4 Person Appt 4 280.00 1,928.57 135,000 540,000 I-LLR- 3 Bed 5 Person Appt 6 516.00 1,728.84 148,680 892,080 S-1 Bed 2 Person Appt 5 250.00 2,430.00 121,500 607,500 S- 2 Bed 4 Person Appt 12 840.00 1,928.57 135,000 1,620,000 S- 3 Bed 5 Person Appt 27 2,322.00 1,728.84 148,680 4,014,360 S- 4 Bed 7 Person Appt 7 756.00 1,501.67 162,180 1,135,260 M-2 Bed 4 Person House 27 2,133.00 4,430.38 350,000 9,450,000 M-3 Bed 5 Person House 44 4,092.00 5,161.29 480,000 21,120,000 M-4 Bed 7 Person House 11 1,265.00 5,304.35 610,000 6,710,000 I-LSO-1 Bed 2 Person Appt 1 50.00 2,037.00 101,850 101,850 I-LSO- 2 Bed 4 Person Appt 4 280.00 1,636.87 114,581 458,324 I-LSO- 3 Bed 5 Person Appt 6 516.00 1,677.77 144,288 865,728 Totals 918 78,278.00 283,363,764


Retail 1 400.00 160.00 64,000 64,000 64,000 Offices 1 8,100.00 270.00 2,187,000 2,187,000 2,187,000 Community facilities 1 340.00 80.00 27,200 27,200 27,200 Offices 1 4,050.00 270.00 1,093,500 1,093,500 1,093,500 Offices 1 4,050.00 270.00 1,093,500 1,093,500 1,093,500 Offices 1 4,050.00 270.00 1,093,500 1,093,500 1,093,500 Offices 1 4,050.00 270.00 1,093,500 1,093,500 1,093,500 Totals 7 25,040.00 6,652,200 6,652,200


APPRAISAL SUMMARY ADAMS INTEGRA South Bedfont (Bedfont Lakes) Affordable within appartments Investment Valuation

Retail Market Rent 64,000 YP @ 6.2500% 16.0000 (6mths Rent Free) PV 6mths @ 6.2500% 0.9701 993,426 Offices Market Rent 2,187,000 YP @ 5.5000% 18.1818 (3mths Rent Free) PV 3mths @ 5.5000% 0.9867 39,234,939 Community facilities Current Rent 27,200 YP @ 8.5000% 11.7647 320,000 Offices Market Rent 1,093,500 YP @ 5.5000% 18.1818 (3mths Rent Free) PV 3mths @ 5.5000% 0.9867 19,617,469 Offices Market Rent 1,093,500 YP @ 5.5000% 18.1818 (3mths Rent Free) PV 3mths @ 5.5000% 0.9867 19,617,469 Offices Market Rent 1,093,500 YP @ 5.5000% 18.1818 (3mths Rent Free) PV 3mths @ 5.5000% 0.9867 19,617,469 Offices Market Rent 1,093,500 YP @ 5.5000% 18.1818 (3mths Rent Free) PV 3mths @ 5.5000% 0.9867 19,617,469

119,018,242



OUTLAY


51,423,916 Agent Fee 1.00% 514,239 Legal Fee 0.50% 257,120 Town Planning 1,250,000



2,021,359 CONSTRUCTION COSTS Construction m² Rate m² Cost

Retail 400.00 m² 929.03 pm² 371,612 Offices 9,000.00 m² 2,841.00 pm² 25,569,000 Community facilities 340.00 m² 998.00 pm² 339,320 Offices 4,500.00 m² 2,841.00 pm² 12,784,500 Offices 4,500.00 m² 2,841.00 pm² 12,784,500 Offices 4,500.00 m² 2,841.00 pm² 12,784,500 Offices 4,500.00 m² 2,841.00 pm² 12,784,500 M-1 Bed 2 Person Appt 125.00 m² 1,643.00 pm² 205,375 M-2 Bed 4 Person Appt 525.00 m² 1,643.00 pm² 862,575 M- 3 Bed 5 Person Appt 1,505.00 m² 1,643.00 pm² 2,472,715 M- 4 Bed 7 Person Appartment 405.00 m² 1,643.00 pm² 665,415 I-LLR-1 Bed 2 Person Appt 125.00 m² 1,643.00 pm² 205,375 I-LLR- 2 Bed 4 Person Appt 350.00 m² 1,643.00 pm² 575,050 I-LLR 3 Bed 5 Person Appt 645.00 m² 1,643.00 pm² 1,059,735 S-1 Bed 2 Person Appt 312.50 m² 1,643.00 pm² 513,438 S- 2 Bed 4 Person Appt 1,050.00 m² 1,643.00 pm² 1,725,150 S- 3 Bed 5 Person Appt 2,902.50 m² 1,643.00 pm² 4,768,808 S- 4 Bed 7 Person Appt 945.00 m² 1,643.00 pm² 1,552,635 M-2 Bed 4 Person House 2,133.00 m² 1,490.00 pm² 3,178,170 M-3 Bed 5 Person House 3,999.00 m² 1,490.00 pm² 5,958,510 M-4 Bed 7 Person House 1,150.00 m² 1,490.00 pm² 1,713,500 I-LLR-1 Bed 2 Person Appt 125.00 m² 1,643.00 pm² 205,375 I-LSO- 2 Bed 4 Person Appt 525.00 m² 1,643.00 pm² 862,575 I-LSO 3 Bed 5 Person Appt 645.00 m² 1,643.00 pm² 1,059,735 M-1 Bed 2 Person Appt 187.50 m² 1,643.00 pm² 308,063 M-2 Bed 4 Person Appt 612.50 m² 1,643.00 pm² 1,006,338 M- 3 Bed 5 Person Appt 1,612.50 m² 1,643.00 pm² 2,649,338 M- 4 Bed 7 Person Appartment 540.00 m² 1,643.00 pm² 887,220 I-1 Bed 2 Person Appt 62.50 m² 1,643.00 pm² 102,688 I-LLR- 2 Bed 4 Person Appt 350.00 m² 1,643.00 pm² 575,050 I-LLR- 3 Bed 5 Person Appt 645.00 m² 1,643.00 pm² 1,059,735 S-1 Bed 2 Person Appt 312.50 m² 1,643.00 pm² 513,438



S- 2 Bed 4 Person Appt 1,050.00 m² 1,643.00 pm² 1,725,150 S- 3 Bed 5 Person Appt 2,902.50 m² 1,643.00 pm² 4,768,808 S- 4 Bed 7 Person Appt 945.00 m² 1,643.00 pm² 1,552,635 M-2 Bed 4 Person House 2,133.00 m² 1,490.00 pm² 3,178,170 M-3 Bed 5 Person House 4,092.00 m² 1,490.00 pm² 6,097,080 M-4 Bed 7 Person House 1,265.00 m² 1,490.00 pm² 1,884,850 I-LSO-1 Bed 2 Person Appt 62.50 m² 1,643.00 pm² 102,688 I-LSO- 2 Bed 4 Person Appt 350.00 m² 1,643.00 pm² 575,050 I-LSO- 3 Bed 5 Person Appt 645.00 m² 1,643.00 pm² 1,059,735 M-1 Bed 2 Person Appt 187.50 m² 1,643.00 pm² 308,063 M-2 Bed 4 Person Appt 612.50 m² 1,643.00 pm² 1,006,338 M- 3 Bed 5 Person Appt 1,612.50 m² 1,643.00 pm² 2,649,338 M- 4 Bed 7 Person Appartment 540.00 m² 1,643.00 pm² 887,220 I-1 Bed 2 Person Appt 62.50 m² 1,643.00 pm² 102,688 I-LLR- 2 Bed 4 Person Appt 350.00 m² 1,643.00 pm² 575,050 I-LLR- 3 Bed 5 Person Appt 645.00 m² 1,643.00 pm² 1,059,735 S-1 Bed 2 Person Appt 312.50 m² 1,643.00 pm² 513,438 S- 2 Bed 4 Person Appt 1,050.00 m² 1,643.00 pm² 1,725,150 S- 3 Bed 5 Person Appt 2,902.50 m² 1,643.00 pm² 4,768,808 S- 4 Bed 7 Person Appt 945.00 m² 1,643.00 pm² 1,552,635 M-2 Bed 4 Person House 2,133.00 m² 1,490.00 pm² 3,178,170 M-3 Bed 5 Person House 4,092.00 m² 1,490.00 pm² 6,097,080 M-4 Bed 7 Person House 1,265.00 m² 1,490.00 pm² 1,884,850 I-LSO-1 Bed 2 Person Appt 62.50 m² 1,643.00 pm² 102,688 I-LSO- 2 Bed 4 Person Appt 350.00 m² 1,643.00 pm² 575,050 I-LSO- 3 Bed 5 Person Appt 645.00 m² 1,643.00 pm² 1,059,735 M-1 Bed 2 Person Appt 187.50 m² 1,643.00 pm² 308,063 M-2 Bed 4 Person Appt 612.50 m² 1,643.00 pm² 1,006,338 M- 3 Bed 5 Person Appt 1,612.50 m² 1,643.00 pm² 2,649,338 M- 4 Bed 7 Person Appartment 540.00 m² 1,643.00 pm² 887,220 I-1 Bed 2 Person Appt 62.50 m² 1,643.00 pm² 102,688 I-LLR- 2 Bed 4 Person Appt 350.00 m² 1,643.00 pm² 575,050 I-LLR- 3 Bed 5 Person Appt 645.00 m² 1,643.00 pm² 1,059,735 S-1 Bed 2 Person Appt 312.50 m² 1,643.00 pm² 513,438 S- 2 Bed 4 Person Appt 1,050.00 m² 1,643.00 pm² 1,725,150



S- 3 Bed 5 Person Appt 2,902.50 m² 1,643.00 pm² 4,768,808 S- 4 Bed 7 Person Appt 945.00 m² 1,643.00 pm² 1,552,635 M-2 Bed 4 Person House 2,133.00 m² 1,490.00 pm² 3,178,170 M-3 Bed 5 Person House 4,092.00 m² 1,490.00 pm² 6,097,080 M-4 Bed 7 Person House 1,265.00 m² 1,490.00 pm² 1,884,850 I-LSO-1 Bed 2 Person Appt 62.50 m² 1,643.00 pm² 102,688 I-LSO- 2 Bed 4 Person Appt 350.00 m² 1,643.00 pm² 575,050 I-LSO- 3 Bed 5 Person Appt 645.00 m² 1,643.00 pm² 1,059,735 M-1 Bed 2 Person Appt 187.50 m² 1,643.00 pm² 308,063 M-2 Bed 4 Person Appt 612.50 m² 1,643.00 pm² 1,006,338 M- 3 Bed 5 Person Appt 1,612.50 m² 1,643.00 pm² 2,649,338 M- 4 Bed 7 Person Appartment 540.00 m² 1,643.00 pm² 887,220 I-1 Bed 2 Person Appt 62.50 m² 1,643.00 pm² 102,688 I-LLR- 2 Bed 4 Person Appt 350.00 m² 1,643.00 pm² 575,050 I-LLR- 3 Bed 5 Person Appt 645.00 m² 1,643.00 pm² 1,059,735 S-1 Bed 2 Person Appt 312.50 m² 1,643.00 pm² 513,438 S- 2 Bed 4 Person Appt 1,050.00 m² 1,643.00 pm² 1,725,150 S- 3 Bed 5 Person Appt 2,902.50 m² 1,643.00 pm² 4,768,808 S- 4 Bed 7 Person Appt 945.00 m² 1,643.00 pm² 1,552,635 M-2 Bed 4 Person House 2,133.00 m² 1,490.00 pm² 3,178,170 M-3 Bed 5 Person House 4,092.00 m² 1,490.00 pm² 6,097,080 M-4 Bed 7 Person House 1,265.00 m² 1,490.00 pm² 1,884,850 I-LSO-1 Bed 2 Person Appt 62.50 m² 1,643.00 pm² 102,688 I-LSO- 2 Bed 4 Person Appt 350.00 m² 1,643.00 pm² 575,050 I-LSO- 3 Bed 5 Person Appt 645.00 m² 1,643.00 pm² 1,059,735 Totals 116,277.00 m² 217,186,197 217,186,197

Contingency 3.00% 723,946 S106,Central boilers, Carbon Reduct 452.00 un 5,000.00 /un 2,260,000 Accessibility M4 (2) 56,100 Accessibility M4 (3) 401,500 Demolition 150,000 CIL 51,612.00 m² 75.00 pm² 3,870,900 Mayoral CIL 42,110.00 m² 60.00 pm² 2,526,600

9,989,046


APPRAISAL SUMMARY ADAMS INTEGRA South Bedfont (Bedfont Lakes) Affordable within appartments Other Construction

Play Space 200,000 200,000

Green Infrastucture Green Infrastucture 1.00% 149,779 Green Infrastucture 1.00% 151,485 Green Infrastucture 1.00% 151,485 Green Infrastucture 1.00% 151,485 Green Infrastucture 1.00% 151,485

755,717

PROFESSIONAL FEES Architect 4.00% 8,695,448 Quantity Surveyor 1.50% 3,260,793 Structural Engineer 1.50% 3,260,793 Mech./Elec.Engineer 1.00% 2,173,862 Project Manager 1.50% 3,260,793 C.D. Manager 0.50% 1,086,931

21,738,620 MARKETING & LETTING

Marketing 1,000,000 Letting Agent Fee 10.00% 665,220 Letting Legal Fee 0.50% 33,261

1,698,481 DISPOSAL FEES

Sales Agent Fee 1.00% 4,023,820 Sales Legal Fee 0.25% 1,005,955

5,029,775 FINANCE

Debit Rate 7.000%, Credit Rate 0.000% (Nominal) Total Finance Cost 20,421,563


PROFIT



71,917,333


IRR 22.34%



APPRAISAL SUMMARY ADAMS INTEGRA Bedfont Gardens (Bedfont Lakes) Affordable in appartments


Currency in £


M-1 Bed 2 Person Appt 2 100.00 4,800.00 240,000 480,000 M-2 Bed 4 Person Appt 5 350.00 4,000.00 280,000 1,400,000 M- 3 Bed 5 Person Appt 10 860.00 3,953.49 340,000 3,400,000 M- 4 Bed 7 Person Appartment 3 324.00 3,703.70 400,000 1,200,000 I-LLR-1 Bed 2 Person Appt 2 100.00 3,360.00 168,000 336,000 I-LLR- 2 Bed 4 Person Appt 3 210.00 2,800.00 196,000 588,000 I-LLR- 3 Bed 5 Person Appt 3 258.00 2,767.44 238,000 714,000 S-1 Bed 2 Person Appt 4 200.00 2,430.00 121,500 486,000 S- 2 Bed 4 Person Appt 8 560.00 1,928.57 135,000 1,080,000 S- 3 Bed 5 Person Appt 20 1,720.00 1,728.84 148,680 2,973,600 S- 4 Bed 7 Person Appt 5 540.00 1,501.67 162,180 810,900 M-2 Bed 4 Person House 19 1,501.00 4,430.38 350,000 6,650,000 M-3 Bed 5 Person House 29 2,697.00 5,161.29 480,000 13,920,000 M-4 Bed 7 Person House 7 805.00 5,304.35 610,000 4,270,000 I-LSO-1 Bed 2 Person Appt 1 50.00 2,352.00 117,600 117,600 I-LSO- 2 Bed 4 Person Appt 3 210.00 1,960.00 137,200 411,600 I-LSO- 3 Bed 5 Person Appt 3 258.00 1,937.21 166,600 499,800 M-1 Bed 2 Person Appt 2 100.00 4,800.00 240,000 480,000 M-2 Bed 4 Person Appt 5 350.00 4,000.00 280,000 1,400,000 M- 3 Bed 5 Person Appt 10 860.00 3,953.49 340,000 3,400,000 M- 4 Bed 7 Person Appartment 3 324.00 3,703.70 400,000 1,200,000 I-LLR-1 Bed 2 Person Appt 2 100.00 3,360.00 168,000 336,000 I-LLR- 2 Bed 4 Person Appt 3 210.00 2,800.00 196,000 588,000 I-LLR- 3 Bed 5 Person Appt 3 258.00 2,767.44 238,000 714,000 S-1 Bed 2 Person Appt 4 200.00 2,430.00 121,500 486,000 S- 2 Bed 4 Person Appt 8 560.00 1,928.57 135,000 1,080,000 S- 3 Bed 5 Person Appt 20 1,720.00 1,728.84 148,680 2,973,600 S- 4 Bed 7 Person Appt 5 540.00 1,501.67 162,180 810,900

Project: Bedfont Gardens (1) ARGUS Developer Version: 7.60.000 - 1 - Date: 17/04/2019


M-2 Bed 4 Person House 19 1,501.00 4,430.38 350,000 6,650,000 M-3 Bed 5 Person House 29 2,697.00 5,161.29 480,000 13,920,000 M-4 Bed 7 Person House 7 805.00 5,304.35 610,000 4,270,000 I-LSO-1 Bed 2 Person Appt 1 50.00 2,352.00 117,600 117,600 I-LSO- 2 Bed 4 Person Appt 3 210.00 1,960.00 137,200 411,600 I-LSO- 3 Bed 5 Person Appt 3 258.00 1,937.21 166,600 499,800 M-1 Bed 2 Person Appt 2 100.00 4,800.00 240,000 480,000 M-2 Bed 4 Person Appt 5 350.00 4,000.00 280,000 1,400,000 M- 3 Bed 5 Person Appt 10 860.00 3,953.49 340,000 3,400,000 M- 4 Bed 7 Person Appartment 3 324.00 3,703.70 400,000 1,200,000 I-LLR-1 Bed 2 Person Appt 2 100.00 3,360.00 168,000 336,000 I-LLR- 2 Bed 4 Person Appt 3 210.00 2,800.00 196,000 588,000 I-LLR- 3 Bed 5 Person Appt 3 258.00 2,767.44 238,000 714,000 S-1 Bed 2 Person Appt 4 200.00 2,430.00 121,500 486,000 S- 2 Bed 4 Person Appt 8 560.00 1,928.57 135,000 1,080,000 S- 3 Bed 5 Person Appt 20 1,720.00 1,728.84 148,680 2,973,600 S- 4 Bed 7 Person Appt 5 540.00 1,501.67 162,180 810,900 M-2 Bed 4 Person House 19 1,501.00 4,430.38 350,000 6,650,000 M-3 Bed 5 Person House 29 2,697.00 5,161.29 480,000 13,920,000 M-4 Bed 7 Person House 7 805.00 5,304.35 610,000 4,270,000 I-LSO-1 Bed 2 Person Appt 1 50.00 2,352.00 117,600 117,600 I-LSO- 2 Bed 4 Person Appt 3 210.00 1,960.00 137,200 411,600 I-LSO- 3 Bed 5 Person Appt 3 258.00 1,937.21 166,600 499,800 M-1 Bed 2 Person Appt 2 100.00 4,800.00 240,000 480,000 M-2 Bed 4 Person Appt 5 350.00 4,000.00 280,000 1,400,000 M- 3 Bed 5 Person Appt 10 860.00 3,953.49 340,000 3,400,000 M- 4 Bed 7 Person Appartment 3 324.00 3,703.70 400,000 1,200,000 I-LLR-1 Bed 2 Person Appt 2 100.00 3,360.00 168,000 336,000 I-LLR- 2 Bed 4 Person Appt 3 210.00 2,800.00 196,000 588,000 I-LLR- 3 Bed 5 Person Appt 3 258.00 2,767.44 238,000 714,000 S-1 Bed 2 Person Appt 4 200.00 2,430.00 121,500 486,000 S- 2 Bed 4 Person Appt 8 560.00 1,928.57 135,000 1,080,000 S- 3 Bed 5 Person Appt 20 1,720.00 1,728.84 148,680 2,973,600 S- 4 Bed 7 Person Appt 5 540.00 1,501.67 162,180 810,900 M-2 Bed 4 Person House 19 1,501.00 4,430.38 350,000 6,650,000



M-3 Bed 5 Person House 29 2,697.00 5,161.29 480,000 13,920,000 M-4 Bed 7 Person House 7 805.00 5,304.35 610,000 4,270,000 I-LSO-1 Bed 2 Person Appt 1 50.00 2,352.00 117,600 117,600 I-LSO- 2 Bed 4 Person Appt 3 210.00 1,960.00 137,200 411,600 I-LSO- 3 Bed 5 Person Appt 3 258.00 1,937.21 166,600 499,800 M-1 Bed 2 Person Appt 2 100.00 4,800.00 240,000 480,000 M-2 Bed 4 Person Appt 5 350.00 4,000.00 280,000 1,400,000 M- 3 Bed 5 Person Appt 10 860.00 3,953.49 340,000 3,400,000 M- 4 Bed 7 Person Appartment 3 324.00 3,703.70 400,000 1,200,000 I-LLR-1 Bed 2 Person Appt 2 100.00 3,360.00 168,000 336,000 I-LLR- 2 Bed 4 Person Appt 3 210.00 2,800.00 196,000 588,000 I-LLR- 3 Bed 5 Person Appt 3 258.00 2,767.44 238,000 714,000 S-1 Bed 2 Person Appt 4 200.00 2,430.00 121,500 486,000 S- 2 Bed 4 Person Appt 8 560.00 1,928.57 135,000 1,080,000 S- 3 Bed 5 Person Appt 20 1,720.00 1,728.84 148,680 2,973,600 S- 4 Bed 7 Person Appt 5 540.00 1,501.67 162,180 810,900 M-2 Bed 4 Person House 19 1,501.00 4,430.38 350,000 6,650,000 M-3 Bed 5 Person House 29 2,697.00 5,161.29 480,000 13,920,000 M-4 Bed 7 Person House 7 805.00 5,304.35 610,000 4,270,000 I-LSO-1 Bed 2 Person Appt 1 50.00 2,352.00 117,600 117,600 I-LSO- 2 Bed 4 Person Appt 3 210.00 1,960.00 137,200 411,600 I-LSO- 3 Bed 5 Person Appt 3 258.00 1,937.21 166,600 499,800 Totals 635 53,715.00 196,687,500


Retail 1 645.00 160.00 103,200 103,200 103,200 Community Space 1 1,773.00 50.00 88,650 88,650 88,650 Totals 2 2,418.00 191,850 191,850

Investment Valuation Retail Market Rent 103,200 YP @ 6.2500% 16.0000 (6mths Rent Free) PV 6mths @ 6.2500% 0.9701 1,601,899 Community Space



Current Rent 88,650 YP @ 8.5000% 11.7647 1,042,941 2,644,840



OUTLAY




Retail 645.00 m² 929.03 pm² 599,224 Community Space 1,773.00 m² 998.00 pm² 1,769,454 M-1 Bed 2 Person Appt 125.00 m² 1,643.00 pm² 205,375 M-2 Bed 4 Person Appt 437.50 m² 1,643.00 pm² 718,813 M- 3 Bed 5 Person Appt 1,075.00 m² 1,643.00 pm² 1,766,225 M- 4 Bed 7 Person Appartment 405.00 m² 1,643.00 pm² 665,415 I-LLR-1 Bed 2 Person Appt 125.00 m² 1,643.00 pm² 205,375 I-LLR- 2 Bed 4 Person Appt 262.50 m² 1,643.00 pm² 431,288 I-LLR- 3 Bed 5 Person Appt 322.50 m² 1,643.00 pm² 529,868 S-1 Bed 2 Person Appt 250.00 m² 1,643.00 pm² 410,750 S- 2 Bed 4 Person Appt 700.00 m² 1,643.00 pm² 1,150,100 S- 3 Bed 5 Person Appt 2,150.00 m² 1,643.00 pm² 3,532,450 S- 4 Bed 7 Person Appt 675.00 m² 1,643.00 pm² 1,109,025 M-2 Bed 4 Person House 1,501.00 m² 1,490.00 pm² 2,236,490 M-3 Bed 5 Person House 2,697.00 m² 1,490.00 pm² 4,018,530 M-4 Bed 7 Person House 805.00 m² 1,490.00 pm² 1,199,450 I-LSO-1 Bed 2 Person Appt 62.50 m² 1,643.00 pm² 102,688



I-LSO- 2 Bed 4 Person Appt 262.50 m² 1,643.00 pm² 431,288 I-LSO- 3 Bed 5 Person Appt 322.50 m² 1,643.00 pm² 529,868 M-1 Bed 2 Person Appt 125.00 m² 1,643.00 pm² 205,375 M-2 Bed 4 Person Appt 437.50 m² 1,643.00 pm² 718,813 M- 3 Bed 5 Person Appt 1,075.00 m² 1,643.00 pm² 1,766,225 M- 4 Bed 7 Person Appartment 405.00 m² 1,643.00 pm² 665,415 I-LLR-1 Bed 2 Person Appt 125.00 m² 1,643.00 pm² 205,375 I-LLR- 2 Bed 4 Person Appt 262.50 m² 1,643.00 pm² 431,288 I-LLR- 3 Bed 5 Person Appt 322.50 m² 1,643.00 pm² 529,868 S-1 Bed 2 Person Appt 250.00 m² 1,643.00 pm² 410,750 S- 2 Bed 4 Person Appt 700.00 m² 1,643.00 pm² 1,150,100 S- 3 Bed 5 Person Appt 2,150.00 m² 1,643.00 pm² 3,532,450 S- 4 Bed 7 Person Appt 675.00 m² 1,643.00 pm² 1,109,025 M-2 Bed 4 Person House 1,501.00 m² 1,490.00 pm² 2,236,490 M-3 Bed 5 Person House 2,697.00 m² 1,490.00 pm² 4,018,530 M-4 Bed 7 Person House 805.00 m² 1,490.00 pm² 1,199,450 I-LSO-1 Bed 2 Person Appt 62.50 m² 1,643.00 pm² 102,688 I-LSO- 2 Bed 4 Person Appt 262.50 m² 1,643.00 pm² 431,288 I-LSO- 3 Bed 5 Person Appt 322.50 m² 1,643.00 pm² 529,868 M-1 Bed 2 Person Appt 125.00 m² 1,643.00 pm² 205,375 M-2 Bed 4 Person Appt 437.50 m² 1,643.00 pm² 718,813 M- 3 Bed 5 Person Appt 1,075.00 m² 1,643.00 pm² 1,766,225 M- 4 Bed 7 Person Appartment 405.00 m² 1,643.00 pm² 665,415 I-LLR-1 Bed 2 Person Appt 125.00 m² 1,643.00 pm² 205,375 I-LLR- 2 Bed 4 Person Appt 262.50 m² 1,643.00 pm² 431,288 I-LLR- 3 Bed 5 Person Appt 322.50 m² 1,643.00 pm² 529,868 S-1 Bed 2 Person Appt 250.00 m² 1,643.00 pm² 410,750 S- 2 Bed 4 Person Appt 700.00 m² 1,643.00 pm² 1,150,100 S- 3 Bed 5 Person Appt 2,150.00 m² 1,643.00 pm² 3,532,450 S- 4 Bed 7 Person Appt 675.00 m² 1,643.00 pm² 1,109,025 M-2 Bed 4 Person House 1,501.00 m² 1,490.00 pm² 2,236,490 M-3 Bed 5 Person House 2,697.00 m² 1,490.00 pm² 4,018,530 M-4 Bed 7 Person House 805.00 m² 1,490.00 pm² 1,199,450 I-LSO-1 Bed 2 Person Appt 62.50 m² 1,643.00 pm² 102,688 I-LSO- 2 Bed 4 Person Appt 262.50 m² 1,643.00 pm² 431,288



I-LSO- 3 Bed 5 Person Appt 322.50 m² 1,643.00 pm² 529,868 M-1 Bed 2 Person Appt 125.00 m² 1,643.00 pm² 205,375 M-2 Bed 4 Person Appt 437.50 m² 1,643.00 pm² 718,813 M- 3 Bed 5 Person Appt 1,075.00 m² 1,643.00 pm² 1,766,225 M- 4 Bed 7 Person Appartment 405.00 m² 1,643.00 pm² 665,415 I-LLR-1 Bed 2 Person Appt 125.00 m² 1,643.00 pm² 205,375 I-LLR- 2 Bed 4 Person Appt 262.50 m² 1,643.00 pm² 431,288 I-LLR- 3 Bed 5 Person Appt 322.50 m² 1,643.00 pm² 529,868 S-1 Bed 2 Person Appt 250.00 m² 1,643.00 pm² 410,750 S- 2 Bed 4 Person Appt 700.00 m² 1,643.00 pm² 1,150,100 S- 3 Bed 5 Person Appt 2,150.00 m² 1,643.00 pm² 3,532,450 S- 4 Bed 7 Person Appt 675.00 m² 1,643.00 pm² 1,109,025 M-2 Bed 4 Person House 1,501.00 m² 1,490.00 pm² 2,236,490 M-3 Bed 5 Person House 2,697.00 m² 1,490.00 pm² 4,018,530 M-4 Bed 7 Person House 805.00 m² 1,490.00 pm² 1,199,450 I-LSO-1 Bed 2 Person Appt 62.50 m² 1,643.00 pm² 102,688 I-LSO- 2 Bed 4 Person Appt 262.50 m² 1,643.00 pm² 431,288 I-LSO- 3 Bed 5 Person Appt 322.50 m² 1,643.00 pm² 529,868 M-1 Bed 2 Person Appt 125.00 m² 1,643.00 pm² 205,375 M-2 Bed 4 Person Appt 437.50 m² 1,643.00 pm² 718,813 M- 3 Bed 5 Person Appt 1,075.00 m² 1,643.00 pm² 1,766,225 M- 4 Bed 7 Person Appartment 405.00 m² 1,643.00 pm² 665,415 I-LLR-1 Bed 2 Person Appt 125.00 m² 1,643.00 pm² 205,375 I-LLR- 2 Bed 4 Person Appt 262.50 m² 1,643.00 pm² 431,288 I-LLR- 3 Bed 5 Person Appt 322.50 m² 1,643.00 pm² 529,868 S-1 Bed 2 Person Appt 250.00 m² 1,643.00 pm² 410,750 S- 2 Bed 4 Person Appt 700.00 m² 1,643.00 pm² 1,150,100 S- 3 Bed 5 Person Appt 2,150.00 m² 1,643.00 pm² 3,532,450 S- 4 Bed 7 Person Appt 675.00 m² 1,643.00 pm² 1,109,025 M-2 Bed 4 Person House 1,501.00 m² 1,490.00 pm² 2,236,490 M-3 Bed 5 Person House 2,697.00 m² 1,490.00 pm² 4,018,530 M-4 Bed 7 Person House 805.00 m² 1,490.00 pm² 1,199,450 I-LSO-1 Bed 2 Person Appt 62.50 m² 1,643.00 pm² 102,688 I-LSO- 2 Bed 4 Person Appt 262.50 m² 1,643.00 pm² 431,288 I-LSO- 3 Bed 5 Person Appt 322.50 m² 1,643.00 pm² 529,868



Totals 63,308.00 m² 98,583,653 98,583,653

Contingency 3.00% 528,851 S106,Central boilers, Carbon Reduct 325.00 un 5,000.00 /un 1,625,000 Accessibility M4 (2) 40,150 Accessibility M4 (3) 275,000 Demolition 250,000 CIL 35,227.50 m² 75.00 pm² 2,642,063 Mayoral CIL 12,630.50 m² 60.00 pm² 757,830

6,118,893 Other Construction

Play Space 200,000 Play Space 200,000 Play Space 200,000 Play Space 200,000 Play Space 200,000

1,000,000 Green Infrastucture

Green Infrastucture 1.00% 113,239 Green Infrastucture 1.00% 107,247 Green Infrastucture 1.00% 107,247 Green Infrastucture 1.00% 107,247 Green Infrastucture 1.00% 107,247

542,226

PROFESSIONAL FEES Architect 4.00% 3,983,346 Quantity Surveyor 1.50% 1,493,755 Structural Engineer 1.50% 1,493,755 Mech./Elec.Engineer 1.00% 995,837 Project Manager 1.50% 1,493,755 C.D. Manager 0.50% 497,918


Marketing 1,000,000



Letting Agent Fee 10.00% 19,185 Letting Legal Fee 0.50% 959


Sales Agent Fee 1.00% 1,993,323 Sales Legal Fee 0.25% 498,331

2,491,654 FINANCE



PROFIT 39,629,659


IRR 14.80%



APPRAISAL SUMMARY ADAMS INTEGRA Heathrow Gateway-40% Affordable of which 70% rented


Currency in £


M-1 Bed 2 Person Appt 14 700.00 4,800.00 240,000 3,360,000 M-2 Bed 4 Person Appt 32 2,240.00 4,000.00 280,000 8,960,000 M- 3 Bed 5 Person Appt 75 6,450.00 3,953.49 340,000 25,500,000 M- 4 Bed 7 Person Appartment 18 1,944.00 3,703.70 400,000 7,200,000 I-LLR-1 Bed 2 Person Appt 2 100.00 2,430.00 121,500 243,000 I-LLR- 2 Bed 4 Person Appt 6 420.00 1,928.57 135,000 810,000 I-LLR- 3 Bed 5 Person Appt 10 860.00 1,728.84 148,680 1,486,800 S-1 Bed 2 Person Appt 8 400.00 2,430.00 121,500 972,000 S- 2 Bed 4 Person Appt 19 1,330.00 1,928.57 135,000 2,565,000 S- 3 Bed 5 Person Appt 44 3,784.00 1,728.84 148,680 6,541,920 S- 4 Bed 7 Person Appt 11 1,188.00 1,501.67 162,180 1,783,980 M-2 Bed 4 Person House 12 948.00 4,430.38 350,000 4,200,000 M-3 Bed 5 Person House 19 1,767.00 5,161.29 480,000 9,120,000 M-4 Bed 7 Person House 5 575.00 5,304.35 610,000 3,050,000 I-LSO-1 Bed 2 Person Appt 2 100.00 2,037.00 101,850 203,700 I-LSO- 2 Bed 4 Person Appt 6 420.00 1,636.87 114,581 687,486 I-LSO- 3 Bed 5 Person Appt 10 860.00 1,677.77 144,288 1,442,880 M-1 Bed 2 Person Appt 14 700.00 4,800.00 240,000 3,360,000 M-2 Bed 4 Person Appt 32 2,240.00 4,000.00 280,000 8,960,000 M- 3 Bed 5 Person Appt 75 6,450.00 3,953.49 340,000 25,500,000 M- 4 Bed 7 Person Appartment 18 1,944.00 3,703.70 400,000 7,200,000 I-LLR-1 Bed 2 Person Appt 2 100.00 2,430.00 121,500 243,000 I-LLR- 2 Bed 4 Person Appt 6 420.00 1,928.57 135,000 810,000 I-LLR- 3 Bed 5 Person Appt 10 860.00 1,728.84 148,680 1,486,800 S-1 Bed 2 Person Appt 8 400.00 2,430.00 121,500 972,000 S- 2 Bed 4 Person Appt 19 1,330.00 1,928.57 135,000 2,565,000 S- 3 Bed 5 Person Appt 44 3,784.00 1,728.84 148,680 6,541,920 S- 4 Bed 7 Person Appt 11 1,188.00 1,501.67 162,180 1,783,980

Project: Heathrow Gateway-40% Affordable of which 70% rente ARGUS Developer Version: 7.60.000 - 1 - Date: 17/04/2019


M-2 Bed 4 Person House 12 948.00 4,430.38 350,000 4,200,000 M-3 Bed 5 Person House 19 1,767.00 5,161.29 480,000 9,120,000 M-4 Bed 7 Person House 5 575.00 5,304.35 610,000 3,050,000 I-LSO-1 Bed 2 Person Appt 2 100.00 2,037.00 101,850 203,700 I-LSO- 2 Bed 4 Person Appt 6 420.00 1,636.87 114,581 687,486 I-LSO- 3 Bed 5 Person Appt 10 860.00 1,677.77 144,288 1,442,880 M-1 Bed 2 Person Appt 14 700.00 4,800.00 240,000 3,360,000 M-2 Bed 4 Person Appt 32 2,240.00 4,000.00 280,000 8,960,000 M- 3 Bed 5 Person Appt 75 6,450.00 3,953.49 340,000 25,500,000 M- 4 Bed 7 Person Appartment 18 1,944.00 3,703.70 400,000 7,200,000 I-LLR-1 Bed 2 Person Appt 2 100.00 2,430.00 121,500 243,000 I-LLR- 2 Bed 4 Person Appt 6 420.00 1,928.57 135,000 810,000 I-LLR- 3 Bed 5 Person Appt 10 860.00 1,728.84 148,680 1,486,800 S-1 Bed 2 Person Appt 8 400.00 2,430.00 121,500 972,000 S- 2 Bed 4 Person Appt 19 1,330.00 1,928.57 135,000 2,565,000 S- 3 Bed 5 Person Appt 44 3,784.00 1,728.84 148,680 6,541,920 S- 4 Bed 7 Person Appt 11 1,188.00 1,501.67 162,180 1,783,980 M-2 Bed 4 Person House 12 948.00 4,430.38 350,000 4,200,000 M-3 Bed 5 Person House 19 1,767.00 5,161.29 480,000 9,120,000 M-4 Bed 7 Person House 5 575.00 5,304.35 610,000 3,050,000 I-LSO-1 Bed 2 Person Appt 2 100.00 2,037.00 101,850 203,700 I-LSO- 2 Bed 4 Person Appt 6 420.00 1,636.87 114,581 687,486 I-LSO- 3 Bed 5 Person Appt 10 860.00 1,677.77 144,288 1,442,880 M-1 Bed 2 Person Appt 14 700.00 4,800.00 240,000 3,360,000 M-2 Bed 4 Person Appt 32 2,240.00 4,000.00 280,000 8,960,000 M- 3 Bed 5 Person Appt 75 6,450.00 3,953.49 340,000 25,500,000 M- 4 Bed 7 Person Appartment 18 1,944.00 3,703.70 400,000 7,200,000 I-LLR-1 Bed 2 Person Appt 2 100.00 2,430.00 121,500 243,000 I-LLR- 2 Bed 4 Person Appt 6 420.00 1,928.57 135,000 810,000 I-LLR- 3 Bed 5 Person Appt 10 860.00 1,728.84 148,680 1,486,800 S-1 Bed 2 Person Appt 8 400.00 2,430.00 121,500 972,000 S- 2 Bed 4 Person Appt 19 1,330.00 1,928.57 135,000 2,565,000 S- 3 Bed 5 Person Appt 44 3,784.00 1,728.84 148,680 6,541,920 S- 4 Bed 7 Person Appt 11 1,188.00 1,501.67 162,180 1,783,980 M-2 Bed 4 Person House 12 948.00 4,430.38 350,000 4,200,000



M-3 Bed 5 Person House 19 1,767.00 5,161.29 480,000 9,120,000 M-4 Bed 7 Person House 5 575.00 5,304.35 610,000 3,050,000 I-LSO-1 Bed 2 Person Appt 2 100.00 2,037.00 101,850 203,700 I-LSO- 2 Bed 4 Person Appt 6 420.00 1,636.87 114,581 687,486 I-LSO- 3 Bed 5 Person Appt 10 860.00 1,677.77 144,288 1,442,880 M-1 Bed 2 Person Appt 14 700.00 4,800.00 240,000 3,360,000 M-2 Bed 4 Person Appt 32 2,240.00 4,000.00 280,000 8,960,000 M- 3 Bed 5 Person Appt 74 6,364.00 3,953.49 340,000 25,160,000 M- 4 Bed 7 Person Appartment 18 1,944.00 3,703.70 400,000 7,200,000 I-LLR-1 Bed 2 Person Appt 2 100.00 2,430.00 121,500 243,000 I-LLR- 2 Bed 4 Person Appt 6 420.00 1,928.57 135,000 810,000 I-LLR- 3 Bed 5 Person Appt 10 860.00 1,728.84 148,680 1,486,800 S-1 Bed 2 Person Appt 8 400.00 2,430.00 121,500 972,000 S- 2 Bed 4 Person Appt 19 1,330.00 1,928.57 135,000 2,565,000 S- 3 Bed 5 Person Appt 44 3,784.00 1,728.84 148,680 6,541,920 S- 4 Bed 7 Person Appt 11 1,188.00 1,501.67 162,180 1,783,980 M-2 Bed 4 Person House 12 948.00 4,430.38 350,000 4,200,000 M-3 Bed 5 Person House 19 1,767.00 5,161.29 480,000 9,120,000 M-4 Bed 7 Person House 5 575.00 5,304.35 610,000 3,050,000 I-LSO-1 Bed 2 Person Appt 2 100.00 2,037.00 101,850 203,700 I-LSO- 2 Bed 4 Person Appt 6 420.00 1,636.87 114,581 687,486 I-LSO- 3 Bed 5 Person Appt 10 860.00 1,677.77 144,288 1,442,880 Totals 1,464 120,344.00 390,293,830


Retail 1 2,500.00 160.00 400,000 400,000 400,000 Offices 1 21,150.00 270.00 5,710,500 5,710,500 5,710,500 Retail 1 2,500.00 160.00 400,000 400,000 400,000 Offices 1 21,150.00 270.00 5,710,500 5,710,500 5,710,500 Totals 4 47,300.00 12,221,000 12,221,000

Investment Valuation Retail Market Rent 400,000 YP @ 6.2500% 16.0000



(6mths Rent Free) PV 6mths @ 6.2500% 0.9701 6,208,912 Offices Market Rent 5,710,500 YP @ 5.5000% 18.1818 (3mths Rent Free) PV 3mths @ 5.5000% 0.9867 102,446,784 Retail Market Rent 400,000 YP @ 6.2500% 16.0000 (6mths Rent Free) PV 6mths @ 6.2500% 0.9701 6,208,912 Offices Market Rent 5,710,500 YP @ 5.5000% 18.1818 (3mths Rent Free) PV 3mths @ 5.5000% 0.9867 102,446,784

217,311,393



OUTLAY


(55,926,686) Town Planning 1,250,000


Retail 2,500.00 m² 929.03 pm² 2,322,575 Offices 23,500.00 m² 2,841.00 pm² 66,763,500 Retail 2,500.00 m² 929.03 pm² 2,322,575 Offices 23,500.00 m² 2,841.00 pm² 66,763,500 M-1 Bed 2 Person Appt 875.00 m² 2,105.00 pm² 1,841,875 M-2 Bed 4 Person Appt 2,800.00 m² 2,105.00 pm² 5,894,000 M- 3 Bed 5 Person Appt 8,062.50 m² 2,105.00 pm² 16,971,563 M- 4 Bed 7 Person Appartment 2,430.00 m² 2,105.00 pm² 5,115,150 I-LLR-1 Bed 2 Person Appt 125.00 m² 2,105.00 pm² 263,125 I-LLR- 2 Bed 4 Person Appt 525.00 m² 2,105.00 pm² 1,105,125



I-LLR- 3 Bed 5 Person Appt 1,075.00 m² 2,105.00 pm² 2,262,875 S-1 Bed 2 Person Appt 500.00 m² 2,105.00 pm² 1,052,500 S- 2 Bed 4 Person Appt 1,662.50 m² 2,105.00 pm² 3,499,563 S- 3 Bed 5 Person Appt 4,730.00 m² 2,105.00 pm² 9,956,650 S- 4 Bed 7 Person Appt 1,485.00 m² 2,105.00 pm² 3,125,925 M-2 Bed 4 Person House 948.00 m² 1,584.00 pm² 1,501,632 M-3 Bed 5 Person House 1,767.00 m² 1,584.00 pm² 2,798,928 M-4 Bed 7 Person House 575.00 m² 1,584.00 pm² 910,800 I-LSO-1 Bed 2 Person Appt 125.00 m² 2,105.00 pm² 263,125 I-LSO- 2 Bed 4 Person Appt 525.00 m² 2,105.00 pm² 1,105,125 I-LSO- 3 Bed 5 Person Appt 1,075.00 m² 2,105.00 pm² 2,262,875 M-1 Bed 2 Person Appt 875.00 m² 2,105.00 pm² 1,841,875 M-2 Bed 4 Person Appt 2,800.00 m² 2,105.00 pm² 5,894,000 M- 3 Bed 5 Person Appt 8,062.50 m² 2,105.00 pm² 16,971,563 M- 4 Bed 7 Person Appartment 2,430.00 m² 2,105.00 pm² 5,115,150 I-LLR-1 Bed 2 Person Appt 125.00 m² 2,105.00 pm² 263,125 I-LLR- 2 Bed 4 Person Appt 525.00 m² 2,105.00 pm² 1,105,125 I-LLR- 3 Bed 5 Person Appt 1,075.00 m² 2,105.00 pm² 2,262,875 S-1 Bed 2 Person Appt 500.00 m² 2,105.00 pm² 1,052,500 S- 2 Bed 4 Person Appt 1,662.50 m² 2,105.00 pm² 3,499,563 S- 3 Bed 5 Person Appt 4,730.00 m² 2,105.00 pm² 9,956,650 S- 4 Bed 7 Person Appt 1,485.00 m² 2,105.00 pm² 3,125,925 M-2 Bed 4 Person House 948.00 m² 1,584.00 pm² 1,501,632 M-3 Bed 5 Person House 1,767.00 m² 1,584.00 pm² 2,798,928 M-4 Bed 7 Person House 575.00 m² 1,584.00 pm² 910,800 I-LSO-1 Bed 2 Person Appt 125.00 m² 2,105.00 pm² 263,125 I-LSO- 2 Bed 4 Person Appt 525.00 m² 2,105.00 pm² 1,105,125 I-LSO- 3 Bed 5 Person Appt 1,075.00 m² 2,105.00 pm² 2,262,875 M-1 Bed 2 Person Appt 875.00 m² 2,105.00 pm² 1,841,875 M-2 Bed 4 Person Appt 2,800.00 m² 2,105.00 pm² 5,894,000 M- 3 Bed 5 Person Appt 8,062.50 m² 2,105.00 pm² 16,971,563 M- 4 Bed 7 Person Appartment 2,430.00 m² 2,105.00 pm² 5,115,150 I-LLR-1 Bed 2 Person Appt 125.00 m² 2,105.00 pm² 263,125 I-LLR- 2 Bed 4 Person Appt 525.00 m² 2,105.00 pm² 1,105,125 I-LLR- 3 Bed 5 Person Appt 1,075.00 m² 2,105.00 pm² 2,262,875



S-1 Bed 2 Person Appt 500.00 m² 2,105.00 pm² 1,052,500 S- 2 Bed 4 Person Appt 1,662.50 m² 2,105.00 pm² 3,499,563 S- 3 Bed 5 Person Appt 4,730.00 m² 2,105.00 pm² 9,956,650 S- 4 Bed 7 Person Appt 1,485.00 m² 2,105.00 pm² 3,125,925 M-2 Bed 4 Person House 948.00 m² 1,584.00 pm² 1,501,632 M-3 Bed 5 Person House 1,767.00 m² 1,584.00 pm² 2,798,928 M-4 Bed 7 Person House 575.00 m² 1,584.00 pm² 910,800 I-LSO-1 Bed 2 Person Appt 125.00 m² 2,105.00 pm² 263,125 I-LSO- 2 Bed 4 Person Appt 525.00 m² 2,105.00 pm² 1,105,125 I-LSO- 3 Bed 5 Person Appt 1,075.00 m² 2,105.00 pm² 2,262,875 M-1 Bed 2 Person Appt 875.00 m² 2,105.00 pm² 1,841,875 M-2 Bed 4 Person Appt 2,800.00 m² 2,105.00 pm² 5,894,000 M- 3 Bed 5 Person Appt 8,062.50 m² 2,105.00 pm² 16,971,563 M- 4 Bed 7 Person Appartment 2,430.00 m² 2,105.00 pm² 5,115,150 I-LLR-1 Bed 2 Person Appt 125.00 m² 2,105.00 pm² 263,125 I-LLR- 2 Bed 4 Person Appt 525.00 m² 2,105.00 pm² 1,105,125 I-LLR- 3 Bed 5 Person Appt 1,075.00 m² 2,105.00 pm² 2,262,875 S-1 Bed 2 Person Appt 500.00 m² 2,105.00 pm² 1,052,500 S- 2 Bed 4 Person Appt 1,662.50 m² 2,105.00 pm² 3,499,563 S- 3 Bed 5 Person Appt 4,730.00 m² 2,105.00 pm² 9,956,650 S- 4 Bed 7 Person Appt 1,485.00 m² 2,105.00 pm² 3,125,925 M-2 Bed 4 Person House 948.00 m² 1,584.00 pm² 1,501,632 M-3 Bed 5 Person House 1,767.00 m² 1,584.00 pm² 2,798,928 M-4 Bed 7 Person House 575.00 m² 1,584.00 pm² 910,800 I-LSO-1 Bed 2 Person Appt 125.00 m² 2,105.00 pm² 263,125 I-LSO- 2 Bed 4 Person Appt 525.00 m² 2,105.00 pm² 1,105,125 I-LSO- 3 Bed 5 Person Appt 1,075.00 m² 2,105.00 pm² 2,262,875 M-1 Bed 2 Person Appt 875.00 m² 2,105.00 pm² 1,841,875 M-2 Bed 4 Person Appt 2,800.00 m² 2,105.00 pm² 5,894,000 M- 3 Bed 5 Person Appt 7,955.00 m² 2,105.00 pm² 16,745,275 M- 4 Bed 7 Person Appartment 2,430.00 m² 2,105.00 pm² 5,115,150 I-LLR-1 Bed 2 Person Appt 125.00 m² 2,105.00 pm² 263,125 I-LLR- 2 Bed 4 Person Appt 525.00 m² 2,105.00 pm² 1,105,125 I-LLR- 3 Bed 5 Person Appt 1,075.00 m² 2,105.00 pm² 2,262,875 S-1 Bed 2 Person Appt 500.00 m² 2,105.00 pm² 1,052,500



S- 2 Bed 4 Person Appt 1,662.50 m² 2,105.00 pm² 3,499,563 S- 3 Bed 5 Person Appt 4,730.00 m² 2,105.00 pm² 9,956,650 S- 4 Bed 7 Person Appt 1,485.00 m² 2,105.00 pm² 3,125,925 M-2 Bed 4 Person House 948.00 m² 1,584.00 pm² 1,501,632 M-3 Bed 5 Person House 1,767.00 m² 1,584.00 pm² 2,798,928 M-4 Bed 7 Person House 575.00 m² 1,584.00 pm² 910,800 I-LSO-1 Bed 2 Person Appt 125.00 m² 2,105.00 pm² 263,125 I-LSO- 2 Bed 4 Person Appt 525.00 m² 2,105.00 pm² 1,105,125 I-LSO- 3 Bed 5 Person Appt 1,075.00 m² 2,105.00 pm² 2,262,875 Totals 198,317.50 m² 437,600,038 437,600,038

Contingency 3.00% 4,620,954 S106,Central boilers, Carbon Reduct 1,194.00 un 5,000.00 /un 5,970,000 Accessibility M4 (2) 141,350 Accessibility M4 (3) 649,000 Demolition 500,000 CIL 87,180.00 m² 75.00 pm² 6,538,500 Mayoral CIL 122,730.00 m² 60.00 pm² 7,363,800




Green Infrastucture 1.00% 534,109 Green Infrastucture 1.00% 534,109 Green Infrastucture 1.00% 510,884 Green Infrastucture 1.00% 510,884 Green Infrastucture 1.00% 508,621

2,598,606

PROFESSIONAL FEES



Architect 4.00% 17,544,002 Quantity Surveyor 1.50% 6,579,001 Structural Engineer 1.50% 6,579,001 Mech./Elec.Engineer 1.00% 4,386,000 Project Manager 1.50% 6,579,001 C.D. Manager 0.50% 2,193,000


Marketing 1,000,000 Letting Agent Fee 10.00% 1,222,100 Letting Legal Fee 0.50% 61,105



7,595,065 FINANCE



PROFIT 121,190,146


IRR 34.83%





APPRAISAL SUMMARY ADAMS INTEGRA Lidl, Feltham-40% Affordable of which 70% rented

Summary Appraisal for Merged Phases 1 2

Currency in £


M- 1 Bed 2 Person Appt 7 350.00 5,600.00 280,000 1,960,000 M- 2 Bed 4 Person Appt 16 1,120.00 5,000.00 350,000 5,600,000 M-3 Bed 5 Person Appt 37 3,182.00 4,767.44 410,000 15,170,000 M- 4 Bed 7 Person Appt 9 972.00 4,537.04 490,000 4,410,000 I-LLR-1 Bed 2 Person Appt 1 50.00 2,484.00 124,200 124,200 I-LLR- 2 Bed 4 Person Appt 2 140.00 1,967.14 137,700 275,400 I-LLR-3 Bed 5 Person Appt 4 344.00 1,758.14 151,200 604,800 I- 4 Bed 7 Person Appt 1 108.00 3,240.74 350,000 350,000 S- 1 Bed 2 Person Appt 3 150.00 1,560.00 78,000 234,000 S-2 Bed 4 Person Appt 7 490.00 1,281.43 89,700 627,900 S- 3 Bed 5 Person Appt 17 1,462.00 1,179.07 101,400 1,723,800 S- 4 Bed 7 Person Appt 4 432.00 1,047.22 113,100 452,400 I-LSO-1 Bed 2 Person Appt 1 50.00 2,376.50 118,825 118,825 I-LSO- 2 Bed 4 Person Appt 2 140.00 2,061.26 144,288 288,576 I-LSO-3 Bed 5 Person Appt 4 344.00 2,072.53 178,238 712,952 M- 1 Bed 2 Person Appt 7 350.00 5,600.00 280,000 1,960,000 M- 2 Bed 4 Person Appt 16 1,120.00 5,000.00 350,000 5,600,000 M-3 Bed 5 Person Appt 34 2,924.00 4,767.44 410,000 13,940,000 M- 4 Bed 7 Person Appt 9 972.00 4,537.04 490,000 4,410,000 I-LLR-1 Bed 2 Person Appt 1 50.00 2,484.00 124,200 124,200 I-LLR- 2 Bed 4 Person Appt 2 140.00 1,967.14 137,700 275,400 I-LLR-3 Bed 5 Person Appt 4 344.00 1,758.14 151,200 604,800 I- 4 Bed 7 Person Appt 1 108.00 3,240.74 350,000 350,000 S- 1 Bed 2 Person Appt 3 150.00 1,560.00 78,000 234,000 S-2 Bed 4 Person Appt 7 490.00 1,281.43 89,700 627,900 S- 3 Bed 5 Person Appt 17 1,462.00 1,179.07 101,400 1,723,800 S- 4 Bed 7 Person Appt 4 432.00 1,047.22 113,100 452,400 I-LSO-1 Bed 2 Person Appt 1 50.00 2,376.50 118,825 118,825

Project: 17 Lidl/Rifle Club, Feltham Station Qtr (1) ARGUS Developer Version: 7.60.000 - 1 - Date: 17/04/2019


I-LSO- 2 Bed 4 Person Appt 2 140.00 2,061.26 144,288 288,576 I-LSO-3 Bed 5 Person Appt 4 344.00 2,072.53 178,238 712,952 Totals 227 18,410.00 64,075,706


Retail & Services 1 817.00 160.00 130,720 130,720 130,720

Investment Valuation Retail & Services Market Rent 130,720 YP @ 6.0000% 16.6667 (6mths Rent Free) PV 6mths @ 6.0000% 0.9713 2,116,108





OUTLAY


(12,116,975) Town Planning 200,000


Retail & Services 817.00 m² 1,192.00 pm² 973,864 M- 1 Bed 2 Person Appt 437.50 m² 2,105.00 pm² 920,938 M- 2 Bed 4 Person Appt 1,400.00 m² 2,105.00 pm² 2,947,000 M-3 Bed 5 Person Appt 3,977.50 m² 2,105.00 pm² 8,372,638



M- 4 Bed 7 Person Appt 1,215.00 m² 2,105.00 pm² 2,557,575 I-LLR-1 Bed 2 Person Appt 62.50 m² 2,105.00 pm² 131,563 I-LLR- 2 Bed 4 Person Appt 175.00 m² 2,105.00 pm² 368,375 I-LLR-3 Bed 5 Person Appt 430.00 m² 2,105.00 pm² 905,150 I- 4 Bed 7 Person Appt 135.00 m² 2,105.00 pm² 284,175 S- 1 Bed 2 Person Appt 187.50 m² 2,105.00 pm² 394,688 S-2 Bed 4 Person Appt 612.50 m² 2,105.00 pm² 1,289,313 S- 3 Bed 5 Person Appt 1,827.50 m² 2,105.00 pm² 3,846,888 S- 4 Bed 7 Person Appt 540.00 m² 2,105.00 pm² 1,136,700 I-LSO-1 Bed 2 Person Appt 62.50 m² 2,105.00 pm² 131,563 I-LSO- 2 Bed 4 Person Appt 175.00 m² 2,105.00 pm² 368,375 I-LSO-3 Bed 5 Person Appt 430.00 m² 2,105.00 pm² 905,150 M- 1 Bed 2 Person Appt 437.50 m² 2,105.00 pm² 920,938 M- 2 Bed 4 Person Appt 1,400.00 m² 2,105.00 pm² 2,947,000 M-3 Bed 5 Person Appt 3,655.00 m² 2,105.00 pm² 7,693,775 M- 4 Bed 7 Person Appt 1,215.00 m² 2,105.00 pm² 2,557,575 I-LLR-1 Bed 2 Person Appt 62.50 m² 2,105.00 pm² 131,563 I-LLR- 2 Bed 4 Person Appt 175.00 m² 2,105.00 pm² 368,375 I-LLR-3 Bed 5 Person Appt 430.00 m² 2,105.00 pm² 905,150 I- 4 Bed 7 Person Appt 135.00 m² 2,105.00 pm² 284,175 S- 1 Bed 2 Person Appt 187.50 m² 2,105.00 pm² 394,688 S-2 Bed 4 Person Appt 612.50 m² 2,105.00 pm² 1,289,313 S- 3 Bed 5 Person Appt 1,827.50 m² 2,105.00 pm² 3,846,888 S- 4 Bed 7 Person Appt 540.00 m² 2,105.00 pm² 1,136,700 I-LSO-1 Bed 2 Person Appt 62.50 m² 2,105.00 pm² 131,563 I-LSO- 2 Bed 4 Person Appt 175.00 m² 2,105.00 pm² 368,375 I-LSO-3 Bed 5 Person Appt 430.00 m² 2,105.00 pm² 905,150 Totals 23,829.50 m² 49,415,177 49,415,177

Contingency 3.00% 1,482,455 s106,Carbon Reduction,Central Boile 213.00 un 5,000.00 /un 1,065,000 CIL 13,737.50 m² 100.00 pm² 1,373,750 Demolition 100,000 Acessibility M4 (2&3) 249,700 Mayoral CIL 22,494.50 m² 60.00 pm² 1,349,670




Green Infrastucture 1.00% 241,289 Green Infrastucture 1.00% 224,761

466,050 Play space

Play space 200,000 Play space 200,000

400,000

PROFESSIONAL FEES Architect 4.00% 1,995,249 Quantity Surveyor 1.50% 748,218 Structural Engineer 1.50% 748,218 Mech./Elec.Engineer 1.00% 498,812 Project Manager 1.50% 748,218 C.D. Manager 0.50% 249,406


Marketing 100,000 Letting Agent Fee 10.00% 13,072 Letting Legal Fee 2.00% 2,614



959,267 FINANCE



PROFIT 14,007,552




IRR Out of Range



APPRAISAL SUMMARY ADAMS INTEGRA MoD Feltham- 40% Affordable of which 70% Rented


Currency in £


M-1 Bed 2 Person Appt 32 1,600.00 5,600.00 280,000 8,960,000 M-2 Bed 4 Person Appt 74 5,180.00 5,000.00 350,000 25,900,000 M- 3 Bed 5 Person Appt 175 15,050.00 4,767.44 410,000 71,750,000 M- 4 Bed 7 Person Appartment 42 4,536.00 4,537.04 490,000 20,580,000 I-LLR-1 Bed 2 Person Appt 4 200.00 2,484.00 124,200 496,800 I-LLR- 2 Bed 4 Person Appt 13 910.00 1,967.14 137,700 1,790,100 I-LLR- 3 Bed 5 Person Appt 19 1,634.00 1,758.14 151,200 2,872,800 S-1 Bed 2 Person Appt 17 850.00 1,560.00 78,000 1,326,000 S- 2 Bed 4 Person Appt 39 2,730.00 1,281.43 89,700 3,498,300 S- 3 Bed 5 Person Appt 91 7,826.00 1,179.07 101,400 9,227,400 S- 4 Bed 7 Person Appt 22 2,376.00 1,047.22 113,100 2,488,200 M-2 Bed 4 Person House 12 948.00 5,822.78 460,000 5,520,000 M-3 Bed 5 Person House 20 1,860.00 5,913.98 550,000 11,000,000 M-4 Bed 7 Person House 5 575.00 5,739.13 660,000 3,300,000 I-LSO-1 Bed 2 Person Appt 4 200.00 2,376.50 118,825 475,300 I-LSO- 2 Bed 4 Person Appt 13 910.00 2,061.26 144,288 1,875,744 I-LSO- 3 Bed 5 Person Appt 19 1,634.00 2,072.53 178,238 3,386,522 M-1 Bed 2 Person Appt 32 1,600.00 5,600.00 280,000 8,960,000 M-2 Bed 4 Person Appt 74 5,180.00 5,000.00 350,000 25,900,000 M- 3 Bed 5 Person Appt 175 15,050.00 4,767.44 410,000 71,750,000 M- 4 Bed 7 Person Appartment 42 4,536.00 4,537.04 490,000 20,580,000 I-LLR-1 Bed 2 Person Appt 4 200.00 2,484.00 124,200 496,800 I-LLR- 2 Bed 4 Person Appt 13 910.00 1,967.14 137,700 1,790,100 I-LLR- 3 Bed 5 Person Appt 19 1,634.00 1,758.14 151,200 2,872,800 S-1 Bed 2 Person Appt 17 850.00 1,560.00 78,000 1,326,000 S- 2 Bed 4 Person Appt 39 2,730.00 1,281.43 89,700 3,498,300 S- 3 Bed 5 Person Appt 91 7,826.00 1,179.07 101,400 9,227,400 S- 4 Bed 7 Person Appt 22 2,376.00 1,047.22 113,100 2,488,200

Project: Feltham East (1) ARGUS Developer Version: 7.60.000 - 1 - Date: 30/04/2019


M-2 Bed 4 Person House 12 948.00 5,822.78 460,000 5,520,000 M-3 Bed 5 Person House 20 1,860.00 5,913.98 550,000 11,000,000 M-4 Bed 7 Person House 5 575.00 5,739.13 660,000 3,300,000 I-LSO-1 Bed 2 Person Appt 4 200.00 2,376.50 118,825 475,300 I-LSO- 2 Bed 4 Person Appt 13 910.00 2,061.26 144,288 1,875,744 I-LSO- 3 Bed 5 Person Appt 19 1,634.00 2,072.53 178,238 3,386,522 M-1 Bed 2 Person Appt 32 1,600.00 5,600.00 280,000 8,960,000 M-2 Bed 4 Person Appt 74 5,180.00 5,000.00 350,000 25,900,000 M- 3 Bed 5 Person Appt 175 15,050.00 4,767.44 410,000 71,750,000 M- 4 Bed 7 Person Appartment 42 4,536.00 4,537.04 490,000 20,580,000 I-LLR-1 Bed 2 Person Appt 4 200.00 2,484.00 124,200 496,800 I-LLR- 2 Bed 4 Person Appt 13 910.00 1,967.14 137,700 1,790,100 I-LLR- 3 Bed 5 Person Appt 19 1,634.00 1,758.14 151,200 2,872,800 S-1 Bed 2 Person Appt 17 850.00 1,560.00 78,000 1,326,000 S- 2 Bed 4 Person Appt 39 2,730.00 1,281.43 89,700 3,498,300 S- 3 Bed 5 Person Appt 91 7,826.00 1,179.07 101,400 9,227,400 S- 4 Bed 7 Person Appt 22 2,376.00 1,047.22 113,100 2,488,200 M-2 Bed 4 Person House 12 948.00 5,822.78 460,000 5,520,000 M-3 Bed 5 Person House 20 1,860.00 5,913.98 550,000 11,000,000 M-4 Bed 7 Person House 5 575.00 5,739.13 660,000 3,300,000 I-LSO-1 Bed 2 Person Appt 4 200.00 2,376.50 118,825 475,300 I-LSO- 2 Bed 4 Person Appt 13 910.00 2,061.26 144,288 1,875,744 I-LSO- 3 Bed 5 Person Appt 19 1,634.00 2,072.53 178,238 3,386,522 M-1 Bed 2 Person Appt 32 1,600.00 5,600.00 280,000 8,960,000 M-2 Bed 4 Person Appt 74 5,180.00 5,000.00 350,000 25,900,000 M- 3 Bed 5 Person Appt 175 15,050.00 4,767.44 410,000 71,750,000 M- 4 Bed 7 Person Appartment 42 4,536.00 4,537.04 490,000 20,580,000 I-LLR-1 Bed 2 Person Appt 4 200.00 2,484.00 124,200 496,800 I-LLR- 2 Bed 4 Person Appt 13 910.00 1,967.14 137,700 1,790,100 I-LLR- 3 Bed 5 Person Appt 19 1,634.00 1,758.14 151,200 2,872,800 S-1 Bed 2 Person Appt 17 850.00 1,560.00 78,000 1,326,000 S- 2 Bed 4 Person Appt 39 2,730.00 1,281.43 89,700 3,498,300 S- 3 Bed 5 Person Appt 91 7,826.00 1,179.07 101,400 9,227,400 S- 4 Bed 7 Person Appt 22 2,376.00 1,047.22 113,100 2,488,200 M-2 Bed 4 Person House 12 948.00 5,822.78 460,000 5,520,000



M-3 Bed 5 Person House 20 1,860.00 5,913.98 550,000 11,000,000 M-4 Bed 7 Person House 5 575.00 5,739.13 660,000 3,300,000 I-LSO-1 Bed 2 Person Appt 4 200.00 2,376.50 118,825 475,300 I-LSO- 2 Bed 4 Person Appt 13 910.00 2,061.26 144,288 1,875,744 I-LSO- 3 Bed 5 Person Appt 19 1,634.00 2,072.53 178,238 3,386,522 M-1 Bed 2 Person Appt 32 1,600.00 5,600.00 280,000 8,960,000 M-2 Bed 4 Person Appt 74 5,180.00 5,000.00 350,000 25,900,000 M- 3 Bed 5 Person Appt 170 14,620.00 4,767.44 410,000 69,700,000 M- 4 Bed 7 Person Appartment 42 4,536.00 4,537.04 490,000 20,580,000 I-LLR-1 Bed 2 Person Appt 4 200.00 2,484.00 124,200 496,800 I-LLR- 2 Bed 4 Person Appt 13 910.00 1,967.14 137,700 1,790,100 I-LLR- 3 Bed 5 Person Appt 19 1,634.00 1,758.14 151,200 2,872,800 S-1 Bed 2 Person Appt 17 850.00 1,560.00 78,000 1,326,000 S- 2 Bed 4 Person Appt 39 2,730.00 1,281.43 89,700 3,498,300 S- 3 Bed 5 Person Appt 91 7,826.00 1,179.07 101,400 9,227,400 S- 4 Bed 7 Person Appt 22 2,376.00 1,047.22 113,100 2,488,200 M-2 Bed 4 Person House 12 948.00 5,822.78 460,000 5,520,000 M-3 Bed 5 Person House 20 1,860.00 5,913.98 550,000 11,000,000 M-4 Bed 7 Person House 5 575.00 5,739.13 660,000 3,300,000 I-LSO-1 Bed 2 Person Appt 4 200.00 2,376.50 118,825 475,300 I-LSO- 2 Bed 4 Person Appt 13 910.00 2,061.26 144,288 1,875,744 I-LSO- 3 Bed 5 Person Appt 19 1,634.00 2,072.53 178,238 3,386,522 Totals 3,000 244,665.00 870,185,830


Retail 1 1,500.00 160.00 240,000 240,000 240,000 B1 Workspaces 1 1,000.00 100.00 100,000 100,000 100,000 Office & Commercial 1 4,500.00 215.00 967,500 967,500 967,500 Community facilities 1 1,000.00 80.00 80,000 80,000 80,000 Leisure Space 1 6,000.00 100.00 600,000 600,000 600,000 Reach Acadamey 2 1 1 1 1 Retail 1 1,500.00 160.00 240,000 240,000 240,000 B1 Workspaces 1 1,000.00 100.00 100,000 100,000 100,000 Office & Commercial 1 4,500.00 215.00 967,500 967,500 967,500



Community facilities 1 1,000.00 80.00 80,000 80,000 80,000 Leisure Space 1 6,000.00 100.00 600,000 600,000 600,000 Totals 11 28,000.00 3,975,001 3,975,001

Investment Valuation Retail Market Rent 240,000 YP @ 6.2500% 16.0000 (6mths Rent Free) PV 6mths @ 6.2500% 0.9701 3,725,347 B1 Workspaces Market Rent 100,000 YP @ 7.5000% 13.3333 (3mths Rent Free) PV 3mths @ 7.5000% 0.9821 1,309,443 Office & Commercial Market Rent 967,500 YP @ 7.0000% 14.2857 (3mths Rent Free) PV 3mths @ 7.0000% 0.9832 13,589,610 Community facilities Current Rent 80,000 YP @ 8.5000% 11.7647 941,176 Leisure Space Current Rent 600,000 YP @ 6.5000% 15.3846 9,230,769 Reach Acadamey 2 Current Rent 1 YP @ 1.0000% 100.0000 100 Retail Market Rent 240,000 YP @ 6.2500% 16.0000 (6mths Rent Free) PV 6mths @ 6.2500% 0.9701 3,725,347 B1 Workspaces Market Rent 100,000 YP @ 7.5000% 13.3333 (3mths Rent Free) PV 3mths @ 7.5000% 0.9821 1,309,443 Office & Commercial Market Rent 967,500 YP @ 7.0000% 14.2857 (3mths Rent Free) PV 3mths @ 7.0000% 0.9832 13,589,610 Community facilities Current Rent 80,000 YP @ 8.5000% 11.7647 941,176 Leisure Space Current Rent 600,000 YP @ 6.5000% 15.3846 9,230,769

57,592,792


APPRAISAL SUMMARY ADAMS INTEGRA MoD Feltham- 40% Affordable of which 70% Rented GROSS DEVELOPMENT VALUE 927,778,622


OUTLAY


(96,155,140) Town Planning 1,250,000


Retail 1,500.00 m² 929.03 pm² 1,393,545 B1 Workspaces 1,000.00 m² 998.00 pm² 998,000 Office & Commercial 4,500.00 m² 2,841.00 pm² 12,784,500 Community facilities 1,000.00 m² 998.00 pm² 998,000 Leisure Space 6,000.00 m² 2,294.00 pm² 13,764,000 Reach Acadamey 2 1.00 m² 1.00 pm² 1 Retail 1,500.00 m² 929.03 pm² 1,393,545 B1 Workspaces 1,000.00 m² 998.00 pm² 998,000 Office & Commercial 4,500.00 m² 2,841.00 pm² 12,784,500 Community facilities 1,000.00 m² 998.00 pm² 998,000 Leisure Space 6,000.00 m² 2,294.00 pm² 13,764,000 M-1 Bed 2 Person Appt 2,000.00 m² 2,105.00 pm² 4,210,000 M-2 Bed 4 Person Appt 6,475.00 m² 2,105.00 pm² 13,629,875 M- 3 Bed 5 Person Appt 18,812.50 m² 2,105.00 pm² 39,600,313 M- 4 Bed 7 Person Appartment 5,670.00 m² 2,105.00 pm² 11,935,350 I-LLR-1 Bed 2 Person Appt 250.00 m² 2,105.00 pm² 526,250 I-LLR- 2 Bed 4 Person Appt 1,137.50 m² 2,105.00 pm² 2,394,438 I-LLR- 3 Bed 5 Person Appt 2,042.50 m² 2,105.00 pm² 4,299,463 S-1 Bed 2 Person Appt 1,062.50 m² 2,105.00 pm² 2,236,563 S- 2 Bed 4 Person Appt 3,412.50 m² 2,105.00 pm² 7,183,313 S- 3 Bed 5 Person Appt 9,782.50 m² 2,105.00 pm² 20,592,163 S- 4 Bed 7 Person Appt 2,970.00 m² 2,105.00 pm² 6,251,850



M-2 Bed 4 Person House 948.00 m² 1,490.00 pm² 1,412,520 M-3 Bed 5 Person House 1,860.00 m² 1,490.00 pm² 2,771,400 M-4 Bed 7 Person House 575.00 m² 1,490.00 pm² 856,750 I-LSO-1 Bed 2 Person Appt 250.00 m² 2,105.00 pm² 526,250 I-LSO- 2 Bed 4 Person Appt 1,137.50 m² 2,105.00 pm² 2,394,438 I-LSO- 3 Bed 5 Person Appt 2,042.50 m² 2,105.00 pm² 4,299,463 M-1 Bed 2 Person Appt 2,000.00 m² 2,105.00 pm² 4,210,000 M-2 Bed 4 Person Appt 6,475.00 m² 2,105.00 pm² 13,629,875 M- 3 Bed 5 Person Appt 18,812.50 m² 2,105.00 pm² 39,600,313 M- 4 Bed 7 Person Appartment 5,670.00 m² 2,105.00 pm² 11,935,350 I-LLR-1 Bed 2 Person Appt 250.00 m² 2,105.00 pm² 526,250 I-LLR- 2 Bed 4 Person Appt 1,137.50 m² 2,105.00 pm² 2,394,438 I-LLR- 3 Bed 5 Person Appt 2,042.50 m² 2,105.00 pm² 4,299,463 S-1 Bed 2 Person Appt 1,062.50 m² 2,105.00 pm² 2,236,563 S- 2 Bed 4 Person Appt 3,412.50 m² 2,105.00 pm² 7,183,313 S- 3 Bed 5 Person Appt 9,782.50 m² 2,105.00 pm² 20,592,163 S- 4 Bed 7 Person Appt 2,970.00 m² 2,105.00 pm² 6,251,850 M-2 Bed 4 Person House 948.00 m² 1,490.00 pm² 1,412,520 M-3 Bed 5 Person House 1,860.00 m² 1,490.00 pm² 2,771,400 M-4 Bed 7 Person House 575.00 m² 1,490.00 pm² 856,750 I-LSO-1 Bed 2 Person Appt 250.00 m² 2,105.00 pm² 526,250 I-LSO- 2 Bed 4 Person Appt 1,137.50 m² 2,105.00 pm² 2,394,438 I-LSO- 3 Bed 5 Person Appt 2,042.50 m² 2,105.00 pm² 4,299,463 M-1 Bed 2 Person Appt 2,000.00 m² 2,105.00 pm² 4,210,000 M-2 Bed 4 Person Appt 6,475.00 m² 2,105.00 pm² 13,629,875 M- 3 Bed 5 Person Appt 18,812.50 m² 2,105.00 pm² 39,600,313 M- 4 Bed 7 Person Appartment 5,670.00 m² 2,105.00 pm² 11,935,350 I-LLR-1 Bed 2 Person Appt 250.00 m² 2,105.00 pm² 526,250 I-LLR- 2 Bed 4 Person Appt 1,137.50 m² 2,105.00 pm² 2,394,438 I-LLR- 3 Bed 5 Person Appt 2,042.50 m² 2,105.00 pm² 4,299,463 S-1 Bed 2 Person Appt 1,062.50 m² 2,105.00 pm² 2,236,563 S- 2 Bed 4 Person Appt 3,412.50 m² 2,105.00 pm² 7,183,313 S- 3 Bed 5 Person Appt 9,782.50 m² 2,105.00 pm² 20,592,163 S- 4 Bed 7 Person Appt 2,970.00 m² 2,105.00 pm² 6,251,850 M-2 Bed 4 Person House 948.00 m² 1,490.00 pm² 1,412,520



M-3 Bed 5 Person House 1,860.00 m² 1,490.00 pm² 2,771,400 M-4 Bed 7 Person House 575.00 m² 1,490.00 pm² 856,750 I-LSO-1 Bed 2 Person Appt 250.00 m² 2,105.00 pm² 526,250 I-LSO- 2 Bed 4 Person Appt 1,137.50 m² 2,105.00 pm² 2,394,438 I-LSO- 3 Bed 5 Person Appt 2,042.50 m² 2,105.00 pm² 4,299,463 M-1 Bed 2 Person Appt 2,000.00 m² 2,105.00 pm² 4,210,000 M-2 Bed 4 Person Appt 6,475.00 m² 2,105.00 pm² 13,629,875 M- 3 Bed 5 Person Appt 18,812.50 m² 2,105.00 pm² 39,600,313 M- 4 Bed 7 Person Appartment 5,670.00 m² 2,105.00 pm² 11,935,350 I-LLR-1 Bed 2 Person Appt 250.00 m² 2,105.00 pm² 526,250 I-LLR- 2 Bed 4 Person Appt 1,137.50 m² 2,105.00 pm² 2,394,438 I-LLR- 3 Bed 5 Person Appt 2,042.50 m² 2,105.00 pm² 4,299,463 S-1 Bed 2 Person Appt 1,062.50 m² 2,105.00 pm² 2,236,563 S- 2 Bed 4 Person Appt 3,412.50 m² 2,105.00 pm² 7,183,313 S- 3 Bed 5 Person Appt 9,782.50 m² 2,105.00 pm² 20,592,163 S- 4 Bed 7 Person Appt 2,970.00 m² 2,105.00 pm² 6,251,850 M-2 Bed 4 Person House 948.00 m² 1,490.00 pm² 1,412,520 M-3 Bed 5 Person House 1,860.00 m² 1,490.00 pm² 2,771,400 M-4 Bed 7 Person House 575.00 m² 1,490.00 pm² 856,750 I-LSO-1 Bed 2 Person Appt 250.00 m² 2,105.00 pm² 526,250 I-LSO- 2 Bed 4 Person Appt 1,137.50 m² 2,105.00 pm² 2,394,438 I-LSO- 3 Bed 5 Person Appt 2,042.50 m² 2,105.00 pm² 4,299,463 M-1 Bed 2 Person Appt 2,000.00 m² 2,105.00 pm² 4,210,000 M-2 Bed 4 Person Appt 6,475.00 m² 2,105.00 pm² 13,629,875 M- 3 Bed 5 Person Appt 18,275.00 m² 2,105.00 pm² 38,468,875 M- 4 Bed 7 Person Appartment 5,670.00 m² 2,105.00 pm² 11,935,350 I-LLR-1 Bed 2 Person Appt 250.00 m² 2,105.00 pm² 526,250 I-LLR- 2 Bed 4 Person Appt 1,137.50 m² 2,105.00 pm² 2,394,438 I-LLR- 3 Bed 5 Person Appt 2,042.50 m² 2,105.00 pm² 4,299,463 S-1 Bed 2 Person Appt 1,062.50 m² 2,105.00 pm² 2,236,563 S- 2 Bed 4 Person Appt 3,412.50 m² 2,105.00 pm² 7,183,313 S- 3 Bed 5 Person Appt 9,782.50 m² 2,105.00 pm² 20,592,163 S- 4 Bed 7 Person Appt 2,970.00 m² 2,105.00 pm² 6,251,850 M-2 Bed 4 Person House 948.00 m² 1,490.00 pm² 1,412,520 M-3 Bed 5 Person House 1,860.00 m² 1,490.00 pm² 2,771,400



M-4 Bed 7 Person House 575.00 m² 1,490.00 pm² 856,750 I-LSO-1 Bed 2 Person Appt 250.00 m² 2,105.00 pm² 526,250 I-LSO- 2 Bed 4 Person Appt 1,137.50 m² 2,105.00 pm² 2,394,438 I-LSO- 3 Bed 5 Person Appt 2,042.50 m² 2,105.00 pm² 4,299,463 Totals 329,603.50 m² 684,346,629 684,346,629

Contingency 3.00% 10,545,880 S106,Central boilers, Carbon Reduct 2,635.00 un 5,000.00 /un 13,175,000 Accessibility M4 (2) 339,900 Accessibility M4 (3) 1,320,000 Demolition 1,000,000 CIL 181,165.00 m² 100.00 pm² 18,116,500 Mayoral CIL 192,250.00 m² 60.00 pm² 11,535,000



500,000 Green Infrastucture

Green Infrastucture 1.00% 1,275,119 Green Infrastucture 1.00% 1,550,584 Green Infrastucture 1.00% 1,251,204 Green Infrastucture 1.00% 1,251,204 Green Infrastucture 1.00% 1,239,890

6,568,001

PROFESSIONAL FEES Architect 4.00% 27,393,865 Quantity Surveyor 1.50% 10,272,699 Structural Engineer 1.50% 10,272,699 Mech./Elec.Engineer 1.00% 6,848,466 Project Manager 1.50% 10,272,699



C.D. Manager 0.50% 3,424,233 68,484,663

MARKETING & LETTING Marketing 1,000,000 Letting Agent Fee 10.00% 397,500 Letting Legal Fee 0.50% 19,875



11,597,233 FINANCE



PROFIT 188,044,992


IRR Out of Range



APPRAISAL SUMMARY ADAMS INTEGRA 2 High Street, Feltham-40% Affordable of which 70% rented

Summary Appraisal for Merged Phases 1 2

Currency in £


M-1 Bed 2 Person Appt 3 150.00 5,600.00 280,000 840,000 M-2 Bed 4 Person Appt 6 420.00 5,000.00 350,000 2,100,000 M- 3 Bed 5 Person Appt 14 1,204.00 4,767.44 410,000 5,740,000 M- 4 Bed 7 Person Appartment 4 432.00 4,537.04 490,000 1,960,000 I-LLR- 2 Bed 4 Person Appt 1 70.00 1,967.14 137,700 137,700 I-LLR- 3 Bed 5 Person Appt 2 172.00 1,758.14 151,200 302,400 S-1 Bed 2 Person Appt 1 50.00 1,560.00 78,000 78,000 S- 2 Bed 4 Person Appt 3 210.00 1,281.43 89,700 269,100 S- 3 Bed 5 Person Appt 7 602.00 1,179.07 101,400 709,800 S- 4 Bed 7 Person Appt 2 216.00 1,047.22 113,100 226,200 I-LSO- 2 Bed 4 Person Appt 1 70.00 1,697.50 118,825 118,825 I-LSO- 3 Bed 5 Person Appt 2 172.00 2,072.53 178,238 356,476 M-1 Bed 2 Person Appt 3 150.00 5,600.00 280,000 840,000 M-2 Bed 4 Person Appt 6 420.00 5,000.00 350,000 2,100,000 M- 3 Bed 5 Person Appt 15 1,290.00 4,767.44 410,000 6,150,000 M- 4 Bed 7 Person Appartment 4 432.00 4,537.04 490,000 1,960,000 I-LLR- 2 Bed 4 Person Appt 1 70.00 1,967.14 137,700 137,700 I-LLR- 3 Bed 5 Person Appt 2 172.00 1,758.14 151,200 302,400 S-1 Bed 2 Person Appt 1 50.00 1,560.00 78,000 78,000 S- 2 Bed 4 Person Appt 3 210.00 1,281.43 89,700 269,100 S- 3 Bed 5 Person Appt 7 602.00 1,179.07 101,400 709,800 S- 4 Bed 7 Person Appt 2 216.00 1,047.22 113,100 226,200 I-LSO- 2 Bed 4 Person Appt 1 70.00 1,697.50 118,825 118,825 I-LSO- 3 Bed 5 Person Appt 2 172.00 2,072.53 178,238 356,476 Totals 93 7,622.00 26,087,002


Project: Station Quarter Feltham (1) ARGUS Developer Version: 7.60.000 - 1 - Date: 17/04/2019

APPRAISAL SUMMARY ADAMS INTEGRA 2 High Street, Feltham-40% Affordable of which 70% rented OUTLAY


(5,244,330) Town Planning 500,000


M-1 Bed 2 Person Appt 187.50 m² 2,105.00 pm² 394,688 M-2 Bed 4 Person Appt 525.00 m² 2,105.00 pm² 1,105,125 M- 3 Bed 5 Person Appt 1,505.00 m² 2,105.00 pm² 3,168,025 M- 4 Bed 7 Person Appartment 540.00 m² 2,105.00 pm² 1,136,700 I-LLR- 2 Bed 4 Person Appt 87.50 m² 2,105.00 pm² 184,188 I-LLR- 3 Bed 5 Person Appt 215.00 m² 2,105.00 pm² 452,575 S-1 Bed 2 Person Appt 62.50 m² 2,105.00 pm² 131,563 S- 2 Bed 4 Person Appt 262.50 m² 2,105.00 pm² 552,563 S- 3 Bed 5 Person Appt 752.50 m² 2,105.00 pm² 1,584,013 S- 4 Bed 7 Person Appt 270.00 m² 2,105.00 pm² 568,350 I-LSO- 2 Bed 4 Person Appt 87.50 m² 2,105.00 pm² 184,188 I-LSO- 3 Bed 5 Person Appt 215.00 m² 2,105.00 pm² 452,575 M-1 Bed 2 Person Appt 187.50 m² 2,105.00 pm² 394,688 M-2 Bed 4 Person Appt 525.00 m² 2,105.00 pm² 1,105,125 M- 3 Bed 5 Person Appt 1,612.50 m² 2,105.00 pm² 3,394,313 M- 4 Bed 7 Person Appartment 540.00 m² 2,105.00 pm² 1,136,700 I-LLR- 2 Bed 4 Person Appt 87.50 m² 2,105.00 pm² 184,188 I-LLR- 3 Bed 5 Person Appt 215.00 m² 2,105.00 pm² 452,575 S-1 Bed 2 Person Appt 62.50 m² 2,105.00 pm² 131,563 S- 2 Bed 4 Person Appt 262.50 m² 2,105.00 pm² 552,563 S- 3 Bed 5 Person Appt 752.50 m² 2,105.00 pm² 1,584,013 S- 4 Bed 7 Person Appt 270.00 m² 2,105.00 pm² 568,350 I-LSO- 2 Bed 4 Person Appt 87.50 m² 2,105.00 pm² 184,188 I-LSO- 3 Bed 5 Person Appt 215.00 m² 2,105.00 pm² 452,575 Totals 9,527.50 m² 20,055,388 20,055,388



Contingency 3.00% 358,061 S106,Central boilers, Carbon Reduct 87.00 un 5,000.00 /un 435,000 Accessibility M4 (2) 55,220 Accessibility M4 (3) 220,000 Demolition 100,000 CIL 5,622.50 m² 100.00 pm² 562,250 Mayoral CIL 5,622.50 m² 60.00 pm² 337,350


Play Space 200,000 Play Space 200,000


Green Infrastucture 1.00% 92,778 Green Infrastucture 1.00% 95,041

187,819



Marketing 400,000 400,000

DISPOSAL FEES Sales Agent Fee 1.00% 260,870 Sales Legal Fee 0.25% 65,218

326,088 FINANCE

Debit Rate 7.000%, Credit Rate 0.000% (Nominal) Total Finance Cost 698,831




PROFIT 4,649,788

Performance Measures Profit on Cost% 21.69% Profit on GDV% 17.82% Profit on NDV% 17.82%

IRR Out of Range

Profit Erosion (finance rate 7.000%) 2 yrs 10 mths


APPRAISAL SUMMARY ADAMS INTEGRA West Cross Quarter


Currency in £


M-1 Bed 2 Person Appt 23 1,150.00 8,200.00 410,000 9,430,000 M-2 Bed 4 Person Appt 51 3,570.00 7,857.14 550,000 28,050,000 M- 3 Bed 5 Person Appt 119 10,234.00 7,790.70 670,000 79,730,000 M- 4 Bed 7 Person Appartment 29 3,132.00 6,666.67 720,000 20,880,000 I-LLR- 1 Bed 2 Person Appt 3 150.00 3,232.80 161,640 484,920 I-LLR- 2 Bed 4 Person Appt 11 770.00 2,566.29 179,640 1,976,040 I-LLR-3 Bed 5 Person Appt 19 1,634.00 2,296.05 197,460 3,751,740 S-1 Bed 2 Person Appt 11 550.00 3,232.80 161,640 1,778,040 S- 2 Bed 4 Person Appt 24 1,680.00 2,566.29 179,640 4,311,360 S- 3 Bed 5 Person Appt 56 4,816.00 2,296.05 197,460 11,057,760 S- 4 Bed 7 Person Appt 14 1,512.00 1,995.00 215,460 3,016,440 I-LSO- 1 Bed 2 Person Appt 3 150.00 3,182.82 159,141 477,423 I-LSO- 2 Bed 4 Person Appt 11 770.00 2,910.00 203,700 2,240,700 I-LSO-3 Bed 5 Person Appt 19 1,634.00 3,182.81 273,722 5,200,718 M-1 Bed 2 Person Appt 22 1,100.00 8,200.00 410,000 9,020,000 M-2 Bed 4 Person Appt 50 3,500.00 7,857.14 550,000 27,500,000 M- 3 Bed 5 Person Appt 118 10,148.00 7,790.70 670,000 79,060,000 M- 4 Bed 7 Person Appartment 28 3,024.00 6,666.67 720,000 20,160,000 I-LLR-1 Bed 2 Person Appt 2 100.00 3,232.80 161,640 323,280 I-LLR-2 Bed 4 Person Appt 7 490.00 2,566.29 179,640 1,257,480 I-LLR- 3 Bed 5 Person Appt 10 860.00 2,296.05 197,460 1,974,600 S-1 Bed 2 Person Appt 10 500.00 3,232.80 161,640 1,616,400 S- 2 Bed 4 Person Appt 23 1,610.00 2,566.29 179,640 4,131,720 S- 3 Bed 5 Person Appt 55 4,730.00 2,296.05 197,460 10,860,300 S- 4 Bed 7 Person Appt 13 1,404.00 1,995.00 215,460 2,800,980 I-LSO-1 Bed 2 Person Appt 2 100.00 3,182.82 159,141 318,282 I-LSO- 2 Bed 4 Person Appt 7 490.00 2,910.00 203,700 1,425,900 I-LSO- 3 Bed 5 Person Appt 10 860.00 3,182.81 273,722 2,737,220

Project: West Cross Quarter ARGUS Developer Version: 7.60.000 - 1 - Date: 17/04/2019


M-1 Bed 2 Person Appt 22 1,100.00 8,200.00 410,000 9,020,000 M-2 Bed 4 Person Appt 50 3,500.00 7,857.14 550,000 27,500,000 M- 3 Bed 5 Person Appt 118 10,148.00 7,790.70 670,000 79,060,000 M- 4 Bed 7 Person Appartment 28 3,024.00 6,666.67 720,000 20,160,000 I-LLR-1 Bed 2 Person Appt 2 100.00 3,232.80 161,640 323,280 I-LLR-2 Bed 4 Person Appt 7 490.00 2,566.29 179,640 1,257,480 I-LLR- 3 Bed 5 Person Appt 10 860.00 2,296.05 197,460 1,974,600 S-1 Bed 2 Person Appt 10 500.00 3,232.80 161,640 1,616,400 S- 2 Bed 4 Person Appt 23 1,610.00 2,566.29 179,640 4,131,720 S- 3 Bed 5 Person Appt 55 4,730.00 2,296.05 197,460 10,860,300 S- 4 Bed 7 Person Appt 13 1,404.00 1,995.00 215,460 2,800,980 I-LSO-1 Bed 2 Person Appt 2 100.00 3,182.82 159,141 318,282 I-LSO- 2 Bed 4 Person Appt 7 490.00 2,910.00 203,700 1,425,900 I-LSO- 3 Bed 5 Person Appt 10 860.00 3,182.81 273,722 2,737,220 M-1 Bed 2 Person Appt 22 1,100.00 8,200.00 410,000 9,020,000 M-2 Bed 4 Person Appt 50 3,500.00 7,857.14 550,000 27,500,000 M- 3 Bed 5 Person Appt 118 10,148.00 7,790.70 670,000 79,060,000 M- 4 Bed 7 Person Appartment 28 3,024.00 6,666.67 720,000 20,160,000 I-LLR-1 Bed 2 Person Appt 2 100.00 3,232.80 161,640 323,280 I-LLR-2 Bed 4 Person Appt 7 490.00 2,566.29 179,640 1,257,480 I-LLR- 3 Bed 5 Person Appt 10 860.00 2,296.05 197,460 1,974,600 S-1 Bed 2 Person Appt 10 500.00 3,232.80 161,640 1,616,400 S- 2 Bed 4 Person Appt 23 1,610.00 2,566.29 179,640 4,131,720 S- 3 Bed 5 Person Appt 55 4,730.00 2,296.05 197,460 10,860,300 S- 4 Bed 7 Person Appt 13 1,404.00 1,995.00 215,460 2,800,980 I-LSO-1 Bed 2 Person Appt 2 100.00 3,182.82 159,141 318,282 I-LSO- 2 Bed 4 Person Appt 7 490.00 2,910.00 203,700 1,425,900 I-LSO- 3 Bed 5 Person Appt 10 860.00 3,182.81 273,722 2,737,220 M-1 Bed 2 Person Appt 22 1,100.00 8,200.00 410,000 9,020,000 M-2 Bed 4 Person Appt 50 3,500.00 7,857.14 550,000 27,500,000 M- 3 Bed 5 Person Appt 118 10,148.00 7,790.70 670,000 79,060,000 M- 4 Bed 7 Person Appartment 28 3,024.00 6,666.67 720,000 20,160,000 I-LLR-1 Bed 2 Person Appt 2 100.00 3,232.80 161,640 323,280 I-LLR-2 Bed 4 Person Appt 7 490.00 2,566.29 179,640 1,257,480 I-LLR- 3 Bed 5 Person Appt 10 860.00 2,296.05 197,460 1,974,600



S-1 Bed 2 Person Appt 10 500.00 3,232.80 161,640 1,616,400 S- 2 Bed 4 Person Appt 23 1,610.00 2,566.29 179,640 4,131,720 S- 3 Bed 5 Person Appt 55 4,730.00 2,296.05 197,460 10,860,300 S- 4 Bed 7 Person Appt 13 1,404.00 1,995.00 215,460 2,800,980 I-LSO-1 Bed 2 Person Appt 2 100.00 3,182.82 159,141 318,282 I-LSO- 2 Bed 4 Person Appt 7 490.00 2,910.00 203,700 1,425,900 I-LSO- 3 Bed 5 Person Appt 10 860.00 3,182.81 273,722 2,737,220 Totals 1,821 147,416.00 825,129,789


Retail & Services 1 2,900.00 160.00 464,000 464,000 464,000 Office/Flex Workspace 1 30,300.00 110.00 3,333,000 3,333,000 3,333,000 Light Industrial B1c 1 20,200.00 90.00 1,818,000 1,818,000 1,818,000 General Industrial.Distribution (B2/B8) 1 10,000.00 90.00 900,000 900,000 900,000 Offices 1 5,400.00 270.00 1,458,000 1,458,000 1,458,000 Totals 5 68,800.00 7,973,000 7,973,000

Investment Valuation Retail & Services Market Rent 464,000 YP @ 6.2500% 16.0000 (6mths Rent Free) PV 6mths @ 6.2500% 0.9701 7,202,338 Office/Flex Workspace Market Rent 3,333,000 YP @ 7.5000% 13.3333 (3mths Rent Free) PV 3mths @ 7.5000% 0.9821 43,643,737 Light Industrial B1c Market Rent 1,818,000 YP @ 7.5000% 13.3333 (3mths Rent Free) PV 3mths @ 7.5000% 0.9821 23,805,675 General Industrial.Distribution (B2/B8) Market Rent 900,000 YP @ 6.0000% 16.6667 (3mths Rent Free) PV 3mths @ 6.0000% 0.9855 14,783,075 Offices Market Rent 1,458,000 YP @ 5.5000% 18.1818 (6mths Rent Free) PV 6mths @ 5.5000% 0.9736 25,808,847

115,243,673





OUTLAY


86,231,083 Agent Fee 1.00% 862,311 Legal Fee 0.50% 431,155 Town Planning 250,000


Retail & Services 2,900.00 m² 2,028.00 pm² 5,881,200 Office/Flex Workspace 30,300.00 m² 998.03 pm² 30,240,309 Light Industrial B1c 20,200.00 m² 716.98 pm² 14,482,996 General Industrial.Distribution (B2/B8) 10,000.00 m² 716.98 pm² 7,169,800 Offices 6,000.00 m² 2,841.00 pm² 17,046,000 M-1 Bed 2 Person Appt 1,437.50 m² 2,243.00 pm² 3,224,313 M-2 Bed 4 Person Appt 4,462.50 m² 2,243.00 pm² 10,009,388 M- 3 Bed 5 Person Appt 12,792.50 m² 2,243.00 pm² 28,693,578 M- 4 Bed 7 Person Appartment 3,915.00 m² 2,243.00 pm² 8,781,345 I-LLR- 1 Bed 2 Person Appt 187.50 m² 2,243.00 pm² 420,563 I-LLR- 2 Bed 4 Person Appt 962.50 m² 2,243.00 pm² 2,158,888 I-LLR-3 Bed 5 Person Appt 2,042.50 m² 2,243.00 pm² 4,581,328 S-1 Bed 2 Person Appt 687.50 m² 2,243.00 pm² 1,542,063 S- 2 Bed 4 Person Appt 2,100.00 m² 2,243.00 pm² 4,710,300 S- 3 Bed 5 Person Appt 6,020.00 m² 2,243.00 pm² 13,502,860 S- 4 Bed 7 Person Appt 1,890.00 m² 2,243.00 pm² 4,239,270 I-LSO- 1 Bed 2 Person Appt 187.50 m² 2,243.00 pm² 420,563 I-LSO- 2 Bed 4 Person Appt 962.50 m² 2,243.00 pm² 2,158,888 I-LSO-3 Bed 5 Person Appt 2,042.50 m² 2,243.00 pm² 4,581,328



M-1 Bed 2 Person Appt 1,375.00 m² 2,243.00 pm² 3,084,125 M-2 Bed 4 Person Appt 4,375.00 m² 2,243.00 pm² 9,813,125 M- 3 Bed 5 Person Appt 12,685.00 m² 2,243.00 pm² 28,452,455 M- 4 Bed 7 Person Appartment 3,780.00 m² 2,243.00 pm² 8,478,540 I-LLR-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LLR-2 Bed 4 Person Appt 612.50 m² 2,243.00 pm² 1,373,838 I-LLR- 3 Bed 5 Person Appt 1,075.00 m² 2,243.00 pm² 2,411,225 S-1 Bed 2 Person Appt 625.00 m² 2,243.00 pm² 1,401,875 S- 2 Bed 4 Person Appt 2,012.50 m² 2,243.00 pm² 4,514,038 S- 3 Bed 5 Person Appt 5,912.50 m² 2,243.00 pm² 13,261,738 S- 4 Bed 7 Person Appt 1,755.00 m² 2,243.00 pm² 3,936,465 I-LSO-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LSO- 2 Bed 4 Person Appt 612.50 m² 2,243.00 pm² 1,373,838 I-LSO- 3 Bed 5 Person Appt 1,075.00 m² 2,243.00 pm² 2,411,225 M-1 Bed 2 Person Appt 1,375.00 m² 2,243.00 pm² 3,084,125 M-2 Bed 4 Person Appt 4,375.00 m² 2,243.00 pm² 9,813,125 M- 3 Bed 5 Person Appt 12,685.00 m² 2,243.00 pm² 28,452,455 M- 4 Bed 7 Person Appartment 3,780.00 m² 2,243.00 pm² 8,478,540 I-LLR-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LLR-2 Bed 4 Person Appt 612.50 m² 2,243.00 pm² 1,373,838 I-LLR- 3 Bed 5 Person Appt 1,075.00 m² 2,243.00 pm² 2,411,225 S-1 Bed 2 Person Appt 625.00 m² 2,243.00 pm² 1,401,875 S- 2 Bed 4 Person Appt 2,012.50 m² 2,243.00 pm² 4,514,038 S- 3 Bed 5 Person Appt 5,912.50 m² 2,243.00 pm² 13,261,738 S- 4 Bed 7 Person Appt 1,755.00 m² 2,243.00 pm² 3,936,465 I-LSO-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LSO- 2 Bed 4 Person Appt 612.50 m² 2,243.00 pm² 1,373,838 I-LSO- 3 Bed 5 Person Appt 1,075.00 m² 2,243.00 pm² 2,411,225 M-1 Bed 2 Person Appt 1,375.00 m² 2,243.00 pm² 3,084,125 M-2 Bed 4 Person Appt 4,375.00 m² 2,243.00 pm² 9,813,125 M- 3 Bed 5 Person Appt 12,685.00 m² 2,243.00 pm² 28,452,455 M- 4 Bed 7 Person Appartment 3,780.00 m² 2,243.00 pm² 8,478,540 I-LLR-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LLR-2 Bed 4 Person Appt 612.50 m² 2,243.00 pm² 1,373,838 I-LLR- 3 Bed 5 Person Appt 1,075.00 m² 2,243.00 pm² 2,411,225



S-1 Bed 2 Person Appt 625.00 m² 2,243.00 pm² 1,401,875 S- 2 Bed 4 Person Appt 2,012.50 m² 2,243.00 pm² 4,514,038 S- 3 Bed 5 Person Appt 5,912.50 m² 2,243.00 pm² 13,261,738 S- 4 Bed 7 Person Appt 1,755.00 m² 2,243.00 pm² 3,936,465 I-LSO-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LSO- 2 Bed 4 Person Appt 612.50 m² 2,243.00 pm² 1,373,838 I-LSO- 3 Bed 5 Person Appt 1,075.00 m² 2,243.00 pm² 2,411,225 M-1 Bed 2 Person Appt 1,375.00 m² 2,243.00 pm² 3,084,125 M-2 Bed 4 Person Appt 4,375.00 m² 2,243.00 pm² 9,813,125 M- 3 Bed 5 Person Appt 12,685.00 m² 2,243.00 pm² 28,452,455 M- 4 Bed 7 Person Appartment 3,780.00 m² 2,243.00 pm² 8,478,540 I-LLR-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LLR-2 Bed 4 Person Appt 612.50 m² 2,243.00 pm² 1,373,838 I-LLR- 3 Bed 5 Person Appt 1,075.00 m² 2,243.00 pm² 2,411,225 S-1 Bed 2 Person Appt 625.00 m² 2,243.00 pm² 1,401,875 S- 2 Bed 4 Person Appt 2,012.50 m² 2,243.00 pm² 4,514,038 S- 3 Bed 5 Person Appt 5,912.50 m² 2,243.00 pm² 13,261,738 S- 4 Bed 7 Person Appt 1,755.00 m² 2,243.00 pm² 3,936,465 I-LSO-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LSO- 2 Bed 4 Person Appt 612.50 m² 2,243.00 pm² 1,373,838 I-LSO- 3 Bed 5 Person Appt 1,075.00 m² 2,243.00 pm² 2,411,225 Totals 253,670.00 m² 488,137,915 488,137,915

Contingency 3.00% 9,235,377 S106,Central boilers, Carbon Reduct 1,712.00 un 5,000.00 /un 8,560,000 Accessibility M4 (2) 200,200 Accessibility M4 (3) 803,000 Demolition 50,000 CIL 111,467.50 m² 320.00 pm² 35,669,600 Mayoral CIL 180,867.50 m² 60.00 pm² 10,852,050


Play Space 200,000 200,000

Green Infrastucture



Green Infrastucture 1.00% 1,396,382 Green Infrastucture 1.00% 770,078 Green Infrastucture 1.00% 770,078 Green Infrastucture 1.00% 770,078 Green Infrastucture 1.00% 770,078

4,476,694

PROFESSIONAL FEES Architect 4.00% 19,533,517 Quantity Surveyor 1.50% 7,325,069 Structural Engineer 1.50% 7,325,069 Mech./Elec.Engineer 1.00% 4,883,379 Project Manager 1.50% 7,325,069 C.D. Manager 0.50% 2,441,690


Marketing 1,000,000 Letting Agent Fee 10.00% 797,300 Letting Legal Fee 0.50% 39,865



11,754,668 FINANCE



PROFIT 192,217,425

Performance Measures Profit on Cost% 25.69%



Profit on GDV% 20.44% Profit on NDV% 20.44% Development Yield% (on Rent) 1.07% Equivalent Yield% (Nominal) 6.78% Equivalent Yield% (True) 7.08%

IRR 18.73%

Rent Cover 24 yrs 1 mth Profit Erosion (finance rate 7.000%) 3 yrs 4 mths


APPRAISAL SUMMARY ADAMS INTEGRA Brentside Park-40% Affordable of which 70% rented

Summary Appraisal for Merged Phases 1 2 3 4

Currency in £


M-1 Bed 2 Person Appt 6 300.00 8,200.00 410,000 2,460,000 M-2 Bed 4 Person Appt 13 910.00 7,857.14 550,000 7,150,000 M- 3 Bed 5 Person Appt 29 2,494.00 7,790.70 670,000 19,430,000 M- 4 Bed 7 Person Appartment 8 864.00 6,666.67 720,000 5,760,000 I-LLR-1 Bed 2 Person Appt 2 100.00 3,232.80 161,640 323,280 I-LLR- 2 Bed 4 Person Appt 2 140.00 2,566.29 179,640 359,280 I-LLR-3 Bed 5 Person Appt 3 258.00 2,296.05 197,460 592,380 S-1 Bed 2 Person Appt 3 150.00 1,560.00 78,000 234,000 S- 2 Bed 4 Person Appt 6 420.00 1,281.43 89,700 538,200 S- 3 Bed 5 Person Appt 14 1,204.00 1,179.07 101,400 1,419,600 S- 4 Bed 7 Person Appt 4 432.00 1,047.22 113,100 452,400 I-LSO-1 Bed 2 Person Appt 2 100.00 3,182.82 159,141 318,282 I-LSO- 2 Bed 4 Person Appt 2 140.00 2,910.00 203,700 407,400 I-LSO-3 Bed 5 Person Appt 3 258.00 3,182.81 273,722 821,166 M-1 Bed 2 Person Appt 6 300.00 8,200.00 410,000 2,460,000 M-2 Bed 4 Person Appt 13 910.00 7,857.14 550,000 7,150,000 M- 3 Bed 5 Person Appt 29 2,494.00 7,790.70 670,000 19,430,000 M- 4 Bed 7 Person Appartment 8 864.00 6,666.67 720,000 5,760,000 I-LLR-1 Bed 2 Person Appt 2 100.00 3,232.80 161,640 323,280 I-LLR- 2 Bed 4 Person Appt 2 140.00 2,566.29 179,640 359,280 I-LLR-3 Bed 5 Person Appt 3 258.00 2,296.05 197,460 592,380 S-1 Bed 2 Person Appt 3 150.00 1,560.00 78,000 234,000 S- 2 Bed 4 Person Appt 6 420.00 1,281.43 89,700 538,200 S- 3 Bed 5 Person Appt 14 1,204.00 1,179.07 101,400 1,419,600 S- 4 Bed 7 Person Appt 4 432.00 1,047.22 113,100 452,400 I-LSO-1 Bed 2 Person Appt 2 100.00 3,182.82 159,141 318,282 I-LSO- 2 Bed 4 Person Appt 2 140.00 2,910.00 203,700 407,400 I-LSO-3 Bed 5 Person Appt 3 258.00 3,182.81 273,722 821,166

Project: River Brent Quarter (1) ARGUS Developer Version: 7.60.000 - 1 - Date: 17/04/2019


M-1 Bed 2 Person Appt 6 300.00 8,200.00 410,000 2,460,000 M-2 Bed 4 Person Appt 13 910.00 7,857.14 550,000 7,150,000 M- 3 Bed 5 Person Appt 29 2,494.00 7,790.70 670,000 19,430,000 M- 4 Bed 7 Person Appartment 8 864.00 6,666.67 720,000 5,760,000 I-LLR-1 Bed 2 Person Appt 2 100.00 3,232.80 161,640 323,280 I-LLR- 2 Bed 4 Person Appt 2 140.00 2,566.29 179,640 359,280 I-LLR-3 Bed 5 Person Appt 3 258.00 2,296.05 197,460 592,380 S-1 Bed 2 Person Appt 3 150.00 1,560.00 78,000 234,000 S- 2 Bed 4 Person Appt 6 420.00 1,281.43 89,700 538,200 S- 3 Bed 5 Person Appt 14 1,204.00 1,179.07 101,400 1,419,600 S- 4 Bed 7 Person Appt 4 432.00 1,047.22 113,100 452,400 I-LSO-1 Bed 2 Person Appt 2 100.00 3,182.82 159,141 318,282 I-LSO- 2 Bed 4 Person Appt 2 140.00 2,910.00 203,700 407,400 I-LSO-3 Bed 5 Person Appt 3 258.00 3,182.81 273,722 821,166 M-1 Bed 2 Person Appt 6 300.00 8,200.00 410,000 2,460,000 M-2 Bed 4 Person Appt 13 910.00 7,857.14 550,000 7,150,000 M- 3 Bed 5 Person Appt 29 2,494.00 7,790.70 670,000 19,430,000 M- 4 Bed 7 Person Appartment 8 864.00 6,666.67 720,000 5,760,000 I-LLR-1 Bed 2 Person Appt 2 100.00 3,232.80 161,640 323,280 I-LLR- 2 Bed 4 Person Appt 2 140.00 2,566.29 179,640 359,280 I-LLR-3 Bed 5 Person Appt 3 258.00 2,296.05 197,460 592,380 S-1 Bed 2 Person Appt 3 150.00 1,560.00 78,000 234,000 S- 2 Bed 4 Person Appt 6 420.00 1,281.43 89,700 538,200 S- 3 Bed 5 Person Appt 14 1,204.00 1,179.07 101,400 1,419,600 S- 4 Bed 7 Person Appt 4 432.00 1,047.22 113,100 452,400 I-LSO-1 Bed 2 Person Appt 2 100.00 3,182.82 159,141 318,282 I-LSO- 2 Bed 4 Person Appt 2 140.00 2,910.00 203,700 407,400 I-LSO-3 Bed 5 Person Appt 3 258.00 3,182.81 273,722 821,166 Totals 388 31,080.00 161,063,952


Retail 1 450.00 160.00 72,000 72,000 72,000 Offices 1 12,150.00 270.00 3,280,500 3,280,500 3,280,500 Retail 1 450.00 160.00 72,000 72,000 72,000



Offices 1 12,150.00 270.00 3,280,500 3,280,500 3,280,500 Totals 4 25,200.00 6,705,000 6,705,000

Investment Valuation Retail Market Rent 72,000 YP @ 6.2500% 16.0000 (6mths Rent Free) PV 6mths @ 6.2500% 0.9701 1,117,604 Offices Market Rent 3,280,500 YP @ 5.5000% 18.1818 (6mths Rent Free) PV 6mths @ 5.5000% 0.9736 58,069,906 Retail Market Rent 72,000 YP @ 6.2500% 16.0000 (6mths Rent Free) PV 6mths @ 6.2500% 0.9701 1,117,604 Offices Market Rent 3,280,500 YP @ 5.5000% 18.1818 (6mths Rent Free) PV 6mths @ 5.5000% 0.9736 58,069,906

118,375,020



OUTLAY




Retail 450.00 m² 929.03 pm² 418,064 Offices 13,500.00 m² 2,841.00 pm² 38,353,500



Retail 450.00 m² 929.03 pm² 418,064 Offices 13,500.00 m² 2,841.00 pm² 38,353,500 M-1 Bed 2 Person Appt 375.00 m² 2,243.00 pm² 841,125 M-2 Bed 4 Person Appt 1,137.50 m² 2,243.00 pm² 2,551,413 M- 3 Bed 5 Person Appt 3,117.50 m² 2,243.00 pm² 6,992,553 M- 4 Bed 7 Person Appartment 1,080.00 m² 2,243.00 pm² 2,422,440 I-LLR-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LLR- 2 Bed 4 Person Appt 175.00 m² 2,243.00 pm² 392,525 I-LLR-3 Bed 5 Person Appt 322.50 m² 2,243.00 pm² 723,368 S-1 Bed 2 Person Appt 187.50 m² 2,243.00 pm² 420,563 S- 2 Bed 4 Person Appt 525.00 m² 2,243.00 pm² 1,177,575 S- 3 Bed 5 Person Appt 1,505.00 m² 2,243.00 pm² 3,375,715 S- 4 Bed 7 Person Appt 540.00 m² 2,243.00 pm² 1,211,220 I-LSO-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LSO- 2 Bed 4 Person Appt 175.00 m² 2,243.00 pm² 392,525 I-LSO-3 Bed 5 Person Appt 322.50 m² 2,243.00 pm² 723,368 M-1 Bed 2 Person Appt 375.00 m² 2,243.00 pm² 841,125 M-2 Bed 4 Person Appt 1,137.50 m² 2,243.00 pm² 2,551,413 M- 3 Bed 5 Person Appt 3,117.50 m² 2,243.00 pm² 6,992,553 M- 4 Bed 7 Person Appartment 1,080.00 m² 2,243.00 pm² 2,422,440 I-LLR-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LLR- 2 Bed 4 Person Appt 175.00 m² 2,243.00 pm² 392,525 I-LLR-3 Bed 5 Person Appt 322.50 m² 2,243.00 pm² 723,368 S-1 Bed 2 Person Appt 187.50 m² 2,243.00 pm² 420,563 S- 2 Bed 4 Person Appt 525.00 m² 2,243.00 pm² 1,177,575 S- 3 Bed 5 Person Appt 1,505.00 m² 2,243.00 pm² 3,375,715 S- 4 Bed 7 Person Appt 540.00 m² 2,243.00 pm² 1,211,220 I-LSO-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LSO- 2 Bed 4 Person Appt 175.00 m² 2,243.00 pm² 392,525 I-LSO-3 Bed 5 Person Appt 322.50 m² 2,243.00 pm² 723,368 M-1 Bed 2 Person Appt 375.00 m² 2,243.00 pm² 841,125 M-2 Bed 4 Person Appt 1,137.50 m² 2,243.00 pm² 2,551,413 M- 3 Bed 5 Person Appt 3,117.50 m² 2,243.00 pm² 6,992,553 M- 4 Bed 7 Person Appartment 1,080.00 m² 2,243.00 pm² 2,422,440 I-LLR-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375



I-LLR- 2 Bed 4 Person Appt 175.00 m² 2,243.00 pm² 392,525 I-LLR-3 Bed 5 Person Appt 322.50 m² 2,243.00 pm² 723,368 S-1 Bed 2 Person Appt 187.50 m² 2,243.00 pm² 420,563 S- 2 Bed 4 Person Appt 525.00 m² 2,243.00 pm² 1,177,575 S- 3 Bed 5 Person Appt 1,505.00 m² 2,243.00 pm² 3,375,715 S- 4 Bed 7 Person Appt 540.00 m² 2,243.00 pm² 1,211,220 I-LSO-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LSO- 2 Bed 4 Person Appt 175.00 m² 2,243.00 pm² 392,525 I-LSO-3 Bed 5 Person Appt 322.50 m² 2,243.00 pm² 723,368 M-1 Bed 2 Person Appt 375.00 m² 2,243.00 pm² 841,125 M-2 Bed 4 Person Appt 1,137.50 m² 2,243.00 pm² 2,551,413 M- 3 Bed 5 Person Appt 3,117.50 m² 2,243.00 pm² 6,992,553 M- 4 Bed 7 Person Appartment 1,080.00 m² 2,243.00 pm² 2,422,440 I-LLR-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LLR- 2 Bed 4 Person Appt 175.00 m² 2,243.00 pm² 392,525 I-LLR-3 Bed 5 Person Appt 322.50 m² 2,243.00 pm² 723,368 S-1 Bed 2 Person Appt 187.50 m² 2,243.00 pm² 420,563 S- 2 Bed 4 Person Appt 525.00 m² 2,243.00 pm² 1,177,575 S- 3 Bed 5 Person Appt 1,505.00 m² 2,243.00 pm² 3,375,715 S- 4 Bed 7 Person Appt 540.00 m² 2,243.00 pm² 1,211,220 I-LSO-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LSO- 2 Bed 4 Person Appt 175.00 m² 2,243.00 pm² 392,525 I-LSO-3 Bed 5 Person Appt 322.50 m² 2,243.00 pm² 723,368 Totals 66,750.00 m² 164,683,677 164,683,677

Contingency 3.00% 3,869,197 S106,Central boilers, Carbon Reduct 360.00 un 5,000.00 /un 1,800,000 Accessibility M4 (2) 85,360 Accessibility M4 (3) 338,800 Demolition 200,000 CIL 22,840.00 m² 320.00 pm² 7,308,800 Mayoral CIL 50,740.00 m² 60.00 pm² 3,044,400


Play Space 200,000



Play Space 200,000 Play Space 200,000 Play Space 200,000


Green Infrastucture 1.00% 591,604 Green Infrastucture 1.00% 591,604 Green Infrastucture 1.00% 203,889 Green Infrastucture 1.00% 203,889

1,590,986

PROFESSIONAL FEES Architect 4.00% 6,619,347 Quantity Surveyor 1.50% 2,482,255 Structural Engineer 1.50% 2,482,255 Mech./Elec.Engineer 1.00% 1,654,837 Project Manager 1.50% 2,482,255 C.D. Manager 0.50% 827,418





3,492,987 FINANCE



PROFIT



52,215,912


IRR 21.09%



APPRAISAL SUMMARY ADAMS INTEGRA 27 Great West Road-40% Affordable of which 70% rented

Summary Appraisal for Merged Phases 1 2 3 4

Currency in £


M- 1 Bed 2 Person Appt 8 400.00 8,400.00 420,000 3,360,000 M- 2 Bed 4 Person Appt 17 1,190.00 8,714.29 610,000 10,370,000 M-3 Bed 5 Person Appt 41 3,526.00 8,139.53 700,000 28,700,000 M- 4 Bed 7 Person Appt 10 1,080.00 7,407.41 800,000 8,000,000 I-LLR-1 Bed 2 Person Appt 1 50.00 3,232.80 161,640 161,640 I-LLR- 2 Bed 4 Person Appt 3 210.00 2,566.29 179,640 538,920 I-LLR-3 Bed 5 Person Appt 4 344.00 2,296.05 197,460 789,840 S- 1 Bed 2 Person Appt 4 200.00 1,560.00 78,000 312,000 S-2 Bed 4 Person Appt 8 560.00 1,281.43 89,700 717,600 S- 3 Bed 5 Person Appt 19 1,634.00 1,179.07 101,400 1,926,600 S- 4 Bed 7 Person Appt 5 540.00 1,047.22 113,100 565,500 I-LSO-1 Bed 2 Person Appt 1 50.00 3,182.82 159,141 159,141 I-LSO- 2 Bed 4 Person Appt 3 210.00 2,910.00 203,700 611,100 I-LSO-3 Bed 5 Person Appt 4 344.00 3,182.81 273,722 1,094,888 M- 1 Bed 2 Person Appt 8 400.00 8,400.00 420,000 3,360,000 M- 2 Bed 4 Person Appt 17 1,190.00 8,714.29 610,000 10,370,000 M-3 Bed 5 Person Appt 41 3,526.00 8,139.53 700,000 28,700,000 M- 4 Bed 7 Person Appt 10 1,080.00 7,407.41 800,000 8,000,000 I-LLR-1 Bed 2 Person Appt 1 50.00 3,232.80 161,640 161,640 I-LLR- 2 Bed 4 Person Appt 3 210.00 2,566.29 179,640 538,920 I-LLR-3 Bed 5 Person Appt 4 344.00 2,296.05 197,460 789,840 S- 1 Bed 2 Person Appt 4 200.00 1,560.00 78,000 312,000 S-2 Bed 4 Person Appt 8 560.00 1,281.43 89,700 717,600 S- 3 Bed 5 Person Appt 19 1,634.00 1,179.07 101,400 1,926,600 S- 4 Bed 7 Person Appt 5 540.00 1,047.22 113,100 565,500 I-LSO-1 Bed 2 Person Appt 1 50.00 3,182.82 159,141 159,141 I-LSO- 2 Bed 4 Person Appt 3 210.00 2,910.00 203,700 611,100 I-LSO-3 Bed 5 Person Appt 4 344.00 3,182.81 273,722 1,094,888

Project: Lidl, Feltham-40% Affordable - 70% rented (1) ARGUS Developer Version: 7.60.000 - 1 - Date: 30/04/2019


M- 1 Bed 2 Person Appt 8 400.00 8,400.00 420,000 3,360,000 M- 2 Bed 4 Person Appt 17 1,190.00 8,714.29 610,000 10,370,000 M-3 Bed 5 Person Appt 41 3,526.00 8,139.53 700,000 28,700,000 M- 4 Bed 7 Person Appt 10 1,080.00 7,407.41 800,000 8,000,000 I-LLR-1 Bed 2 Person Appt 1 50.00 3,232.80 161,640 161,640 I-LLR- 2 Bed 4 Person Appt 3 210.00 2,566.29 179,640 538,920 I-LLR-3 Bed 5 Person Appt 4 344.00 2,296.05 197,460 789,840 S- 1 Bed 2 Person Appt 4 200.00 1,560.00 78,000 312,000 S-2 Bed 4 Person Appt 8 560.00 1,281.43 89,700 717,600 S- 3 Bed 5 Person Appt 19 1,634.00 1,179.07 101,400 1,926,600 S- 4 Bed 7 Person Appt 5 540.00 1,047.22 113,100 565,500 I-LSO-1 Bed 2 Person Appt 1 50.00 3,182.82 159,141 159,141 I-LSO- 2 Bed 4 Person Appt 3 210.00 2,910.00 203,700 611,100 I-LSO-3 Bed 5 Person Appt 4 344.00 3,182.81 273,722 1,094,888 M- 1 Bed 2 Person Appt 8 400.00 8,400.00 420,000 3,360,000 M- 2 Bed 4 Person Appt 14 980.00 8,714.29 610,000 8,540,000 M-3 Bed 5 Person Appt 40 3,440.00 8,139.53 700,000 28,000,000 M- 4 Bed 7 Person Appt 9 972.00 7,407.41 800,000 7,200,000 I-LLR-1 Bed 2 Person Appt 1 50.00 3,232.80 161,640 161,640 I-LLR- 2 Bed 4 Person Appt 3 210.00 2,566.29 179,640 538,920 I-LLR-3 Bed 5 Person Appt 4 344.00 2,296.05 197,460 789,840 S- 1 Bed 2 Person Appt 4 200.00 1,560.00 78,000 312,000 S-2 Bed 4 Person Appt 8 560.00 1,281.43 89,700 717,600 S- 3 Bed 5 Person Appt 17 1,462.00 1,179.07 101,400 1,723,800 S- 4 Bed 7 Person Appt 5 540.00 1,047.22 113,100 565,500 I-LSO-1 Bed 2 Person Appt 1 50.00 3,182.82 159,141 159,141 I-LSO- 2 Bed 4 Person Appt 3 210.00 2,910.00 203,700 611,100 I-LSO-3 Bed 5 Person Appt 4 344.00 3,182.81 273,722 1,094,888 Totals 505 40,776.00 225,696,116


Retail & Services 1 1,300.00 160.00 208,000 208,000 208,000 B1 Workspace 1 45,537.00 100.00 4,553,700 4,553,700 4,553,700 Totals 2 46,837.00 4,761,700 4,761,700



Investment Valuation Retail & Services Market Rent 208,000 YP @ 6.2500% 16.0000 (6mths Rent Free) PV 6mths @ 6.2500% 0.9701 3,228,634 B1 Workspace Market Rent 4,553,700 YP @ 7.5000% 13.3333 (3mths Rent Free) PV 3mths @ 7.5000% 0.9821 59,628,109

62,856,743


Purchaser's Costs (3,645,691) (3,645,691)



OUTLAY

ACQUISITION COSTS Residualised Price 16,988,303 Residualised Price (Negative land) (2,820,835)

14,167,468 Agent Fee 1.00% 169,883 Legal Fee 0.50% 84,942 Town Planning 400,000


Retail & Services 1,300.00 m² 929.03 pm² 1,207,739 B1 Workspace 45,537.00 m² 998.00 pm² 45,445,926 M- 1 Bed 2 Person Appt 500.00 m² 2,243.00 pm² 1,121,500 M- 2 Bed 4 Person Appt 1,487.50 m² 2,243.00 pm² 3,336,463



M-3 Bed 5 Person Appt 4,407.50 m² 2,243.00 pm² 9,886,023 M- 4 Bed 7 Person Appt 1,350.00 m² 2,243.00 pm² 3,028,050 I-LLR-1 Bed 2 Person Appt 62.50 m² 2,243.00 pm² 140,188 I-LLR- 2 Bed 4 Person Appt 262.50 m² 2,243.00 pm² 588,788 I-LLR-3 Bed 5 Person Appt 430.00 m² 2,243.00 pm² 964,490 S- 1 Bed 2 Person Appt 250.00 m² 2,243.00 pm² 560,750 S-2 Bed 4 Person Appt 700.00 m² 2,243.00 pm² 1,570,100 S- 3 Bed 5 Person Appt 2,042.50 m² 2,243.00 pm² 4,581,328 S- 4 Bed 7 Person Appt 675.00 m² 2,243.00 pm² 1,514,025 I-LSO-1 Bed 2 Person Appt 62.50 m² 2,243.00 pm² 140,188 I-LSO- 2 Bed 4 Person Appt 262.50 m² 2,243.00 pm² 588,788 I-LSO-3 Bed 5 Person Appt 430.00 m² 2,243.00 pm² 964,490 M- 1 Bed 2 Person Appt 500.00 m² 2,243.00 pm² 1,121,500 M- 2 Bed 4 Person Appt 1,487.50 m² 2,243.00 pm² 3,336,463 M-3 Bed 5 Person Appt 4,407.50 m² 2,243.00 pm² 9,886,023 M- 4 Bed 7 Person Appt 1,350.00 m² 2,243.00 pm² 3,028,050 I-LLR-1 Bed 2 Person Appt 62.50 m² 2,243.00 pm² 140,188 I-LLR- 2 Bed 4 Person Appt 262.50 m² 2,243.00 pm² 588,788 I-LLR-3 Bed 5 Person Appt 430.00 m² 2,243.00 pm² 964,490 S- 1 Bed 2 Person Appt 250.00 m² 2,243.00 pm² 560,750 S-2 Bed 4 Person Appt 700.00 m² 2,243.00 pm² 1,570,100 S- 3 Bed 5 Person Appt 2,042.50 m² 2,243.00 pm² 4,581,328 S- 4 Bed 7 Person Appt 675.00 m² 2,243.00 pm² 1,514,025 I-LSO-1 Bed 2 Person Appt 62.50 m² 2,243.00 pm² 140,188 I-LSO- 2 Bed 4 Person Appt 262.50 m² 2,243.00 pm² 588,788 I-LSO-3 Bed 5 Person Appt 430.00 m² 2,243.00 pm² 964,490 M- 1 Bed 2 Person Appt 500.00 m² 2,243.00 pm² 1,121,500 M- 2 Bed 4 Person Appt 1,487.50 m² 2,243.00 pm² 3,336,463 M-3 Bed 5 Person Appt 4,407.50 m² 2,243.00 pm² 9,886,023 M- 4 Bed 7 Person Appt 1,350.00 m² 2,243.00 pm² 3,028,050 I-LLR-1 Bed 2 Person Appt 62.50 m² 2,243.00 pm² 140,188 I-LLR- 2 Bed 4 Person Appt 262.50 m² 2,243.00 pm² 588,788 I-LLR-3 Bed 5 Person Appt 430.00 m² 2,243.00 pm² 964,490 S- 1 Bed 2 Person Appt 250.00 m² 2,243.00 pm² 560,750 S-2 Bed 4 Person Appt 700.00 m² 2,243.00 pm² 1,570,100



S- 3 Bed 5 Person Appt 2,042.50 m² 2,243.00 pm² 4,581,328 S- 4 Bed 7 Person Appt 675.00 m² 2,243.00 pm² 1,514,025 I-LSO-1 Bed 2 Person Appt 62.50 m² 2,243.00 pm² 140,188 I-LSO- 2 Bed 4 Person Appt 262.50 m² 2,243.00 pm² 588,788 I-LSO-3 Bed 5 Person Appt 430.00 m² 2,243.00 pm² 964,490 M- 1 Bed 2 Person Appt 500.00 m² 2,243.00 pm² 1,121,500 M- 2 Bed 4 Person Appt 1,225.00 m² 2,243.00 pm² 2,747,675 M-3 Bed 5 Person Appt 4,300.00 m² 2,243.00 pm² 9,644,900 M- 4 Bed 7 Person Appt 1,215.00 m² 2,243.00 pm² 2,725,245 I-LLR-1 Bed 2 Person Appt 62.50 m² 2,243.00 pm² 140,188 I-LLR- 2 Bed 4 Person Appt 262.50 m² 2,243.00 pm² 588,788 I-LLR-3 Bed 5 Person Appt 430.00 m² 2,243.00 pm² 964,490 S- 1 Bed 2 Person Appt 250.00 m² 2,243.00 pm² 560,750 S-2 Bed 4 Person Appt 700.00 m² 2,243.00 pm² 1,570,100 S- 3 Bed 5 Person Appt 1,827.50 m² 2,243.00 pm² 4,099,083 S- 4 Bed 7 Person Appt 675.00 m² 2,243.00 pm² 1,514,025 I-LSO-1 Bed 2 Person Appt 62.50 m² 2,243.00 pm² 140,188 I-LSO- 2 Bed 4 Person Appt 262.50 m² 2,243.00 pm² 588,788 I-LSO-3 Bed 5 Person Appt 430.00 m² 2,243.00 pm² 964,490 Totals 97,807.00 m² 160,979,375 160,979,375

Contingency 3.00% 4,829,381 s106,Carbon Reduction,Central Boile 473.00 un 5,000.00 /un 2,365,000 CIL 30,475.00 m² 100.00 pm² 3,047,500 Demolition 200,000 Acessibility M4 (2&3) 277,750 Mayoral CIL 49,250.00 m² 60.00 pm² 2,955,000


Green Infrastucture 1.00% 284,994 Green Infrastucture 1.00% 272,917 Green Infrastucture 1.00% 272,917 Green Infrastucture 1.00% 256,767

1,087,596 Play space



Play space 200,000 200,000

PROFESSIONAL FEES Architect 4.00% 6,482,679 Quantity Surveyor 1.50% 2,431,005 Structural Engineer 1.50% 2,431,005 Mech./Elec.Engineer 1.00% 1,620,670 Project Manager 1.50% 2,431,005 C.D. Manager 0.50% 810,335





3,321,964 FINANCE



PROFIT 63,691,579

Performance Measures Profit on Cost% 28.79% Profit on GDV% 22.07% Profit on NDV% 22.36% Development Yield% (on Rent) 2.15% Equivalent Yield% (Nominal) 7.43%



Equivalent Yield% (True) 7.79%

IRR 27.81%



APPRAISAL SUMMARY ADAMS INTEGRA B&Q Chiswick-40% Affordable of which 70% Rented

Summary Appraisal for Merged Phases 1 2 3 4 5 6 7

Currency in £


M-1 Bed 2 Person Appt 3 150.00 8,400.00 420,000 1,260,000 M-2 Bed 4 Person Appt 8 560.00 8,714.29 610,000 4,880,000 M- 3 Bed 5 Person Appt 18 1,548.00 8,139.53 700,000 12,600,000 M- 4 Bed 7 Person Appartment 4 432.00 7,407.41 800,000 3,200,000 I-LLR-1 Bed 2 Person Appt 2 100.00 3,232.80 161,640 323,280 I-LLR- 2 Bed 4 Person Appt 2 140.00 2,566.29 179,640 359,280 I-LLR- 3 Bed 5 Person Appt 3 258.00 2,296.05 197,460 592,380 S-1 Bed 2 Person Appt 2 100.00 1,560.00 78,000 156,000 S- 2 Bed 4 Person Appt 4 280.00 1,281.43 89,700 358,800 S- 3 Bed 5 Person Appt 8 688.00 1,179.07 101,400 811,200 S- 4 Bed 7 Person Appt 2 216.00 1,047.22 113,100 226,200 I-LSO-1 Bed 2 Person Appt 1 50.00 3,182.82 159,141 159,141 I-LSO- 2 Bed 4 Person Appt 2 140.00 2,910.00 203,700 407,400 I-LSO- 3 Bed 5 Person Appt 3 258.00 3,182.81 273,722 821,166 M-1 Bed 2 Person Appt 4 200.00 8,400.00 420,000 1,680,000 M-2 Bed 4 Person Appt 7 490.00 8,714.29 610,000 4,270,000 M- 3 Bed 5 Person Appt 18 1,548.00 8,139.53 700,000 12,600,000 M- 4 Bed 7 Person Appartment 4 432.00 7,407.41 800,000 3,200,000 I-LLR-1 Bed 2 Person Appt 1 50.00 3,232.80 161,640 161,640 I-LLR- 2 Bed 4 Person Appt 1 70.00 2,566.29 179,640 179,640 I-LLR- 3 Bed 5 Person Appt 2 172.00 2,296.05 197,460 394,920 S-1 Bed 2 Person Appt 2 100.00 1,560.00 78,000 156,000 S- 2 Bed 4 Person Appt 4 280.00 1,281.43 89,700 358,800 S- 3 Bed 5 Person Appt 8 688.00 1,179.07 101,400 811,200 I-LSO- 2 Bed 4 Person Appt 1 70.00 2,910.00 203,700 203,700 I-LSO- 3 Bed 5 Person Appt 2 172.00 3,182.81 273,722 547,444 S-4 Bed 7 Person Appt 2 216.00 1,047.22 113,100 226,200 M-1 Bed 2 Person Appt 3 150.00 8,400.00 420,000 1,260,000

Project: B&Q Chiswick-40% Affordable of which 70% Rented ARGUS Developer Version: 7.60.000 - 1 - Date: 30/04/2019


M-2 Bed 4 Person Appt 8 560.00 8,714.29 610,000 4,880,000 M- 3 Bed 5 Person Appt 18 1,548.00 8,139.53 700,000 12,600,000 M- 4 Bed 7 Person Appartment 4 432.00 7,407.41 800,000 3,200,000 I-LLR- 2 Bed 4 Person Appt 1 70.00 2,566.29 179,640 179,640 I-LLR- 3 Bed 5 Person Appt 2 172.00 2,296.05 197,460 394,920 S-1 Bed 2 Person Appt 2 100.00 1,560.00 78,000 156,000 S- 2 Bed 4 Person Appt 4 280.00 1,281.43 89,700 358,800 S- 3 Bed 5 Person Appt 8 688.00 1,179.07 101,400 811,200 I-LSO- 2 Bed 4 Person Appt 1 70.00 2,910.00 203,700 203,700 I-LSO- 3 Bed 5 Person Appt 2 172.00 3,182.81 273,722 547,444 S-4 Bed 7 Person Appt 2 216.00 1,047.22 113,100 226,200 M-1 Bed 2 Person Appt 3 150.00 8,400.00 420,000 1,260,000 M-2 Bed 4 Person Appt 8 560.00 8,714.29 610,000 4,880,000 M- 3 Bed 5 Person Appt 17 1,462.00 8,139.53 700,000 11,900,000 M- 4 Bed 7 Person Appartment 4 432.00 7,407.41 800,000 3,200,000 I-LLR- 2 Bed 4 Person Appt 1 70.00 2,566.29 179,640 179,640 I-LLR- 3 Bed 5 Person Appt 2 172.00 2,296.05 197,460 394,920 S-1 Bed 2 Person Appt 2 100.00 1,560.00 78,000 156,000 S- 2 Bed 4 Person Appt 4 280.00 1,281.43 89,700 358,800 S- 3 Bed 5 Person Appt 8 688.00 1,179.07 101,400 811,200 I-LSO- 2 Bed 4 Person Appt 1 70.00 2,910.00 203,700 203,700 I-LSO- 3 Bed 5 Person Appt 2 172.00 3,182.81 273,722 547,444 S-4 Bed 7 Person Appt 2 216.00 1,047.22 113,100 226,200 M-1 Bed 2 Person Appt 3 150.00 8,400.00 420,000 1,260,000 M-2 Bed 4 Person Appt 8 560.00 8,714.29 610,000 4,880,000 M- 3 Bed 5 Person Appt 14 1,204.00 8,139.53 700,000 9,800,000 M- 4 Bed 7 Person Appartment 4 432.00 7,407.41 800,000 3,200,000 I-LLR- 2 Bed 4 Person Appt 1 70.00 2,566.29 179,640 179,640 I-LLR- 3 Bed 5 Person Appt 2 172.00 2,296.05 197,460 394,920 S-1 Bed 2 Person Appt 1 50.00 1,560.00 78,000 78,000 S- 2 Bed 4 Person Appt 3 210.00 1,281.43 89,700 269,100 S- 3 Bed 5 Person Appt 6 516.00 1,179.07 101,400 608,400 I-LSO- 2 Bed 4 Person Appt 1 70.00 2,910.00 203,700 203,700 I-LSO- 3 Bed 5 Person Appt 1 86.00 3,182.81 273,722 273,722 S-4 Bed 7 Person Appt 1 108.00 1,047.22 113,100 113,100



Totals 272 21,866.00 121,140,781


Retail & Services 1 5,000.00 160.00 800,000 800,000 800,000 Office/Workspace 1 24,500.00 135.00 3,307,500 3,307,500 3,307,500 Light Industrial B1c 1 24,500.00 90.00 2,205,000 2,205,000 2,205,000 Hotel 1 7,000.00 251.17 1,758,190 1,758,190 1,758,190 Totals 4 61,000.00 8,070,690 8,070,690

Investment Valuation Retail & Services Market Rent 800,000 YP @ 6.2500% 16.0000 (6mths Rent Free) PV 6mths @ 6.2500% 0.9701 12,417,824 Office/Workspace Market Rent 3,307,500 YP @ 7.5000% 13.3333 (3mths Rent Free) PV 3mths @ 7.5000% 0.9821 43,309,829 Light Industrial B1c Market Rent 2,205,000 YP @ 7.5000% 13.3333 (3mths Rent Free) PV 3mths @ 7.5000% 0.9821 28,873,220 Hotel Market Rent 1,758,190 YP @ 4.7500% 21.0526 (6mths Rent Free) PV 6mths @ 4.7500% 0.9771 36,165,559

120,766,432



OUTLAY


21,839,410 Agent Fee 1.00% 218,394



Legal Fee 0.50% 109,197 Town Planning 250,000


Retail & Services 5,000.00 m² 929.03 pm² 4,645,150 Office/Workspace 24,500.00 m² 998.03 pm² 24,451,735 Light Industrial B1c 24,500.00 m² 716.98 pm² 17,566,010 Hotel 7,000.00 m² 2,803.00 pm² 19,621,000 M-1 Bed 2 Person Appt 187.50 m² 2,243.00 pm² 420,563 M-2 Bed 4 Person Appt 700.00 m² 2,243.00 pm² 1,570,100 M- 3 Bed 5 Person Appt 1,935.00 m² 2,243.00 pm² 4,340,205 M- 4 Bed 7 Person Appartment 540.00 m² 2,243.00 pm² 1,211,220 I-LLR-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LLR- 2 Bed 4 Person Appt 175.00 m² 2,243.00 pm² 392,525 I-LLR- 3 Bed 5 Person Appt 322.50 m² 2,243.00 pm² 723,368 S-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 S- 2 Bed 4 Person Appt 350.00 m² 2,243.00 pm² 785,050 S- 3 Bed 5 Person Appt 860.00 m² 2,243.00 pm² 1,928,980 S- 4 Bed 7 Person Appt 270.00 m² 2,243.00 pm² 605,610 I-LSO-1 Bed 2 Person Appt 62.50 m² 2,243.00 pm² 140,188 I-LSO- 2 Bed 4 Person Appt 175.00 m² 2,243.00 pm² 392,525 I-LSO- 3 Bed 5 Person Appt 322.50 m² 2,243.00 pm² 723,368 M-1 Bed 2 Person Appt 250.00 m² 2,243.00 pm² 560,750 M-2 Bed 4 Person Appt 612.50 m² 2,243.00 pm² 1,373,838 M- 3 Bed 5 Person Appt 1,935.00 m² 2,243.00 pm² 4,340,205 M- 4 Bed 7 Person Appartment 540.00 m² 2,243.00 pm² 1,211,220 I-LLR-1 Bed 2 Person Appt 62.50 m² 2,243.00 pm² 140,188 I-LLR- 2 Bed 4 Person Appt 87.50 m² 2,243.00 pm² 196,263 I-LLR- 3 Bed 5 Person Appt 215.00 m² 2,243.00 pm² 482,245 S-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 S- 2 Bed 4 Person Appt 350.00 m² 2,243.00 pm² 785,050 S- 3 Bed 5 Person Appt 860.00 m² 2,243.00 pm² 1,928,980 I-LSO- 2 Bed 4 Person Appt 87.50 m² 2,243.00 pm² 196,263 I-LSO- 3 Bed 5 Person Appt 215.00 m² 2,243.00 pm² 482,245



S-4 Bed 7 Person Appt 270.00 m² 2,243.00 pm² 605,610 M-1 Bed 2 Person Appt 187.50 m² 2,243.00 pm² 420,563 M-2 Bed 4 Person Appt 700.00 m² 2,243.00 pm² 1,570,100 M- 3 Bed 5 Person Appt 1,935.00 m² 2,243.00 pm² 4,340,205 M- 4 Bed 7 Person Appartment 540.00 m² 2,243.00 pm² 1,211,220 I-LLR- 2 Bed 4 Person Appt 87.50 m² 2,243.00 pm² 196,263 I-LLR- 3 Bed 5 Person Appt 215.00 m² 2,243.00 pm² 482,245 S-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 S- 2 Bed 4 Person Appt 350.00 m² 2,243.00 pm² 785,050 S- 3 Bed 5 Person Appt 860.00 m² 2,243.00 pm² 1,928,980 I-LSO- 2 Bed 4 Person Appt 87.50 m² 2,243.00 pm² 196,263 I-LSO- 3 Bed 5 Person Appt 215.00 m² 2,243.00 pm² 482,245 S-4 Bed 7 Person Appt 270.00 m² 2,243.00 pm² 605,610 M-1 Bed 2 Person Appt 187.50 m² 2,243.00 pm² 420,563 M-2 Bed 4 Person Appt 700.00 m² 2,243.00 pm² 1,570,100 M- 3 Bed 5 Person Appt 1,827.50 m² 2,243.00 pm² 4,099,083 M- 4 Bed 7 Person Appartment 540.00 m² 2,243.00 pm² 1,211,220 I-LLR- 2 Bed 4 Person Appt 87.50 m² 2,243.00 pm² 196,263 I-LLR- 3 Bed 5 Person Appt 215.00 m² 2,243.00 pm² 482,245 S-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 S- 2 Bed 4 Person Appt 350.00 m² 2,243.00 pm² 785,050 S- 3 Bed 5 Person Appt 860.00 m² 2,243.00 pm² 1,928,980 I-LSO- 2 Bed 4 Person Appt 87.50 m² 2,243.00 pm² 196,263 I-LSO- 3 Bed 5 Person Appt 215.00 m² 2,243.00 pm² 482,245 S-4 Bed 7 Person Appt 270.00 m² 2,243.00 pm² 605,610 M-1 Bed 2 Person Appt 187.50 m² 2,243.00 pm² 420,563 M-2 Bed 4 Person Appt 700.00 m² 2,243.00 pm² 1,570,100 M- 3 Bed 5 Person Appt 1,505.00 m² 2,243.00 pm² 3,375,715 M- 4 Bed 7 Person Appartment 540.00 m² 2,243.00 pm² 1,211,220 I-LLR- 2 Bed 4 Person Appt 87.50 m² 2,243.00 pm² 196,263 I-LLR- 3 Bed 5 Person Appt 215.00 m² 2,243.00 pm² 482,245 S-1 Bed 2 Person Appt 62.50 m² 2,243.00 pm² 140,188 S- 2 Bed 4 Person Appt 262.50 m² 2,243.00 pm² 588,788 S- 3 Bed 5 Person Appt 645.00 m² 2,243.00 pm² 1,446,735 I-LSO- 2 Bed 4 Person Appt 87.50 m² 2,243.00 pm² 196,263



I-LSO- 3 Bed 5 Person Appt 107.50 m² 2,243.00 pm² 241,123 S-4 Bed 7 Person Appt 135.00 m² 2,243.00 pm² 302,805 Totals 88,332.50 m² 127,590,693 127,590,693

Contingency 3.00% 2,494,849 S106,Central boilers, Carbon Reduct 248.00 un 5,000.00 /un 1,240,000 Accessibility M4 (2) 256,300 Accessibility M4 (3) 1,028,500 Demolition 50,000 CIL 16,250.00 m² 320.00 pm² 5,200,000 Mayoral CIL 77,250.00 m² 60.00 pm² 4,635,000




Green Infrastucture 1.00% 466,629 Green Infrastucture 1.00% 196,210 Green Infrastucture 1.00% 125,384 Green Infrastucture 1.00% 110,187 Green Infrastucture 1.00% 109,346 Green Infrastucture 1.00% 106,935 Green Infrastucture 1.00% 92,916

1,207,608

PROFESSIONAL FEES Architect 4.00% 5,143,628 Quantity Surveyor 1.50% 1,928,860 Structural Engineer 1.50% 1,928,860 Mech./Elec.Engineer 1.00% 1,285,907 Project Manager 1.50% 1,928,860



C.D. Manager 0.50% 642,953 12,859,069

MARKETING & LETTING Marketing 1,400,000 Letting Agent Fee 10.00% 807,069 Letting Legal Fee 0.50% 40,353



3,023,840 FINANCE



PROFIT 45,401,729


IRR 23.23%



Documents

Non-Residential Appendices (1-26) · APPRAISAL SUMMARY ADAMS INTEGRA Appendix 1 -Retail Large Format Convenience Supermarket Summary Appraisal for Phase 1 Currency in £ REVENUE Rental