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APC > Examples > Flashcards

Examples Flashcards

1
Q

Haringey valuation

A 
Residual
Internal purposes 
Development site
Yet to obtain planning
17.5% PoC increased to 20%
\+ 6 months

135 units
MV £850 psf
Build cost £250 psf

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2
Q

Bow LS valuation

A 
Residual
LS purposes
development site
checked build costs with BCIS/building surveyors
Sensitivity analysis 
79 units
MV - £675 psf
Build cost £200 psf
BCIS median £175 UQ £210 psf
30% fall at worst
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3
Q

Romford internal valuation

A 
DA
Internal purposes
2 developments - 109 and 121 units (more 1 beds, better for market)
SA of planning permission
121 scheme had higher IV
GDV changes: £575 vs £600psf
Build cost: £190 vs £200psf
Fees: 8% v 9% 
Rate of sale increased slightly
All other same (PoC 17.5%, contingency 5%)
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4
Q

Tooting valuation

A 
Residual 
LS purposes
Development site
Construction yet to commence
Raised contingency from 3% to 5%

75 units
£240 psf build cost

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5
Q

Wimbledon valuation

A

Valuation
LS purpose
Development site
Comparable method for GDV

47 new build town houses

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6
Q

Bow internal valuation

A

Quarterly valuation
Internal purposes
New build development
Downvalued

23 apartments

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7
Q

Tottenham valuation

A

Internal purpose
Desktop basis
New build development
Advised of implications in ToE and report

135 apartments

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8
Q

Romford LS valuation

A

LS purpose
Development site
Investment method
BTR asset

120 apartments

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9
Q

Bow valuation in ethics section

A

Valuation of mixed use site
LS purpose
Passed on commercial element to commercial team

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10
Q

Soho valuation ethics example

A

Valuation
Development site
LS purposes
Borrower wished to discuss figures before reporting
Made client aware and told borrow about my duty of care

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11
Q

Croydon valuation ethics examples

A

Valuation
Internal purposes
Desktop basis
Informed client of risk, put in ToE and report

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12
Q

Poplar valuation client care example

A

Valuation
Internal purposes
Speak to client’s architect to get most up to date plans

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13
Q

Wimbledon valuation communication example

A

Valuation
LS purposes
Development site
Comps -> Clear and effective communication with agents

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14
Q

Croydon valuation H&S example

A

Valuation
Development site
LS purposes
Arranged full suite of PPE

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15
Q

Tooting Inspection

A

Valuation
LS valuation
Development site
Arranged PPE and inspected local area and comps

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16
Q

Highgate inspection

A 
Valuation 
Internal purposes 
Older block of mansion flats 
Damp 
Was minor at the point of investigation
Advised specialist advice be sought and agreed SA of remediation with client
17
Q

Kew inspection

A 
Valuation 
LS purposes
Development site 
Next to railway line
Impacts the flats - used comps nearby to estimate impact
18
Q

Hampstead measurement

A

Valuation
Portfolio for internal purposes
Mansion blocks/completed units
Used GIA

19
Q

Felixstowe measurement

A

Valuation
Internal purposes
Development site
Check measurements on scaled plans

20
Q

Harringey why 20%? Why add 6 months?

A

1) Planning risk
2) Sales risk / Size of scheme (135 units, quite large)
3) Location - away from transport

Considered the returns an incoming purchaser would expect from the site when considering the relative risks

6 months to reflect planning. confirmed with planning team to be reasonably attained and 6 months an appropriate time estimate

21
Q

Tooting why 5% contingency? Why did you then allow for contingency?

A

1) Had third party environmental report
2) Had third party detailed build cost analysis
Discussed both at length with internal building team

Still need to reflect potential risks during construction phase e.g. weather, late deliveries, cost of goods

22
Q

Bow development appraisal, what was the build cost and BCIS? How many units?

A

Build cost £200psf
BCIS 3-5 storey in tower hamlets
Median £175 psf UQ £210 psf

79 units

23
Q

Romford development appraisal - what changes did you reflect between the schemes?

A

1) GDV - £575 vs £600 psf
2) Build cost - £195 vs £205 psf
3) Fees - 8% vs 9%
4) Rate of sale - 3 per month

Other inputs remained consistent / provided by developer
PoC 17.5%
Finance 6% 
Contingency 5% 
Agents legals 1.5% / 0.25%
Land agents legals 1% / 0.5%
24
Q

Wimbledon valuation, which comps? What values? Why look at second hand?

A

My value: £575 psf
47 town houses

Ram quarter - £700 psf
Cambium - £600 psf
Smaller schemes on A24
The Grid - £600-750 psf

Second hand to provide useful indicator of immediate surrounding market. New build not always better.
Modern renovations attract similar purchaser profile.

25
Q

Tottenham valuation - key figures

A

Internal val, completed scheme
135 units
£850 psf
Key comps - Hale Works, Lock 17, Apex House.

26
Q

Bow valuation. What factors? Which comps? Which agents? How much of a fall?

A 
23 apartments 
Pre-2019 election, brexit uncertainty 
Fish Island, Aberfeldy, Ropemakers Yard 
JLL, Winkworth, Savills, KFH
5% fall from £675 to £650 on average
27
Q

Romford valuation - key figures? What did you report?

A 
120 units PD
MR £31psf
MV £575 
Cap rate 4.25%
Purchasers costs 5%
21% Opex + 2% void 
5% discount to VP / IRR 6%
MV stabilised and sold 
Land value using development appraisal 
9 month let up - calc rent received less costs
PoC 17.5%
Build £200 psf
Contingency 5%
Fees 7.5%
Finance 6%
28
Q

Client care examples?

A

1) Nine Elms sales - contact with vendors

2) Poplar val internal purposes - contact with other advisors e.g. architects, cost consultants

29
Q

Communication & Negotiation examples?

A

1) Nine elms sales 8% to 5% - evidenced rationale

2) Wimbledon communicate with agents for comps

30
Q

H&S examples?

A

1) Croydon site inspection - arranging PPE

2) Nine Elms - lone worker policy

31
Q

Inspection examples?

A

1) Tooting site - arranging PPE/access
2) Battersea - Market appraisal, south facing terrace
3) Highgate - Damp
4) Kew - railway line

32
Q

Measurement examples?

A

1) Hampstead GIA

2) Felixstowe scaled plan error

33
Q

Lettings examples?

A

1) Discount of 3%

2) Letting to student with different payment terms

34
Q

Bedford example details? Conditions on bids?

A

Sale by private treaty moved to informal tender
BTR asset for developer
Looking for investors - FF or FC
Did DD, prepared marketing docs
Set up dataroom
Bids - price for the land, development agreement value and breakdown, how funded, conditions (e.g. exclusivity period)

35
Q

Windsfor example details? Pricing details?

A 
16 private apartments 
Development site 
Provided DD on site in report 
MV=£175psf MR=£11psf 
GDV £1m
IRR 6.5% - Hurdle rate of 6%
36
Q

What was the PTAL of the Battersea Site? What does this mean for density?

A

PTAL of 4
Central location

Delivering 2.7-3.0 hr/unit (i.e. 1 and 2 bed flats)
215 - 405 units per hectare could be delivered

37
Q

Romford BTR purchasers costs after capitalisation at 4.25%?

A

SDLT

Agents 3% Legals 1.25%

38
Q

What was the density of the battersea site before and after your advice?

A

0.53 hectares
PTAL of 4

Decrease habitable rooms per unit, can increase units per hectare
From 125 units to 180 by adding more smaller units

Move from a maximum of 175-355 units per hectare to 215-405

APC (17 decks)

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