Quickfire L2 and L3 Case Studies Flashcards
Supported Living – York
Acomb
- Development Appraisal
- 25-bed supported living development of 1- and 2-bedroom apartments
o Only 50% saleable
o Costings (three tender prices) – c.£200 psf
o Homes England Grant - £1M - GDV: (£7M)
o Gathered comparables – McCarthy and Stone
o Adopted values (£450 psf) (1-bed £250k / 2-bed £350k) - TDC: (£6M)
o Site clearance, residential property on site
o Land cost £1M (house) - Developers Profit 15% of GDV £1M (essentially the Grant)
- Sensitivity Analysis – different tender prices
- Only viable due to grant
Residential Apartments – Manchester
Hyde
- Development Appraisal
- 91-unit retirement living build-to-rent scheme (1 and 2 beds)
- Client was local authority alongside not-for-profit developer
o Costings - £100 psf - GDV: (£18M)
o Adopted values – MR (£800 pcm to £1200 pcm) c.6% ARY - TDC: (£20M)
o Site investigation costs and remediation works - £4M - Developers Profit – not-for-profit
- Sensitivity Analysis
- TDC higher than GDV and therefore unviable £2M negative
- Development only just commenced recently and didn’t proceed, potentially on the back of our report
Measurement and Valuation: Industrial Owner-Occupied Valuation East Lancashire
40,000 sq ft
c.5% offices
2-acres
5m eaves
£50 psf
= £2M
MV2 = £1.5M
MR = £200,000 p.a.
Measurement: Office Property Valuation Leeds
10,000 sq ft
= £450,000
Valuation: Industrial Owner-Occupied Barnsley
SPX Flow, Penistone
80,000 sq ft
c.10% offices
£25 psf
= £2M
Valuation: Residential Market Rent Leeds
Elland Road, Houses
3-bed terrace
AST
£700pcm = £8,400 pa
Valuation: Industrial Estate Investment Hull
Tower House Lane, Hull
13 units
1,250 sq ft each
Rent £150,000 p.a.
£6-£8 psf
Yield 9%
= £1.6M
Valuation: Out of Town Retail Investment Hull
Pets at Home
10,000 sq ft
£95,000 p.a.
6.5 years unexpired
RR 4 months
MR = £100,000 p.a.
Voids 6 mth marketing
3 mth rent free
7.5% and 8.5% Yields
= £1.2M
Valuation: Industrial Owner - Occupied Valuation Accrington
Former Rosso, Haslingden
60,000 sq ft
c.30% offices
£2M Refurbishment
Warehouse £75 psf
Offices £100 psf
= £5M
Valuation: Trade Counter Investment Scarborough
Salter Road, Scarborough
10,000 sq ft
50/50 retail - workshop
3 years unexpired
£45k p.a.
MR £50k p.a.
7% and 8%
Voids 3 months both
= £500,000
Valuation: Owner Occupied Industrial property in Huddersfield?
- Purpose-built commercial vehicle workshop
- 25,000 sq ft GIA
- 1.5-acre surplus
- £125 psf
MV1 = £4M
MV2 = £3.2M