Case study Flashcards
(42 cards)
What timescales did you adopt?
Timings – 35 month total Purchase – 1 month Pre-construction – 3 months Basement works – 8 months Construction – 14 months Sale – 12 months (phased to match completion of each block. 40% block 1 and 2 pre-sold, with 2 per month thereafter)
How did you apportion the sales?
12 month sales period
Phased to match completion of each block. 40% block 1 and 2 pre-sold, with 2 per month thereafter
What was the overall build cost?
£203 per sq ft GIA excl basement
What was BCIS measures?
Subject: £203 per sq ft
Median 3-5 storey: £150 per sq ft
UQ: £200
What did you professional fees include?
25% Architects
20% CRL Warranty
10% Internal design
10% QS
What was the CIL rate?
£180 per sqft
What was your fee?
£8,500
What was your PI?
£10m in aggregate
What was your average value?
£689 per sq ft / £450,000
What were you comparable values?
Silverwood: £619 psf / £550,000
Oakside Court: £506psf / £470,000
41a Green Lane: £619psf / £375,000
Salisbury Court: £696 psf / £680,000
What discount did you put on the studio?
Had regard to the tone of comparable evidence
£20k vs worst 1 bed; £75k vs same floor/aspect 1 bed
What premium did you put on the 3 beds?
Had regard to the tone of comparable evidence
£30k vs best 2 bed; £50k vs similar floor/aspect 2 bed
Silverwood values
£619 psf / £550,000
Oakside court value
£506psf / £470,000
Salisbury court values
£696 psf / £680,000
41a Green Lane values
£619psf / £375,000
Service
Working late to finish report
Trust
Detail in ToE of services fees
Detail all assumptions/comps in report
Integrity
Cross checking all information e.g. calling agents, discussing build costs
Respect
Respect agents who don’t want to disclose info
Responsibility
Setting up project sheet, CoI check, ToE
Why was Silverwood a better comp than Salisbury Court given the proximity of sale and location?
Development size (24 units vs 9)
Development design (3 blocks similar to subject v 1)
Salisbury: 1 sale useful for 2 beds rest too large
Salisbury on road corner, Silverwood along road (similar to subject)
Able to collate more detailed information on Silverwood than Salisbury
What was the LTV/loan terms?
LTV c.60% didnt know the loan terms - assumed it was commercial. Not my place to comment on as its their credit risk
How does the TPO impact value
Cost of report covering it
Cost to design to mitigate impact
Cost of managing it during development
Can bring additional value to the scheme