Parkside, Snettisham

Question 1

Describe the site at Snettisham?

Answer 1

It was a former garage site, which was relatively level and open. It was circa 0.15 acres and had planning consent for a 4 bed detached chalet style bungalow.

Question 2

Talk me through your viability appraisal for the site at Snettisham?

Answer 2

1. I calculated the GDV for the proposed development.
2. I then calculated the construction costs using BCIS data.
3. I then calculated other costs associated with the development, including professional fees, contingencies, finance, sale costs and CIL.
4. I deducted the costs from the gross development value which indicated a profit of £140,000.

Question 3

What did the Snettisham site have planning consent for?

Answer 3

A detached 4 bed bungalow.

Question 4

What was the agreed sale price at Snettisham?

Answer 4

£133,500

Question 5

What money laundering checks did you do for the site at Snettisham?

Answer 5

I undertook 2x identification checks on the purchaser.

Passport and proof of address.

Question 6

What is included in a TP1?

Answer 6

1. Title number
2. Vendor
3. Purchaser
4. Defintions
5. Rights granted
6. Rights reserved
7. Covenants
8. Restrictive covenant

Question 7

What professional fees did you include?

Answer 7

10% - planning, architects and other surveys that may be required

Question 8

What were the CIL payments?

Answer 8

£60 per sq.m of floor space

Question 9

What is the importance of a sensitivity analysis?

Answer 9

Advises the client of any uncertainty and provides them with a range of outcomes.