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Annex 1 Building Cost Information Service (BCIS) residential

build cost data

Average prices - results

Page 1 of 1

Average prices
Results
Rebased to Greater Manchester

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/m2 study
Description: Rate per m2 gross internal floor area for the building Cost including prelims.
Last updated: 27-Jul-2013 12:19

Maximum age of results: Default period

Building function
(Maximum age of projects)

/m gross internal floor area


Sample
Mean

Lowest

Lower quartiles

Median

Upper quartiles

Highest

New build
Housing, mixed developments (15)

799

398

670

779

898

1,633

645

Generally (15)

791

375

666

772

886

1,675

1143

Single storey (15)

870

457

744

841

985

1,389

230

2-storey (15)

772

375

659

753

867

1,500

824

3-storey (15)

764

481

636

714

839

1,675

87

1,037

793

947

1,370

821

618

666

795

940

1,227

11

Generally (15)

788

400

670

774

897

1,389

243

Single storey (15)

906

570

782

909

1,000

1,389

48

2-storey (15)

763

400

666

751

865

1,183

184

3-storey (15)

675

571

589

645

715

898

11

Generally (15)

813

397

676

783

947

1,675

258

Single storey (15)

864

533

713

814

1,002

1,320

52

2-storey (15)

802

397

684

782

935

1,317

169

3-storey (15)

792

481

635

699

904

1,675

37

Generally (15)

909

453

757

878

1,019

2,667

639

1-2 storey (15)

887

494

749

867

1,000

1,685

173

3-5 storey (15)

891

453

749

872

1,008

1,923

418

1,158

689

873

1,071

1,329

2,667

41

Estate housing

4-storey or above (25)


Estate housing detached (15)
Estate housing semi detached

Estate housing terraced

Flats (apartments)

6+ storey (15)

2013 Building Cost Information Service of the Royal Institution of Chartered Surveyors. All Rights Reserved.

http://service.bcis.co.uk/BCISOnline/AveragePrices/Results

29/07/2013

Annex 2 Appraisals 1 to 13

HCA Development Apprasial Tool

Printed 23/08/2013

SCHEME
Site Address
Site Reference
File Source
Scheme Description
Date of appraisal
Net Residential Site Area (hectares)
Author & Organisation
HCA Investment Partner (where applicable)

Appraisal 1 - High sales value area, high density apartments (2.0ha)

01/08/2013
2
Salford City Council
0

Housing Mix (Affordable + Open Market)


Total Number of Units
Total Number of Open Market Units
Total Number of Affordable Units
Total Net Internal Area (sq m)
Total Habitable Rooms
% Affordable by Unit
% Affordable by Area
% Affordable by Habitable Rooms
% Social Rented within the Affordable Housing
% Social Rented within the Affordable Housing
% Social Rented within the Affordable Housing
Density
Total Number of A/H Persons
Number of Social and Affordable Rent
Number of Intermediate
Total Number of Open Market Persons
Total Number of Persons
Gross site Area
Net Site Area
Net Internal Housing Area / Hectare

600
600
0
36,300
0
0.0%
0.0%
300

0
0
0
0
0
2.00
2.00
18,150

units
units
units
sq m
habitable rooms

by number of units
by NIA of Units (sq m)
by habitable rooms
units/ hectare
Persons
Persons
Persons
Persons
Persons
hectares
hectares
sq m / hectare

AH Residential Values
Full term yield based
Type of Unit
1 Bed Flat Low rise
2 Bed Flat Low rise
3 Bed Flat Low rise
4 Bed + Flat Low rise
1 Bed Flat High rise
2 Bed Flat High rise
3 Bed Flat High rise
4 Bed + Flat High rise
2 Bed House
3 Bed House
4 Bed House
5 Bed House
6 Bed+ House

Social Rented

Shared Ownership
phase 1

Affordable Rent
phase 1

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

TOTAL CAPITAL VALUE OF ALL AFFORDABLE HOUSING (EXCLUDING OTHER FUNDING)


RP Cross Subsidy (use of own assets)
LA s106 commuted in lieu
RP Re-cycled SHG
Other source of funding 2
Land Remediation Tax Relief

0
0
0
0
0
0

OTHER SOURCES OF AFFORDABLE HOUSING FUNDING

TOTAL CAPITAL VALUE OF ALL AFFORDABLE HOUSING (INCLUDING OTHER FUNDING)

Shared
Ownership phase
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Affordable Rent
phase 2
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Open Market Housing


Net Area
(sq m)

Revenue
( / sq m)

Total Revenue
()

Open Market Phase 1:


Open Market Phase 2:
Open Market Phase 3:
Open Market Phase 4:
Open Market Phase 5:
Total

36,300
36,300

3,000
-

108,900,000
0
0
0
0
108,900,000

Open Market Phase 1:


Open Market Phase 2:
Open Market Phase 3:
Open Market Phase 4:
Open Market Phase 5:

Average value ( per unit)


181,500
0
0
0
0

Type of Open Market Housing

Capital Value of Private Rental


TOTAL CAPITAL VALUE OF OPEN MARKET HOUSING

0
108,900,000

Monthly Sales rate


9.52

HCA Development Apprasial Tool

Printed 23/08/2013

Car Parking
No. of Spaces
300

Price per Space ()


10,000

Value
3,000,000

TOTAL VALUE OF CAR PARKING

3,000,000

Ground rent
Capitalised annual
ground rent
0
0
0

Social Rented
Shared Ownership
Affordable Rent
Open market (all phases)

1,384,615

TOTAL CAPITALISED ANNUAL GROUND RENT

1,384,615

TOTAL CAPITAL VALUE OF RESIDENTIAL SCHEME

113,284,615

Non-Residential Values
Office
Retail
Industrial
Leisure
Community Use

0
0
0
0
0

TOTAL CAPITAL VALUE OF NON-RESIDENTIAL SCHEME

TOTAL VALUE OF SCHEME

113,284,615

Residential Building, Marketing & Section 106 Costs


Per sq meter
Affordable Housing Build Costs
Open Market Housing Build Costs

0
50,307,529

1,178

50,307,529
Residential Car Parking Build Costs

External Works & Infrastructure Costs ()


Site Preparation/Demolition
Roads and Sewers
Services (Power, Water, Gas, Telco and IT)
Strategic Landscaping
Off Site Works
Public Open Space
Site Specific Sustainability Initiatives
0
Infrastructure
0

Per unit
0
0
0
0
0
0
271,800
0
3,000,000
0

453
5,000

Other site costs


Building Contingencies
Fees and certification
Other Acquisition Costs ()
Site Abnormals ()
De-canting tenants
Decontamination
Other
Other 2

4.0%

2,012,301
4,708,785
0

3,354
7,848

0
0
0
0

Total Building Costs inc Fees

60,300,415

Statutory 106 Costs ()


Education
Sport & Recreation
Social Infrastructure
Public Realm
Affordable Housing
Transport
Highway
Health
Public Art
Flood work
Community Infrastructure Levy

0
0
0
0
0
0
0
0
0
0
0

100,501

HCA Development Apprasial Tool

Printed 23/08/2013

Other Tariff
Other 1
Other 2

0
0
0
0
0

Statutory 106 costs

Marketing (Open Market Housing ONLY)


Sales/letting Fees
Legal Fees (per Open Market unit):

4.0%
600

4,356,000
360,000

Marketing (Affordable Housing)


Developer cost of sale to RP ()
RP purchase costs ()
Intermediate Housing Sales and Marketing ()

per OM unit
7,260
600
per affordable unit

0
0
0

Total Marketing Costs

4,716,000

Non-Residential Building & Marketing Costs


Building Costs
Office
Retail
Industrial
Leisure
Community-use

0
0
0
0
0

Professional Fees (Building, Letting & Sales)


Office
Retail
Industrial
Leisure
Community-use

0
0
0
0
0

Total Non-Residential Costs

TOTAL DIRECT COSTS:

65,016,415

Finance and acquisition costs


Land Value
Arrangement Fee
Misc Fees (Surveyors etc)
Agents Fees
Legal Fees
Stamp Duty
Total Interest Paid

3,200,000
0
0
32,000
24,000
224,000
654,135

Total Finance and Acquisition Costs

4,134,135

1,600,000
5,333
0.0%
0.00%

per Gross ha
per OM home
of interest
of scheme value

1,600,000
5,333

Developer's return for risk and profit


Residential
Market Housing Return (inc OH) on Value
Affordable Housing Return on Cost
Return on sale of Private Rent
Non-residential
Office
Retail
Industrial
Leisure
Community-use

20.0%
0.0%
0.0%
0
0
0
0
0

21,780,000
0
0

36,300 per OM unit


per affordable unit
#DIV/0!
per PR unit

Total Operating Profit


21,780,000
(i.e. profit after deducting sales and site specific finance costs but before deducting developer overheads and taxation)

Surplus/(Deficit) at completion 1/6/2019

22,354,065

Present Value of Surplus (Deficit) at 1/8/2013

14,652,267

Scheme Investment IRR

105.8%

Measures
Site Value as a Percentage of Total Scheme Value
Site Value per hectare

2.8%
11,177,032

24,420 per unit

(before Developer's returns and interest to avoid double counting returns)

HCA Development Apprasial Tool

Printed 23/08/2013

SCHEME
Site Address
Site Reference
File Source
Scheme Description
Date of appraisal
Net Residential Site Area (hectares)
Author & Organisation
HCA Investment Partner (where applicable)

Appraisal 2 - Low density houses, mid/high sales value area (2.0ha)

01/08/2013
2
Salford City Council
0

Housing Mix (Affordable + Open Market)


Total Number of Units
Total Number of Open Market Units
Total Number of Affordable Units
Total Net Internal Area (sq m)
Total Habitable Rooms
% Affordable by Unit
% Affordable by Area
% Affordable by Habitable Rooms
% Social Rented within the Affordable Housing
% Social Rented within the Affordable Housing
% Social Rented within the Affordable Housing
Density
Total Number of A/H Persons
Number of Social and Affordable Rent
Number of Intermediate
Total Number of Open Market Persons
Total Number of Persons
Gross site Area
Net Site Area
Net Internal Housing Area / Hectare

70
70
0
7,825
0
0.0%
0.0%
35

0
0
0
0
0
2.00
2.00
3,913

units
units
units
sq m
habitable rooms

by number of units
by NIA of Units (sq m)
by habitable rooms
units/ hectare
Persons
Persons
Persons
Persons
Persons
hectares
hectares
sq m / hectare

AH Residential Values
Full term yield based
Type of Unit
1 Bed Flat Low rise
2 Bed Flat Low rise
3 Bed Flat Low rise
4 Bed + Flat Low rise
1 Bed Flat High rise
2 Bed Flat High rise
3 Bed Flat High rise
4 Bed + Flat High rise
2 Bed House
3 Bed House
4 Bed House
5 Bed House
6 Bed+ House

Social Rented

Shared Ownership
phase 1

Affordable Rent
phase 1

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

TOTAL CAPITAL VALUE OF ALL AFFORDABLE HOUSING (EXCLUDING OTHER FUNDING)


RP Cross Subsidy (use of own assets)
LA s106 commuted in lieu
RP Re-cycled SHG
Other source of funding 2
Land Remediation Tax Relief

0
0
0
0
0
0

OTHER SOURCES OF AFFORDABLE HOUSING FUNDING

TOTAL CAPITAL VALUE OF ALL AFFORDABLE HOUSING (INCLUDING OTHER FUNDING)

Shared
Ownership phase
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Affordable Rent
phase 2
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Open Market Housing


Net Area
(sq m)

Revenue
( / sq m)

Total Revenue
()

Open Market Phase 1:


Open Market Phase 2:
Open Market Phase 3:
Open Market Phase 4:
Open Market Phase 5:
Total

7,825
7,825

2,600
-

20,345,000
0
0
0
0
20,345,000

Open Market Phase 1:


Open Market Phase 2:
Open Market Phase 3:
Open Market Phase 4:
Open Market Phase 5:

Average value ( per unit)


290,643
0
0
0
0

Type of Open Market Housing

Capital Value of Private Rental


TOTAL CAPITAL VALUE OF OPEN MARKET HOUSING

0
20,345,000

Monthly Sales rate


3.50

HCA Development Apprasial Tool

Printed 23/08/2013

Car Parking
No. of Spaces
-

Price per Space ()


-

Value
-

TOTAL VALUE OF CAR PARKING

Ground rent
Capitalised annual
ground rent
0
0
0

Social Rented
Shared Ownership
Affordable Rent
Open market (all phases)

TOTAL CAPITALISED ANNUAL GROUND RENT

TOTAL CAPITAL VALUE OF RESIDENTIAL SCHEME

20,345,000

Non-Residential Values
Office
Retail
Industrial
Leisure
Community Use

0
0
0
0
0

TOTAL CAPITAL VALUE OF NON-RESIDENTIAL SCHEME

TOTAL VALUE OF SCHEME

20,345,000

Residential Building, Marketing & Section 106 Costs


Per sq meter
Affordable Housing Build Costs
Open Market Housing Build Costs

0
5,610,525

717

5,610,525
Residential Car Parking Build Costs

External Works & Infrastructure Costs ()


Site Preparation/Demolition
Roads and Sewers
Services (Power, Water, Gas, Telco and IT)
Strategic Landscaping
Off Site Works
Public Open Space
Site Specific Sustainability Initiatives
Plot specific external works
Infrastructure
0

Per unit
0
0
0
0
0
0
31,710
0
945,000
0

453
13,500

Other site costs


Building Contingencies
Fees and certification
Other Acquisition Costs ()
Site Abnormals ()
De-canting tenants
Decontamination
Other
Other 2

4.0%

224,421
525,145
0

3,206
7,502

0
0
0
0

Total Building Costs inc Fees

7,336,801

Statutory 106 Costs ()


Education
Sport & Recreation
Social Infrastructure
Public Realm
Affordable Housing
Transport
Highway
Health
Public Art
Flood work
Community Infrastructure Levy

0
0
0
0
0
0
0
0
0
0
0

104,811

HCA Development Apprasial Tool

Printed 23/08/2013

Other Tariff
Other 1
Other 2

0
0
0
0
0

Statutory 106 costs

Marketing (Open Market Housing ONLY)


Sales/letting Fees
Legal Fees (per Open Market unit):

4.0%
600

813,800
42,000

Marketing (Affordable Housing)


Developer cost of sale to RP ()
RP purchase costs ()
Intermediate Housing Sales and Marketing ()

per OM unit
11,626
600
per affordable unit

0
0
0

Total Marketing Costs

855,800

Non-Residential Building & Marketing Costs


Building Costs
Office
Retail
Industrial
Leisure
Community-use

0
0
0
0
0

Professional Fees (Building, Letting & Sales)


Office
Retail
Industrial
Leisure
Community-use

0
0
0
0
0

Total Non-Residential Costs

TOTAL DIRECT COSTS:

8,192,601

Finance and acquisition costs


Land Value
Arrangement Fee
Misc Fees (Surveyors etc)
Agents Fees
Legal Fees
Stamp Duty
Total Interest Paid

2,700,000
0
0
27,000
20,250
189,000
231,186

Total Finance and Acquisition Costs

3,167,436

1,350,000
38,571
0.0%
0.00%

per Gross ha
per OM home
of interest
of scheme value

1,350,000
38,571

Developer's return for risk and profit


Residential
Market Housing Return (inc OH) on Value
Affordable Housing Return on Cost
Return on sale of Private Rent
Non-residential
Office
Retail
Industrial
Leisure
Community-use

20.0%
0.0%
0.0%
0
0
0
0
0

4,069,000
0
0

58,129 per OM unit


per affordable unit
#DIV/0!
per PR unit

Total Operating Profit


4,069,000
(i.e. profit after deducting sales and site specific finance costs but before deducting developer overheads and taxation)

Surplus/(Deficit) at completion 1/11/2018

4,915,963

Present Value of Surplus (Deficit) at 1/8/2013

3,361,260

Scheme Investment IRR

168.1%

Measures
Site Value as a Percentage of Total Scheme Value
Site Value per hectare

13.3%
2,457,981

48,018 per unit

(before Developer's returns and interest to avoid double counting returns)

HCA Development Apprasial Tool

Printed 23/08/2013

SCHEME
Site Address
Site Reference
File Source
Scheme Description
Date of appraisal
Net Residential Site Area (hectares)
Author & Organisation
HCA Investment Partner (where applicable)

Appraisal 3 - Mid density apartments, mid/high value area (2.0ha)

01/08/2013
2
Salford City Council
0

Housing Mix (Affordable + Open Market)


Total Number of Units
Total Number of Open Market Units
Total Number of Affordable Units
Total Net Internal Area (sq m)
Total Habitable Rooms
% Affordable by Unit
% Affordable by Area
% Affordable by Habitable Rooms
% Social Rented within the Affordable Housing
% Social Rented within the Affordable Housing
% Social Rented within the Affordable Housing
Density
Total Number of A/H Persons
Number of Social and Affordable Rent
Number of Intermediate
Total Number of Open Market Persons
Total Number of Persons
Gross site Area
Net Site Area
Net Internal Housing Area / Hectare

250
250
0
14,960
0
0.0%
0.0%
125

0
0
0
0
0
2.00
2.00
7,480

units
units
units
sq m
habitable rooms

by number of units
by NIA of Units (sq m)
by habitable rooms
units/ hectare
Persons
Persons
Persons
Persons
Persons
hectares
hectares
sq m / hectare

AH Residential Values
Full term yield based
Type of Unit
1 Bed Flat Low rise
2 Bed Flat Low rise
3 Bed Flat Low rise
4 Bed + Flat Low rise
1 Bed Flat High rise
2 Bed Flat High rise
3 Bed Flat High rise
4 Bed + Flat High rise
2 Bed House
3 Bed House
4 Bed House
5 Bed House
6 Bed+ House

Social Rented

Shared Ownership
phase 1

Affordable Rent
phase 1

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

TOTAL CAPITAL VALUE OF ALL AFFORDABLE HOUSING (EXCLUDING OTHER FUNDING)


RP Cross Subsidy (use of own assets)
LA s106 commuted in lieu
RP Re-cycled SHG
Other source of funding 2
Land Remediation Tax Relief

0
0
0
0
0
0

OTHER SOURCES OF AFFORDABLE HOUSING FUNDING

TOTAL CAPITAL VALUE OF ALL AFFORDABLE HOUSING (INCLUDING OTHER FUNDING)

Shared
Ownership phase
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Affordable Rent
phase 2
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Open Market Housing


Net Area
(sq m)

Revenue
( / sq m)

Total Revenue
()

Open Market Phase 1:


Open Market Phase 2:
Open Market Phase 3:
Open Market Phase 4:
Open Market Phase 5:
Total

14,960
14,960

2,600
-

38,896,000
0
0
0
0
38,896,000

Open Market Phase 1:


Open Market Phase 2:
Open Market Phase 3:
Open Market Phase 4:
Open Market Phase 5:

Average value ( per unit)


155,584
0
0
0
0

Type of Open Market Housing

Capital Value of Private Rental


TOTAL CAPITAL VALUE OF OPEN MARKET HOUSING

0
38,896,000

Monthly Sales rate


6.41

HCA Development Apprasial Tool

Printed 23/08/2013

Car Parking
No. of Spaces
-

Price per Space ()


-

Value
-

TOTAL VALUE OF CAR PARKING

Ground rent
Capitalised annual
ground rent
0
0
0

Social Rented
Shared Ownership
Affordable Rent
Open market (all phases)

576,923

TOTAL CAPITALISED ANNUAL GROUND RENT

576,923

TOTAL CAPITAL VALUE OF RESIDENTIAL SCHEME

39,472,923

Non-Residential Values
Office
Retail
Industrial
Leisure
Community Use

0
0
0
0
0

TOTAL CAPITAL VALUE OF NON-RESIDENTIAL SCHEME

TOTAL VALUE OF SCHEME

39,472,923

Residential Building, Marketing & Section 106 Costs


Per sq meter
Affordable Housing Build Costs
Open Market Housing Build Costs

0
16,121,600

916

16,121,600
Residential Car Parking Build Costs

External Works & Infrastructure Costs ()


Site Preparation/Demolition
Roads and Sewers
Services (Power, Water, Gas, Telco and IT)
Strategic Landscaping
Off Site Works
Public Open Space
Site Specific Sustainability Initiatives
Plot specific external works
Infrastructure
0

Per unit
0
0
0
0
0
0
113,250
0
1,250,000
0

453
5,000

Other site costs


Building Contingencies
Fees and certification
Other Acquisition Costs ()
Site Abnormals ()
De-canting tenants
Decontamination
Other
Other 2

4.0%

644,864
1,508,982
0

2,579
6,036

0
0
0
0

Total Building Costs inc Fees

19,638,696

Statutory 106 Costs ()


Education
Sport & Recreation
Social Infrastructure
Public Realm
Affordable Housing
Transport
Highway
Health
Public Art
Flood work
Community Infrastructure Levy

0
0
0
0
0
0
0
0
0
0
0

78,555

HCA Development Apprasial Tool

Printed 23/08/2013

Other Tariff
Other 1
Other 2

0
0
0
0
0

Statutory 106 costs

Marketing (Open Market Housing ONLY)


Sales/letting Fees
Legal Fees (per Open Market unit):

4.0%
600

1,555,840
150,000

Marketing (Affordable Housing)


Developer cost of sale to RP ()
RP purchase costs ()
Intermediate Housing Sales and Marketing ()

per OM unit
6,223
600
per affordable unit

0
0
0

Total Marketing Costs

1,705,840

Non-Residential Building & Marketing Costs


Building Costs
Office
Retail
Industrial
Leisure
Community-use

0
0
0
0
0

Professional Fees (Building, Letting & Sales)


Office
Retail
Industrial
Leisure
Community-use

0
0
0
0
0

Total Non-Residential Costs

TOTAL DIRECT COSTS:

21,344,536

Finance and acquisition costs


Land Value
Arrangement Fee
Misc Fees (Surveyors etc)
Agents Fees
Legal Fees
Stamp Duty
Total Interest Paid

2,700,000
0
0
27,000
20,250
189,000
396,376

Total Finance and Acquisition Costs

3,332,626

1,350,000
10,800
0.0%
0.00%

per Gross ha
per OM home
of interest
of scheme value

1,350,000
10,800

Developer's return for risk and profit


Residential
Market Housing Return (inc OH) on Value
Affordable Housing Return on Cost
Return on sale of Private Rent
Non-residential
Office
Retail
Industrial
Leisure
Community-use

20.0%
0.0%
0.0%
0
0
0
0
0

7,779,200
0
0

31,117 per OM unit


per affordable unit
#DIV/0!
per PR unit

Total Operating Profit


7,779,200
(i.e. profit after deducting sales and site specific finance costs but before deducting developer overheads and taxation)

Surplus/(Deficit) at completion 1/11/2018

7,016,561

Present Value of Surplus (Deficit) at 1/8/2013

4,797,531

Scheme Investment IRR

100.5%

Measures
Site Value as a Percentage of Total Scheme Value
Site Value per hectare

6.8%
3,508,281

19,190 per unit

(before Developer's returns and interest to avoid double counting returns)

HCA Development Apprasial Tool

Printed 23/08/2013

SCHEME
Site Address
Site Reference
File Source
Scheme Description
Date of appraisal
Net Residential Site Area (hectares)
Author & Organisation
HCA Investment Partner (where applicable)

Appraisal 4 - Mixed type scheme, mid-high value areas (2ha)

01/08/2013
2
Salford City Council
0

Housing Mix (Affordable + Open Market)


Total Number of Units
Total Number of Open Market Units
Total Number of Affordable Units
Total Net Internal Area (sq m)
Total Habitable Rooms
% Affordable by Unit
% Affordable by Area
% Affordable by Habitable Rooms
% Social Rented within the Affordable Housing
% Social Rented within the Affordable Housing
% Social Rented within the Affordable Housing
Density
Total Number of A/H Persons
Number of Social and Affordable Rent
Number of Intermediate
Total Number of Open Market Persons
Total Number of Persons
Gross site Area
Net Site Area
Net Internal Housing Area / Hectare

106
106
0
10,875
0
0.0%
0.0%
53

0
0
0
0
0
2.00
2.00
5,438

units
units
units
sq m
habitable rooms

by number of units
by NIA of Units (sq m)
by habitable rooms
units/ hectare
Persons
Persons
Persons
Persons
Persons
hectares
hectares
sq m / hectare

AH Residential Values
Full term yield based
Type of Unit
1 Bed Flat Low rise
2 Bed Flat Low rise
3 Bed Flat Low rise
4 Bed + Flat Low rise
1 Bed Flat High rise
2 Bed Flat High rise
3 Bed Flat High rise
4 Bed + Flat High rise
2 Bed House
3 Bed House
4 Bed House
5 Bed House
6 Bed+ House

Social Rented

Shared Ownership
phase 1

Affordable Rent
phase 1

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

TOTAL CAPITAL VALUE OF ALL AFFORDABLE HOUSING (EXCLUDING OTHER FUNDING)


RP Cross Subsidy (use of own assets)
LA s106 commuted in lieu
RP Re-cycled SHG
Other source of funding 2
Land Remediation Tax Relief

0
0
0
0
0
0

OTHER SOURCES OF AFFORDABLE HOUSING FUNDING

TOTAL CAPITAL VALUE OF ALL AFFORDABLE HOUSING (INCLUDING OTHER FUNDING)

Shared
Ownership phase
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Affordable Rent
phase 2
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Open Market Housing


Net Area
(sq m)

Revenue
( / sq m)

Total Revenue
()

Open Market Phase 1:


Open Market Phase 2:
Open Market Phase 3:
Open Market Phase 4:
Open Market Phase 5:
Total

10,875
10,875

2,576
-

28,015,000
0
0
0
0
28,015,000

Open Market Phase 1:


Open Market Phase 2:
Open Market Phase 3:
Open Market Phase 4:
Open Market Phase 5:

Average value ( per unit)


264,292
0
0
0
0

Type of Open Market Housing

Capital Value of Private Rental


TOTAL CAPITAL VALUE OF OPEN MARKET HOUSING

0
28,015,000

Monthly Sales rate


3.79

HCA Development Apprasial Tool

Printed 23/08/2013

Car Parking
No. of Spaces
-

Price per Space ()


-

Value
-

TOTAL VALUE OF CAR PARKING

Ground rent
Capitalised annual
ground rent
0
0
0

Social Rented
Shared Ownership
Affordable Rent
Open market (all phases)

48,462

TOTAL CAPITALISED ANNUAL GROUND RENT

48,462

TOTAL CAPITAL VALUE OF RESIDENTIAL SCHEME

28,063,462

Non-Residential Values
Office
Retail
Industrial
Leisure
Community Use

0
0
0
0
0

TOTAL CAPITAL VALUE OF NON-RESIDENTIAL SCHEME

TOTAL VALUE OF SCHEME

28,063,462

Residential Building, Marketing & Section 106 Costs


Per sq meter
Affordable Housing Build Costs
Open Market Housing Build Costs

0
8,217,491

737

8,217,491
Residential Car Parking Build Costs

External Works & Infrastructure Costs ()


Site Preparation/Demolition
Roads and Sewers
Services (Power, Water, Gas, Telco and IT)
Strategic Landscaping
Off Site Works
Public Open Space
Site Specific Sustainability Initiatives
Plot specific external works
Infrastructure
0

Per unit
0
0
0
0
0
0
48,018
0
1,252,500
0

453
11,816

Other site costs


Building Contingencies
Fees and certification
Other Acquisition Costs ()
Site Abnormals ()
De-canting tenants
Decontamination
Other
Other 2

4.0%

328,700
769,157
0

3,101
7,256

0
0
0
0

Total Building Costs inc Fees

10,615,865

Statutory 106 Costs ()


Education
Sport & Recreation
Social Infrastructure
Public Realm
Affordable Housing
Transport
Highway
Health
Public Art
Flood work
Community Infrastructure Levy

0
0
0
0
0
0
0
0
0
0
0

100,150

HCA Development Apprasial Tool

Printed 23/08/2013

Other Tariff
Other 1
Other 2

0
0
0
0
0

Statutory 106 costs

Marketing (Open Market Housing ONLY)


Sales/letting Fees
Legal Fees (per Open Market unit):

4.0%
600

1,120,600
63,600

Marketing (Affordable Housing)


Developer cost of sale to RP ()
RP purchase costs ()
Intermediate Housing Sales and Marketing ()

per OM unit
10,572
600
per affordable unit

0
0
0

Total Marketing Costs

1,184,200

Non-Residential Building & Marketing Costs


Building Costs
Office
Retail
Industrial
Leisure
Community-use

0
0
0
0
0

Professional Fees (Building, Letting & Sales)


Office
Retail
Industrial
Leisure
Community-use

0
0
0
0
0

Total Non-Residential Costs

TOTAL DIRECT COSTS:

11,800,065

Finance and acquisition costs


Land Value
Arrangement Fee
Misc Fees (Surveyors etc)
Agents Fees
Legal Fees
Stamp Duty
Total Interest Paid

2,700,000
0
0
27,000
20,250
189,000
261,045

Total Finance and Acquisition Costs

3,197,295

1,350,000
25,472
0.0%
0.00%

per Gross ha
per OM home
of interest
of scheme value

1,350,000
25,472

Developer's return for risk and profit


Residential
Market Housing Return (inc OH) on Value
Affordable Housing Return on Cost
Return on sale of Private Rent
Non-residential
Office
Retail
Industrial
Leisure
Community-use

20.0%
0.0%
0.0%
0
0
0
0
0

5,603,000
0
0

52,858 per OM unit


per affordable unit
#DIV/0!
per PR unit

Total Operating Profit


5,603,000
(i.e. profit after deducting sales and site specific finance costs but before deducting developer overheads and taxation)

Surplus/(Deficit) at completion 1/11/2018

7,463,101

Present Value of Surplus (Deficit) at 1/8/2013

5,102,850

Scheme Investment IRR

160.1%

Measures
Site Value as a Percentage of Total Scheme Value
Site Value per hectare

9.6%
3,731,551

48,140 per unit

(before Developer's returns and interest to avoid double counting returns)

HCA Development Apprasial Tool

Printed 28/08/2013

SCHEME
Site Address
Site Reference
File Source
Scheme Description
Date of appraisal
Net Residential Site Area (hectares)
Author & Organisation
HCA Investment Partner (where applicable)

Appraisal 5 - Low density houses, mid sales value area (2.0ha)

01/08/2013
2
Salford City Council
0

Housing Mix (Affordable + Open Market)


Total Number of Units
Total Number of Open Market Units
Total Number of Affordable Units
Total Net Internal Area (sq m)
Total Habitable Rooms
% Affordable by Unit
% Affordable by Area
% Affordable by Habitable Rooms
% Social Rented within the Affordable Housing
% Social Rented within the Affordable Housing
% Social Rented within the Affordable Housing
Density
Total Number of A/H Persons
Number of Social and Affordable Rent
Number of Intermediate
Total Number of Open Market Persons
Total Number of Persons
Gross site Area
Net Site Area
Net Internal Housing Area / Hectare

70
70
0
7,825
0
0.0%
0.0%
35

0
0
0
0
0
2.00
2.00
3,913

units
units
units
sq m
habitable rooms

by number of units
by NIA of Units (sq m)
by habitable rooms
units/ hectare
Persons
Persons
Persons
Persons
Persons
hectares
hectares
sq m / hectare

AH Residential Values
Full term yield based
Type of Unit
1 Bed Flat Low rise
2 Bed Flat Low rise
3 Bed Flat Low rise
4 Bed + Flat Low rise
1 Bed Flat High rise
2 Bed Flat High rise
3 Bed Flat High rise
4 Bed + Flat High rise
2 Bed House
3 Bed House
4 Bed House
5 Bed House
6 Bed+ House

Social Rented

Shared Ownership
phase 1

Affordable Rent
phase 1

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

TOTAL CAPITAL VALUE OF ALL AFFORDABLE HOUSING (EXCLUDING OTHER FUNDING)


RP Cross Subsidy (use of own assets)
LA s106 commuted in lieu
RP Re-cycled SHG
Other source of funding 2
Land Remediation Tax Relief

0
0
0
0
0
0

OTHER SOURCES OF AFFORDABLE HOUSING FUNDING

TOTAL CAPITAL VALUE OF ALL AFFORDABLE HOUSING (INCLUDING OTHER FUNDING)

Shared
Ownership phase
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Affordable Rent
phase 2
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Open Market Housing


Net Area
(sq m)

Revenue
( / sq m)

Total Revenue
()

Open Market Phase 1:


Open Market Phase 2:
Open Market Phase 3:
Open Market Phase 4:
Open Market Phase 5:
Total

7,825
7,825

2,200
-

17,215,000
0
0
0
0
17,215,000

Open Market Phase 1:


Open Market Phase 2:
Open Market Phase 3:
Open Market Phase 4:
Open Market Phase 5:

Average value ( per unit)


245,929
0
0
0
0

Type of Open Market Housing

Capital Value of Private Rental


TOTAL CAPITAL VALUE OF OPEN MARKET HOUSING

0
17,215,000

Monthly Sales rate


3.50

HCA Development Apprasial Tool

Printed 28/08/2013

Car Parking
No. of Spaces
-

Price per Space ()


-

Value
-

TOTAL VALUE OF CAR PARKING

Ground rent
Capitalised annual
ground rent
0
0
0

Social Rented
Shared Ownership
Affordable Rent
Open market (all phases)

TOTAL CAPITALISED ANNUAL GROUND RENT

TOTAL CAPITAL VALUE OF RESIDENTIAL SCHEME

17,215,000

Non-Residential Values
Office
Retail
Industrial
Leisure
Community Use

0
0
0
0
0

TOTAL CAPITAL VALUE OF NON-RESIDENTIAL SCHEME

TOTAL VALUE OF SCHEME

17,215,000

Residential Building, Marketing & Section 106 Costs


Per sq meter
Affordable Housing Build Costs
Open Market Housing Build Costs

0
5,344,475

683

5,344,475
Residential Car Parking Build Costs

External Works & Infrastructure Costs ()


Site Preparation/Demolition
Roads and Sewers
Services (Power, Water, Gas, Telco and IT)
Strategic Landscaping
Off Site Works
Public Open Space
Site Specific Sustainability Initiatives
Plot specific external works
Infrastructure
0

Per unit
0
0
0
0
0
0
31,710
0
945,000
0

453
13,500

Other site costs


Building Contingencies
Fees and certification
Other Acquisition Costs ()
Site Abnormals ()
De-canting tenants
Decontamination
Other
Other 2

4.0%

213,779
500,243
0

3,054
7,146

0
0
0
0

Total Building Costs inc Fees

7,035,207

Statutory 106 Costs ()


Education
Sport & Recreation
Social Infrastructure
Public Realm
Affordable Housing
Transport
Highway
Health
Public Art
Flood work
Community Infrastructure Levy

0
0
0
0
0
0
0
0
0
0
0

100,503

HCA Development Apprasial Tool

Printed 28/08/2013

Other Tariff
Other 1
Other 2

0
0
0
0
0

Statutory 106 costs

Marketing (Open Market Housing ONLY)


Sales/letting Fees
Legal Fees (per Open Market unit):

4.0%
600

688,600
42,000

Marketing (Affordable Housing)


Developer cost of sale to RP ()
RP purchase costs ()
Intermediate Housing Sales and Marketing ()

per OM unit
9,837
600
per affordable unit

0
0
0

Total Marketing Costs

730,600

Non-Residential Building & Marketing Costs


Building Costs
Office
Retail
Industrial
Leisure
Community-use

0
0
0
0
0

Professional Fees (Building, Letting & Sales)


Office
Retail
Industrial
Leisure
Community-use

0
0
0
0
0

Total Non-Residential Costs

TOTAL DIRECT COSTS:

7,765,807

Finance and acquisition costs


Land Value
Arrangement Fee
Misc Fees (Surveyors etc)
Agents Fees
Legal Fees
Stamp Duty
Total Interest Paid

2,200,000
0
0
22,000
16,500
154,000
201,882

Total Finance and Acquisition Costs

2,594,382

1,100,000
31,429
0.0%
0.00%

per Gross ha
per OM home
of interest
of scheme value

1,100,000
31,429

Developer's return for risk and profit


Residential
Market Housing Return (inc OH) on Value
Affordable Housing Return on Cost
Return on sale of Private Rent
Non-residential
Office
Retail
Industrial
Leisure
Community-use

20.0%
0.0%
0.0%
0
0
0
0
0

3,443,000
0
0

49,186 per OM unit


per affordable unit
#DIV/0!
per PR unit

Total Operating Profit


3,443,000
(i.e. profit after deducting sales and site specific finance costs but before deducting developer overheads and taxation)

Surplus/(Deficit) at completion 1/11/2018

3,411,811

Present Value of Surplus (Deficit) at 1/8/2013

2,332,805

Scheme Investment IRR

153.1%

Measures
Site Value as a Percentage of Total Scheme Value
Site Value per hectare

12.8%
1,705,906

33,326 per unit

(before Developer's returns and interest to avoid double counting returns)

HCA Development Apprasial Tool

Printed 23/08/2013

SCHEME
Site Address
Site Reference
File Source
Scheme Description
Date of appraisal
Net Residential Site Area (hectares)
Author & Organisation
HCA Investment Partner (where applicable)

Appraisal 6 - Mid density apartments, mid value area (2.0ha)

01/08/2013
2
Salford City Council
0

Housing Mix (Affordable + Open Market)


Total Number of Units
Total Number of Open Market Units
Total Number of Affordable Units
Total Net Internal Area (sq m)
Total Habitable Rooms
% Affordable by Unit
% Affordable by Area
% Affordable by Habitable Rooms
% Social Rented within the Affordable Housing
% Social Rented within the Affordable Housing
% Social Rented within the Affordable Housing
Density
Total Number of A/H Persons
Number of Social and Affordable Rent
Number of Intermediate
Total Number of Open Market Persons
Total Number of Persons
Gross site Area
Net Site Area
Net Internal Housing Area / Hectare

250
250
0
14,960
0
0.0%
0.0%
125

0
0
0
0
0
2.00
2.00
7,480

units
units
units
sq m
habitable rooms

by number of units
by NIA of Units (sq m)
by habitable rooms
units/ hectare
Persons
Persons
Persons
Persons
Persons
hectares
hectares
sq m / hectare

AH Residential Values
Full term yield based
Type of Unit
1 Bed Flat Low rise
2 Bed Flat Low rise
3 Bed Flat Low rise
4 Bed + Flat Low rise
1 Bed Flat High rise
2 Bed Flat High rise
3 Bed Flat High rise
4 Bed + Flat High rise
2 Bed House
3 Bed House
4 Bed House
5 Bed House
6 Bed+ House

Social Rented

Shared Ownership
phase 1

Affordable Rent
phase 1

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

TOTAL CAPITAL VALUE OF ALL AFFORDABLE HOUSING (EXCLUDING OTHER FUNDING)


RP Cross Subsidy (use of own assets)
LA s106 commuted in lieu
RP Re-cycled SHG
Other source of funding 2
Land Remediation Tax Relief

0
0
0
0
0
0

OTHER SOURCES OF AFFORDABLE HOUSING FUNDING

TOTAL CAPITAL VALUE OF ALL AFFORDABLE HOUSING (INCLUDING OTHER FUNDING)

Shared
Ownership phase
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Affordable Rent
phase 2
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Open Market Housing


Net Area
(sq m)

Revenue
( / sq m)

Total Revenue
()

Open Market Phase 1:


Open Market Phase 2:
Open Market Phase 3:
Open Market Phase 4:
Open Market Phase 5:
Total

14,960
14,960

2,200
-

32,912,000
0
0
0
0
32,912,000

Open Market Phase 1:


Open Market Phase 2:
Open Market Phase 3:
Open Market Phase 4:
Open Market Phase 5:

Average value ( per unit)


131,648
0
0
0
0

Type of Open Market Housing

Capital Value of Private Rental


TOTAL CAPITAL VALUE OF OPEN MARKET HOUSING

0
32,912,000

Monthly Sales rate


6.41

HCA Development Apprasial Tool

Printed 23/08/2013

Car Parking
No. of Spaces
-

Price per Space ()


-

Value
-

TOTAL VALUE OF CAR PARKING

Ground rent
Capitalised annual
ground rent
0
0
0

Social Rented
Shared Ownership
Affordable Rent
Open market (all phases)

576,923

TOTAL CAPITALISED ANNUAL GROUND RENT

576,923

TOTAL CAPITAL VALUE OF RESIDENTIAL SCHEME

33,488,923

Non-Residential Values
Office
Retail
Industrial
Leisure
Community Use

0
0
0
0
0

TOTAL CAPITAL VALUE OF NON-RESIDENTIAL SCHEME

TOTAL VALUE OF SCHEME

33,488,923

Residential Building, Marketing & Section 106 Costs


Per sq meter
Affordable Housing Build Costs
Open Market Housing Build Costs

0
15,347,200

872

15,347,200
Residential Car Parking Build Costs

External Works & Infrastructure Costs ()


Site Preparation/Demolition
Roads and Sewers
Services (Power, Water, Gas, Telco and IT)
Strategic Landscaping
Off Site Works
Public Open Space
Site Specific Sustainability Initiatives
Plot specific external works
Infrastructure
0

Per unit
0
0
0
0
0
0
113,250
0
1,250,000
0

453
5,000

Other site costs


Building Contingencies
Fees and certification
Other Acquisition Costs ()
Site Abnormals ()
De-canting tenants
Decontamination
Other
Other 2

4.0%

613,888
1,436,498
0

2,456
5,746

0
0
0
0

Total Building Costs inc Fees

18,760,836

Statutory 106 Costs ()


Education
Sport & Recreation
Social Infrastructure
Public Realm
Affordable Housing
Transport
Highway
Health
Public Art
Flood work
Community Infrastructure Levy

0
0
0
0
0
0
0
0
0
0
0

75,043

HCA Development Apprasial Tool

Printed 23/08/2013

Other Tariff
Other 1
Other 2

0
0
0
0
0

Statutory 106 costs

Marketing (Open Market Housing ONLY)


Sales/letting Fees
Legal Fees (per Open Market unit):

4.0%
600

1,316,480
150,000

Marketing (Affordable Housing)


Developer cost of sale to RP ()
RP purchase costs ()
Intermediate Housing Sales and Marketing ()

per OM unit
5,266
600
per affordable unit

0
0
0

Total Marketing Costs

1,466,480

Non-Residential Building & Marketing Costs


Building Costs
Office
Retail
Industrial
Leisure
Community-use

0
0
0
0
0

Professional Fees (Building, Letting & Sales)


Office
Retail
Industrial
Leisure
Community-use

0
0
0
0
0

Total Non-Residential Costs

TOTAL DIRECT COSTS:

20,227,316

Finance and acquisition costs


Land Value
Arrangement Fee
Misc Fees (Surveyors etc)
Agents Fees
Legal Fees
Stamp Duty
Total Interest Paid

2,200,000
0
0
22,000
16,500
154,000
391,485

Total Finance and Acquisition Costs

2,783,985

1,100,000
8,800
0.0%
0.00%

per Gross ha
per OM home
of interest
of scheme value

1,100,000
8,800

Developer's return for risk and profit


Residential
Market Housing Return (inc OH) on Value
Affordable Housing Return on Cost
Return on sale of Private Rent
Non-residential
Office
Retail
Industrial
Leisure
Community-use

20.0%
0.0%
0.0%
0
0
0
0
0

6,582,400
0
0

26,330 per OM unit


per affordable unit
#DIV/0!
per PR unit

Total Operating Profit


6,582,400
(i.e. profit after deducting sales and site specific finance costs but before deducting developer overheads and taxation)

Surplus/(Deficit) at completion 1/11/2018

3,895,223

Present Value of Surplus (Deficit) at 1/8/2013

2,663,335

Scheme Investment IRR

80.9%

Measures
Site Value as a Percentage of Total Scheme Value
Site Value per hectare

6.6%
1,947,611

10,653 per unit

(before Developer's returns and interest to avoid double counting returns)

HCA Development Apprasial Tool

Printed 23/08/2013

SCHEME
Site Address
Site Reference
File Source
Scheme Description
Date of appraisal
Net Residential Site Area (hectares)
Author & Organisation
HCA Investment Partner (where applicable)

Appraisal 7 - Mixed type scheme, mid value areas (2ha)

01/08/2013
2
Salford City Council
0

Housing Mix (Affordable + Open Market)


Total Number of Units
Total Number of Open Market Units
Total Number of Affordable Units
Total Net Internal Area (sq m)
Total Habitable Rooms
% Affordable by Unit
% Affordable by Area
% Affordable by Habitable Rooms
% Social Rented within the Affordable Housing
% Social Rented within the Affordable Housing
% Social Rented within the Affordable Housing
Density
Total Number of A/H Persons
Number of Social and Affordable Rent
Number of Intermediate
Total Number of Open Market Persons
Total Number of Persons
Gross site Area
Net Site Area
Net Internal Housing Area / Hectare

106
106
0
10,875
0
0.0%
0.0%
53

0
0
0
0
0
2.00
2.00
5,438

units
units
units
sq m
habitable rooms

by number of units
by NIA of Units (sq m)
by habitable rooms
units/ hectare
Persons
Persons
Persons
Persons
Persons
hectares
hectares
sq m / hectare

AH Residential Values
Full term yield based
Type of Unit
1 Bed Flat Low rise
2 Bed Flat Low rise
3 Bed Flat Low rise
4 Bed + Flat Low rise
1 Bed Flat High rise
2 Bed Flat High rise
3 Bed Flat High rise
4 Bed + Flat High rise
2 Bed House
3 Bed House
4 Bed House
5 Bed House
6 Bed+ House

Social Rented

Shared Ownership
phase 1

Affordable Rent
phase 1

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

TOTAL CAPITAL VALUE OF ALL AFFORDABLE HOUSING (EXCLUDING OTHER FUNDING)


RP Cross Subsidy (use of own assets)
LA s106 commuted in lieu
RP Re-cycled SHG
Other source of funding 2
Land Remediation Tax Relief

0
0
0
0
0
0

OTHER SOURCES OF AFFORDABLE HOUSING FUNDING

TOTAL CAPITAL VALUE OF ALL AFFORDABLE HOUSING (INCLUDING OTHER FUNDING)

Shared
Ownership phase
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Affordable Rent
phase 2
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Open Market Housing


Net Area
(sq m)

Revenue
( / sq m)

Total Revenue
()

Open Market Phase 1:


Open Market Phase 2:
Open Market Phase 3:
Open Market Phase 4:
Open Market Phase 5:
Total

10,875
10,875

2,200
-

23,925,000
0
0
0
0
23,925,000

Open Market Phase 1:


Open Market Phase 2:
Open Market Phase 3:
Open Market Phase 4:
Open Market Phase 5:

Average value ( per unit)


225,708
0
0
0
0

Type of Open Market Housing

Capital Value of Private Rental


TOTAL CAPITAL VALUE OF OPEN MARKET HOUSING

0
23,925,000

Monthly Sales rate


3.79

HCA Development Apprasial Tool

Printed 23/08/2013

Car Parking
No. of Spaces
-

Price per Space ()


-

Value
-

TOTAL VALUE OF CAR PARKING

Ground rent
Capitalised annual
ground rent
0
0
0

Social Rented
Shared Ownership
Affordable Rent
Open market (all phases)

48,462

TOTAL CAPITALISED ANNUAL GROUND RENT

48,462

TOTAL CAPITAL VALUE OF RESIDENTIAL SCHEME

23,973,462

Non-Residential Values
Office
Retail
Industrial
Leisure
Community Use

0
0
0
0
0

TOTAL CAPITAL VALUE OF NON-RESIDENTIAL SCHEME

TOTAL VALUE OF SCHEME

23,973,462

Residential Building, Marketing & Section 106 Costs


Per sq meter
Affordable Housing Build Costs
Open Market Housing Build Costs

0
7,825,624

702

7,825,624
Residential Car Parking Build Costs

External Works & Infrastructure Costs ()


Site Preparation/Demolition
Roads and Sewers
Services (Power, Water, Gas, Telco and IT)
Strategic Landscaping
Off Site Works
Public Open Space
Site Specific Sustainability Initiatives
Plot specific external works
Infrastructure
0

Per unit
0
0
0
0
0
0
48,018
0
1,252,500
0

453
11,816

Other site costs


Building Contingencies
Fees and certification
Other Acquisition Costs ()
Site Abnormals ()
De-canting tenants
Decontamination
Other
Other 2

4.0%

313,025
732,478
0

2,953
6,910

0
0
0
0

Total Building Costs inc Fees

10,171,645

Statutory 106 Costs ()


Education
Sport & Recreation
Social Infrastructure
Public Realm
Affordable Housing
Transport
Highway
Health
Public Art
Flood work
Community Infrastructure Levy

0
0
0
0
0
0
0
0
0
0
0

95,959

HCA Development Apprasial Tool

Printed 23/08/2013

Other Tariff
Other 1
Other 2

0
0
0
0
0

Statutory 106 costs

Marketing (Open Market Housing ONLY)


Sales/letting Fees
Legal Fees (per Open Market unit):

4.0%
600

957,000
63,600

Marketing (Affordable Housing)


Developer cost of sale to RP ()
RP purchase costs ()
Intermediate Housing Sales and Marketing ()

per OM unit
9,028
600
per affordable unit

0
0
0

Total Marketing Costs

1,020,600

Non-Residential Building & Marketing Costs


Building Costs
Office
Retail
Industrial
Leisure
Community-use

0
0
0
0
0

Professional Fees (Building, Letting & Sales)


Office
Retail
Industrial
Leisure
Community-use

0
0
0
0
0

Total Non-Residential Costs

TOTAL DIRECT COSTS:

11,192,245

Finance and acquisition costs


Land Value
Arrangement Fee
Misc Fees (Surveyors etc)
Agents Fees
Legal Fees
Stamp Duty
Total Interest Paid

2,200,000
0
0
22,000
16,500
154,000
231,801

Total Finance and Acquisition Costs

2,624,301

1,100,000
20,755
0.0%
0.00%

per Gross ha
per OM home
of interest
of scheme value

1,100,000
20,755

Developer's return for risk and profit


Residential
Market Housing Return (inc OH) on Value
Affordable Housing Return on Cost
Return on sale of Private Rent
Non-residential
Office
Retail
Industrial
Leisure
Community-use

20.0%
0.0%
0.0%
0
0
0
0
0

4,785,000
0
0

45,142 per OM unit


per affordable unit
#DIV/0!
per PR unit

Total Operating Profit


4,785,000
(i.e. profit after deducting sales and site specific finance costs but before deducting developer overheads and taxation)

Surplus/(Deficit) at completion 1/11/2018

5,371,916

Present Value of Surplus (Deficit) at 1/8/2013

3,673,015

Scheme Investment IRR

146.1%

Measures
Site Value as a Percentage of Total Scheme Value
Site Value per hectare

9.2%
2,685,958

34,651 per unit

(before Developer's returns and interest to avoid double counting returns)

HCA Development Apprasial Tool

Printed 23/08/2013

SCHEME
Site Address
Site Reference
File Source
Scheme Description
Date of appraisal
Net Residential Site Area (hectares)
Author & Organisation
HCA Investment Partner (where applicable)

Appraisal 8 - Low density houses, mid/low sales value area (2.0ha)

01/08/2013
2
Salford City Council
0

Housing Mix (Affordable + Open Market)


Total Number of Units
Total Number of Open Market Units
Total Number of Affordable Units
Total Net Internal Area (sq m)
Total Habitable Rooms
% Affordable by Unit
% Affordable by Area
% Affordable by Habitable Rooms
% Social Rented within the Affordable Housing
% Social Rented within the Affordable Housing
% Social Rented within the Affordable Housing
Density
Total Number of A/H Persons
Number of Social and Affordable Rent
Number of Intermediate
Total Number of Open Market Persons
Total Number of Persons
Gross site Area
Net Site Area
Net Internal Housing Area / Hectare

70
70
0
7,825
0
0.0%
0.0%
35

0
0
0
0
0
2.00
2.00
3,913

units
units
units
sq m
habitable rooms

by number of units
by NIA of Units (sq m)
by habitable rooms
units/ hectare
Persons
Persons
Persons
Persons
Persons
hectares
hectares
sq m / hectare

AH Residential Values
Full term yield based
Type of Unit
1 Bed Flat Low rise
2 Bed Flat Low rise
3 Bed Flat Low rise
4 Bed + Flat Low rise
1 Bed Flat High rise
2 Bed Flat High rise
3 Bed Flat High rise
4 Bed + Flat High rise
2 Bed House
3 Bed House
4 Bed House
5 Bed House
6 Bed+ House

Social Rented

Shared Ownership
phase 1

Affordable Rent
phase 1

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

TOTAL CAPITAL VALUE OF ALL AFFORDABLE HOUSING (EXCLUDING OTHER FUNDING)


RP Cross Subsidy (use of own assets)
LA s106 commuted in lieu
RP Re-cycled SHG
Other source of funding 2
Land Remediation Tax Relief

0
0
0
0
0
0

OTHER SOURCES OF AFFORDABLE HOUSING FUNDING

TOTAL CAPITAL VALUE OF ALL AFFORDABLE HOUSING (INCLUDING OTHER FUNDING)

Shared
Ownership phase
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Affordable Rent
phase 2
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Open Market Housing


Net Area
(sq m)

Revenue
( / sq m)

Total Revenue
()

Open Market Phase 1:


Open Market Phase 2:
Open Market Phase 3:
Open Market Phase 4:
Open Market Phase 5:
Total

7,825
7,825

1,800
-

14,085,000
0
0
0
0
14,085,000

Open Market Phase 1:


Open Market Phase 2:
Open Market Phase 3:
Open Market Phase 4:
Open Market Phase 5:

Average value ( per unit)


201,214
0
0
0
0

Type of Open Market Housing

Capital Value of Private Rental


TOTAL CAPITAL VALUE OF OPEN MARKET HOUSING

0
14,085,000

Monthly Sales rate


3.50

HCA Development Apprasial Tool

Printed 23/08/2013

Car Parking
No. of Spaces
-

Price per Space ()


-

Value
-

TOTAL VALUE OF CAR PARKING

Ground rent
Capitalised annual
ground rent
0
0
0

Social Rented
Shared Ownership
Affordable Rent
Open market (all phases)

TOTAL CAPITALISED ANNUAL GROUND RENT

TOTAL CAPITAL VALUE OF RESIDENTIAL SCHEME

14,085,000

Non-Residential Values
Office
Retail
Industrial
Leisure
Community Use

0
0
0
0
0

TOTAL CAPITAL VALUE OF NON-RESIDENTIAL SCHEME

TOTAL VALUE OF SCHEME

14,085,000

Residential Building, Marketing & Section 106 Costs


Per sq meter
Affordable Housing Build Costs
Open Market Housing Build Costs

0
5,344,475

683

5,344,475
Residential Car Parking Build Costs

External Works & Infrastructure Costs ()


Site Preparation/Demolition
Roads and Sewers
Services (Power, Water, Gas, Telco and IT)
Strategic Landscaping
Off Site Works
Public Open Space
Site Specific Sustainability Initiatives
Plot specific external works
Infrastructure
0

Per unit
0
0
0
0
0
0
31,710
0
945,000
0

453
13,500

Other site costs


Building Contingencies
Fees and certification
Other Acquisition Costs ()
Site Abnormals ()
De-canting tenants
Decontamination
Other
Other 2

4.0%

213,779
500,243
0

3,054
7,146

0
0
0
0

Total Building Costs inc Fees

7,035,207

Statutory 106 Costs ()


Education
Sport & Recreation
Social Infrastructure
Public Realm
Affordable Housing
Transport
Highway
Health
Public Art
Flood work
Community Infrastructure Levy

0
0
0
0
0
0
0
0
0
0
0

100,503

HCA Development Apprasial Tool

Printed 23/08/2013

Other Tariff
Other 1
Other 2

0
0
0
0
0

Statutory 106 costs

Marketing (Open Market Housing ONLY)


Sales/letting Fees
Legal Fees (per Open Market unit):

4.0%
600

563,400
42,000

Marketing (Affordable Housing)


Developer cost of sale to RP ()
RP purchase costs ()
Intermediate Housing Sales and Marketing ()

per OM unit
8,049
600
per affordable unit

0
0
0

Total Marketing Costs

605,400

Non-Residential Building & Marketing Costs


Building Costs
Office
Retail
Industrial
Leisure
Community-use

0
0
0
0
0

Professional Fees (Building, Letting & Sales)


Office
Retail
Industrial
Leisure
Community-use

0
0
0
0
0

Total Non-Residential Costs

TOTAL DIRECT COSTS:

7,640,607

Finance and acquisition costs


Land Value
Arrangement Fee
Misc Fees (Surveyors etc)
Agents Fees
Legal Fees
Stamp Duty
Total Interest Paid

1,700,000
0
0
17,000
12,750
85,000
178,069

Total Finance and Acquisition Costs

1,992,819

850,000
24,286

per Gross ha
per OM home
0.0% of interest
0.00% of scheme value

850,000
24,286

Developer's return for risk and profit


Residential
Market Housing Return (inc OH) on Value
Affordable Housing Return on Cost
Return on sale of Private Rent
Non-residential
Office
Retail
Industrial
Leisure
Community-use

20.0%
0.0%
0.0%
0
0
0
0
0

2,817,000
0
0

40,243 per OM unit


per affordable unit
#DIV/0!
per PR unit

Total Operating Profit


2,817,000
(i.e. profit after deducting sales and site specific finance costs but before deducting developer overheads and taxation)

Surplus/(Deficit) at completion 1/11/2018

1,634,574

Present Value of Surplus (Deficit) at 1/8/2013

1,117,630

Scheme Investment IRR

123.8%

Measures
Site Value as a Percentage of Total Scheme Value
Site Value per hectare

12.1%
817,287

15,966 per unit

(before Developer's returns and interest to avoid double counting returns)

HCA Development Apprasial Tool

Printed 23/08/2013

SCHEME
Site Address
Site Reference
File Source
Scheme Description
Date of appraisal
Net Residential Site Area (hectares)
Author & Organisation
HCA Investment Partner (where applicable)

Appraisal 9 - Mid density apartments, mid/low value area (2.0ha)

01/08/2013
2
Salford City Council
0

Housing Mix (Affordable + Open Market)


Total Number of Units
Total Number of Open Market Units
Total Number of Affordable Units
Total Net Internal Area (sq m)
Total Habitable Rooms
% Affordable by Unit
% Affordable by Area
% Affordable by Habitable Rooms
% Social Rented within the Affordable Housing
% Social Rented within the Affordable Housing
% Social Rented within the Affordable Housing
Density
Total Number of A/H Persons
Number of Social and Affordable Rent
Number of Intermediate
Total Number of Open Market Persons
Total Number of Persons
Gross site Area
Net Site Area
Net Internal Housing Area / Hectare

250
250
0
14,960
0
0.0%
0.0%
125

0
0
0
0
0
2.00
2.00
7,480

units
units
units
sq m
habitable rooms

by number of units
by NIA of Units (sq m)
by habitable rooms
units/ hectare
Persons
Persons
Persons
Persons
Persons
hectares
hectares
sq m / hectare

AH Residential Values
Full term yield based
Type of Unit
1 Bed Flat Low rise
2 Bed Flat Low rise
3 Bed Flat Low rise
4 Bed + Flat Low rise
1 Bed Flat High rise
2 Bed Flat High rise
3 Bed Flat High rise
4 Bed + Flat High rise
2 Bed House
3 Bed House
4 Bed House
5 Bed House
6 Bed+ House

Social Rented

Shared Ownership
phase 1

Affordable Rent
phase 1

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

TOTAL CAPITAL VALUE OF ALL AFFORDABLE HOUSING (EXCLUDING OTHER FUNDING)


RP Cross Subsidy (use of own assets)
LA s106 commuted in lieu
RP Re-cycled SHG
Other source of funding 2
Land Remediation Tax Relief

0
0
0
0
0
0

OTHER SOURCES OF AFFORDABLE HOUSING FUNDING

TOTAL CAPITAL VALUE OF ALL AFFORDABLE HOUSING (INCLUDING OTHER FUNDING)

Shared
Ownership phase
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Affordable Rent
phase 2
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Open Market Housing


Net Area
(sq m)

Revenue
( / sq m)

Total Revenue
()

Open Market Phase 1:


Open Market Phase 2:
Open Market Phase 3:
Open Market Phase 4:
Open Market Phase 5:
Total

14,960
14,960

1,800
-

26,928,000
0
0
0
0
26,928,000

Open Market Phase 1:


Open Market Phase 2:
Open Market Phase 3:
Open Market Phase 4:
Open Market Phase 5:

Average value ( per unit)


107,712
0
0
0
0

Type of Open Market Housing

Capital Value of Private Rental


TOTAL CAPITAL VALUE OF OPEN MARKET HOUSING

0
26,928,000

Monthly Sales rate


6.41

HCA Development Apprasial Tool

Printed 23/08/2013

Car Parking
No. of Spaces
-

Price per Space ()


-

Value
-

TOTAL VALUE OF CAR PARKING

Ground rent
Capitalised annual
ground rent
0
0
0

Social Rented
Shared Ownership
Affordable Rent
Open market (all phases)

576,923

TOTAL CAPITALISED ANNUAL GROUND RENT

576,923

TOTAL CAPITAL VALUE OF RESIDENTIAL SCHEME

27,504,923

Non-Residential Values
Office
Retail
Industrial
Leisure
Community Use

0
0
0
0
0

TOTAL CAPITAL VALUE OF NON-RESIDENTIAL SCHEME

TOTAL VALUE OF SCHEME

27,504,923

Residential Building, Marketing & Section 106 Costs


Per sq meter
Affordable Housing Build Costs
Open Market Housing Build Costs

0
15,347,200

872

15,347,200
Residential Car Parking Build Costs

External Works & Infrastructure Costs ()


Site Preparation/Demolition
Roads and Sewers
Services (Power, Water, Gas, Telco and IT)
Strategic Landscaping
Off Site Works
Public Open Space
Site Specific Sustainability Initiatives
Plot specific external works
Infrastructure
0

Per unit
0
0
0
0
0
0
113,250
0
1,250,000
0

453
5,000

Other site costs


Building Contingencies
Fees and certification
Other Acquisition Costs ()
Site Abnormals ()
De-canting tenants
Decontamination
Other
Other 2

4.0%

613,888
1,436,498
0

2,456
5,746

0
0
0
0

Total Building Costs inc Fees

18,760,836

Statutory 106 Costs ()


Education
Sport & Recreation
Social Infrastructure
Public Realm
Affordable Housing
Transport
Highway
Health
Public Art
Flood work
Community Infrastructure Levy

0
0
0
0
0
0
0
0
0
0
0

75,043

HCA Development Apprasial Tool

Printed 23/08/2013

Other Tariff
Other 1
Other 2

0
0
0
0
0

Statutory 106 costs

Marketing (Open Market Housing ONLY)


Sales/letting Fees
Legal Fees (per Open Market unit):

4.0%
600

1,077,120
150,000

Marketing (Affordable Housing)


Developer cost of sale to RP ()
RP purchase costs ()
Intermediate Housing Sales and Marketing ()

per OM unit
4,308
600
per affordable unit

0
0
0

Total Marketing Costs

1,227,120

Non-Residential Building & Marketing Costs


Building Costs
Office
Retail
Industrial
Leisure
Community-use

0
0
0
0
0

Professional Fees (Building, Letting & Sales)


Office
Retail
Industrial
Leisure
Community-use

0
0
0
0
0

Total Non-Residential Costs

TOTAL DIRECT COSTS:

19,987,956

Finance and acquisition costs


Land Value
Arrangement Fee
Misc Fees (Surveyors etc)
Agents Fees
Legal Fees
Stamp Duty
Total Interest Paid

1,700,000
0
0
17,000
12,750
85,000
485,275

Total Finance and Acquisition Costs

2,300,025

850,000
6,800

per Gross ha
per OM home
0.0% of interest
0.00% of scheme value

850,000
6,800

Developer's return for risk and profit


Residential
Market Housing Return (inc OH) on Value
Affordable Housing Return on Cost
Return on sale of Private Rent
Non-residential
Office
Retail
Industrial
Leisure
Community-use

20.0%
0.0%
0.0%
0
0
0
0
0

5,385,600
0
0

21,542 per OM unit


per affordable unit
#DIV/0!
per PR unit

Total Operating Profit


5,385,600
(i.e. profit after deducting sales and site specific finance costs but before deducting developer overheads and taxation)

Surplus/(Deficit) at completion 1/11/2018

(168,657)

Present Value of Surplus (Deficit) at 1/8/2013

(115,318)

Scheme Investment IRR

46.8%

Measures
Site Value as a Percentage of Total Scheme Value
Site Value per hectare

6.2%
-84,329

(461) per unit

(before Developer's returns and interest to avoid double counting returns)

HCA Development Apprasial Tool

Printed 23/08/2013

SCHEME
Site Address
Site Reference
File Source
Scheme Description
Date of appraisal
Net Residential Site Area (hectares)
Author & Organisation
HCA Investment Partner (where applicable)

Appraisal 10 - Mixed type scheme, mid-low value areas (2ha)

01/08/2013
2
Salford City Council
0

Housing Mix (Affordable + Open Market)


Total Number of Units
Total Number of Open Market Units
Total Number of Affordable Units
Total Net Internal Area (sq m)
Total Habitable Rooms
% Affordable by Unit
% Affordable by Area
% Affordable by Habitable Rooms
% Social Rented within the Affordable Housing
% Social Rented within the Affordable Housing
% Social Rented within the Affordable Housing
Density
Total Number of A/H Persons
Number of Social and Affordable Rent
Number of Intermediate
Total Number of Open Market Persons
Total Number of Persons
Gross site Area
Net Site Area
Net Internal Housing Area / Hectare

106
106
0
10,875
0
0.0%
0.0%
53

0
0
0
0
0
2.00
2.00
5,438

units
units
units
sq m
habitable rooms

by number of units
by NIA of Units (sq m)
by habitable rooms
units/ hectare
Persons
Persons
Persons
Persons
Persons
hectares
hectares
sq m / hectare

AH Residential Values
Full term yield based
Type of Unit
1 Bed Flat Low rise
2 Bed Flat Low rise
3 Bed Flat Low rise
4 Bed + Flat Low rise
1 Bed Flat High rise
2 Bed Flat High rise
3 Bed Flat High rise
4 Bed + Flat High rise
2 Bed House
3 Bed House
4 Bed House
5 Bed House
6 Bed+ House

Social Rented

Shared Ownership
phase 1

Affordable Rent
phase 1

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

TOTAL CAPITAL VALUE OF ALL AFFORDABLE HOUSING (EXCLUDING OTHER FUNDING)


RP Cross Subsidy (use of own assets)
LA s106 commuted in lieu
RP Re-cycled SHG
Other source of funding 2
Land Remediation Tax Relief

0
0
0
0
0
0

OTHER SOURCES OF AFFORDABLE HOUSING FUNDING

TOTAL CAPITAL VALUE OF ALL AFFORDABLE HOUSING (INCLUDING OTHER FUNDING)

Shared
Ownership phase
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Affordable Rent
phase 2
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Open Market Housing


Net Area
(sq m)

Revenue
( / sq m)

Total Revenue
()

Open Market Phase 1:


Open Market Phase 2:
Open Market Phase 3:
Open Market Phase 4:
Open Market Phase 5:
Total

10,875
10,875

1,800
-

19,575,000
0
0
0
0
19,575,000

Open Market Phase 1:


Open Market Phase 2:
Open Market Phase 3:
Open Market Phase 4:
Open Market Phase 5:

Average value ( per unit)


184,670
0
0
0
0

Type of Open Market Housing

Capital Value of Private Rental


TOTAL CAPITAL VALUE OF OPEN MARKET HOUSING

0
19,575,000

Monthly Sales rate


3.79

HCA Development Apprasial Tool

Printed 23/08/2013

Car Parking
No. of Spaces
-

Price per Space ()


-

Value
-

TOTAL VALUE OF CAR PARKING

Ground rent
Capitalised annual
ground rent
0
0
0

Social Rented
Shared Ownership
Affordable Rent
Open market (all phases)

48,462

TOTAL CAPITALISED ANNUAL GROUND RENT

48,462

TOTAL CAPITAL VALUE OF RESIDENTIAL SCHEME

19,623,462

Non-Residential Values
Office
Retail
Industrial
Leisure
Community Use

0
0
0
0
0

TOTAL CAPITAL VALUE OF NON-RESIDENTIAL SCHEME

TOTAL VALUE OF SCHEME

19,623,462

Residential Building, Marketing & Section 106 Costs


Per sq meter
Affordable Housing Build Costs
Open Market Housing Build Costs

0
7,825,624

702

7,825,624
Residential Car Parking Build Costs

External Works & Infrastructure Costs ()


Site Preparation/Demolition
Roads and Sewers
Services (Power, Water, Gas, Telco and IT)
Strategic Landscaping
Off Site Works
Public Open Space
Site Specific Sustainability Initiatives
Plot specific external works
Infrastructure
0

Per unit
0
0
0
0
0
0
48,018
0
1,252,500
0

453
11,816

Other site costs


Building Contingencies
Fees and certification
Other Acquisition Costs ()
Site Abnormals ()
De-canting tenants
Decontamination
Other
Other 2

4.0%

313,025
732,478
0

2,953
6,910

0
0
0
0

Total Building Costs inc Fees

10,171,645

Statutory 106 Costs ()


Education
Sport & Recreation
Social Infrastructure
Public Realm
Affordable Housing
Transport
Highway
Health
Public Art
Flood work
Community Infrastructure Levy

0
0
0
0
0
0
0
0
0
0
0

95,959

HCA Development Apprasial Tool

Printed 23/08/2013

Other Tariff
Other 1
Other 2

0
0
0
0
0

Statutory 106 costs

Marketing (Open Market Housing ONLY)


Sales/letting Fees
Legal Fees (per Open Market unit):

4.0%
600

783,000
63,600

Marketing (Affordable Housing)


Developer cost of sale to RP ()
RP purchase costs ()
Intermediate Housing Sales and Marketing ()

per OM unit
7,387
600
per affordable unit

0
0
0

Total Marketing Costs

846,600

Non-Residential Building & Marketing Costs


Building Costs
Office
Retail
Industrial
Leisure
Community-use

0
0
0
0
0

Professional Fees (Building, Letting & Sales)


Office
Retail
Industrial
Leisure
Community-use

0
0
0
0
0

Total Non-Residential Costs

TOTAL DIRECT COSTS:

11,018,245

Finance and acquisition costs


Land Value
Arrangement Fee
Misc Fees (Surveyors etc)
Agents Fees
Legal Fees
Stamp Duty
Total Interest Paid

1,700,000
0
0
17,000
12,750
85,000
215,385

Total Finance and Acquisition Costs

2,030,135

850,000
16,038

per Gross ha
per OM home
0.0% of interest
0.00% of scheme value

850,000
16,038

Developer's return for risk and profit


Residential
Market Housing Return (inc OH) on Value
Affordable Housing Return on Cost
Return on sale of Private Rent
Non-residential
Office
Retail
Industrial
Leisure
Community-use

20.0%
0.0%
0.0%
0
0
0
0
0

3,915,000
0
0

36,934 per OM unit


per affordable unit
#DIV/0!
per PR unit

Total Operating Profit


3,915,000
(i.e. profit after deducting sales and site specific finance costs but before deducting developer overheads and taxation)

Surplus/(Deficit) at completion 1/11/2018

2,660,082

Present Value of Surplus (Deficit) at 1/8/2013

1,818,815

Scheme Investment IRR

114.0%

Measures
Site Value as a Percentage of Total Scheme Value
Site Value per hectare

8.7%
1,330,041

17,159 per unit

(before Developer's returns and interest to avoid double counting returns)

HCA Development Apprasial Tool

Printed 23/08/2013

SCHEME
Site Address
Site Reference
File Source
Scheme Description
Date of appraisal
Net Residential Site Area (hectares)
Author & Organisation
HCA Investment Partner (where applicable)

Appraisal 11 - Low density houses, low value area (2.0ha)

01/08/2013
2
Salford City Council
0

Housing Mix (Affordable + Open Market)


Total Number of Units
Total Number of Open Market Units
Total Number of Affordable Units
Total Net Internal Area (sq m)
Total Habitable Rooms
% Affordable by Unit
% Affordable by Area
% Affordable by Habitable Rooms
% Social Rented within the Affordable Housing
% Social Rented within the Affordable Housing
% Social Rented within the Affordable Housing
Density
Total Number of A/H Persons
Number of Social and Affordable Rent
Number of Intermediate
Total Number of Open Market Persons
Total Number of Persons
Gross site Area
Net Site Area
Net Internal Housing Area / Hectare

70
70
0
7,825
0
0.0%
0.0%
35

0
0
0
0
0
2.00
2.00
3,913

units
units
units
sq m
habitable rooms

by number of units
by NIA of Units (sq m)
by habitable rooms
units/ hectare
Persons
Persons
Persons
Persons
Persons
hectares
hectares
sq m / hectare

AH Residential Values
Full term yield based
Type of Unit
1 Bed Flat Low rise
2 Bed Flat Low rise
3 Bed Flat Low rise
4 Bed + Flat Low rise
1 Bed Flat High rise
2 Bed Flat High rise
3 Bed Flat High rise
4 Bed + Flat High rise
2 Bed House
3 Bed House
4 Bed House
5 Bed House
6 Bed+ House

Social Rented

Shared Ownership
phase 1

Affordable Rent
phase 1

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

TOTAL CAPITAL VALUE OF ALL AFFORDABLE HOUSING (EXCLUDING OTHER FUNDING)


RP Cross Subsidy (use of own assets)
LA s106 commuted in lieu
RP Re-cycled SHG
Other source of funding 2
Land Remediation Tax Relief

0
0
0
0
0
0

OTHER SOURCES OF AFFORDABLE HOUSING FUNDING

TOTAL CAPITAL VALUE OF ALL AFFORDABLE HOUSING (INCLUDING OTHER FUNDING)

Shared
Ownership phase
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Affordable Rent
phase 2
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Open Market Housing


Net Area
(sq m)

Revenue
( / sq m)

Total Revenue
()

Open Market Phase 1:


Open Market Phase 2:
Open Market Phase 3:
Open Market Phase 4:
Open Market Phase 5:
Total

7,825
7,825

1,400
-

10,955,000
0
0
0
0
10,955,000

Open Market Phase 1:


Open Market Phase 2:
Open Market Phase 3:
Open Market Phase 4:
Open Market Phase 5:

Average value ( per unit)


156,500
0
0
0
0

Type of Open Market Housing

Capital Value of Private Rental


TOTAL CAPITAL VALUE OF OPEN MARKET HOUSING

0
10,955,000

Monthly Sales rate


3.50

HCA Development Apprasial Tool

Printed 23/08/2013

Car Parking
No. of Spaces
-

Price per Space ()


-

Value
-

TOTAL VALUE OF CAR PARKING

Ground rent
Capitalised annual
ground rent
0
0
0

Social Rented
Shared Ownership
Affordable Rent
Open market (all phases)

TOTAL CAPITALISED ANNUAL GROUND RENT

TOTAL CAPITAL VALUE OF RESIDENTIAL SCHEME

10,955,000

Non-Residential Values
Office
Retail
Industrial
Leisure
Community Use

0
0
0
0
0

TOTAL CAPITAL VALUE OF NON-RESIDENTIAL SCHEME

TOTAL VALUE OF SCHEME

10,955,000

Residential Building, Marketing & Section 106 Costs


Per sq meter
Affordable Housing Build Costs
Open Market Housing Build Costs

0
5,344,475

683

5,344,475
Residential Car Parking Build Costs

External Works & Infrastructure Costs ()


Site Preparation/Demolition
Roads and Sewers
Services (Power, Water, Gas, Telco and IT)
Strategic Landscaping
Off Site Works
Public Open Space
Site Specific Sustainability Initiatives
Plot specific external works
Infrastructure
0

Per unit
0
0
0
0
0
0
31,710
0
945,000
0

453
13,500

Other site costs


Building Contingencies
Fees and certification
Other Acquisition Costs ()
Site Abnormals ()
De-canting tenants
Decontamination
Other
Other 2

4.0%

213,779
500,243
0

3,054
7,146

0
0
0
0

Total Building Costs inc Fees

7,035,207

Statutory 106 Costs ()


Education
Sport & Recreation
Social Infrastructure
Public Realm
Affordable Housing
Transport
Highway
Health
Public Art
Flood work
Community Infrastructure Levy

0
0
0
0
0
0
0
0
0
0
0

100,503

HCA Development Apprasial Tool

Printed 23/08/2013

Other Tariff
Other 1
Other 2

0
0
0
0
0

Statutory 106 costs

Marketing (Open Market Housing ONLY)


Sales/letting Fees
Legal Fees (per Open Market unit):

4.0%
600

438,200
42,000

Marketing (Affordable Housing)


Developer cost of sale to RP ()
RP purchase costs ()
Intermediate Housing Sales and Marketing ()

per OM unit
6,260
600
per affordable unit

0
0
0

Total Marketing Costs

480,200

Non-Residential Building & Marketing Costs


Building Costs
Office
Retail
Industrial
Leisure
Community-use

0
0
0
0
0

Professional Fees (Building, Letting & Sales)


Office
Retail
Industrial
Leisure
Community-use

0
0
0
0
0

Total Non-Residential Costs

TOTAL DIRECT COSTS:

7,515,407

Finance and acquisition costs


Land Value
Arrangement Fee
Misc Fees (Surveyors etc)
Agents Fees
Legal Fees
Stamp Duty
Total Interest Paid

1,200,000
0
0
12,000
9,000
60,000
167,785

Total Finance and Acquisition Costs

1,448,785

600,000
17,143

per Gross ha
per OM home
0.0% of interest
0.00% of scheme value

600,000
17,143

Developer's return for risk and profit


Residential
Market Housing Return (inc OH) on Value
Affordable Housing Return on Cost
Return on sale of Private Rent
Non-residential
Office
Retail
Industrial
Leisure
Community-use

20.0%
0.0%
0.0%
0
0
0
0
0

2,191,000
0
0

31,300 per OM unit


per affordable unit
#DIV/0!
per PR unit

Total Operating Profit


2,191,000
(i.e. profit after deducting sales and site specific finance costs but before deducting developer overheads and taxation)

Surplus/(Deficit) at completion 1/11/2018

(200,192)

Present Value of Surplus (Deficit) at 1/8/2013

(136,880)

Scheme Investment IRR

75.1%

Measures
Site Value as a Percentage of Total Scheme Value
Site Value per hectare

11.0%
-100,096

(1,955) per unit

(before Developer's returns and interest to avoid double counting returns)

HCA Development Apprasial Tool

Printed 23/08/2013

SCHEME
Site Address
Site Reference
File Source
Scheme Description
Date of appraisal
Net Residential Site Area (hectares)
Author & Organisation
HCA Investment Partner (where applicable)

Appraisal 12 - Mid density apartments, low value area (2.0ha)

01/08/2013
2
Salford City Council
0

Housing Mix (Affordable + Open Market)


Total Number of Units
Total Number of Open Market Units
Total Number of Affordable Units
Total Net Internal Area (sq m)
Total Habitable Rooms
% Affordable by Unit
% Affordable by Area
% Affordable by Habitable Rooms
% Social Rented within the Affordable Housing
% Social Rented within the Affordable Housing
% Social Rented within the Affordable Housing
Density
Total Number of A/H Persons
Number of Social and Affordable Rent
Number of Intermediate
Total Number of Open Market Persons
Total Number of Persons
Gross site Area
Net Site Area
Net Internal Housing Area / Hectare

250
250
0
14,960
0
0.0%
0.0%
125

0
0
0
0
0
2.00
2.00
7,480

units
units
units
sq m
habitable rooms

by number of units
by NIA of Units (sq m)
by habitable rooms
units/ hectare
Persons
Persons
Persons
Persons
Persons
hectares
hectares
sq m / hectare

AH Residential Values
Full term yield based
Type of Unit
1 Bed Flat Low rise
2 Bed Flat Low rise
3 Bed Flat Low rise
4 Bed + Flat Low rise
1 Bed Flat High rise
2 Bed Flat High rise
3 Bed Flat High rise
4 Bed + Flat High rise
2 Bed House
3 Bed House
4 Bed House
5 Bed House
6 Bed+ House

Social Rented

Shared Ownership
phase 1

Affordable Rent
phase 1

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

TOTAL CAPITAL VALUE OF ALL AFFORDABLE HOUSING (EXCLUDING OTHER FUNDING)


RP Cross Subsidy (use of own assets)
LA s106 commuted in lieu
RP Re-cycled SHG
Other source of funding 2
Land Remediation Tax Relief

0
0
0
0
0
0

OTHER SOURCES OF AFFORDABLE HOUSING FUNDING

TOTAL CAPITAL VALUE OF ALL AFFORDABLE HOUSING (INCLUDING OTHER FUNDING)

Shared
Ownership phase
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Affordable Rent
phase 2
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Open Market Housing


Net Area
(sq m)

Revenue
( / sq m)

Total Revenue
()

Open Market Phase 1:


Open Market Phase 2:
Open Market Phase 3:
Open Market Phase 4:
Open Market Phase 5:
Total

14,960
14,960

1,400
-

20,944,000
0
0
0
0
20,944,000

Open Market Phase 1:


Open Market Phase 2:
Open Market Phase 3:
Open Market Phase 4:
Open Market Phase 5:

Average value ( per unit)


83,776
0
0
0
0

Type of Open Market Housing

Capital Value of Private Rental


TOTAL CAPITAL VALUE OF OPEN MARKET HOUSING

0
20,944,000

Monthly Sales rate


6.41

HCA Development Apprasial Tool

Printed 23/08/2013

Car Parking
No. of Spaces
-

Price per Space ()


-

Value
-

TOTAL VALUE OF CAR PARKING

Ground rent
Capitalised annual
ground rent
0
0
0

Social Rented
Shared Ownership
Affordable Rent
Open market (all phases)

576,923

TOTAL CAPITALISED ANNUAL GROUND RENT

576,923

TOTAL CAPITAL VALUE OF RESIDENTIAL SCHEME

21,520,923

Non-Residential Values
Office
Retail
Industrial
Leisure
Community Use

0
0
0
0
0

TOTAL CAPITAL VALUE OF NON-RESIDENTIAL SCHEME

TOTAL VALUE OF SCHEME

21,520,923

Residential Building, Marketing & Section 106 Costs


Per sq meter
Affordable Housing Build Costs
Open Market Housing Build Costs

0
15,347,200

872

15,347,200
Residential Car Parking Build Costs

External Works & Infrastructure Costs ()


Site Preparation/Demolition
Roads and Sewers
Services (Power, Water, Gas, Telco and IT)
Strategic Landscaping
Off Site Works
Public Open Space
Site Specific Sustainability Initiatives
Plot specific external works
Infrastructure
0

Per unit
0
0
0
0
0
0
113,250
0
1,250,000
0

453
5,000

Other site costs


Building Contingencies
Fees and certification
Other Acquisition Costs ()
Site Abnormals ()
De-canting tenants
Decontamination
Other
Other 2

4.0%

613,888
1,436,498
0

2,456
5,746

0
0
0
0

Total Building Costs inc Fees

18,760,836

Statutory 106 Costs ()


Education
Sport & Recreation
Social Infrastructure
Public Realm
Affordable Housing
Transport
Highway
Health
Public Art
Flood work
Community Infrastructure Levy

0
0
0
0
0
0
0
0
0
0
0

75,043

HCA Development Apprasial Tool

Printed 23/08/2013

Other Tariff
Other 1
Other 2

0
0
0
0
0

Statutory 106 costs

Marketing (Open Market Housing ONLY)


Sales/letting Fees
Legal Fees (per Open Market unit):

4.0%
600

837,760
150,000

Marketing (Affordable Housing)


Developer cost of sale to RP ()
RP purchase costs ()
Intermediate Housing Sales and Marketing ()

per OM unit
3,351
600
per affordable unit

0
0
0

Total Marketing Costs

987,760

Non-Residential Building & Marketing Costs


Building Costs
Office
Retail
Industrial
Leisure
Community-use

0
0
0
0
0

Professional Fees (Building, Letting & Sales)


Office
Retail
Industrial
Leisure
Community-use

0
0
0
0
0

Total Non-Residential Costs

TOTAL DIRECT COSTS:

19,748,596

Finance and acquisition costs


Land Value
Arrangement Fee
Misc Fees (Surveyors etc)
Agents Fees
Legal Fees
Stamp Duty
Total Interest Paid

1,200,000
0
0
12,000
9,000
60,000
934,198

Total Finance and Acquisition Costs

2,215,198

600,000
4,800

per Gross ha
per OM home
0.0% of interest
0.00% of scheme value

600,000
4,800

Developer's return for risk and profit


Residential
Market Housing Return (inc OH) on Value
Affordable Housing Return on Cost
Return on sale of Private Rent
Non-residential
Office
Retail
Industrial
Leisure
Community-use

20.0%
0.0%
0.0%
0
0
0
0
0

4,188,800
0
0

16,755 per OM unit


per affordable unit
#DIV/0!
per PR unit

Total Operating Profit


4,188,800
(i.e. profit after deducting sales and site specific finance costs but before deducting developer overheads and taxation)

Surplus/(Deficit) at completion 1/11/2018

(4,631,671)

Present Value of Surplus (Deficit) at 1/8/2013

(3,166,877)

Scheme Investment IRR

4.4%

Measures
Site Value as a Percentage of Total Scheme Value
Site Value per hectare

5.6%
-2,315,836

(12,668) per unit

(before Developer's returns and interest to avoid double counting returns)

HCA Development Apprasial Tool

Printed 23/08/2013

SCHEME
Site Address
Site Reference
File Source
Scheme Description
Date of appraisal
Net Residential Site Area (hectares)
Author & Organisation
HCA Investment Partner (where applicable)

Appraisal 13 - Mixed type scheme, low value areas (2ha)

01/08/2013
2
Salford City Council
0

Housing Mix (Affordable + Open Market)


Total Number of Units
Total Number of Open Market Units
Total Number of Affordable Units
Total Net Internal Area (sq m)
Total Habitable Rooms
% Affordable by Unit
% Affordable by Area
% Affordable by Habitable Rooms
% Social Rented within the Affordable Housing
% Social Rented within the Affordable Housing
% Social Rented within the Affordable Housing
Density
Total Number of A/H Persons
Number of Social and Affordable Rent
Number of Intermediate
Total Number of Open Market Persons
Total Number of Persons
Gross site Area
Net Site Area
Net Internal Housing Area / Hectare

106
106
0
10,875
0
0.0%
0.0%
53

0
0
0
0
0
2.00
2.00
5,438

units
units
units
sq m
habitable rooms

by number of units
by NIA of Units (sq m)
by habitable rooms
units/ hectare
Persons
Persons
Persons
Persons
Persons
hectares
hectares
sq m / hectare

AH Residential Values
Full term yield based
Type of Unit
1 Bed Flat Low rise
2 Bed Flat Low rise
3 Bed Flat Low rise
4 Bed + Flat Low rise
1 Bed Flat High rise
2 Bed Flat High rise
3 Bed Flat High rise
4 Bed + Flat High rise
2 Bed House
3 Bed House
4 Bed House
5 Bed House
6 Bed+ House

Social Rented

Shared Ownership
phase 1

Affordable Rent
phase 1

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

TOTAL CAPITAL VALUE OF ALL AFFORDABLE HOUSING (EXCLUDING OTHER FUNDING)


RP Cross Subsidy (use of own assets)
LA s106 commuted in lieu
RP Re-cycled SHG
Other source of funding 2
Land Remediation Tax Relief

0
0
0
0
0
0

OTHER SOURCES OF AFFORDABLE HOUSING FUNDING

TOTAL CAPITAL VALUE OF ALL AFFORDABLE HOUSING (INCLUDING OTHER FUNDING)

Shared
Ownership phase
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Affordable Rent
phase 2
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Open Market Housing


Net Area
(sq m)

Revenue
( / sq m)

Total Revenue
()

Open Market Phase 1:


Open Market Phase 2:
Open Market Phase 3:
Open Market Phase 4:
Open Market Phase 5:
Total

10,875
10,875

1,400
-

15,225,000
0
0
0
0
15,225,000

Open Market Phase 1:


Open Market Phase 2:
Open Market Phase 3:
Open Market Phase 4:
Open Market Phase 5:

Average value ( per unit)


143,632
0
0
0
0

Type of Open Market Housing

Capital Value of Private Rental


TOTAL CAPITAL VALUE OF OPEN MARKET HOUSING

0
15,225,000

Monthly Sales rate


3.79

HCA Development Apprasial Tool

Printed 23/08/2013

Car Parking
No. of Spaces
-

Price per Space ()


-

Value
-

TOTAL VALUE OF CAR PARKING

Ground rent
Capitalised annual
ground rent
0
0
0

Social Rented
Shared Ownership
Affordable Rent
Open market (all phases)

48,462

TOTAL CAPITALISED ANNUAL GROUND RENT

48,462

TOTAL CAPITAL VALUE OF RESIDENTIAL SCHEME

15,273,462

Non-Residential Values
Office
Retail
Industrial
Leisure
Community Use

0
0
0
0
0

TOTAL CAPITAL VALUE OF NON-RESIDENTIAL SCHEME

TOTAL VALUE OF SCHEME

15,273,462

Residential Building, Marketing & Section 106 Costs


Per sq meter
Affordable Housing Build Costs
Open Market Housing Build Costs

0
7,825,624

702

7,825,624
Residential Car Parking Build Costs

External Works & Infrastructure Costs ()


Site Preparation/Demolition
Roads and Sewers
Services (Power, Water, Gas, Telco and IT)
Strategic Landscaping
Off Site Works
Public Open Space
Site Specific Sustainability Initiatives
Plot specific external works
Infrastructure
0

Per unit
0
0
0
0
0
0
48,018
0
1,252,500
0

453
11,816

Other site costs


Building Contingencies
Fees and certification
Other Acquisition Costs ()
Site Abnormals ()
De-canting tenants
Decontamination
Other
Other 2

4.0%

313,025
732,478
0

2,953
6,910

0
0
0
0

Total Building Costs inc Fees

10,171,645

Statutory 106 Costs ()


Education
Sport & Recreation
Social Infrastructure
Public Realm
Affordable Housing
Transport
Highway
Health
Public Art
Flood work
Community Infrastructure Levy

0
0
0
0
0
0
0
0
0
0
0

95,959

HCA Development Apprasial Tool

Printed 23/08/2013

Other Tariff
Other 1
Other 2

0
0
0
0
0

Statutory 106 costs

Marketing (Open Market Housing ONLY)


Sales/letting Fees
Legal Fees (per Open Market unit):

4.0%
600

609,000
63,600

Marketing (Affordable Housing)


Developer cost of sale to RP ()
RP purchase costs ()
Intermediate Housing Sales and Marketing ()

per OM unit
5,745
600
per affordable unit

0
0
0

Total Marketing Costs

672,600

Non-Residential Building & Marketing Costs


Building Costs
Office
Retail
Industrial
Leisure
Community-use

0
0
0
0
0

Professional Fees (Building, Letting & Sales)


Office
Retail
Industrial
Leisure
Community-use

0
0
0
0
0

Total Non-Residential Costs

TOTAL DIRECT COSTS:

10,844,245

Finance and acquisition costs


Land Value
Arrangement Fee
Misc Fees (Surveyors etc)
Agents Fees
Legal Fees
Stamp Duty
Total Interest Paid

1,700,000
0
0
12,000
9,000
60,000
307,599

Total Finance and Acquisition Costs

2,088,599

850,000
16,038

per Gross ha
per OM home
0.0% of interest
0.00% of scheme value

850,000
16,038

Developer's return for risk and profit


Residential
Market Housing Return (inc OH) on Value
Affordable Housing Return on Cost
Return on sale of Private Rent
Non-residential
Office
Retail
Industrial
Leisure
Community-use

20.0%
0.0%
0.0%
0
0
0
0
0

3,045,000
0
0

28,726 per OM unit


per affordable unit
#DIV/0!
per PR unit

Total Operating Profit


3,045,000
(i.e. profit after deducting sales and site specific finance costs but before deducting developer overheads and taxation)

Surplus/(Deficit) at completion 1/11/2018

(704,383)

Present Value of Surplus (Deficit) at 1/8/2013

(481,617)

Scheme Investment IRR

46.3%

Measures
Site Value as a Percentage of Total Scheme Value
Site Value per hectare

11.1%
-352,191

(4,544) per unit

(before Developer's returns and interest to avoid double counting returns)