Case Study Flashcards
How did you conduct a conflict of interest check?
I used my company’s internal database which checks against the details of all previous and ongoing instructions.
What is classical villa?
The Classical style can vary widely but principally is derived from Greek or Roman architecture and incorporates features such as pediment porches and /or columns.
When was the property built?
The property was built in 1845 and designed as two houses comprising part of a terrace. It was amalgamated into one in the 1960s.
Who determined that the mix was more market-facing and why?
The Client was advised by experienced sales agents. Given the high value and limited purchaser pool for the Extant Scheme maisonette, this scheme posed a higher risk for the Client due to a longer sales period and therefore more debt.
What is the policy target level of affordable housing and unit mix?
35% affordable housing on site assessed against all gross residential floorspace. 50% of the AH provision is expected to be for rent and 50% intermediate rent or home ownership products.
How do you know that the existing building measurements were accurate if you did not inspect the property?
I relied on measurements that had been produced by a qualified surveyor as it was not within the scope of my instruction to measure the building.
If it were, I could have conducted check measurements against the survey drawings printed to scale using a scale ruler or checked the individual flat areas against the EPC rating website.
What are the housing need requirements for the borough?
According to the 2015 Strategic Housing Market Assessment
Market Housing:
1 Bed 23%
2 Bed 29%
3 Bed 30%
4+ Beds 18%
For Affordable Housing:
1 Bed 49%
2 Bed 21%
3 Bed 15.5%
4+ Beds 14.5%
You reference the capacity of the Scheme to support additional planning obligations, what are these in addition to?
Community Infrastructure Levy costs were included within each appraisal.
What was required for the Extant Consent to be legally implemented?
An application for a Certificate of Lawfulness was approved in March 2024 confirming that material operations required within the development had begun. The five pre-commencement conditions outlined within the S73 permission were discharged prior to the commencement of development.
There is not a prescribed list of works that must be undertaken to implement a planning permission. Case law and appeal decisions provide guidance and principles.
What is the difference between Market Value, Value and EUV?
Market Value: A base of value outlined under VPS 4 required to be stated within a valuation report (VPS 3).
‘The estimated amount for which an asset or liability should exchange on the valuation date, between a willing buyer and a willing seller in an arms length transaction after proper marketing where the parties have each acted knowledgably, prudently and without compulsion’.
Value: the estimated worth of an asset provided without reliance
Existing Use Value: the value of the land in its existing use. Not the same as price paid and does not include hope value.
How is a landowner premium accounted for within an AUV?
What would be the impact on the Client or viability of the scheme if you had adopted the EUV rather than the AUV?
The EUV of the existing building GDV would
What is a super-prime location?
How did you account for the impact on values of the advantages and disadvantages listed?
Why did you seek out comparables in the immediate vicinity of the subject site?
In accordance with the hierarchy of comparable evidence (seeking Category A evidence) and due to significant variation in property values between local micro-locations.
Is Leinster Square a good comparable if it only had 3 bedroom flats and the Subject Schemes are 1,2 and 6 bed units?
You also haven’t given an indication of comparability in relation to capital values - why not?
Would note that the Proposed Scheme units have comparable floor areas so it is still useful data on a £/psf basis.
Are the Extant and Proposed Schemes not both new build, high specification schemes with 1 and 2 bed units? Why would you expect them to achieve different values?
The comparable at 49 Bassett Road is now a historic transaction. How has the market moved since 2022?
How did you account for the difference in floor area between the comparable and subject unit in your pricing?
On what basis was the cost plan tendered? How does this compare to BCIS?
What are the limitations of BCIS?
Why did you adopt the higher end of the profit range allowed under RICS Guidance.
Why not pursue the Extant Scheme if it produces a higher profit and RLV?
How was the Proposed Scheme still deliverable if it could support planning obligations?
What were the scenarios in your additional sensitivity analysis?
A £3m, £6m and £12m increase in GDV and £3m increase in construction costs.
