non-residential appendices (1-26) · appraisal summary adams integra appendix 1 -retail large...
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Non-Residential Appendices (1-26)
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 1 -Retail Large Format Convenience Supermarket
Summary Appraisal for Phase 1
Currency in £
REVENUE
Rental Area Summary Initial Net Rent Initial Units m² Rate m² MRV/Unit at Sale MRV
Large Format Retail-Convenience 1 2,000.00 200.00 400,000 400,000 400,000
Investment Valuation Large Format Retail-Convenience Market Rent 400,000 YP @ 4.5000% 22.2222 (1yr Rent Free) PV 1yr @ 4.5000% 0.9569 8,506,114
GROSS DEVELOPMENT VALUE 8,506,114
Purchaser's Costs (493,355) (493,355)
NET DEVELOPMENT VALUE 8,012,759
NET REALISATION 8,012,759
OUTLAY
ACQUISITION COSTS Residualised Price (0.45 Ha 5,895,292.65 pHect) 2,652,882
2,652,882 Stamp Duty 235,644 Agent Fee 1.00% 26,529 Legal Fee 0.50% 13,264 Town Planning 2.00% 53,058
Project: Appendix 1 -Retail Large Format Convenience ARGUS Developer Version: 7.60.000 - 1 - Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 1 -Retail Large Format Convenience Supermarket
328,495 CONSTRUCTION COSTS Construction m² Rate m² Cost
Large Format Retail-Convenience 2,000.00 m² 1,095.00 pm² 2,190,000 2,190,000
Contingency 3.00% 65,700 Mayoral CIL 2,000.00 m² 60.00 pm² 120,000 Demolition 50,000 CIL 2,000.00 m² 165.00 pm² 330,000
565,700
PROFESSIONAL FEES Architect 4.00% 87,600 Quantity Surveyor 2.00% 43,800 Structural Engineer 1.00% 21,900 Mech./Elec.Engineer 1.00% 21,900 Project Manager 1.50% 32,850 C.D. Manager 0.50% 10,950
219,000 MARKETING & LETTING
Letting Agent Fee 10.00% 40,000 Letting Legal Fee 2.00% 8,000
48,000 DISPOSAL FEES
Sales Agent Fee 1.00% 80,128 Sales Legal Fee 0.25% 20,032
100,159
Additional Costs Arrangement Fee 2.00% 59,628
59,628 FINANCE
Debit Rate 7.000%, Credit Rate 0.000% (Nominal) Land 359,155
Project: Appendix 1 -Retail Large Format Convenience ARGUS Developer Version: 7.60.000 - 2 - Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 1 -Retail Large Format Convenience Supermarket
Construction 154,280 Total Finance Cost 513,435
TOTAL COSTS 6,677,299
PROFIT 1,335,460
Performance Measures Profit on Cost% 20.00% Profit on GDV% 15.70% Profit on NDV% 16.67% Development Yield% (on Rent) 5.99% Equivalent Yield% (Nominal) 4.50% Equivalent Yield% (True) 4.63%
IRR 23.23%
Rent Cover 3 yrs 4 mths Profit Erosion (finance rate 7.000%) 2 yrs 8 mths
Project: Appendix 1 -Retail Large Format Convenience ARGUS Developer Version: 7.60.000 - 3 - Date: 15/11/2018
SENSITIVITY ANALYSIS REPORT ADAMS INTEGRA
Appendix 1 -Retail Large Format Convenience Supermarket
Table of Profit Amount and Land Cost Construction: Rate pm²
Rent: Yield -200.00 pm² -100.00 pm² 0.00 pm² +100.00 pm² +200.00 pm² 895.00 pm² 995.00 pm² 1,095.00 pm² 1,195.00 pm² 1,295.00 pm²
-0.5000% £1,509,616 £1,509,617 £1,509,616 £1,509,616 £1,509,616 4.0000% (£3,722,566) (£3,532,898) (£3,343,232) (£3,153,565) (£2,963,899)
-0.2500% £1,417,409 £1,417,408 £1,417,408 £1,417,407 £1,417,409 4.2500% (£3,357,052) (£3,167,386) (£2,977,720) (£2,788,053) (£2,598,385) 0.0000% £1,335,461 £1,335,460 £1,335,460 £1,335,462 £1,335,461 4.5000% (£3,032,215) (£2,842,548) (£2,652,882) (£2,463,213) (£2,273,547)
+0.2500% £1,262,154 £1,262,153 £1,262,155 £1,262,154 £1,262,153 4.7500% (£2,741,627) (£2,551,961) (£2,362,292) (£2,172,627) (£1,982,960)
+0.5000% £1,196,191 £1,196,191 £1,196,192 £1,196,191 £1,196,191 5.0000% (£2,480,153) (£2,290,486) (£2,100,819) (£1,911,152) (£1,721,486)
Sensitivity Analysis : Assumptions for Calculation
Construction: Rate pm² Original Values are varied in Fixed Steps of £100.00
Heading Phase Rate No. of Steps Large Format Retail-Convenience 1 £1,095.00 2 Up & Down
Rent: Yield Original Values are varied in Fixed Steps of 0.25%
Heading Phase Cap. Rate No. of Steps Large Format Retail-Convenience 1 4.5000% 2 Up & Down
Project: Appendix 1 -Retail Large Format Convenience ARGUS Developer Version: 7.60.000 - 3 - Report Date: 15/11/2018
TIMESCALE AND PHASING GRAPH REPORT ADAMS INTEGRA
Appendix 1 -Retail Large Format Convenience Supermarket
Project Timescale Project Start Date Nov 2018 Project End Date Aug 2020 Project Duration (Inc Exit Period) 22 months
Phase 1
Project: Appendix 1 -Retail Large Format Convenience ARGUS Developer Version: 7.60.000 - 5 - Report Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 2- Retail- Large Format Comparison Retail Warehouse
Summary Appraisal for Phase 1
Currency in £
REVENUE
Rental Area Summary Initial Net Rent Initial Units m² Rate m² MRV/Unit at Sale MRV
Large Format Retail-Retail Warehouse 1 1,000.00 250.00 250,000 250,000 250,000
Investment Valuation Large Format Retail-Retail Warehouse Market Rent 250,000 YP @ 5.2500% 19.0476 (6mths Rent Free) PV 6mths @ 5.2500% 0.9747 4,641,621
GROSS DEVELOPMENT VALUE 4,641,621
Purchaser's Costs (269,214) (269,214)
NET DEVELOPMENT VALUE 4,372,407
NET REALISATION 4,372,407
OUTLAY
ACQUISITION COSTS Residualised Price (0.40 Ha 5,066,901.68 pHect) 2,026,761
2,026,761 Stamp Duty 89,838 Agent Fee 1.50% 30,401 Legal Fee 1.00% 20,268 Town Planning 2.00% 40,535
Project: Appendix 2- Retail- Large Format Comparison ARGUS Developer Version: 7.60.000 - 1 - Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 2- Retail- Large Format Comparison Retail Warehouse
181,042 CONSTRUCTION COSTS Construction m² Rate m² Cost
Large Format Retail-Retail Warehouse 1,000.00 m² 768.00 pm² 768,000 768,000
Contingency 3.00% 23,040 Demolition 25,000 Mayoral CIL 1,000.00 m² 60.00 pm² 60,000 CIL 1,000.00 m² 165.00 pm² 165,000
273,040
PROFESSIONAL FEES Architect 4.00% 30,720 Quantity Surveyor 2.00% 15,360 Structural Engineer 1.00% 7,680 Mech./Elec.Engineer 1.00% 7,680 Project Manager 1.50% 11,520 C.D. Manager 0.50% 3,840
76,800 MARKETING & LETTING
Marketing 1.00% 2,500 Letting Agent Fee 10.00% 25,000 Letting Legal Fee 1.75% 4,375
31,875 DISPOSAL FEES
Sales Agent Fee 1.00% 43,724 Sales Legal Fee 0.13% 5,684
49,408 FINANCE
Debit Rate 7.000%, Credit Rate 0.000% (Nominal) Land 196,548 Construction 40,197 Total Finance Cost 236,746
Project: Appendix 2- Retail- Large Format Comparison ARGUS Developer Version: 7.60.000 - 2 - Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 2- Retail- Large Format Comparison Retail Warehouse TOTAL COSTS 3,643,672
PROFIT 728,735
Performance Measures Profit on Cost% 20.00% Profit on GDV% 15.70% Profit on NDV% 16.67% Development Yield% (on Rent) 6.86% Equivalent Yield% (Nominal) 5.25% Equivalent Yield% (True) 5.43%
IRR 26.48%
Rent Cover 2 yrs 11 mths Profit Erosion (finance rate 7.000%) 2 yrs 8 mths
Project: Appendix 2- Retail- Large Format Comparison ARGUS Developer Version: 7.60.000 - 3 - Date: 15/11/2018
SENSITIVITY ANALYSIS REPORT ADAMS INTEGRA
Appendix 2- Retail- Large Format Comparison Retail Warehouse
Table of Profit Amount and Land Cost Construction: Rate pm²
Rent: Yield -200.00 pm² -100.00 pm² 0.00 pm² +100.00 pm² +200.00 pm² 568.00 pm² 668.00 pm² 768.00 pm² 868.00 pm² 968.00 pm²
-0.5000% £807,364 £807,365 £807,364 £807,364 £807,364 4.7500% (£2,546,090) (£2,448,784) (£2,351,479) (£2,254,175) (£2,156,870)
-0.2500% £766,082 £766,082 £766,082 £766,082 £766,082 5.0000% (£2,375,605) (£2,278,300) (£2,180,995) (£2,083,691) (£1,986,386) 0.0000% £728,736 £728,735 £728,735 £728,735 £728,736 5.2500% (£2,221,370) (£2,124,065) (£2,026,761) (£1,929,456) (£1,832,150)
+0.2500% £694,786 £694,786 £694,786 £694,787 £694,786 5.5000% (£2,081,169) (£1,983,864) (£1,886,559) (£1,789,254) (£1,691,949)
+0.5000% £663,792 £663,792 £663,792 £663,792 £663,792 5.7500% (£1,953,171) (£1,855,866) (£1,758,561) (£1,661,256) (£1,563,951)
Sensitivity Analysis : Assumptions for Calculation
Construction: Rate pm² Original Values are varied in Fixed Steps of £100.00
Heading Phase Rate No. of Steps Large Format Retail-Retail Warehouse 1 £768.00 2 Up & Down
Rent: Yield Original Values are varied in Fixed Steps of 0.25%
Heading Phase Cap. Rate No. of Steps Large Format Retail-Retail Warehouse 1 5.2500% 2 Up & Down
Project: Appendix 2- Retail- Large Format Comparison ARGUS Developer Version: 7.60.000 - 3 - Report Date: 15/11/2018
TIMESCALE AND PHASING GRAPH REPORT ADAMS INTEGRA
Appendix 2- Retail- Large Format Comparison Retail Warehouse
Project Timescale Project Start Date Oct 2018 Project End Date Feb 2020 Project Duration (Inc Exit Period) 17 months
Phase 1
Project: Appendix 2- Retail- Large Format Comparison ARGUS Developer Version: 7.60.000 - 5 - Report Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 3 Small Comparison Retail A1-A5 Main Centres
Summary Appraisal for Phase 1
Currency in £
REVENUE
Rental Area Summary Initial Net Rent Initial Units m² Rate m² MRV/Unit at Sale MRV
Small Format Comparison Retail -Prime 1 298.00 800.00 157,200 157,200 157,200
Investment Valuation Small Format Comparison Retail -Prime Current Rent 157,200 YP @ 5.2500% 19.0476 2,994,286 Rent Free (157,200) YP 9mths @ 5.2500% 0.7171
PV 9yrs 3mths @ 5.2500% 0.6229 (70,225) 2,924,060
GROSS DEVELOPMENT VALUE 2,924,060
Purchaser's Costs (169,595) (169,595)
NET DEVELOPMENT VALUE 2,754,465
NET REALISATION 2,754,465
OUTLAY
ACQUISITION COSTS Residualised Price (0.03 Ha 28,598,110.14 pHect) 857,943
857,943 Stamp Duty 31,397 Agent Fee 1.50% 12,869
Project: Appendix 3 Small Comparison Retail A1-A5 ARGUS Developer Version: 7.60.000 - 1 - Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 3 Small Comparison Retail A1-A5 Main Centres
Legal Fee 1.50% 12,869 Town Planning 2.00% 17,159
74,294 CONSTRUCTION COSTS Construction m² Rate m² Cost
Small Format Comparison Retail -Prime 300.00 m² 2,028.00 pm² 608,400 608,400
Contingency 5.00% 30,420 Mayoral CIL 300.00 m² 60.00 pm² 18,000 Demolition 50,000 CIL 300.00 m² 165.00 pm² 49,500
147,920
PROFESSIONAL FEES Architect 4.00% 24,336 Quantity Surveyor 2.00% 12,168 Structural Engineer 1.00% 6,084 Mech./Elec.Engineer 1.00% 6,084 Project Manager 1.50% 9,126 C.D. Manager 0.50% 3,042
60,840 MARKETING & LETTING
Marketing 1.00% 15,720 Letting Agent Fee 10.00% 15,720 Letting Legal Fee 2.00% 3,144
34,584 DISPOSAL FEES
Sales Agent Fee 1.00% 27,545 Sales Legal Fee 0.25% 6,886
34,431 Tenancy Void Costs
Total Tenancy Void Costs 119,200
FINANCE
Project: Appendix 3 Small Comparison Retail A1-A5 ARGUS Developer Version: 7.60.000 - 2 - Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 3 Small Comparison Retail A1-A5 Main Centres
Debit Rate 7.500%, Credit Rate 0.000% (Nominal) Land 64,538 Construction 25,282 Letting Void 146,030 Other 121,924 Total Finance Cost 357,775
TOTAL COSTS 2,295,387
PROFIT 459,078
Performance Measures Profit on Cost% 20.00% Profit on GDV% 15.70% Profit on NDV% 16.67% Development Yield% (on Rent) 6.85% Equivalent Yield% (Nominal) 5.25% Equivalent Yield% (True) 5.42%
IRR 15.98%
Rent Cover 2 yrs 11 mths Profit Erosion (finance rate 7.500%) 2 yrs 5 mths
Project: Appendix 3 Small Comparison Retail A1-A5 ARGUS Developer Version: 7.60.000 - 3 - Date: 15/11/2018
SENSITIVITY ANALYSIS REPORT ADAMS INTEGRA
Appendix 3 Small Comparison Retail A1-A5 Main Centres
Table of Profit Amount and Land Cost Construction: Rate pm²
Rent: Yield -200.00 pm² -100.00 pm² 0.00 pm² +100.00 pm² +200.00 pm² 1,828.00 pm² 1,928.00 pm² 2,028.00 pm² 2,128.00 pm² 2,228.00 pm²
-0.5000% £508,018 £508,018 £508,018 £508,017 £508,017 4.7500% (£1,097,866) (£1,067,766) (£1,037,667) (£1,007,567) (£977,467)
-0.2500% £482,314 £482,314 £482,314 £482,314 £482,314 5.0000% (£1,003,475) (£973,375) (£943,275) (£913,175) (£883,075) 0.0000% £459,078 £459,078 £459,078 £459,078 £459,078 5.2500% (£918,143) (£888,043) (£857,943) (£827,843) (£797,743)
+0.2500% £437,971 £437,971 £437,971 £437,972 £437,971 5.5000% (£840,633) (£810,533) (£780,433) (£750,333) (£720,233)
+0.5000% £418,716 £418,716 £418,716 £418,716 £418,716 5.7500% (£769,921) (£739,820) (£709,721) (£679,621) (£649,521)
Sensitivity Analysis : Assumptions for Calculation
Construction: Rate pm² Original Values are varied in Fixed Steps of £100.00
Heading Phase Rate No. of Steps Small Format Comparison Retail -Prime 1 £2,028.00 2 Up & Down
Rent: Yield Original Values are varied in Fixed Steps of 0.25%
Heading Phase Cap. Rate No. of Steps Small Format Comparison Retail -Prime 1 5.2500% 2 Up & Down
Project: Appendix 3 Small Comparison Retail A1-A5 ARGUS Developer Version: 7.60.000 - 3 - Report Date: 15/11/2018
TIMESCALE AND PHASING GRAPH REPORT ADAMS INTEGRA
Appendix 3 Small Comparison Retail A1-A5 Main Centres
Project Timescale Project Start Date Oct 2018 Project End Date Jul 2021 Project Duration (Inc Exit Period) 34 months
Phase 1
Project: Appendix 3 Small Comparison Retail A1-A5 ARGUS Developer Version: 7.60.000 - 5 - Report Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 4 - Retail A1-A5 Local centre/edge of town
Summary Appraisal for Phase 1
Currency in £
REVENUE
Rental Area Summary Initial Net Rent Initial Units m² Rate m² MRV/Unit at Sale MRV
Retail A1-A5 1 300.00 200.00 35,000 35,000 35,000
Investment Valuation Retail A1-A5 Current Rent 35,000 YP @ 6.0000% 16.6667 583,333 Rent Free (35,000) YP 9mths @ 6.0000% 0.7127
PV 9yrs 3mths @ 6.0000% 0.5833 (14,551) 568,783
GROSS DEVELOPMENT VALUE 568,783
Purchaser's Costs (32,989) (32,989)
NET DEVELOPMENT VALUE 535,793
NET REALISATION 535,793
OUTLAY
ACQUISITION COSTS Residualised Price (Negative land) (389,063)
(389,063) Town Planning 2.00% 7,781
7,781
Project: Appendix 4 - Retail A1-A5 ARGUS Developer Version: 7.60.000 - 1 - Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 4 - Retail A1-A5 Local centre/edge of town CONSTRUCTION COSTS Construction m² Rate m² Cost
Retail A1-A5 300.00 m² 2,028.00 pm² 608,400 608,400
Contingency 3.00% 18,252 Mayoral CIL 300.00 m² 60.00 pm² 18,000 Demolition 25,000
61,252
PROFESSIONAL FEES Architect 4.00% 24,336 Quantity Surveyor 2.00% 12,168 Structural Engineer 1.00% 6,084 Mech./Elec.Engineer 1.00% 6,084 Project Manager 1.50% 9,126 C.D. Manager 0.50% 3,042
60,840 MARKETING & LETTING
Marketing 1.00% 3,500 Letting Agent Fee 10.00% 3,500 Letting Legal Fee 2.00% 700
7,700 DISPOSAL FEES
Sales Agent Fee 1.00% 5,358 Sales Legal Fee 0.25% 1,339
6,697 Tenancy Void Costs
Total Tenancy Void Costs 24,000
FINANCE Debit Rate 7.500%, Credit Rate 0.000% (Nominal) Land (14,101) Construction 20,984 Letting Void 28,305
Project: Appendix 4 - Retail A1-A5 ARGUS Developer Version: 7.60.000 - 2 - Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 4 - Retail A1-A5 Local centre/edge of town
Other 23,699 Total Finance Cost 58,886
TOTAL COSTS 446,494
PROFIT 89,299
Performance Measures Profit on Cost% 20.00% Profit on GDV% 15.70% Profit on NDV% 16.67% Development Yield% (on Rent) 7.84% Equivalent Yield% (Nominal) 6.00% Equivalent Yield% (True) 6.23%
IRR 24.60%
Rent Cover 2 yrs 7 mths Profit Erosion (finance rate 7.500%) 2 yrs 5 mths
Project: Appendix 4 - Retail A1-A5 ARGUS Developer Version: 7.60.000 - 3 - Date: 15/11/2018
SENSITIVITY ANALYSIS REPORT ADAMS INTEGRA
Appendix 4 - Retail A1-A5 Local centre/edge of town
Table of Profit Amount and Land Cost Construction: Rate pm²
Rent: Yield -200.00 pm² -100.00 pm² 0.00 pm² +100.00 pm² +200.00 pm² 1,828.00 pm² 1,928.00 pm² 2,028.00 pm² 2,128.00 pm² 2,228.00 pm²
-0.5000% £97,513 £97,513 £97,513 £97,513 £97,513 5.5000% £284,961 £319,348 £353,735 £388,207 £422,709
-0.2500% £93,225 £93,226 £93,225 £93,226 £93,225 5.7500% £303,301 £337,688 £372,160 £406,662 £441,163 0.0000% £89,299 £89,299 £89,299 £89,299 £89,299 6.0000% £320,099 £354,561 £389,063 £423,564 £458,066
+0.2500% £85,689 £85,689 £85,689 £85,689 £85,689 6.2500% £335,597 £370,098 £404,600 £439,102 £473,603
+0.5000% £82,360 £82,360 £82,360 £82,360 £82,360 6.5000% £349,927 £384,429 £418,930 £453,432 £487,933
Sensitivity Analysis : Assumptions for Calculation
Construction: Rate pm² Original Values are varied in Fixed Steps of £100.00
Heading Phase Rate No. of Steps Retail A1-A5 1 £2,028.00 2 Up & Down
Rent: Yield Original Values are varied in Fixed Steps of 0.25%
Heading Phase Cap. Rate No. of Steps Retail A1-A5 1 6.0000% 2 Up & Down
Project: Appendix 4 - Retail A1-A5 ARGUS Developer Version: 7.60.000 - 3 - Report Date: 15/11/2018
TIMESCALE AND PHASING GRAPH REPORT ADAMS INTEGRA
Appendix 4 - Retail A1-A5 Local centre/edge of town
Project Timescale Project Start Date Dec 2018 Project End Date Sep 2021 Project Duration (Inc Exit Period) 34 months
Phase 1
Project: Appendix 4 - Retail A1-A5 ARGUS Developer Version: 7.60.000 - 5 - Report Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 5 -Small Convenience Retail Convenience Store
Summary Appraisal for Phase 1
Currency in £
REVENUE
Rental Area Summary Initial Net Rent Initial Units m² Rate m² MRV/Unit at Sale MRV
Small Format Convenience 1 300.00 200.00 39,400 39,400 39,400
Investment Valuation Small Format Convenience Market Rent 39,400 YP @ 6.2500% 16.0000 (6mths Rent Free) PV 6mths @ 6.2500% 0.9701 611,578
GROSS DEVELOPMENT VALUE 611,578
Purchaser's Costs (35,472) (35,472)
NET DEVELOPMENT VALUE 576,106
NET REALISATION 576,106
OUTLAY
ACQUISITION COSTS Residualised Price (Negative land) (263,611)
(263,611) Town Planning 2.00% 5,272
5,272 CONSTRUCTION COSTS Construction m² Rate m² Cost
Project: Appendix 5 -Small Retail ARGUS Developer Version: 7.60.000 - 1 - Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 5 -Small Convenience Retail Convenience Store
Small Format Convenience 300.00 m² 2,028.00 pm² 608,400 608,400
Contingency 3.00% 18,252 Mayoral CIL 300.00 m² 60.00 pm² 18,000 Demolition 10,000
46,252
PROFESSIONAL FEES Architect 4.00% 24,336 Quantity Surveyor 2.00% 12,168 Structural Engineer 1.00% 6,084 Mech./Elec.Engineer 1.00% 6,084 Project Manager 1.50% 9,126 C.D. Manager 0.50% 3,042
60,840 MARKETING & LETTING
Marketing 3.00% 1,182 Letting Agent Fee 10.00% 3,940 Letting Legal Fee 3.00% 1,182
6,304 DISPOSAL FEES
Sales Agent Fee 1.00% 5,761 Sales Legal Fee 0.25% 1,440
7,201 FINANCE
Debit Rate 7.000%, Credit Rate 0.000% (Nominal) Land (9,385) Construction 18,815 Total Finance Cost 9,430
TOTAL COSTS 480,089
PROFIT 96,018
Project: Appendix 5 -Small Retail ARGUS Developer Version: 7.60.000 - 2 - Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 5 -Small Convenience Retail Convenience Store
Performance Measures Profit on Cost% 20.00% Profit on GDV% 15.70% Profit on NDV% 16.67% Development Yield% (on Rent) 8.21% Equivalent Yield% (Nominal) 6.25% Equivalent Yield% (True) 6.50%
IRR Out of Range
Rent Cover 2 yrs 5 mths Profit Erosion (finance rate 7.000%) 2 yrs 8 mths
Project: Appendix 5 -Small Retail ARGUS Developer Version: 7.60.000 - 3 - Date: 15/11/2018
SENSITIVITY ANALYSIS REPORT ADAMS INTEGRA
Appendix 5 -Small Convenience Retail Convenience Store
Table of Profit Amount and Land Cost Construction: Rate pm²
Rent: Yield -200.00 pm² -100.00 pm² 0.00 pm² +100.00 pm² +200.00 pm² 1,828.00 pm² 1,928.00 pm² 2,028.00 pm² 2,128.00 pm² 2,228.00 pm²
-0.5000% £104,613 £104,613 £104,614 £104,614 £104,613 5.7500% £152,926 £187,243 £221,645 £256,046 £290,448
-0.2500% £100,136 £100,136 £100,136 £100,136 £100,136 6.0000% £174,700 £209,102 £243,503 £277,905 £312,306 0.0000% £96,018 £96,018 £96,018 £96,018 £96,018 6.2500% £194,808 £229,209 £263,611 £298,012 £332,414
+0.2500% £92,216 £92,216 £92,216 £92,216 £92,216 6.5000% £213,367 £247,768 £282,170 £316,571 £350,973
+0.5000% £88,697 £88,697 £88,697 £88,697 £88,697 6.7500% £230,549 £264,951 £299,352 £333,754 £368,155
Sensitivity Analysis : Assumptions for Calculation
Construction: Rate pm² Original Values are varied in Fixed Steps of £100.00
Heading Phase Rate No. of Steps Small Format Convenience 1 £2,028.00 2 Up & Down
Rent: Yield Original Values are varied in Fixed Steps of 0.25%
Heading Phase Cap. Rate No. of Steps Small Format Convenience 1 6.2500% 2 Up & Down
Project: Appendix 5 -Small Retail ARGUS Developer Version: 7.60.000 - 3 - Report Date: 15/11/2018
TIMESCALE AND PHASING GRAPH REPORT ADAMS INTEGRA
Appendix 5 -Small Convenience Retail Convenience Store
Project Timescale Project Start Date Nov 2017 Project End Date Oct 2019 Project Duration (Inc Exit Period) 24 months
Phase 1
Project: Appendix 5 -Small Retail ARGUS Developer Version: 7.60.000 - 5 - Report Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 6- B1a Secondary Offices Grade B
Summary Appraisal for Phase 1
Currency in £
REVENUE
Rental Area Summary Initial Net Rent Initial Units m² Rate m² MRV/Unit at Sale MRV
B1a Offices-Prime locations 1 450.00 215.00 96,750 96,750 96,750
Investment Valuation B1a Offices-Prime locations Market Rent 96,750 YP @ 7.2500% 13.7931 (3mths Unexpired Rent Free) PV 3mths @ 7.2500% 0.9827 1,311,335 Re-Letting Void (96,750) YP 1yr 3mths @ 7.2500% 1.1555
PV 4yrs 9mths @ 7.2500% 0.7172 (80,173) 1,231,162
GROSS DEVELOPMENT VALUE 1,231,162
Purchaser's Costs (71,407) (71,407)
NET DEVELOPMENT VALUE 1,159,755
NET REALISATION 1,159,755
OUTLAY
ACQUISITION COSTS Residualised Price (Negative land) (510,810)
(510,810) CONSTRUCTION COSTS
Project: Appendix 6- B1a Secondary Offices ARGUS Developer Version: 7.60.000 - 1 - Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 6- B1a Secondary Offices Grade B Construction m² Rate m² Cost
B1a Offices-Prime locations 500.00 m² 2,358.00 pm² 1,179,000 1,179,000
Contingency 3.00% 35,370 Mayoral CIL 500.00 m² 60.00 pm² 30,000 Demolition 10,000
75,370
PROFESSIONAL FEES Architect 3.00% 35,370 Quantity Surveyor 2.00% 23,580 Structural Engineer 1.00% 11,790 Mech./Elec.Engineer 1.00% 11,790 Project Manager 2.00% 23,580 C.D. Manager 1.00% 11,790
117,900 MARKETING & LETTING
Marketing 2.00% 1,935 Letting Agent Fee 10.00% 9,675 Letting Legal Fee 2.00% 1,935
13,545 DISPOSAL FEES
Sales Agent Fee 1.00% 11,598 Sales Legal Fee 0.50% 5,799
17,396 FINANCE
Debit Rate 7.000%, Credit Rate 7.000% (Nominal) Land (46,325) Construction 42,527 Letting Void 61,635 Other 16,224 Total Finance Cost 74,061
TOTAL COSTS 966,462
Project: Appendix 6- B1a Secondary Offices ARGUS Developer Version: 7.60.000 - 2 - Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 6- B1a Secondary Offices Grade B
PROFIT 193,293
Performance Measures Profit on Cost% 20.00% Profit on GDV% 15.70% Profit on NDV% 16.67% Development Yield% (on Rent) 10.01% Equivalent Yield% (Nominal) 7.25% Equivalent Yield% (True) 7.59%
IRR 24.73%
Rent Cover 1 yr 12 mths Profit Erosion (finance rate 7.000%) 2 yrs 8 mths
Project: Appendix 6- B1a Secondary Offices ARGUS Developer Version: 7.60.000 - 3 - Date: 15/11/2018
SENSITIVITY ANALYSIS REPORT ADAMS INTEGRA
Appendix 6- B1a Secondary Offices Grade B
Table of Profit Amount and Land Cost Construction: Rate pm²
Rent: Yield -0.50 pm² -0.25 pm² 0.00 pm² +0.25 pm² +0.50 pm² 2,357.50 pm² 2,357.75 pm² 2,358.00 pm² 2,358.25 pm² 2,358.50 pm²
-0.5000% £208,451 £208,451 £208,451 £208,451 £208,451 6.7500% £447,972 £448,106 £448,239 £448,373 £448,506
-0.2500% £200,596 £200,596 £200,596 £200,596 £200,596 7.0000% £480,395 £480,529 £480,662 £480,796 £480,929 0.0000% £193,293 £193,293 £193,293 £193,293 £193,293 7.2500% £510,543 £510,676 £510,810 £510,943 £511,077
+0.2500% £186,485 £186,485 £186,485 £186,485 £186,485 7.5000% £538,642 £538,776 £538,909 £539,043 £539,176
+0.5000% £180,125 £180,125 £180,125 £180,125 £180,125 7.7500% £564,893 £565,027 £565,160 £565,294 £565,427
Sensitivity Analysis : Assumptions for Calculation
Construction: Rate pm² Original Values are varied in Fixed Steps of £0.25
Heading Phase Rate No. of Steps B1a Offices-Prime locations 1 £2,358.00 2 Up & Down
Rent: Yield Original Values are varied in Fixed Steps of 0.25%
Heading Phase Cap. Rate No. of Steps B1a Offices-Prime locations 1 7.2500% 2 Up & Down
Project: Appendix 6- B1a Secondary Offices ARGUS Developer Version: 7.60.000 - 3 - Report Date: 15/11/2018
TIMESCALE AND PHASING GRAPH REPORT ADAMS INTEGRA
Appendix 6- B1a Secondary Offices Grade B
Project Timescale Project Start Date Oct 2018 Project End Date May 2021 Project Duration (Inc Exit Period) 32 months
Phase 1
Project: Appendix 6- B1a Secondary Offices ARGUS Developer Version: 7.60.000 - 5 - Report Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 7- B1a Grade A Offices Prime/Main locations
Summary Appraisal for Phase 1
Currency in £
REVENUE
Rental Area Summary Initial Net Rent Initial Units m² Rate m² MRV/Unit at Sale MRV
B1a Offices-Prime locations 1 1,350.00 270.00 364,500 364,500 364,500
Investment Valuation B1a Offices-Prime locations Market Rent 364,500 YP @ 5.5000% 18.1818 (6mths Rent Free) PV 6mths @ 5.5000% 0.9736 6,452,212
GROSS DEVELOPMENT VALUE 6,452,212
Purchaser's Costs (374,228) (374,228)
NET DEVELOPMENT VALUE 6,077,983
NET REALISATION 6,077,983
OUTLAY
ACQUISITION COSTS Residualised Price (Negative land) (466,030)
(466,030) CONSTRUCTION COSTS Construction m² Rate m² Cost
B1a Offices-Prime locations 1,500.00 m² 2,841.00 pm² 4,261,500 4,261,500
Project: Appendix 7- B1a Grade A Offices (1) ARGUS Developer Version: 7.60.000 - 1 - Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 7- B1a Grade A Offices Prime/Main locations
Contingency 3.00% 127,845 Mayoral CIL 1,500.00 m² 60.00 pm² 90,000
217,845
PROFESSIONAL FEES Architect 3.00% 127,845 Quantity Surveyor 2.00% 85,230 Structural Engineer 1.00% 42,615 Mech./Elec.Engineer 1.00% 42,615 Project Manager 2.00% 85,230 C.D. Manager 1.00% 42,615
426,150 MARKETING & LETTING
Marketing 2.00% 7,290 Letting Agent Fee 10.00% 36,450 Letting Legal Fee 5.00% 18,225
61,965 DISPOSAL FEES
Sales Agent Fee 1.00% 60,780 Sales Legal Fee 0.30% 18,234
79,014 FINANCE
Debit Rate 7.500%, Credit Rate 0.000% (Nominal) Land (29,781) Construction 161,688 Letting Void 352,635 Total Finance Cost 484,542
TOTAL COSTS 5,064,986
PROFIT 1,012,998
Performance Measures
Project: Appendix 7- B1a Grade A Offices (1) ARGUS Developer Version: 7.60.000 - 2 - Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 7- B1a Grade A Offices Prime/Main locations
Profit on Cost% 20.00% Profit on GDV% 15.70% Profit on NDV% 16.67% Development Yield% (on Rent) 7.20% Equivalent Yield% (Nominal) 5.50% Equivalent Yield% (True) 5.69%
IRR 22.55%
Rent Cover 2 yrs 9 mths Profit Erosion (finance rate 7.500%) 2 yrs 5 mths
Project: Appendix 7- B1a Grade A Offices (1) ARGUS Developer Version: 7.60.000 - 3 - Date: 15/11/2018
SENSITIVITY ANALYSIS REPORT ADAMS INTEGRA
Appendix 7- B1a Grade A Offices Prime/Main locations
Table of Profit Amount and Land Cost Construction: Rate pm²
Rent: Yield -200.00 pm² -100.00 pm² 0.00 pm² +100.00 pm² +200.00 pm² 2,641.00 pm² 2,741.00 pm² 2,841.00 pm² 2,941.00 pm² 3,041.00 pm²
-0.5000% £1,116,947 £1,116,947 £1,116,947 £1,116,947 £1,116,947 5.0000% (£293,878) (£137,655) £19,438 £183,442 £347,988
-0.2500% £1,062,495 £1,062,495 £1,062,495 £1,062,496 £1,062,494 5.2500% (£71,867) £88,310 £252,768 £417,611 £583,095 0.0000% £1,012,997 £1,012,998 £1,012,998 £1,012,997 £1,012,997 5.5000% £136,269 £300,815 £466,030 £631,515 £797,134
+0.2500% £967,808 £967,808 £967,808 £967,809 £967,808 5.7500% £330,357 £495,831 £661,316 £827,276 £993,632
+0.5000% £926,388 £926,388 £926,389 £926,388 £926,388 6.0000% £509,341 £674,826 £841,026 £1,007,382 £1,173,739
Sensitivity Analysis : Assumptions for Calculation
Construction: Rate pm² Original Values are varied in Fixed Steps of £100.00
Heading Phase Rate No. of Steps B1a Offices-Prime locations 1 £2,841.00 2 Up & Down
Rent: Yield Original Values are varied in Fixed Steps of 0.25%
Heading Phase Cap. Rate No. of Steps B1a Offices-Prime locations 1 5.5000% 2 Up & Down
Project: Appendix 7- B1a Grade A Offices (1) ARGUS Developer Version: 7.60.000 - 3 - Report Date: 15/11/2018
TIMESCALE AND PHASING GRAPH REPORT ADAMS INTEGRA
Appendix 7- B1a Grade A Offices Prime/Main locations
Project Timescale Project Start Date Oct 2018 Project End Date Feb 2021 Project Duration (Inc Exit Period) 29 months
Phase 1
Project: Appendix 7- B1a Grade A Offices (1) ARGUS Developer Version: 7.60.000 - 5 - Report Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 8- B1/B2/B8 Small Units Startup/Move on Units
Summary Appraisal for Phase 1
Currency in £
REVENUE
Rental Area Summary Initial Net Rent Initial Units m² Rate m² MRV/Unit at Sale MRV
B1/B2/B8 Small units 1 500.00 100.00 50,000 50,000 50,000
Investment Valuation B1/B2/B8 Small units Market Rent 50,000 YP @ 7.5000% 13.3333 (3mths Rent Free) PV 3mths @ 7.5000% 0.9821 654,722
NET REALISATION 654,722
OUTLAY
ACQUISITION COSTS Residualised Price (Negative land) (113,689)
(113,689) CONSTRUCTION COSTS Construction m² Rate m² Cost
B1/B2/B8 Small units 500.00 m² 998.00 pm² 499,000 499,000
Contingency 3.00% 14,970 Mayoral CIL 500.00 m² 60.00 pm² 30,000 Demolition 10,000
54,970
PROFESSIONAL FEES Architect 3.00% 14,970
Project: Appendix 8- B1/B2/B8 Small Units ARGUS Developer Version: 7.60.000 - 1 - Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 8- B1/B2/B8 Small Units Startup/Move on Units
Quantity Surveyor 2.00% 9,980 Structural Engineer 1.00% 4,990 Mech./Elec.Engineer 1.00% 4,990 Project Manager 2.00% 9,980 C.D. Manager 1.00% 4,990
49,900 MARKETING & LETTING
Marketing 2.50% 1,250 Letting Agent Fee 10.00% 5,000 Letting Legal Fee 5.00% 2,500
8,750 DISPOSAL FEES
Sales Agent Fee 1.00% 6,547 Sales Legal Fee 0.50% 3,274
9,821 FINANCE
Debit Rate 7.000%, Credit Rate 0.000% (Nominal) Land (5,291) Construction 15,408 Letting Void 26,732 Total Finance Cost 36,850
TOTAL COSTS 545,601
PROFIT 109,120
Performance Measures Profit on Cost% 20.00% Profit on GDV% 16.67% Profit on NDV% 16.67% Development Yield% (on Rent) 9.16% Equivalent Yield% (Nominal) 7.50% Equivalent Yield% (True) 7.87%
Project: Appendix 8- B1/B2/B8 Small Units ARGUS Developer Version: 7.60.000 - 2 - Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 8- B1/B2/B8 Small Units Startup/Move on Units
IRR 29.36%
Rent Cover 2 yrs 2 mths Profit Erosion (finance rate 7.000%) 2 yrs 8 mths
Project: Appendix 8- B1/B2/B8 Small Units ARGUS Developer Version: 7.60.000 - 3 - Date: 15/11/2018
SENSITIVITY ANALYSIS REPORT ADAMS INTEGRA
Appendix 8- B1/B2/B8 Small Units Startup/Move on Units
Table of Profit Amount and Land Cost Construction: Rate pm²
Rent: Yield -200.00 pm² -100.00 pm² 0.00 pm² +100.00 pm² +200.00 pm² 798.00 pm² 898.00 pm² 998.00 pm² 1,098.00 pm² 1,198.00 pm²
-0.5000% £117,051 £117,051 £117,051 £117,051 £117,051 7.0000% (£30,901) £22,876 £78,194 £133,765 £189,548
-0.2500% £112,949 £112,949 £112,949 £112,949 £112,949 7.2500% (£13,429) £41,113 £96,554 £152,187 £208,015 0.0000% £109,120 £109,120 £109,120 £109,120 £109,120 7.5000% £2,989 £58,151 £113,689 £169,422 £225,250
+0.2500% £105,539 £105,539 £105,539 £105,539 £105,539 7.7500% £18,834 £74,147 £129,719 £185,544 £241,377
+0.5000% £102,182 £102,182 £102,182 £102,182 £102,181 8.0000% £33,743 £89,174 £144,830 £200,658 £256,579
Sensitivity Analysis : Assumptions for Calculation
Construction: Rate pm² Original Values are varied in Fixed Steps of £100.00
Heading Phase Rate No. of Steps B1/B2/B8 Small units 1 £998.00 2 Up & Down
Rent: Yield Original Values are varied in Fixed Steps of 0.25%
Heading Phase Cap. Rate No. of Steps B1/B2/B8 Small units 1 7.5000% 2 Up & Down
Project: Appendix 8- B1/B2/B8 Small Units ARGUS Developer Version: 7.60.000 - 3 - Report Date: 15/11/2018
TIMESCALE AND PHASING GRAPH REPORT ADAMS INTEGRA
Appendix 8- B1/B2/B8 Small Units Startup/Move on Units
Project Timescale Project Start Date Oct 2018 Project End Date Sep 2020 Project Duration (Inc Exit Period) 24 months
Phase 1
Project: Appendix 8- B1/B2/B8 Small Units ARGUS Developer Version: 7.60.000 - 5 - Report Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 9- B1/B2/B8 Large Unit Large Factory/Warehouse
Summary Appraisal for Phase 1
Currency in £
REVENUE
Rental Area Summary Initial Net Rent Initial Units m² Rate m² MRV/Unit at Sale MRV
B1/B2/B8 Large Units 1 5,000.00 90.00 450,000 450,000 450,000
Investment Valuation B1/B2/B8 Large Units Market Rent 450,000 YP @ 5.5000% 18.1818 (6mths Rent Free) PV 6mths @ 5.5000% 0.9736 7,965,694
GROSS DEVELOPMENT VALUE 7,965,694
Purchaser's Costs (462,010) (462,010)
NET DEVELOPMENT VALUE 7,503,683
NET REALISATION 7,503,683
OUTLAY
ACQUISITION COSTS Residualised Price (1.25 Ha 911,907.44 pHect) 1,139,884
1,139,884 Agent Fee 1.00% 11,399 Legal Fee 0.50% 5,699
17,098 CONSTRUCTION COSTS
Project: Appendix 9- B1/B2/B8 Large Unit ARGUS Developer Version: 7.60.000 - 1 - Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 9- B1/B2/B8 Large Unit Large Factory/Warehouse Construction m² Rate m² Cost
B1/B2/B8 Large Units 5,000.00 m² 717.00 pm² 3,585,000 3,585,000
Contingency 3.00% 107,550 Demolition 10,000 Mayoral CIL 5,000.00 m² 60.00 pm² 300,000
417,550
PROFESSIONAL FEES Architect 3.00% 107,550 Quantity Surveyor 2.00% 71,700 Structural Engineer 1.00% 35,850 Mech./Elec.Engineer 1.00% 35,850 Project Manager 2.00% 71,700 C.D. Manager 1.00% 35,850
358,500 MARKETING & LETTING
Marketing 1.00% 4,500 Letting Agent Fee 10.00% 45,000 Letting Legal Fee 2.50% 11,250
60,750 DISPOSAL FEES
Sales Agent Fee 1.00% 75,037 Sales Legal Fee 0.20% 15,007
90,044 FINANCE
Debit Rate 7.000%, Credit Rate 0.000% (Nominal) Land 149,479 Construction 226,655 Letting Void 208,108 Total Finance Cost 584,243
TOTAL COSTS 6,253,069
Project: Appendix 9- B1/B2/B8 Large Unit ARGUS Developer Version: 7.60.000 - 2 - Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 9- B1/B2/B8 Large Unit Large Factory/Warehouse PROFIT
1,250,614
Performance Measures Profit on Cost% 20.00% Profit on GDV% 15.70% Profit on NDV% 16.67% Development Yield% (on Rent) 7.20% Equivalent Yield% (Nominal) 5.50% Equivalent Yield% (True) 5.69%
IRR 20.35%
Rent Cover 2 yrs 9 mths Profit Erosion (finance rate 7.000%) 2 yrs 8 mths
Project: Appendix 9- B1/B2/B8 Large Unit ARGUS Developer Version: 7.60.000 - 3 - Date: 15/11/2018
SENSITIVITY ANALYSIS REPORT ADAMS INTEGRA
Appendix 9- B1/B2/B8 Large Unit Large Factory/Warehouse
Sensitivity Analysis results are not available. Click the Analysis Results tab, then print the report.
Project: Appendix 9- B1/B2/B8 Large Unit ARGUS Developer Version: 7.60.000 - 3 - Report Date: 15/11/2018
TIMESCALE AND PHASING GRAPH REPORT ADAMS INTEGRA
Appendix 9- B1/B2/B8 Large Unit Large Factory/Warehouse
Project Timescale Project Start Date Oct 2018 Project End Date Feb 2021 Project Duration (Inc Exit Period) 29 months
Phase 1
Project: Appendix 9- B1/B2/B8 Large Unit ARGUS Developer Version: 7.60.000 - 5 - Report Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 10 - Hotel Budget Style
Summary Appraisal for Phase 1
Currency in £
REVENUE
Rental Area Summary Initial Net Rent Initial Units m² Rate m² MRV/Unit at Sale MRV
100 Bed Budget Hotel 1 2,130.00 251.17 534,992 534,992 534,992
Investment Valuation 100 Bed Budget Hotel Market Rent 534,992 YP @ 4.7500% 21.0526 (6mths Rent Free) PV 6mths @ 4.7500% 0.9771 11,004,663
GROSS DEVELOPMENT VALUE 11,004,663
Purchaser's Costs (638,270) (638,270)
NET DEVELOPMENT VALUE 10,366,392
NET REALISATION 10,366,392
OUTLAY
ACQUISITION COSTS Residualised Price (Negative land) (912,644)
(912,644) Town Planning 2.00% 18,253
18,253 CONSTRUCTION COSTS Construction m² Rate m² Cost
Project: Appendix 10 - Hotel ARGUS Developer Version: 7.60.000 - 1 - Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 10 - Hotel Budget Style
100 Bed Budget Hotel 2,800.00 m² 2,803.00 pm² 7,848,400 7,848,400
Contingency 3.00% 235,452 Demolition 25,000 Mayoral CIL 2,800.00 m² 60.00 pm² 168,000
428,452
PROFESSIONAL FEES Architect 4.00% 313,936 Quantity Surveyor 1.50% 117,726 Structural Engineer 1.00% 78,484 Mech./Elec.Engineer 1.00% 78,484 Project Manager 1.50% 117,726 C.D. Manager 1.00% 78,484
784,840 MARKETING & LETTING
Letting Agent Fee 10.00% 53,499 Letting Legal Fee 2.00% 10,700
64,199 DISPOSAL FEES
Sales Agent Fee 1.00% 103,664 Sales Legal Fee 0.10% 10,366
114,030 FINANCE
Debit Rate 7.500%, Credit Rate 0.000% (Nominal) Land (72,085) Construction 365,215 Total Finance Cost 293,130
TOTAL COSTS 8,638,660
PROFIT 1,727,733
Project: Appendix 10 - Hotel ARGUS Developer Version: 7.60.000 - 2 - Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 10 - Hotel Budget Style Performance Measures
Profit on Cost% 20.00% Profit on GDV% 15.70% Profit on NDV% 16.67% Development Yield% (on Rent) 6.19% Equivalent Yield% (Nominal) 4.75% Equivalent Yield% (True) 4.89%
IRR 56.77%
Rent Cover 3 yrs 3 mths Profit Erosion (finance rate 7.500%) 2 yrs 5 mths
Project: Appendix 10 - Hotel ARGUS Developer Version: 7.60.000 - 3 - Date: 15/11/2018
SENSITIVITY ANALYSIS REPORT ADAMS INTEGRA
Appendix 10 - Hotel Budget Style
Table of Profit Amount and Land Cost Construction: Rate pm²
Rent: Yield -200.00 pm² -100.00 pm² 0.00 pm² +100.00 pm² +200.00 pm² 2,603.00 pm² 2,703.00 pm² 2,803.00 pm² 2,903.00 pm² 3,003.00 pm²
-0.5000% £1,935,620 £1,935,620 £1,935,619 £1,935,620 £1,935,620 4.2500% (£621,323) (£337,191) (£53,060) £251,724 £562,506
-0.2500% £1,825,897 £1,825,894 £1,825,898 £1,825,898 £1,825,896 4.5000% (£153,463) £142,343 £452,519 £764,217 £1,077,441 0.0000% £1,727,732 £1,727,733 £1,727,733 £1,727,732 £1,727,733 4.7500% £288,810 £599,920 £912,644 £1,225,870 £1,540,633
+0.2500% £1,639,391 £1,639,388 £1,639,391 £1,639,393 £1,639,390 5.0000% £701,648 £1,014,871 £1,328,774 £1,643,731 £1,958,684
+0.5000% £1,559,469 £1,559,470 £1,559,469 £1,559,469 £1,559,468 5.2500% £1,077,504 £1,392,025 £1,706,979 £2,022,436 £2,338,964
Sensitivity Analysis : Assumptions for Calculation
Construction: Rate pm² Original Values are varied in Fixed Steps of £100.00
Heading Phase Rate No. of Steps 100 Bed Budget Hotel 1 £2,803.00 2 Up & Down
Rent: Yield Original Values are varied in Fixed Steps of 0.25%
Heading Phase Cap. Rate No. of Steps 100 Bed Budget Hotel 1 4.7500% 2 Up & Down
Project: Appendix 10 - Hotel ARGUS Developer Version: 7.60.000 - 3 - Report Date: 15/11/2018
TIMESCALE AND PHASING GRAPH REPORT ADAMS INTEGRA
Appendix 10 - Hotel Budget Style
Project Timescale Project Start Date Oct 2018 Project End Date Jun 2020 Project Duration (Inc Exit Period) 21 months
Phase 1
Project: Appendix 10 - Hotel ARGUS Developer Version: 7.60.000 - 5 - Report Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 11- Residential Care Home 60 Bed
Summary Appraisal for Phase 1
Currency in £
REVENUE
Rental Area Summary Initial Net Rent Initial Units m² Rate m² MRV/Unit at Sale MRV
60 Bed Residential Care Home 1 2,250.00 200.00 450,000 450,000 450,000
Investment Valuation 60 Bed Residential Care Home Market Rent 450,000 YP @ 5.7500% 17.3913 (6mths Rent Free) PV 6mths @ 5.7500% 0.9724 7,610,347
GROSS DEVELOPMENT VALUE 7,610,347
Purchaser's Costs (441,400) (441,400)
NET DEVELOPMENT VALUE 7,168,947
NET REALISATION 7,168,947
OUTLAY
ACQUISITION COSTS Residualised Price (Negative land) (1,963,625)
(1,963,625) CONSTRUCTION COSTS Construction m² Rate m² Cost
60 Bed Residential Care Home 3,000.00 m² 2,150.00 pm² 6,450,000 6,450,000
Project: Appendix 11- Residential Care Home ARGUS Developer Version: 7.60.000 - 1 - Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 11- Residential Care Home 60 Bed
Contingency 3.00% 193,500 Mayoral CIL 3,000.00 m² 60.00 pm² 180,000 Demolition/Enabling Costs 25,000
398,500
PROFESSIONAL FEES Architect 4.00% 258,000 Quantity Surveyor 1.00% 64,500 Structural Engineer 1.00% 64,500 Mech./Elec.Engineer 1.00% 64,500 Project Manager 1.50% 96,750 C.D. Manager 1.00% 64,500 Other Professionals 0.50% 32,250
645,000 MARKETING & LETTING
Marketing 2.00% 9,000 Letting Agent Fee 10.00% 45,000 Letting Legal Fee 5.00% 22,500
76,500 DISPOSAL FEES
Sales Agent Fee 1.50% 107,534 Sales Legal Fee 0.50% 35,845
143,379 FINANCE
Debit Rate 7.500%, Credit Rate 0.000% (Nominal) Land (164,840) Construction 389,210 Total Finance Cost 224,370
TOTAL COSTS 5,974,124
PROFIT 1,194,823
Project: Appendix 11- Residential Care Home ARGUS Developer Version: 7.60.000 - 2 - Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA Appendix 11- Residential Care Home 60 Bed Performance Measures
Profit on Cost% 20.00% Profit on GDV% 15.70% Profit on NDV% 16.67% Development Yield% (on Rent) 7.53% Equivalent Yield% (Nominal) 5.75% Equivalent Yield% (True) 5.96%
IRR Out of Range
Rent Cover 2 yrs 8 mths Profit Erosion (finance rate 7.500%) 2 yrs 5 mths
Project: Appendix 11- Residential Care Home ARGUS Developer Version: 7.60.000 - 3 - Date: 15/11/2018
SENSITIVITY ANALYSIS REPORT ADAMS INTEGRA
Appendix 11- Residential Care Home 60 Bed
Table of Profit Amount and Land Cost Rent: Rate pm²
Rent: Yield -50.00 pm² -25.00 pm² 0.00 pm² +25.00 pm² +50.00 pm² 150.00 pm² 175.00 pm² 200.00 pm² 225.00 pm² 250.00 pm²
-0.5000% £983,792 £1,147,757 £1,311,722 £1,475,688 £1,639,652 5.2500% £2,912,521 £2,169,252 £1,432,052 £700,759 (£20,167)
-0.2500% £937,962 £1,094,287 £1,250,614 £1,406,941 £1,563,268 5.5000% £3,124,054 £2,414,207 £1,709,310 £1,010,283 £317,808 0.0000% £896,118 £1,045,472 £1,194,823 £1,344,179 £1,493,532 5.7500% £3,317,174 £2,638,116 £1,963,625 £1,293,891 £629,640
+0.2500% £857,767 £1,000,727 £1,143,689 £1,286,650 £1,429,611 6.0000% £3,494,278 £2,843,394 £2,196,727 £1,554,519 £917,033
+0.5000% £822,486 £959,568 £1,096,649 £1,233,730 £1,370,812 6.2500% £3,658,117 £3,033,369 £2,412,361 £1,795,207 £1,182,102
Sensitivity Analysis : Assumptions for Calculation
Rent: Rate pm² Original Values are varied in Fixed Steps of £25.00
Heading Phase Rate No. of Steps 60 Bed Residential Care Home 1 £200.00 2 Up & Down
Rent: Yield Original Values are varied in Fixed Steps of 0.25%
Heading Phase Cap. Rate No. of Steps 60 Bed Residential Care Home 1 5.7500% 2 Up & Down
Project: Appendix 11- Residential Care Home ARGUS Developer Version: 7.60.000 - 3 - Report Date: 15/11/2018
TIMESCALE AND PHASING GRAPH REPORT ADAMS INTEGRA
Appendix 11- Residential Care Home 60 Bed
Project Timescale Project Start Date Oct 2018 Project End Date Jul 2020 Project Duration (Inc Exit Period) 22 months
Phase 1
Project: Appendix 11- Residential Care Home ARGUS Developer Version: 7.60.000 - 5 - Report Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA 12 Car Park
Summary Appraisal for Phase 1
Currency in £
REVENUE
Rental Area Summary Initial Net Rent Initial Units m² Rate m² MRV/Unit at Sale MRV
100 space 2 deck car park 1 1,200.00 182.00 218,400 218,400 218,400
Investment Valuation 100 space 2 deck car park Current Rent 218,400 YP @ 5.5000% 18.1818 3,970,909
GROSS DEVELOPMENT VALUE 3,970,909
Purchaser's Costs (230,313) (230,313)
NET DEVELOPMENT VALUE 3,740,596
NET REALISATION 3,740,596
OUTLAY
ACQUISITION COSTS Residualised Price (0.15 Ha 8,436,054.78 pHect) 1,265,408
1,265,408 Stamp Duty 51,770 Agent Fee 1.00% 12,654 Legal Fee 0.50% 6,327
70,751 CONSTRUCTION COSTS Construction m² Rate m² Cost
Project: 12 Car Park ARGUS Developer Version: 7.60.000 - 1 - Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA 12 Car Park
100 space 2 deck car park 2,400.00 m² 591.00 pm² 1,418,400 1,418,400
Contingency 3.00% 42,552 CIL 2,400.00 m² 25.00 pm² 60,000 Demolition 10,000
112,552
PROFESSIONAL FEES Architect 2.00% 28,368 Quantity Surveyor 2.00% 28,368 Structural Engineer 2.00% 28,368 Mech./Elec.Engineer 1.00% 14,184 Project Manager 1.00% 14,184
113,472 DISPOSAL FEES
Sales Agent Fee 1.00% 37,406 Sales Legal Fee 0.13% 4,863
42,269 FINANCE
Debit Rate 7.000%, Credit Rate 0.000% (Nominal) Land 71,477 Construction 22,833 Total Finance Cost 94,310
TOTAL COSTS 3,117,163
PROFIT 623,434
Performance Measures Profit on Cost% 20.00% Profit on GDV% 15.70% Profit on NDV% 16.67% Development Yield% (on Rent) 7.01% Equivalent Yield% (Nominal) 5.50%
Project: 12 Car Park ARGUS Developer Version: 7.60.000 - 2 - Date: 15/11/2018
APPRAISAL SUMMARY ADAMS INTEGRA 12 Car Park
Equivalent Yield% (True) 5.69%
IRR 48.57%
Rent Cover 2 yrs 10 mths Profit Erosion (finance rate 7.000%) 2 yrs 8 mths
Project: 12 Car Park ARGUS Developer Version: 7.60.000 - 3 - Date: 15/11/2018
SENSITIVITY ANALYSIS REPORT ADAMS INTEGRA
12 Car Park
Table of Profit Amount and Land Cost Construction: Rate pm²
Rent: Rate pm² -100.00 pm² -50.00 pm² 0.00 pm² +50.00 pm² +100.00 pm² 491.00 pm² 541.00 pm² 591.00 pm² 641.00 pm² 691.00 pm²
-100.00 pm² £280,887 £280,887 £280,888 £280,887 £280,887 82.00 pm² £11,454 £142,771 £274,659 £406,547 £538,835
-50.00 pm² £452,160 £452,161 £452,160 £452,160 £452,160 132.00 pm² (£753,206) (£632,848) (£512,492) (£392,042) (£270,256)
0.00 pm² £623,433 £623,433 £623,434 £623,433 £623,433 182.00 pm² (£1,506,122) (£1,385,766) (£1,265,408) (£1,145,052) (£1,024,696) +50.00 pm² £794,706 £794,707 £794,706 £794,706 £794,706 232.00 pm² (£2,259,039) (£2,138,681) (£2,018,325) (£1,897,969) (£1,777,612)
+100.00 pm² £965,979 £965,979 £965,978 £965,978 £965,980 282.00 pm² (£3,011,955) (£2,891,599) (£2,771,242) (£2,650,886) (£2,530,528)
Sensitivity Analysis : Assumptions for Calculation
Construction: Rate pm² Original Values are varied in Fixed Steps of £50.00
Heading Phase Rate No. of Steps 100 space 2 deck car park 1 £591.00 2 Up & Down
Rent: Rate pm² Original Values are varied in Fixed Steps of £50.00
Heading Phase Rate No. of Steps 100 space 2 deck car park 1 £182.00 2 Up & Down
Project: 12 Car Park ARGUS Developer Version: 7.60.000 - 3 - Report Date: 15/11/2018
TIMESCALE AND PHASING GRAPH REPORT ADAMS INTEGRA
12 Car Park
Project Timescale Project Start Date Nov 2018 Project End Date Nov 2019 Project Duration (Inc Exit Period) 13 months
Phase 1
Project: 12 Car Park ARGUS Developer Version: 7.60.000 - 5 - Report Date: 15/11/2018
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report
Hounslow West, London – Industrial Space
07/08/2018
Page | 1
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Industrial Space
CENTRAL PARK ESTATE, STAINES ROAD, HOUNSLOW, TW4 5DJ Deal Date 31/05/2018
Unit details 6,930 SqFt Letting Lease Lease length – 5 years
Letting details Achieved rent £84,892.50 PerAnnum Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Enjoy Landlord Airport Industrial GP Limited and Airport Industri
Acquiring agent Not Available
Disposing agent JLL Tom Lowther +44 (0)203 805 6902
Disposing agent Not Available
National Works, Bath Road, Hounslow, TW4 7EA Deal Date 15/04/2018
Unit details 1,552 Net SqFt Unit A12 Letting Lease Lease length – Not Available
Letting details Achieved rent Not Available Asking rent £25,000 PerAnnum Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Undisclosed Landlord Undisclosed
Acquiring agent Not Available
Disposing agent Telsar Limited 01895 819911
Disposing agent Not Available
Page | 2
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Industrial Space
Steyning Way Trading Estate, Steyning Way, Hounslow, TW4 6DL Deal Date 05/12/2016
Unit details 5,121 Net SqFt Second-hand Grade B Unit 693 Letting Lease Lease length – Not Available
Letting details Achieved rent Not Available Asking rent £7 per SqFt Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Undisclosed Landlord St James Place Property Unit Trust
Acquiring agent Not Available
Disposing agent JLL 020 8759 4141
Disposing agent Not Available
Tamian Way, Green Lane, Hounslow, TW4 6BL Deal Date 15/09/2016
Unit details 27,365 Net SqFt Unit 1 Letting Lease Lease length – Not Available
Letting details Achieved rent Not Available Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Undisclosed Landlord Undisclosed
Acquiring agent Not Available
Disposing agent Cushman & Wakefield 020 3296 3000
Disposing agent Not Available
Page | 3
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Industrial Space
Steyning Way Trading Estate, Steyning Way, Hounslow, TW4 6DL Deal Date 11/07/2016
Unit details 5,215 Net SqFt Unit 691 Letting Lease Lease length – Not Available
Letting details Achieved rent Not Available Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Undisclosed Landlord St James Place Property Unit Trust
Acquiring agent Not Available
Disposing agent JLL 020 8759 4141
Disposing agent Not Available
Central Park Trading Estate, Central Park Trading Estate, Staines Road, Hounslow, TW4 5DJ Deal Date 22/06/2016
Unit details 6,213 Net SqFt Second-hand Grade B Unit 13 Letting Lease Lease length – Not Available
Letting details Achieved rent Not Available Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Undisclosed Landlord Airport Industrial GP Limited
Acquiring agent Not Available
Disposing agent Dowley Turner Real Estate LLP 020 3328 9080
Disposing agent JLL 020 8759 4141
Page | 4
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Industrial Space
Logistics Centre (The), Green Lane, Hounslow, TW4 6BT Deal Date 23/05/2016
Unit details 21,358 Net SqFt Letting Lease Lease length – Not Available
Letting details Achieved rent Not Available Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Undisclosed Landlord Dorset County Council
Acquiring agent Not Available
Disposing agent JLL 020 8759 4141
Disposing agent Not Available
Fairway Trading Estate, Fairway Close, London, TW4 6BU Deal Date 15/11/2015
Unit details 13,024 Net SqFt Unit 11 Letting Lease Lease length – 5 years
Letting details Achieved rent £8.90 per SqFt Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods
Amenities Not Available
Tenant Fara Foundation Landlord Segro PLC
Acquiring agent Not Available
Disposing agent dohertybaines 020 7355 3033
Disposing agent Savills 020 7499 8644
Page | 5
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Industrial Space
Fairway Trading Estate, Fairway Close, London, TW4 6BU Deal Date 15/11/2015
Unit details 11,305 Net SqFt Second-hand Grade B Unit 7 Letting Lease Lease length – 10 years
Letting details Achieved rent £10.25 per SqFt Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods
Amenities Not Available
Tenant Trad Scaffolding Landlord Segro PLC
Acquiring agent Not Available
Disposing agent dohertybaines 020 7355 3033
Disposing agent De Souza & Company Limited 020 8707 3030
270-272, Bath Road, Hounslow, TW4 7DF Deal Date 01/09/2015
Unit details 15,000 Net SqFt Letting Lease Lease length – 4 years and 6 months
Letting details Achieved rent £18.50 per SqFt Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Eaton Power Landlord Undisclosed
Acquiring agent Cushman & Wakefield 020 8569 1600
Disposing agent Not Available
Disposing agent Not Available
Page | 6
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Industrial Space
Fairway Trading Estate, Fairway Close, London, TW4 6BU Deal Date 15/07/2015
Unit details 11,416 Net SqFt New - Refurb (pre-construction) Unit 9 Letting Lease Lease length – 10 years
Letting details Achieved rent £7.50 per SqFt Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Polsteel Limited Landlord Segro PLC
Acquiring agent Not Available
Disposing agent dohertybaines 020 7355 3033
Disposing agent De Souza & Company Limited 020 87073030
Fairway Trading Estate, Fairway Close, London, TW4 6BU Deal Date 15/07/2015
Unit details 12,994 Net SqFt Unit 10 Letting Lease Lease length – 5 years
Letting details Achieved rent £8.50 per SqFt Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods
Amenities Not Available
Tenant Prestige Food and Wine Limited Landlord Segro PLC
Acquiring agent Not Available
Disposing agent dohertybaines 020 7355 3033
Disposing agent Savills 020 7499 8644
Page | 7
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Industrial Space
Viridian Park, Pulborough Way, Hounslow, TW4 6DE Deal Date 15/06/2015
Unit details 10,000 Net SqFt Unit 678 Letting Lease Lease length – 10 years
Letting details Achieved rent Not Available Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods
Amenities Not Available
Tenant Undisclosed Landlord Segro PLC
Acquiring agent Not Available
Disposing agent dohertybaines 020 7355 3033
Disposing agent Not Available
National Works, Bath Road, Hounslow, TW4 7EA Deal Date 18/05/2015
Unit details 1,552 Net SqFt Second-hand Grade B Unit A12 Letting Lease Lease length – Not Available
Letting details Achieved rent Not Available Asking rent £18,624 PerAnnum Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Undisclosed Landlord Undisclosed
Acquiring agent Not Available
Disposing agent Letdirect (now trading as IPIF) 0800 804 8600
Disposing agent Telsar Limited 01895 819911
Page | 8
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Industrial Space
685, Steyning Way, Hounslow, TW4 6DL Deal Date 15/02/2015
Unit details 14,806 Net SqFt Unit 2 Letting Lease Lease length – 4 years
Letting details Achieved rent £6.50 per SqFt Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Undisclosed Landlord Undisclosed
Acquiring agent Not Available
Disposing agent JLL 020 7493 6040
Disposing agent Not Available
5, Pulborough Way, Hounslow, TW4 6DE Deal Date 15/12/2014
Unit details 30,046 Net SqFt Letting Lease Lease length – Not Available
Letting details Achieved rent Not Available Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Undisclosed Landlord Undisclosed
Acquiring agent Not Available
Disposing agent De Souza & Company Limited 020 87073030
Disposing agent Not Available
Page | 9
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Industrial Space
Heathrow South Cargo Centre, Heathrow South Cargo Centre, Girling Way, Great South West Road, Feltham, TW14 0PH
Deal Date 07/10/2014
Unit details 122,377 Net SqFt Unit 1 Letting Lease Lease length – Not Available
Letting details Achieved rent £1,639,575 PerAnnum Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Kuehne + Nagel (UK) Limited Landlord Airport Industrial Property Unit Trust
Acquiring agent Clews & Co Limited 01295 760 935
Disposing agent JLL 020 7493 4933
Disposing agent Dowley Turner Real Estate LLP 020 3328 9080
Freehold Industrial Centre, Amberley Way, Hounslow, TW4 6BX Deal Date 19/08/2014
Unit details 1,720 Net SqFt Second-hand Grade B Unit 7 Letting Lease Lease length – Not Available
Letting details Achieved rent Not Available Asking rent £8.14 per SqFt Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Page | 10
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Industrial Space
Tenant Fraser Water Services Limited Landlord Undisclosed
Acquiring agent Not Available
Disposing agent Telsar Limited 01895 819911
Disposing agent Not Available
Hounslow Trade Park, Staines Road, Hounslow, TW3 3JL Deal Date 18/08/2014
Unit details 4,041 Net SqFt New - New Build (existing) Unit 10 Letting Lease Lease length – Not Available
Letting details Achieved rent £31,931 PerAnnum Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Oto Bathrooms Limited Landlord Aegon Uk Property Fund Limited
Acquiring agent Not Available
Disposing agent Rapleys Llp 0870 777 6292
Disposing agent Colliers International 01895 813344
Hounslow Trade Park, Staines Road, Hounslow, TW3 3JL Deal Date 24/04/2014
Unit details 4,072 Net SqFt New - New Build (existing) Unit 8 Letting Lease Lease length – Not Available
Letting details Achieved rent £45,000 PerAnnum Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Page | 11
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Industrial Space
Tenant Hevac Mechanical Distribution Limited Landlord Aegon Uk Property Fund Limited
Acquiring agent Not Available
Disposing agent Rapleys Llp 0870 777 6292
Disposing agent Colliers International 01895 813344
Viridian Park, Pulborough Way, Hounslow, TW4 6DE Deal Date 15/04/2014
Unit details 6,892 Net SqFt Second-hand Grade B Unit 3 Letting Lease Lease length – 5 years
Letting details Achieved rent £10.25 per SqFt Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant United Airlines Landlord Segro PLC
Acquiring agent Not Available
Disposing agent dohertybaines 020 7355 3033
Disposing agent Savills 020 7409 8150
Central Park Trading Estate, Central Park Trading Estate, Staines Road, Hounslow, TW4 5DJ Deal Date 20/12/2013
Unit details 6,792 Net SqFt New - Refurb (existing) Unit 05 Letting Lease FRI Lease length – 5 years
Letting details Achieved rent £10 per SqFt Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Page | 12
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Industrial Space
Tenant Vantec Europe Limited Landlord Airport Industrial Property Unit Trust
Acquiring agent Not Available
Disposing agent JLL 020 7493 4933
Disposing agent Dowley Turner Real Estate LLP 020 3328 9080
Heathrow South Cargo Centre, Heathrow South Cargo Centre, Girling Way, Great South West Road, Feltham, TW14 0PH
Deal Date 31/10/2013
Unit details 9,363 Net SqFt Unit 4 Letting Lease Lease length – 23 years
Letting details Achieved rent £119,846 PerAnnum Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Do & Co Landlord Airport Industrial Property Unit Trust
Acquiring agent Not Available
Disposing agent JLL 020 7493 6040
Disposing agent Eversheds LLP 020 7919 4500
Viridian Park, Pulborough Way, Hounslow, TW4 6DE Deal Date 15/10/2013
Unit details 29,785 Net SqFt Site 1 Letting Lease Lease length – Not Available
Letting details Achieved rent Not Available Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Page | 13
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Industrial Space
Tenant Undisclosed Landlord Segro PLC
Acquiring agent Not Available
Disposing agent dohertybaines 020 7355 3033
Disposing agent Not Available
Fairway Trading Estate, Fairway Close, London, TW4 6BU Deal Date 01/10/2013
Unit details 12,994 Net SqFt New - Refurb (existing) Unit 10 Letting Lease FRI Lease length – Not Available
Letting details Achieved rent Not Available Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Deltech UK Limited Landlord Undisclosed
Acquiring agent Not Available
Disposing agent dohertybaines 020 7355 3033
Disposing agent De Souza & Company Limited 020 87073030
Viridian Park, Pulborough Way, Hounslow, TW4 6DE Deal Date 15/08/2013
Page | 14
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Industrial Space
Unit details 7,536 Net SqFt Unit 1 Letting Lease Lease length – 10 years
Letting details Achieved rent £10.25 per SqFt Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Burger and Lobster Restaurant Group Limited Landlord Segro PLC
Acquiring agent Not Available
Disposing agent dohertybaines 020 7355 3033
Disposing agent Not Available
694, Steyning Way, Hounslow, TW4 6DL Deal Date 04/07/2013
Unit details 5,279 Net SqFt Second-hand Grade B Entire Building Letting Lease Lease length – 5 years
Letting details Achieved rent £6 per SqFt Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Undisclosed Landlord Undisclosed
Acquiring agent Not Available
Disposing agent Altus Group 01753 689000
Disposing agent JLL 020 8759 4141
Central Park Trading Estate, Central Park Trading Estate, Staines Road, Hounslow, TW4 5DJ Deal Date 01/06/2013
Page | 15
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Industrial Space
Unit details 52,937 Net SqFt New - New Build (existing) Unit 2 Letting Lease FRI Lease length – 10 years
Letting details Achieved rent £10.50 per SqFt Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant DHL Excel Supply Chain Landlord Airport Industrial Property Unit Trust
Acquiring agent Not Available
Disposing agent Dowley Turner Real Estate LLP 020 3328 9080
Disposing agent JLL 020 7493 4933
Central Park Trading Estate, Central Park Trading Estate, Staines Road, Hounslow, TW4 5DJ Deal Date 03/04/2013
Unit details 16,038 Net SqFt Units 7 & 8 Letting Lease Lease length – 5 years
Letting details Achieved rent Not Available Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Undisclosed Landlord Undisclosed
Acquiring agent Not Available
Disposing agent JLL 020 7493 6040
Disposing agent Not Available
Hounslow Trade Park, Staines Road, Hounslow, TW3 3JL Deal Date 15/03/2013
Page | 16
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Industrial Space
Unit details 4,000 Net SqFt Unit 3 Letting Lease Lease length – Not Available
Letting details Achieved rent Not Available Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Himalaya Carpets Landlord Kames Capital plc
Acquiring agent Not Available
Disposing agent Colliers International 01895 813344
Disposing agent Rapleys Llp 0870 777 6292
Hounslow Trade Park, Staines Road, Hounslow, TW3 3JL Deal Date 15/03/2013
Unit details 3,000 Net SqFt New - New Build (existing) Unit 5 Letting Lease Lease length – Not Available
Letting details Achieved rent Not Available Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Johnstone Works Landlord Aegon Uk Property Fund Limited
Acquiring agent Not Available
Disposing agent Colliers International 01895 813344
Disposing agent Rapleys Llp 0870 777 6292
Hounslow Trade Park, Staines Road, Hounslow, TW3 3JL Deal Date 15/03/2013
Page | 17
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Industrial Space
Unit details 3,000 Net SqFt New - New Build (existing) Unit 9 Letting Lease Lease length – Not Available
Letting details Achieved rent Not Available Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant YESSS Electrical Landlord Aegon Uk Property Fund Limited
Acquiring agent Not Available
Disposing agent Rapleys Llp 0870 777 6292
Disposing agent Colliers International 01895 813344
Hounslow Trade Park, Staines Road, Hounslow, TW3 3JL Deal Date 15/03/2013
Unit details 4,000 Net SqFt New - New Build (existing) Unit 7 Letting Lease Lease length – Not Available
Letting details Achieved rent Not Available Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant National Lighting Landlord Aegon Uk Property Fund Limited
Acquiring agent Not Available
Disposing agent Colliers International 01895 813344
Disposing agent Rapleys Llp 0870 777 6292
Viridian Park, Pulborough Way, Hounslow, TW4 6DE Deal Date 15/01/2013
Page | 18
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Industrial Space
Unit details 7,730 Net SqFt Unit 2 Letting Lease Lease length – 10 years
Letting details Achieved rent £10.75 per SqFt Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Yourway Transport Limited Landlord Segro PLC
Acquiring agent Not Available
Disposing agent dohertybaines 020 7355 3033
Disposing agent Not Available
Fairway Trading Estate, Fairway Close, London, TW4 6BU Deal Date 15/11/2012
Unit details 11,305 Net SqFt Unit 7 Letting Lease Lease length – 6 years
Letting details Achieved rent Not Available Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Inviron Limited Landlord Segro PLC
Acquiring agent Not Available
Disposing agent dohertybaines 020 7355 3033
Disposing agent Savills 020 7409 8150
Hounslow Trade Park, Staines Road, Hounslow, TW3 3JL Deal Date 15/11/2012
Page | 19
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Industrial Space
Unit details 4,000 Net SqFt Unit 4 Letting Lease Lease length – Not Available
Letting details Achieved rent Not Available Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Tile Depot Landlord Kames Capital plc
Acquiring agent Not Available
Disposing agent Colliers International 020 7935 4499
Disposing agent Rapleys Llp 0870 777 6292
Hounslow Trade Park, Staines Road, Hounslow, TW3 3JL Deal Date 15/11/2012
Unit details 4,000 Net SqFt Unit 6 Letting Lease Lease length – Not Available
Letting details Achieved rent Not Available Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Screwfix Landlord Kames Capital plc
Acquiring agent Not Available
Disposing agent Rapleys Llp 0870 777 6292
Disposing agent Colliers International 020 7935 4499
Hounslow Trade Park, Staines Road, Hounslow, TW3 3JL Deal Date 15/11/2012
Page | 20
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Industrial Space
Unit details 4,500 Net SqFt Unit 1 Letting Lease Lease length – Not Available
Letting details Achieved rent Not Available Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Topps Tiles Landlord Kames Capital plc
Acquiring agent Not Available
Disposing agent Rapleys Llp 0870 777 6292
Disposing agent Colliers International 020 7935 4499
Hounslow Trade Park, Staines Road, Hounslow, TW3 3JL Deal Date 15/11/2012
Unit details 3,800 Net SqFt Unit 2 Letting Lease Lease length – Not Available
Letting details Achieved rent Not Available Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Halfords Autocentre Landlord Kames Capital plc
Acquiring agent Not Available
Disposing agent Colliers International 020 7935 4499
Disposing agent Rapleys Llp 0870 777 6292
692, Steyning Way, Hounslow, TW4 6DL Deal Date 28/09/2012
Page | 21
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Industrial Space
Unit details 5,014 Net SqFt Warehouse & Yard Letting Lease Lease length – Not Available
Letting details Achieved rent Not Available Asking rent £6 per SqFt Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Undisclosed Landlord Undisclosed
Acquiring agent Not Available
Disposing agent JLL 020 8759 4141
Disposing agent Not Available
National Works, Bath Road, Hounslow, TW4 7EA Deal Date 03/08/2012
Unit details 1,322 Net SqFt Unit C02 Letting Lease Lease length – 3 years
Letting details Achieved rent £6.13 per SqFt Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Books and Periodicals Agency Limited Landlord IPIF
Acquiring agent Not Available
Disposing agent Telsar Limited 01895 819911
Disposing agent Not Available
National Works, Bath Road, Hounslow, TW4 7EA Deal Date 15/12/2011
Page | 22
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Industrial Space
Unit details 1,322 Net SqFt Unit C03 Letting Lease Lease length – Not Available
Letting details Achieved rent £14,542 PerAnnum Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Chings bead & Jewellery Landlord Industrial Property Investment Fund
Acquiring agent Not Available
Disposing agent Telsar Limited 01895 819911
Disposing agent Not Available
National Works, Bath Road, Hounslow, TW4 7EA Deal Date 15/12/2011
Unit details 2,050 Net SqFt Unit B06 Letting Lease Lease length – 1 year
Letting details Achieved rent £28,610 PerAnnum Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Quos Business Process Outsourcing Limited Landlord Industrial Property Investment Fund
Acquiring agent Not Available
Disposing agent Telsar Limited 01895 819911
Disposing agent Not Available
Page | 23
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Industrial Space
Heathrow Causeway Centre, Ariel Way, Hounslow, TW4 6JW Deal Date 01/09/2011
Unit details 3,385 Net SqFt Unit 6 Letting Lease Lease length – Not Available
Letting details Achieved rent £7.32 per SqFt Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Private individual(s) Landlord Segro PLC
Acquiring agent Not Available
Disposing agent Colliers International 01895 813344
Disposing agent DTZ (now part of Cushman & Wakefield) 0203 296 3000
99, Green Lane, Hounslow, TW4 6BW Deal Date 20/07/2017
Unit details 12,992 Net SqFt Occupational Sale
Sale Details Price £1,950,000 Tenure Freehold
Vendor Undisclosed Purchaser SNG Properties Limited
Acquiring agent Not Available
Disposing agent Not Available
Disposing agent Not Available
Page | 24
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Industrial Space
Maple Grove Business Centre, Lawrence Road, Hounslow, TW4 6DR Deal Date 15/04/2016
Unit details 4,239 Net SqFt Second-hand Grade B Unit 11 Occupational Sale
Sale Details Price Not Available Tenure Freehold
Vendor Undisclosed Purchaser Undisclosed
Acquiring agent Not Available
Disposing agent Altus Group 01753 689000
Disposing agent Not Available
Freehold Industrial Centre, Amberley Way, Hounslow, TW4 6BX Deal Date 14/07/2015
Unit details 1,736 Net SqFt Second-hand Grade B Unit 6 Occupational Sale
Sale Details Price Not Available Tenure Freehold
Vendor Undisclosed Purchaser Undisclosed
Acquiring agent Not Available
Disposing agent Telsar Limited 01895 819911
Disposing agent Not Available
Site At, Green Lane, Hounslow, TW4 6ER Deal Date 23/12/2013
Page | 25
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Industrial Space
Unit details 40,000 Net SqFt Design & Build Occupational Sale
Sale Details Price Not Available Tenure Freehold
Vendor Undisclosed Purchaser Undisclosed
Acquiring agent Not Available
Disposing agent De Souza & Company Limited 020 87073030
Disposing agent DTZ (now part of Cushman & Wakefield) 0203 296 3000
Heathrow South Cargo Centre, Heathrow South Cargo Centre, Girling Way, Great South West Road, Feltham, TW14 0PH
Deal Date 01/02/2012
Unit details 18,400 Net SqFt Unit 5 & 6 Occupational Sale
Sale Details Price Not Available Tenure Freehold
Vendor Undisclosed Purchaser GE Aviation Systems Limited
Acquiring agent Not Available
Disposing agent Cushman & Wakefield 020 8569 1600
Disposing agent Not Available
692, Steyning Way, Hounslow, TW4 6DL Deal Date 15/12/2010
Page | 26
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Industrial Space
Unit details 5,014 Net SqFt Occupational Sale
Sale Details Price Not Available Tenure Freehold
Vendor Segro PLC Purchaser Undisclosed
Acquiring agent Not Available
Disposing agent Colliers International 020 7935 4499
Disposing agent De Souza & Company Limited 020 87073030
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report
Hounslow West, London – Office Space
07/08/2018
Page | 1
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Office Space
6, Lawrence Road, Hounslow, TW4 6DN Deal Date 15/11/2013
Unit details 6,338 Net SqFt Second-hand Grade B Entire Building Letting Lease Lease length – Not Available
Letting details Achieved rent Not Available Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Undisclosed Landlord Undisclosed
Acquiring agent Not Available
Disposing agent De Souza & Company Limited 020 87073030
Disposing agent Not Available
Maple Grove Business Centre, Lawrence Road, Hounslow, TW4 6DR Deal Date 15/02/2012
Unit details 880 Net SqFt Unit 4 Letting Lease Lease length – Not Available
Letting details Achieved rent Not Available Asking rent £14.77 per SqFt Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Undisclosed Landlord Undisclosed
Acquiring agent Not Available
Disposing agent De Souza & Company Limited 020 8707 3030
Disposing agent Not Available
Page | 2
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Office Space
Maple Grove Business Centre, Lawrence Road, Hounslow, TW4 6DR Deal Date 15/04/2009
Unit details 2,400 Net SqFt Unit 1 Letting Lease Lease length – Not Available
Letting details Achieved rent Not Available Asking rent £12 per SqFt Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Undisclosed Landlord Undisclosed
Acquiring agent Not Available
Disposing agent De Souza & Company Limited 020 87073030
Disposing agent Not Available
Maple Grove Business Centre, Lawrence Road, Hounslow, TW4 6DR Deal Date 01/11/2008
Unit details 284 Net SqFt 1st Floor Letting Lease FRI Lease length – Not Available
Letting details Achieved rent Not Available Asking rent £42.25 per SqFt Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Undisclosed Landlord Undisclosed
Acquiring agent Not Available
Disposing agent De Souza & Company Limited 020 87073030
Disposing agent Not Available
Page | 3
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Office Space
Vista Office Centre, Vista Office Centre, 50, Salisbury Road, Hounslow, TW4 6JQ Deal Date 15/06/2008
Unit details 5,120 Net SqFt Letting Lease Lease length – Not Available
Letting details Achieved rent Not Available Asking rent £10 per SqFt Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Undisclosed Landlord Undisclosed
Acquiring agent Not Available
Disposing agent Vail Williams LLP 0238 082 0900
Disposing agent Not Available
Maple Grove Business Centre, Lawrence Road, Hounslow, TW4 6DR Deal Date 15/03/2008
Unit details 284 Net SqFt Unit 4, 1st Floor Letting Lease Lease length – Not Available
Letting details Achieved rent Not Available Asking rent £42.25 per SqFt Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Undisclosed Landlord Undisclosed
Acquiring agent Not Available
Disposing agent De Souza & Company Limited 020 8707 3030
Disposing agent Not Available
Page | 4
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Office Space
Vista Office Centre, Vista Office Centre, 50, Salisbury Road, Hounslow, TW4 6JQ Deal Date 12/06/2006
Unit details 4,887 Net SqFt 6th floor Letting Lease Lease length – Not Available
Letting details Achieved rent Not Available Asking rent £24.58 per SqFt Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Undisclosed Landlord Undisclosed
Acquiring agent Not Available
Disposing agent Edwin Hill (now trading as Altus Edwin Hill) 01753 689000
Disposing agent Not Available
Vista Office Centre, Vista Office Centre, 50, Salisbury Road, Hounslow, TW4 6JQ Deal Date 24/03/2006
Unit details 1,153 Net SqFt 4th floor Letting Lease Lease length – 5 years
Letting details Achieved rent £14.50 per SqFt Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Luminova (UK) Limited Landlord CLSH MANAGEMENT LIMITED
Acquiring agent Not Available
Disposing agent Vail Williams LLP 020 8564 8300
Disposing agent Not Available
Page | 5
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Office Space
Maple Grove Business Centre, Lawrence Road, Hounslow, TW4 6DR Deal Date 05/12/2005
Unit details 2,400 Net SqFt Unit 6 Letting Lease Lease length – 5 years
Letting details Achieved rent £10 per SqFt Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Apollo Communications Landlord RO Properties Limited
Acquiring agent Not Available
Disposing agent De Souza & Company Limited 020 8707 3030
Disposing agent Not Available
Vista Office Centre, Vista Office Centre, 50, Salisbury Road, Hounslow, TW4 6JQ Deal Date 08/11/2004
Unit details 5,050 Net SqFt Letting Lease Lease length – 10 years
Letting details Achieved rent £13.75 per SqFt Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods
Amenities Not Available
Tenant Metropolitan Police Authority Landlord CLS Holdings plc
Acquiring agent Smith Melzack Pepper Angliss (now trading as Vail Williams) 020 8263 6002
Disposing agent Andrews Denford & Boyd Limited 020 7494 0377
Disposing agent Vail Williams LLP 020 8564 8300
Page | 6
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Office Space
Vista Office Centre, Vista Office Centre, 50, Salisbury Road, Hounslow, TW4 6JQ Deal Date 05/05/2004
Unit details 16,876 Net SqFt Letting Lease Lease length – 10 years
Letting details Achieved rent £13.75 per SqFt Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Metropolitan Police Authority Landlord CLS Holdings plc
Acquiring agent Smith Melzack Pepper Angliss (now trading as Vail Williams) 020 7638 1856
Disposing agent Andrews Denford & Boyd Limited 020 7494 0377
Disposing agent Vail Williams LLP 020 8564 8300
Vista Office Centre, Vista Office Centre, 50, Salisbury Road, Hounslow, TW4 6JQ Deal Date 20/12/2002
Unit details 1,750 Net SqFt Part Floor Letting Assignment IRL Lease length – 2 years
Letting details Achieved rent £16.07 per SqFt Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Suir Engineering UK Limited Landlord Arcplan UK Limited
Acquiring agent Not Available
Disposing agent De Souza & Company Limited 020 8707 3030
Disposing agent Not Available
Page | 7
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Office Space
Heathrow Causeway Centre, Ariel Way, Hounslow, TW4 6JW Deal Date 11/07/2001
Unit details 12,012 Gross SqFt Units 7 & 8 Letting Assignment Lease length – 9 years
Letting details Achieved rent £12.75 per SqFt Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Carter Refridgeration & retail Services Limited Landlord BancTec Limited
Acquiring agent Smith Hodgkinson International Limited 0161 233 2900
Disposing agent JLL 020 7493 6040
Disposing agent Not Available
Maple Grove Business Centre, Lawrence Road, Hounslow, TW4 6DR Deal Date 09/05/2001
Unit details 9,591 Gross SqFt Unit 3 Letting Lease FRI Lease length – 3 years
Letting details Achieved rent £1.62 per SqFt Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Ulverscroft Limied Landlord Undisclosed
Acquiring agent Not Available
Disposing agent De Souza & Company Limited 020 8707 3030
Disposing agent Not Available
Page | 8
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Office Space
Wallbrook Business Centre, Wallbrook Business Centre, Green Lane, London, TW4 6NW Deal Date 29/03/2001
Unit details 3,159 Gross SqFt Unit 5 Letting Lease Lease length – 5 years
Letting details Achieved rent £16.25 per SqFt Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant HORIZON TECHNOLOGY GROUP PLC Landlord Brown, Beverly & moran
Acquiring agent Not Available
Disposing agent JLL 020 7493 6040
Disposing agent Not Available
Wallbrook Business Centre, Wallbrook Business Centre, Green Lane, London, TW4 6NW Deal Date 26/01/2001
Unit details 2,820 Gross SqFt Unit 2 Letting Lease Lease length – 8 years
Letting details Achieved rent £15.96 per SqFt Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant FUSION LIMITED Landlord Queen's College
Acquiring agent Not Available
Disposing agent Smith-Woolley Limited 01993 811624
Disposing agent JLL 020 7493 6040
Page | 9
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Office Space
Vista Office Centre, Vista Office Centre, 50, Salisbury Road, Hounslow, TW4 6JQ Deal Date 24/03/1999
Unit details 10,400 Gross SqFt 3rd & 4th floors Letting Lease Lease length – 5 years
Letting details Achieved rent £13 per SqFt Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant EDS International Landlord CLS Holdings plc
Acquiring agent Not Available
Disposing agent Andrews Denford & Boyd Limited 020 7494 0377
Disposing agent Vail Williams LLP 020 7393 4000
Vista Office Centre, Vista Office Centre, 50, Salisbury Road, Hounslow, TW4 6JQ Deal Date 24/03/1999
Unit details 12,500 Gross SqFt Letting Lease Lease length – 10 years
Letting details Achieved rent £15.50 per SqFt Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Hiserv UK Limited Landlord CLS Holdings plc
Acquiring agent Not Available
Disposing agent Vail Williams LLP 020 7393 4000
Disposing agent Andrews Denford & Boyd Limited 020 7494 0377
Page | 10
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Office Space
Maple Grove Business Centre, Lawrence Road, Hounslow, TW4 6DR Deal Date 28/06/2012
Unit details 4,760 Net SqFt Units 1 & 2 Occupational Sale
Sale Details Price £495,000 Tenure Freehold
Vendor RO Properties Limited Purchaser Devonshire Healthcare Services Limited
Acquiring agent De Souza & Company Limited 020 87073030
Disposing agent Vokins Chartered Surveyors 020 8400 9000
Disposing agent Not Available
Phoenix Court, 531, Staines Road, Hounslow, TW4 5DP Deal Date 15/11/2011
Unit details 6,500 Net SqFt Entire Building Occupational Sale
Sale Details Price Not Available Tenure Freehold
Vendor Undisclosed Purchaser Undisclosed
Acquiring agent Not Available
Disposing agent De Souza & Company Limited 020 87073030
Disposing agent Not Available
Page | 11
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Office Space
Maple Grove Business Centre, Lawrence Road, Hounslow, TW4 6DR Deal Date 16/11/2010
Unit details 2,178 Net SqFt Unit 4 Occupational Sale
Sale Details Price £325,000 Tenure Freehold
Vendor Private individual(s) Purchaser Private individual(s)
Acquiring agent Not Available
Disposing agent Levene Chartered Surveyors 0800 118 899
Disposing agent Not Available
Maple Grove Business Centre, Lawrence Road, Hounslow, TW4 6DR Deal Date 31/10/2005
Unit details 2,379 Net SqFt Unit 4 Occupational Sale
Sale Details Price £328,000 Tenure Freehold
Vendor Undisclosed Purchaser Fusis Limited
Acquiring agent Not Available
Disposing agent De Souza & Company Limited 020 87073030
Disposing agent Not Available
Wallbrook Business Centre, Wallbrook Business Centre, Green Lane, London, TW4 6NW Deal Date 28/07/2005
Page | 12
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Office Space
Unit details 5,385 Net SqFt Unit 1 Occupational Sale
Sale Details Price £1,200,000 Tenure Freehold
Vendor Undisclosed Purchaser Fusion Business Systems Limited
Acquiring agent Not Available
Disposing agent Savills 01225 474500
Disposing agent Not Available
Wallbrook Business Centre, Wallbrook Business Centre, Green Lane, London, TW4 6NW Deal Date 15/08/2003
Unit details 2,793 Net SqFt Occupational Sale
Sale Details Price Not Available Tenure Freehold
Vendor Undisclosed Purchaser Undisclosed
Acquiring agent Not Available
Disposing agent Smith-Woolley Limited 01993 811624
Disposing agent Not Available
Amberley House, Amberley Way, London, TW4 6BH Deal Date 30/03/2001
Page | 13
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Office Space
Unit details 1,087 Gross SqFt Occupational Sale
Sale Details Price Not Available Tenure Freehold
Vendor Undisclosed Purchaser Undisclosed
Acquiring agent Not Available
Disposing agent Savills 01483 796800
Disposing agent Not Available
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report
Hounslow West, London – Retail Space
07/08/2018
Page | 1
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Occupational Deals Report Hounslow West, London – Retail Space
117-119, Beavers Lane, Hounslow, TW4 6HF Deal Date 05/12/2016
Unit details 670 Net SqFt Second-hand (Retail) Ground Letting Lease FRI Lease length – Not Available
Letting details Achieved rent Not Available Asking rent £9,500 PerAnnum Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Undisclosed Landlord Undisclosed
Acquiring agent Not Available
Disposing agent Dunphys Chartered Surveyors 020 8577 5172
Disposing agent Not Available
275, Bath Road, Hounslow, TW3 3DA Deal Date 12/05/2014
Unit details 1,697 Net SqFt Second-hand (Retail) Ground Letting Lease FRI Lease length – 20 years
Letting details Achieved rent £35,300 PerAnnum Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Undisclosed Landlord Undisclosed
Acquiring agent Not Available
Disposing agent Dunphys Chartered Surveyors 020 8577 5172
Disposing agent Not Available
Page | 2
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Retail Space
Cavendish Parade, Bath Road, Hounslow, TW4 7DJ Deal Date 15/03/2012
Unit details Letting Lease Lease length – 10 years
Letting details Achieved rent Not Available Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Albemarle & Bond Landlord Undisclosed
Acquiring agent Brasier Freeth 01923 210810
Disposing agent Not Available
Disposing agent Not Available
300, Bath Road, Hounslow, TW4 7DN Deal Date 15/11/2011
Unit details 1,470 Net SqFt Ground Floor Letting Lease FRI Lease length – 10 years
Letting details Achieved rent £43,200 PerAnnum Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Undisclosed Landlord Undisclosed
Acquiring agent Not Available
Disposing agent Claridges Commercial 0845 205 0007
Disposing agent Not Available
Page | 3
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Retail Space
348, Bath Road, Hounslow, TW3 3DH Deal Date 15/05/2008
Unit details 1,412 Net SqFt Letting Lease Lease length – Not Available
Letting details Achieved rent Not Available Asking rent £40,000 PerAnnum Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Undisclosed Landlord Undisclosed
Acquiring agent Not Available
Disposing agent Jenkins Law 020 7440 1840
Disposing agent Not Available
279, Staines Road, Hounslow, TW4 5AL Deal Date 27/09/2002
Unit details Letting Lease IRL Lease length – 15 years
Letting details Achieved rent £8,500 PerAnnum Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Skytrak Travel Limited Landlord Undisclosed
Acquiring agent Not Available
Disposing agent Not Available
Disposing agent Not Available
Page | 4
EG has used all reasonable endeavours to ensure the accuracy of material on this service. However, we accept no responsibility for any inaccuracy or for the consequences of any use of this material. All information contained in the EG databases is the property of Reed Business Information and is protected by copyright worldwide. If you have not downloaded this document from EG yourself you should be aware that it may have been modified since being downloaded. For all enquiries please contact EG Technical Support ([email protected]).
Occupational Deals Report Hounslow West, London – Retail Space
Morrisons Cavendish Parade, Bath Road, Hounslow, TW4 7DJ Deal Date 30/08/1990
Unit details 36,416 Net SqFt Letting Lease Lease length – 35 years
Letting details Achieved rent £563,088 PerAnnum Asking rent Not Available Business rates Not Available Service charges Not Available Rent free periods Not Available
Amenities Not Available
Tenant Morrisons Landlord Undisclosed
Acquiring agent Not Available
Disposing agent Not Available
Disposing agent Not Available
savills.co.uk/research 01
GRAPH 1
Domestic investors have accounted for 59% of acquisitions this year
UK Commercial Market in Minutes
UK investors are 13% more acquisitive in 2018
August 2018
Savills World Research UK Commercial
Stronger than expected office occupational story renews UK investor confidence and activity The average UK commercial property prime yield remained stable at 4.56% in July, the same level as at October 2017.
Upward pressure is expected to continue in the following months on most retail sectors, and the average prime yield across all retail segments is now 5.05%, compared to 4.90% a year ago.
The most notable change in the market in recent months has been the return of domestic investors to the field. As Graph 1 shows, domestic investors have accounted for 59% of all acquisitions this year, the highest proportion since 2011.
In volume terms this is an increase of 12.9% year-on-year, compared to a 21% fall in non-domestic investor activity.
We believe that this change is being driven by a number of factors. Firstly, is the continuing strong occupational story in the logistics market, and a better than expected occupational trend in the office market.
Secondly, there has been a comparative lack of larger assets on the market that would typically attract the most international investor interest. There have been only 56 deals of over £100m in the first seven months of 2018, compared to 70 in the same period last year.
Finally, the recent increasing speculation around a rising probability of a hard Brexit has caused some non-domestic investors to question the outlook for the UK.
Looking ahead to the remainder of 2018 we expect that domestic investors will remain the most active buyers, though the largest prime assets will still predominantly attract non-domestic attention.
Graph source: xxxxxxxxxxxxxxxxxxx
TABLE 1
Prime yields
July 17 June 18 July 18
West End Offices 3.25% 3.25% 3.25%
City Offices 4.00% 4.00% 4.00%
Offices M25 5.25% 5.00% 5.00%
Provincial Offices 5.25% 4.75% 4.75%
High Street Retail 4.00% 4.25% 4.25%#
Shopping Centres 4.50% 5.00% 5.00%
Retail Warehouse (open A1)
5.25% 5.25% 5.25%#
Retail Warehouse (restricted)
5.75% 5.50% 5.50%#
Foodstores 5.00% 4.50% 4.50%
Industrial Distribution
4.75% 4.25% 4.25%
Industrial Multi-lets
4.50% 4.00% 4.00%
Leisure Parks 5.00% 5.25% 5.25%
Regional Hotels 4.75% 4.25% 4.25%
Table source: Savills
Graph source: Property Data, Savills
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
OthersOccupiersPrivate InvestorsPrivate Prop CoQuoted Prop CoUK InstitutionsOverseas Investors
Market in Minutes | UK Commercial
02
August 2018
GRAPH 3
Limited correlation between the base rate and prime property yield
Local authorities keep buying, though remain a small part of the overall market One group of investors that garnered a disproportionate amount of media comment in 2017 were the local authorities.
As Graph 2 shows, they look on track to exceed 2017's level of activity this year, having already invested nearly £1bn in UK commercial property so far this year. However, this group of investors still accounts for only 3.4% of the total market, and as such are hardly providing it with a dramatic boost, or exposing it to a potential fall should they withdraw.
Much of the recent comment on this group of investors has been around whether they 'should' be investing in property when local authority spending is being tightened. However, this avenue of comment is rather weak as the fundamental reason why they are investing in income-producing assets is to plug the gap that has been created by the reduction in income from central government.
Investment in commercial property can deliver both an income return and a social return for local authorities, and we see no credible argument for discouraging or limiting their investment activity in this sector so long as it is well-informed, transparent, and benchmarked. Furthermore, while the proportion of investments by local authorities that are outside their operational area has risen to 39% this year, we believe that this is justifiable in the context of spreading investment risk.
Should the recent base rate rise be a cause of concern for property investors? With the markets having finally called the timing of an interest rate rise correctly, the inevitable questions are being asked as to what this means for UK commercial property.
As far as the macro-economy (and hence consumer spending and GDP growth) goes, we expect the impacts to be limited. Relatively few households have a variable rate mortgage and thus we do not expect this rise, or the prospect of further gentle rises to have a dramatic impact on the economy.
There is also the question of whether the interest rate rise will impact on property investor's cost of debt. Again we expect this to have a limited impact, as the prospects of a rise had been priced into the debt market for some time.
Finally, there is the question of whether there is any relationship between the base rate and property yields. Traditionally it has been broadly understood that the property yield should be in part a function of the risk-free rate of return. However, the last decade has seen less of a relationship due to lower LTV's and the increasing amount of non-domestic investor activity in the UK .
Indeed, as Graph 3 shows, only two of the last five periods of rising base rates have coincided with a rise in the prime property yield. We expect that this next phase of "gradual" and "limited" rises will see market fundamentals driving the yield, rather than the base rate.
Savills plcSavills is a leading global real estate service provider listed on the London Stock Exchange. The company established in 1855, has a rich heritage with unrivalled growth. It is a company that leads rather than follows, and now has over 700 offices and associates throughout the Americas, Europe, Asia Pacific, Africa and the Middle East.
This report is for general informative purposes only. It may not be published, reproduced or quoted in part or in whole, nor may it be used as a basis for any contract, prospectus, agreement or other document without prior consent. Whilst every effort has been made to ensure its accuracy, Savills accepts no liability whatsoever for any direct or consequential loss arising from its use. The content is strictly copyright and reproduction of the whole or part of it in any form is prohibited without written permission from Savills Research.
James GullifordJoint Head of UK Investment+44 (0)20 7409 8711 [email protected]
Mat OakleyResearch+44 (0)20 7409 [email protected]
Graph source: Bank of England, Savills
Please contact us for further information
GRAPH 2
Local authority investment into UK commercial property
Graph source: Savills Research
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
% o
f mar
ket
£m
LA Invest £m LA % of Total
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%01
/01/
1990
01/0
4/19
9101
/07/
1992
01/1
0/19
9301
/01/
1995
01/0
4/19
9601
/07/
1997
01/1
0/19
9801
/01/
2000
01/0
4/20
0101
/07/
2002
01/1
0/20
0301
/01/
2005
01/0
4/20
0601
/07/
2007
01/1
0/20
0801
/01/
2010
01/0
4/20
1101
/07/
2012
01/1
0/20
1301
/01/
2015
01/0
4/20
1601
/07/
2017
Base
rate
and
yiel
d %
City office prime yield UK base rate
London Borough of Hounslow- Non-Residential Values table- Q4 2018
Development Use
Type/Use Class
Indication
Example Scheme
Type GIA [m2]
Site
Coverage
[%]
Site Size
[Ha]
Build
Period
[months]
Values Range
Rent £/m2 Invest
ment
Yield
[%]
Build
Cost 1[£/m2]
External
Works
Addition
[%]
Total
Build
Cost
exc
fees
[£/m2]
Low Mid High
Retail- Large Format-
convenience
Large
supermarket
2000 45 0.5 12 185 200 225 4.5 935 15 1095
Retail Large Format-
comparison
Large format retail
warehouse- edge
of centre
1000 4 0.4 7 225 250 275 5.25 656 15 768
A1-A5- comparison
retail Main Centres 300 100 0.03 6 700 800 900 5.25 1898 5 2028
A1-A5- comparison
retail Local Centre 300 100 0.03 6 150 200 250 6.0 1898 5 2028
A1-A5- small retail Convenience 300 100 0.03 6 150 175 200 6.25 1898 5 2028
B1a – Offices Secondary 500 100 0.15 12 200 215 230 7.25 2034 15 2358
B1a- Offices Prime/Main
Centre 1500 100 0.5 12 175 250 225 5.5 2451 15 2841
B1/B2/B8- industrial
Warehousing
Startup/Move on
unit 1000 50 0.2 10 85 100 130 7.5 864 15 998
B1/B2/B8-
Industrial/Warehousing
Larger
factory/warehouse 5000 40 1.25 18 80 90 100 5.5 621 15 717
C1- Hotel Budget style 2800 80 0.35 14 5000/rm2 5350/rm 5700/rm 4.75 2428 15 2803
C2- Residential
Institution
Nursing
Home/Care home 3000 80 0.35 16 175 200 225 5.75 1862 15 2150
BREEAM ‘Excellent’ % of Build Costs 0.4-1.8
Incl in
Total
Build
Costs
Professional Fees % of Build Costs 10
1 BCIS – current Q4 2016-Median General – rebased to Richmond [118] 2 Hotel- annual per room rental rate
London Borough of Hounslow- Non-Residential Values table- Q4 2018
Contingency % of Build Costs 5
Planning/Building
Regs/Insurances % of Build Costs 2
Other % of Build Costs Variable
Finance
Interest rate per
annum % of Total costs 7.0
Arrangement
fees/Valuations etc % of Total Costs 2.0
Site Acquisition
Costs
Stamp Duty % of Land Value 5.0 >£250k
Agents fees % of Land Value 1.0
Marketing Costs
Advertising % of ERV 5
Letting agents fees % of ERV 10
Letting Legal fees % of ERV 0.5
Disposal Costs
Sales Agents Fees % of Sale Value 1.0
Sales Legal Fees % of Sale Value 0.25
Purchasers Costs % of Sale Value 6.8
Description: Rate per m2 gross internal floor area for the building Cost including prelims. Last updated: 01Sep2018 02:05
Rebased to London Borough of Hounslow ( 113; sample 34 )
£/m2 study
Maximum age of results: 5 years
Building function (Maximum age of projects)
£/m² gross internal floor areaSample
Mean Lowest Lower quartiles Median Upper quartiles Highest
New build
282.2 Purpose builtfactories
Generally (5) 1,196 505 1,155 1,967 4
Over 2000m2 GFA (5) 1,196 505 1,155 1,967 4
284.2 Purpose builtwarehouses/stores
Generally (5) 1,003 366 610 864 1,110 2,960 15
Up to 500m2 GFA (5) 2,960 1
500 to 2000m2 GFA (5) 915 494 796 864 1,031 1,536 9
Over 2000m2 GFA (5) 769 366 600 621 1,023 1,238 5
320. Offices
Generally (5) 2,133 1,479 1,864 2,405 2,421 2,493 11
Airconditioned
Generally (5) 2,161 1,479 1,875 2,410 2,463 2,493 6
12 storey (5) 2,089 1,698 2,479 2
35 storey (5) 2,129 1,479 2,415 2,493 3
Not airconditioned
Generally (5) 2,099 1,588 2,031 2,036 2,410 2,428 5
12 storey (5) 2,021 1,588 2,034 2,428 4
6+ storey (5) 2,410 1
341.1 Retail warehouses
Generally (5) 1,199 1
1000 to 7000m2 GFA (5) 1,199 1
345. Shops
Generally (5) 1,812 1,029 1,898 2,422 4
12 storey (5) 1,812 1,029 1,898 2,422 4
345.1 Shops withdomestic, officeaccommodation (5)
3,157 2,349 3,964 2
442.2 Nursing homes longstay (residential homes) (5)
2,212 1
447. Care homes for theelderly
Generally (5) 1,901 1,279 1,725 1,862 2,096 2,521 7
16Nov2018 14:23 © RICS 2018 Page 1 of 2
Building function (Maximum age of projects)
£/m² gross internal floor areaSample
Mean Lowest Lower quartiles Median Upper quartiles Highest
Over 2000m2 GFA (5) 1,901 1,279 1,725 1,862 2,096 2,521 7
810.1 Estate housing
Generally (5) 1,402 801 1,200 1,331 1,494 4,739 407
Single storey (5) 1,663 1,001 1,318 1,588 1,863 4,739 63
2storey (5) 1,333 801 1,180 1,304 1,439 2,673 325
3storey (5) 1,467 936 1,221 1,386 1,560 2,841 16
4storey or above (5) 3,126 2,392 2,587 4,400 3
810.11 Estate housingdetached (5)
2,228 1,382 1,572 1,835 2,317 4,739 9
810.12 Estate housingsemi detached
Generally (5) 1,355 801 1,187 1,324 1,460 2,421 124
Single storey (5) 1,625 1,066 1,420 1,588 1,758 2,421 17
2storey (5) 1,319 801 1,183 1,291 1,434 2,368 103
3storey (5) 1,167 1,024 1,147 1,352 4
810.13 Estate housingterraced
Generally (5) 1,488 936 1,253 1,368 1,564 4,400 69
Single storey (5) 1,583 1,204 1,599 1,928 4
2storey (5) 1,412 960 1,253 1,366 1,490 2,673 57
3storey (5) 1,640 936 1,234 1,465 1,883 2,841 7
4storey or above (5) 4,400 1
816. Flats (apartments)
Generally (5) 1,645 902 1,349 1,540 1,891 5,573 279
12 storey (5) 1,600 983 1,325 1,502 1,800 2,597 75
35 storey (5) 1,609 902 1,344 1,504 1,878 3,007 182
6+ storey (5) 2,097 1,150 1,563 1,926 2,051 5,573 22
818. Housing with shops,offices, workshops or thelike (5)
2,126 1,074 1,714 1,900 2,615 3,608 30
843.1 Supported housingwith shops, restaurants orthe like (5)
1,786 1,421 1,590 1,672 1,770 2,831 12
852. Hotels (5) 2,476 1,972 2,182 2,428 2,511 3,286 5
Shell only
282.2 Purpose builtfactories (5)
405 289 521 2
284.2 Purpose builtwarehouses/stores (5)
462 381 542 2
320.1 Offices with shops,banks, flats, etc (5)
1,355 1
341.1 Retail warehouses(5)
678 510 656 892 4
344. Hypermarkets,supermarkets (5)
1,294 608 851 935 1,625 2,606 6
345. Shops (5) 889 749 855 909 949 985 5
16Nov2018 14:23 © RICS 2018 Page 2 of 2
Description: Rate per m2 gross internal floor area for the building Cost including prelims. Last updated: 01Sep2018 02:05
Rebased to London Borough of Hounslow ( 113; sample 34 )
£/m2 study
Maximum age of results: Default period
Building function (Maximum age of projects)
£/m² gross internal floor areaSample
Mean Lowest Lower quartiles Median Upper quartiles Highest
New build
125. Car parks (Multistorey) (15)
620 377 471 591 710 1,176 10
125.4 Car parks(Underground) (20)
964 763 968 1,161 3
18Nov2018 13:47 © RICS 2018 Page 1 of 1
Description: Rate per m2 gross internal floor area for the building Cost including prelims. Last updated: 01Sep2018 02:05
Rebased to London Borough of Hounslow ( 113; sample 34 )
£/m2 study
Maximum age of results: 5 years
Building function (Maximum age of projects)
£/m² gross internal floor areaSample
Mean Lowest Lower quartiles Median Upper quartiles Highest
New build
282.1 Advance factories
Generally (5) 1,104 806 954 1,192 1,251 1,319 7
Up to 500m2 GFA (5) 1,083 973 1,192 2
500 to 2000m2 GFA (5) 1,274 1,242 1,261 1,319 3
Over 2000m2 GFA (5) 870 806 935 2
282.22 Purpose builtfactories/Offices mixedfacilities (5)
999 729 869 935 1,143 1,310 7
284.1 Advancewarehouses/stores (5)
778 585 971 2
19Nov2018 16:46 © RICS 2018 Page 1 of 1
Description: Rate per m2 gross internal floor area for the building Cost including prelims. Last updated: 02Feb2019 00:39
Rebased to London Borough of Hounslow ( 112; sample 35 )
£/m2 study
Maximum age of results: 5 years
Building function (Maximum age of projects)
£/m² gross internal floor areaSample
Mean Lowest Lower quartiles Median Upper quartiles Highest
New build
532. Community Centres
Generally (5) 2,651 1,571 2,149 2,819 3,061 3,710 15
Up to 500m2 GFA
Generally (5) 2,628 1,571 2,038 2,924 2,984 3,481 9
Steel framed (5) 2,365 1,571 2,204 3,481 4
Brick construction (5) 2,510 2,038 2,981 2
Timber framed (5) 2,954 2,924 2,984 2
500 to 2000m2 GFA
Generally (5) 2,686 1,847 2,281 2,582 3,058 3,710 6
Steel framed (5) 3,710 1
Concrete framed (5) 2,260 1
Brick construction (5) 1,847 1
Timber framed (5) 3,138 1
532.1 General purposehalls
Generally (5) 2,064 1,495 2,085 2,613 3
Up to 500m2 GFA (5) 2,064 1,495 2,085 2,613 3
562.12 Gymnasia/sportshalls
Generally (5) 2,375 1,958 2,791 2
500 to 2000m2 GFA (5) 2,375 1,958 2,791 2
14Feb2019 17:13 © RICS 2019 Page 1 of 1
APPRAISAL SUMMARY ADAMS INTEGRA South Bedfont (Bedfont Lakes) Affordable within appartments
Summary Appraisal for Merged Phases 1 2 3 4 5
Currency in £
REVENUE Sales Valuation Units m² Rate m² Unit Price Gross Sales
M-1 Bed 2 Person Appt 2 100.00 4,800.00 240,000 480,000 M-2 Bed 4 Person Appt 6 420.00 4,000.00 280,000 1,680,000 M- 3 Bed 5 Person Appt 14 1,204.00 3,953.49 340,000 4,760,000 M- 4 Bed 7 Person Appartment 3 324.00 3,703.70 400,000 1,200,000 I-LLR-1 Bed 2 Person Appt 2 100.00 2,430.00 121,500 243,000 I-LLR- 2 Bed 4 Person Appt 4 280.00 1,928.57 135,000 540,000 I-LLR 3 Bed 5 Person Appt 6 516.00 1,728.84 148,680 892,080 S-1 Bed 2 Person Appt 5 250.00 2,430.00 121,500 607,500 S- 2 Bed 4 Person Appt 12 840.00 1,928.57 135,000 1,620,000 S- 3 Bed 5 Person Appt 27 2,322.00 1,728.84 148,680 4,014,360 S- 4 Bed 7 Person Appt 7 756.00 1,501.67 162,180 1,135,260 M-2 Bed 4 Person House 27 2,133.00 4,430.38 350,000 9,450,000 M-3 Bed 5 Person House 43 3,999.00 5,161.29 480,000 20,640,000 M-4 Bed 7 Person House 10 1,150.00 5,304.35 610,000 6,100,000 I-LLR-1 Bed 2 Person Appt 2 100.00 2,037.00 101,850 203,700 I-LSO- 2 Bed 4 Person Appt 6 420.00 2,061.26 144,288 865,728 I-LSO 3 Bed 5 Person Appt 6 516.00 1,677.77 144,288 865,728 M-1 Bed 2 Person Appt 3 150.00 4,800.00 240,000 720,000 M-2 Bed 4 Person Appt 7 490.00 4,000.00 280,000 1,960,000 M- 3 Bed 5 Person Appt 15 1,290.00 3,953.49 340,000 5,100,000 M- 4 Bed 7 Person Appartment 4 432.00 3,703.70 400,000 1,600,000 I-1 Bed 2 Person Appt 1 50.00 2,430.00 121,500 121,500 I-LLR- 2 Bed 4 Person Appt 4 280.00 1,928.57 135,000 540,000 I-LLR- 3 Bed 5 Person Appt 6 516.00 1,728.84 148,680 892,080 S-1 Bed 2 Person Appt 5 250.00 2,430.00 121,500 607,500 S- 2 Bed 4 Person Appt 12 840.00 1,928.57 135,000 1,620,000 S- 3 Bed 5 Person Appt 27 2,322.00 1,728.84 148,680 4,014,360 S- 4 Bed 7 Person Appt 7 756.00 1,501.67 162,180 1,135,260
Project: South Bedfont (1) ARGUS Developer Version: 7.60.000 - 1 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA South Bedfont (Bedfont Lakes) Affordable within appartments
M-2 Bed 4 Person House 27 2,133.00 4,430.38 350,000 9,450,000 M-3 Bed 5 Person House 44 4,092.00 5,161.29 480,000 21,120,000 M-4 Bed 7 Person House 11 1,265.00 5,304.35 610,000 6,710,000 I-LSO-1 Bed 2 Person Appt 1 50.00 2,037.00 101,850 101,850 I-LSO- 2 Bed 4 Person Appt 4 280.00 1,636.87 114,581 458,324 I-LSO- 3 Bed 5 Person Appt 6 516.00 1,677.77 144,288 865,728 M-1 Bed 2 Person Appt 3 150.00 4,800.00 240,000 720,000 M-2 Bed 4 Person Appt 7 490.00 4,000.00 280,000 1,960,000 M- 3 Bed 5 Person Appt 15 1,290.00 3,953.49 340,000 5,100,000 M- 4 Bed 7 Person Appartment 4 432.00 3,703.70 400,000 1,600,000 I-1 Bed 2 Person Appt 1 50.00 2,430.00 121,500 121,500 I-LLR- 2 Bed 4 Person Appt 4 280.00 1,928.57 135,000 540,000 I-LLR- 3 Bed 5 Person Appt 6 516.00 1,728.84 148,680 892,080 S-1 Bed 2 Person Appt 5 250.00 2,430.00 121,500 607,500 S- 2 Bed 4 Person Appt 12 840.00 1,928.57 135,000 1,620,000 S- 3 Bed 5 Person Appt 27 2,322.00 1,728.84 148,680 4,014,360 S- 4 Bed 7 Person Appt 7 756.00 1,501.67 162,180 1,135,260 M-2 Bed 4 Person House 27 2,133.00 4,430.38 350,000 9,450,000 M-3 Bed 5 Person House 44 4,092.00 5,161.29 480,000 21,120,000 M-4 Bed 7 Person House 11 1,265.00 5,304.35 610,000 6,710,000 I-LSO-1 Bed 2 Person Appt 1 50.00 2,037.00 101,850 101,850 I-LSO- 2 Bed 4 Person Appt 4 280.00 1,636.87 114,581 458,324 I-LSO- 3 Bed 5 Person Appt 6 516.00 1,677.77 144,288 865,728 M-1 Bed 2 Person Appt 3 150.00 4,800.00 240,000 720,000 M-2 Bed 4 Person Appt 7 490.00 4,000.00 280,000 1,960,000 M- 3 Bed 5 Person Appt 15 1,290.00 3,953.49 340,000 5,100,000 M- 4 Bed 7 Person Appartment 4 432.00 3,703.70 400,000 1,600,000 I-1 Bed 2 Person Appt 1 50.00 2,430.00 121,500 121,500 I-LLR- 2 Bed 4 Person Appt 4 280.00 1,928.57 135,000 540,000 I-LLR- 3 Bed 5 Person Appt 6 516.00 1,728.84 148,680 892,080 S-1 Bed 2 Person Appt 5 250.00 2,430.00 121,500 607,500 S- 2 Bed 4 Person Appt 12 840.00 1,928.57 135,000 1,620,000 S- 3 Bed 5 Person Appt 27 2,322.00 1,728.84 148,680 4,014,360 S- 4 Bed 7 Person Appt 7 756.00 1,501.67 162,180 1,135,260 M-2 Bed 4 Person House 27 2,133.00 4,430.38 350,000 9,450,000
Project: South Bedfont (1) ARGUS Developer Version: 7.60.000 - 2 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA South Bedfont (Bedfont Lakes) Affordable within appartments
M-3 Bed 5 Person House 44 4,092.00 5,161.29 480,000 21,120,000 M-4 Bed 7 Person House 11 1,265.00 5,304.35 610,000 6,710,000 I-LSO-1 Bed 2 Person Appt 1 50.00 2,037.00 101,850 101,850 I-LSO- 2 Bed 4 Person Appt 4 280.00 1,636.87 114,581 458,324 I-LSO- 3 Bed 5 Person Appt 6 516.00 1,677.77 144,288 865,728 M-1 Bed 2 Person Appt 3 150.00 4,800.00 240,000 720,000 M-2 Bed 4 Person Appt 7 490.00 4,000.00 280,000 1,960,000 M- 3 Bed 5 Person Appt 15 1,290.00 3,953.49 340,000 5,100,000 M- 4 Bed 7 Person Appartment 4 432.00 3,703.70 400,000 1,600,000 I-1 Bed 2 Person Appt 1 50.00 2,430.00 121,500 121,500 I-LLR- 2 Bed 4 Person Appt 4 280.00 1,928.57 135,000 540,000 I-LLR- 3 Bed 5 Person Appt 6 516.00 1,728.84 148,680 892,080 S-1 Bed 2 Person Appt 5 250.00 2,430.00 121,500 607,500 S- 2 Bed 4 Person Appt 12 840.00 1,928.57 135,000 1,620,000 S- 3 Bed 5 Person Appt 27 2,322.00 1,728.84 148,680 4,014,360 S- 4 Bed 7 Person Appt 7 756.00 1,501.67 162,180 1,135,260 M-2 Bed 4 Person House 27 2,133.00 4,430.38 350,000 9,450,000 M-3 Bed 5 Person House 44 4,092.00 5,161.29 480,000 21,120,000 M-4 Bed 7 Person House 11 1,265.00 5,304.35 610,000 6,710,000 I-LSO-1 Bed 2 Person Appt 1 50.00 2,037.00 101,850 101,850 I-LSO- 2 Bed 4 Person Appt 4 280.00 1,636.87 114,581 458,324 I-LSO- 3 Bed 5 Person Appt 6 516.00 1,677.77 144,288 865,728 Totals 918 78,278.00 283,363,764
Rental Area Summary Initial Net Rent Initial Units m² Rate m² MRV/Unit at Sale MRV
Retail 1 400.00 160.00 64,000 64,000 64,000 Offices 1 8,100.00 270.00 2,187,000 2,187,000 2,187,000 Community facilities 1 340.00 80.00 27,200 27,200 27,200 Offices 1 4,050.00 270.00 1,093,500 1,093,500 1,093,500 Offices 1 4,050.00 270.00 1,093,500 1,093,500 1,093,500 Offices 1 4,050.00 270.00 1,093,500 1,093,500 1,093,500 Offices 1 4,050.00 270.00 1,093,500 1,093,500 1,093,500 Totals 7 25,040.00 6,652,200 6,652,200
Project: South Bedfont (1) ARGUS Developer Version: 7.60.000 - 3 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA South Bedfont (Bedfont Lakes) Affordable within appartments Investment Valuation
Retail Market Rent 64,000 YP @ 6.2500% 16.0000 (6mths Rent Free) PV 6mths @ 6.2500% 0.9701 993,426 Offices Market Rent 2,187,000 YP @ 5.5000% 18.1818 (3mths Rent Free) PV 3mths @ 5.5000% 0.9867 39,234,939 Community facilities Current Rent 27,200 YP @ 8.5000% 11.7647 320,000 Offices Market Rent 1,093,500 YP @ 5.5000% 18.1818 (3mths Rent Free) PV 3mths @ 5.5000% 0.9867 19,617,469 Offices Market Rent 1,093,500 YP @ 5.5000% 18.1818 (3mths Rent Free) PV 3mths @ 5.5000% 0.9867 19,617,469 Offices Market Rent 1,093,500 YP @ 5.5000% 18.1818 (3mths Rent Free) PV 3mths @ 5.5000% 0.9867 19,617,469 Offices Market Rent 1,093,500 YP @ 5.5000% 18.1818 (3mths Rent Free) PV 3mths @ 5.5000% 0.9867 19,617,469
119,018,242
GROSS DEVELOPMENT VALUE 402,382,006
NET REALISATION 402,382,006
OUTLAY
ACQUISITION COSTS Residualised Price (10.00 Ha 5,142,391.58 pHect) 51,423,916
51,423,916 Agent Fee 1.00% 514,239 Legal Fee 0.50% 257,120 Town Planning 1,250,000
Project: South Bedfont (1) ARGUS Developer Version: 7.60.000 - 4 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA South Bedfont (Bedfont Lakes) Affordable within appartments
2,021,359 CONSTRUCTION COSTS Construction m² Rate m² Cost
Retail 400.00 m² 929.03 pm² 371,612 Offices 9,000.00 m² 2,841.00 pm² 25,569,000 Community facilities 340.00 m² 998.00 pm² 339,320 Offices 4,500.00 m² 2,841.00 pm² 12,784,500 Offices 4,500.00 m² 2,841.00 pm² 12,784,500 Offices 4,500.00 m² 2,841.00 pm² 12,784,500 Offices 4,500.00 m² 2,841.00 pm² 12,784,500 M-1 Bed 2 Person Appt 125.00 m² 1,643.00 pm² 205,375 M-2 Bed 4 Person Appt 525.00 m² 1,643.00 pm² 862,575 M- 3 Bed 5 Person Appt 1,505.00 m² 1,643.00 pm² 2,472,715 M- 4 Bed 7 Person Appartment 405.00 m² 1,643.00 pm² 665,415 I-LLR-1 Bed 2 Person Appt 125.00 m² 1,643.00 pm² 205,375 I-LLR- 2 Bed 4 Person Appt 350.00 m² 1,643.00 pm² 575,050 I-LLR 3 Bed 5 Person Appt 645.00 m² 1,643.00 pm² 1,059,735 S-1 Bed 2 Person Appt 312.50 m² 1,643.00 pm² 513,438 S- 2 Bed 4 Person Appt 1,050.00 m² 1,643.00 pm² 1,725,150 S- 3 Bed 5 Person Appt 2,902.50 m² 1,643.00 pm² 4,768,808 S- 4 Bed 7 Person Appt 945.00 m² 1,643.00 pm² 1,552,635 M-2 Bed 4 Person House 2,133.00 m² 1,490.00 pm² 3,178,170 M-3 Bed 5 Person House 3,999.00 m² 1,490.00 pm² 5,958,510 M-4 Bed 7 Person House 1,150.00 m² 1,490.00 pm² 1,713,500 I-LLR-1 Bed 2 Person Appt 125.00 m² 1,643.00 pm² 205,375 I-LSO- 2 Bed 4 Person Appt 525.00 m² 1,643.00 pm² 862,575 I-LSO 3 Bed 5 Person Appt 645.00 m² 1,643.00 pm² 1,059,735 M-1 Bed 2 Person Appt 187.50 m² 1,643.00 pm² 308,063 M-2 Bed 4 Person Appt 612.50 m² 1,643.00 pm² 1,006,338 M- 3 Bed 5 Person Appt 1,612.50 m² 1,643.00 pm² 2,649,338 M- 4 Bed 7 Person Appartment 540.00 m² 1,643.00 pm² 887,220 I-1 Bed 2 Person Appt 62.50 m² 1,643.00 pm² 102,688 I-LLR- 2 Bed 4 Person Appt 350.00 m² 1,643.00 pm² 575,050 I-LLR- 3 Bed 5 Person Appt 645.00 m² 1,643.00 pm² 1,059,735 S-1 Bed 2 Person Appt 312.50 m² 1,643.00 pm² 513,438
Project: South Bedfont (1) ARGUS Developer Version: 7.60.000 - 5 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA South Bedfont (Bedfont Lakes) Affordable within appartments
S- 2 Bed 4 Person Appt 1,050.00 m² 1,643.00 pm² 1,725,150 S- 3 Bed 5 Person Appt 2,902.50 m² 1,643.00 pm² 4,768,808 S- 4 Bed 7 Person Appt 945.00 m² 1,643.00 pm² 1,552,635 M-2 Bed 4 Person House 2,133.00 m² 1,490.00 pm² 3,178,170 M-3 Bed 5 Person House 4,092.00 m² 1,490.00 pm² 6,097,080 M-4 Bed 7 Person House 1,265.00 m² 1,490.00 pm² 1,884,850 I-LSO-1 Bed 2 Person Appt 62.50 m² 1,643.00 pm² 102,688 I-LSO- 2 Bed 4 Person Appt 350.00 m² 1,643.00 pm² 575,050 I-LSO- 3 Bed 5 Person Appt 645.00 m² 1,643.00 pm² 1,059,735 M-1 Bed 2 Person Appt 187.50 m² 1,643.00 pm² 308,063 M-2 Bed 4 Person Appt 612.50 m² 1,643.00 pm² 1,006,338 M- 3 Bed 5 Person Appt 1,612.50 m² 1,643.00 pm² 2,649,338 M- 4 Bed 7 Person Appartment 540.00 m² 1,643.00 pm² 887,220 I-1 Bed 2 Person Appt 62.50 m² 1,643.00 pm² 102,688 I-LLR- 2 Bed 4 Person Appt 350.00 m² 1,643.00 pm² 575,050 I-LLR- 3 Bed 5 Person Appt 645.00 m² 1,643.00 pm² 1,059,735 S-1 Bed 2 Person Appt 312.50 m² 1,643.00 pm² 513,438 S- 2 Bed 4 Person Appt 1,050.00 m² 1,643.00 pm² 1,725,150 S- 3 Bed 5 Person Appt 2,902.50 m² 1,643.00 pm² 4,768,808 S- 4 Bed 7 Person Appt 945.00 m² 1,643.00 pm² 1,552,635 M-2 Bed 4 Person House 2,133.00 m² 1,490.00 pm² 3,178,170 M-3 Bed 5 Person House 4,092.00 m² 1,490.00 pm² 6,097,080 M-4 Bed 7 Person House 1,265.00 m² 1,490.00 pm² 1,884,850 I-LSO-1 Bed 2 Person Appt 62.50 m² 1,643.00 pm² 102,688 I-LSO- 2 Bed 4 Person Appt 350.00 m² 1,643.00 pm² 575,050 I-LSO- 3 Bed 5 Person Appt 645.00 m² 1,643.00 pm² 1,059,735 M-1 Bed 2 Person Appt 187.50 m² 1,643.00 pm² 308,063 M-2 Bed 4 Person Appt 612.50 m² 1,643.00 pm² 1,006,338 M- 3 Bed 5 Person Appt 1,612.50 m² 1,643.00 pm² 2,649,338 M- 4 Bed 7 Person Appartment 540.00 m² 1,643.00 pm² 887,220 I-1 Bed 2 Person Appt 62.50 m² 1,643.00 pm² 102,688 I-LLR- 2 Bed 4 Person Appt 350.00 m² 1,643.00 pm² 575,050 I-LLR- 3 Bed 5 Person Appt 645.00 m² 1,643.00 pm² 1,059,735 S-1 Bed 2 Person Appt 312.50 m² 1,643.00 pm² 513,438 S- 2 Bed 4 Person Appt 1,050.00 m² 1,643.00 pm² 1,725,150
Project: South Bedfont (1) ARGUS Developer Version: 7.60.000 - 6 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA South Bedfont (Bedfont Lakes) Affordable within appartments
S- 3 Bed 5 Person Appt 2,902.50 m² 1,643.00 pm² 4,768,808 S- 4 Bed 7 Person Appt 945.00 m² 1,643.00 pm² 1,552,635 M-2 Bed 4 Person House 2,133.00 m² 1,490.00 pm² 3,178,170 M-3 Bed 5 Person House 4,092.00 m² 1,490.00 pm² 6,097,080 M-4 Bed 7 Person House 1,265.00 m² 1,490.00 pm² 1,884,850 I-LSO-1 Bed 2 Person Appt 62.50 m² 1,643.00 pm² 102,688 I-LSO- 2 Bed 4 Person Appt 350.00 m² 1,643.00 pm² 575,050 I-LSO- 3 Bed 5 Person Appt 645.00 m² 1,643.00 pm² 1,059,735 M-1 Bed 2 Person Appt 187.50 m² 1,643.00 pm² 308,063 M-2 Bed 4 Person Appt 612.50 m² 1,643.00 pm² 1,006,338 M- 3 Bed 5 Person Appt 1,612.50 m² 1,643.00 pm² 2,649,338 M- 4 Bed 7 Person Appartment 540.00 m² 1,643.00 pm² 887,220 I-1 Bed 2 Person Appt 62.50 m² 1,643.00 pm² 102,688 I-LLR- 2 Bed 4 Person Appt 350.00 m² 1,643.00 pm² 575,050 I-LLR- 3 Bed 5 Person Appt 645.00 m² 1,643.00 pm² 1,059,735 S-1 Bed 2 Person Appt 312.50 m² 1,643.00 pm² 513,438 S- 2 Bed 4 Person Appt 1,050.00 m² 1,643.00 pm² 1,725,150 S- 3 Bed 5 Person Appt 2,902.50 m² 1,643.00 pm² 4,768,808 S- 4 Bed 7 Person Appt 945.00 m² 1,643.00 pm² 1,552,635 M-2 Bed 4 Person House 2,133.00 m² 1,490.00 pm² 3,178,170 M-3 Bed 5 Person House 4,092.00 m² 1,490.00 pm² 6,097,080 M-4 Bed 7 Person House 1,265.00 m² 1,490.00 pm² 1,884,850 I-LSO-1 Bed 2 Person Appt 62.50 m² 1,643.00 pm² 102,688 I-LSO- 2 Bed 4 Person Appt 350.00 m² 1,643.00 pm² 575,050 I-LSO- 3 Bed 5 Person Appt 645.00 m² 1,643.00 pm² 1,059,735 Totals 116,277.00 m² 217,186,197 217,186,197
Contingency 3.00% 723,946 S106,Central boilers, Carbon Reduct 452.00 un 5,000.00 /un 2,260,000 Accessibility M4 (2) 56,100 Accessibility M4 (3) 401,500 Demolition 150,000 CIL 51,612.00 m² 75.00 pm² 3,870,900 Mayoral CIL 42,110.00 m² 60.00 pm² 2,526,600
9,989,046
Project: South Bedfont (1) ARGUS Developer Version: 7.60.000 - 7 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA South Bedfont (Bedfont Lakes) Affordable within appartments Other Construction
Play Space 200,000 200,000
Green Infrastucture Green Infrastucture 1.00% 149,779 Green Infrastucture 1.00% 151,485 Green Infrastucture 1.00% 151,485 Green Infrastucture 1.00% 151,485 Green Infrastucture 1.00% 151,485
755,717
PROFESSIONAL FEES Architect 4.00% 8,695,448 Quantity Surveyor 1.50% 3,260,793 Structural Engineer 1.50% 3,260,793 Mech./Elec.Engineer 1.00% 2,173,862 Project Manager 1.50% 3,260,793 C.D. Manager 0.50% 1,086,931
21,738,620 MARKETING & LETTING
Marketing 1,000,000 Letting Agent Fee 10.00% 665,220 Letting Legal Fee 0.50% 33,261
1,698,481 DISPOSAL FEES
Sales Agent Fee 1.00% 4,023,820 Sales Legal Fee 0.25% 1,005,955
5,029,775 FINANCE
Debit Rate 7.000%, Credit Rate 0.000% (Nominal) Total Finance Cost 20,421,563
TOTAL COSTS 330,464,673
PROFIT
Project: South Bedfont (1) ARGUS Developer Version: 7.60.000 - 8 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA South Bedfont (Bedfont Lakes) Affordable within appartments
71,917,333
Performance Measures Profit on Cost% 21.76% Profit on GDV% 17.87% Profit on NDV% 17.87% Development Yield% (on Rent) 2.01% Equivalent Yield% (Nominal) 5.51% Equivalent Yield% (True) 5.71%
IRR 22.34%
Rent Cover 10 yrs 10 mths Profit Erosion (finance rate 7.000%) 2 yrs 10 mths
Project: South Bedfont (1) ARGUS Developer Version: 7.60.000 - 9 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA Bedfont Gardens (Bedfont Lakes) Affordable in appartments
Summary Appraisal for Merged Phases 1 2 3 4 5
Currency in £
REVENUE Sales Valuation Units m² Rate m² Unit Price Gross Sales
M-1 Bed 2 Person Appt 2 100.00 4,800.00 240,000 480,000 M-2 Bed 4 Person Appt 5 350.00 4,000.00 280,000 1,400,000 M- 3 Bed 5 Person Appt 10 860.00 3,953.49 340,000 3,400,000 M- 4 Bed 7 Person Appartment 3 324.00 3,703.70 400,000 1,200,000 I-LLR-1 Bed 2 Person Appt 2 100.00 3,360.00 168,000 336,000 I-LLR- 2 Bed 4 Person Appt 3 210.00 2,800.00 196,000 588,000 I-LLR- 3 Bed 5 Person Appt 3 258.00 2,767.44 238,000 714,000 S-1 Bed 2 Person Appt 4 200.00 2,430.00 121,500 486,000 S- 2 Bed 4 Person Appt 8 560.00 1,928.57 135,000 1,080,000 S- 3 Bed 5 Person Appt 20 1,720.00 1,728.84 148,680 2,973,600 S- 4 Bed 7 Person Appt 5 540.00 1,501.67 162,180 810,900 M-2 Bed 4 Person House 19 1,501.00 4,430.38 350,000 6,650,000 M-3 Bed 5 Person House 29 2,697.00 5,161.29 480,000 13,920,000 M-4 Bed 7 Person House 7 805.00 5,304.35 610,000 4,270,000 I-LSO-1 Bed 2 Person Appt 1 50.00 2,352.00 117,600 117,600 I-LSO- 2 Bed 4 Person Appt 3 210.00 1,960.00 137,200 411,600 I-LSO- 3 Bed 5 Person Appt 3 258.00 1,937.21 166,600 499,800 M-1 Bed 2 Person Appt 2 100.00 4,800.00 240,000 480,000 M-2 Bed 4 Person Appt 5 350.00 4,000.00 280,000 1,400,000 M- 3 Bed 5 Person Appt 10 860.00 3,953.49 340,000 3,400,000 M- 4 Bed 7 Person Appartment 3 324.00 3,703.70 400,000 1,200,000 I-LLR-1 Bed 2 Person Appt 2 100.00 3,360.00 168,000 336,000 I-LLR- 2 Bed 4 Person Appt 3 210.00 2,800.00 196,000 588,000 I-LLR- 3 Bed 5 Person Appt 3 258.00 2,767.44 238,000 714,000 S-1 Bed 2 Person Appt 4 200.00 2,430.00 121,500 486,000 S- 2 Bed 4 Person Appt 8 560.00 1,928.57 135,000 1,080,000 S- 3 Bed 5 Person Appt 20 1,720.00 1,728.84 148,680 2,973,600 S- 4 Bed 7 Person Appt 5 540.00 1,501.67 162,180 810,900
Project: Bedfont Gardens (1) ARGUS Developer Version: 7.60.000 - 1 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA Bedfont Gardens (Bedfont Lakes) Affordable in appartments
M-2 Bed 4 Person House 19 1,501.00 4,430.38 350,000 6,650,000 M-3 Bed 5 Person House 29 2,697.00 5,161.29 480,000 13,920,000 M-4 Bed 7 Person House 7 805.00 5,304.35 610,000 4,270,000 I-LSO-1 Bed 2 Person Appt 1 50.00 2,352.00 117,600 117,600 I-LSO- 2 Bed 4 Person Appt 3 210.00 1,960.00 137,200 411,600 I-LSO- 3 Bed 5 Person Appt 3 258.00 1,937.21 166,600 499,800 M-1 Bed 2 Person Appt 2 100.00 4,800.00 240,000 480,000 M-2 Bed 4 Person Appt 5 350.00 4,000.00 280,000 1,400,000 M- 3 Bed 5 Person Appt 10 860.00 3,953.49 340,000 3,400,000 M- 4 Bed 7 Person Appartment 3 324.00 3,703.70 400,000 1,200,000 I-LLR-1 Bed 2 Person Appt 2 100.00 3,360.00 168,000 336,000 I-LLR- 2 Bed 4 Person Appt 3 210.00 2,800.00 196,000 588,000 I-LLR- 3 Bed 5 Person Appt 3 258.00 2,767.44 238,000 714,000 S-1 Bed 2 Person Appt 4 200.00 2,430.00 121,500 486,000 S- 2 Bed 4 Person Appt 8 560.00 1,928.57 135,000 1,080,000 S- 3 Bed 5 Person Appt 20 1,720.00 1,728.84 148,680 2,973,600 S- 4 Bed 7 Person Appt 5 540.00 1,501.67 162,180 810,900 M-2 Bed 4 Person House 19 1,501.00 4,430.38 350,000 6,650,000 M-3 Bed 5 Person House 29 2,697.00 5,161.29 480,000 13,920,000 M-4 Bed 7 Person House 7 805.00 5,304.35 610,000 4,270,000 I-LSO-1 Bed 2 Person Appt 1 50.00 2,352.00 117,600 117,600 I-LSO- 2 Bed 4 Person Appt 3 210.00 1,960.00 137,200 411,600 I-LSO- 3 Bed 5 Person Appt 3 258.00 1,937.21 166,600 499,800 M-1 Bed 2 Person Appt 2 100.00 4,800.00 240,000 480,000 M-2 Bed 4 Person Appt 5 350.00 4,000.00 280,000 1,400,000 M- 3 Bed 5 Person Appt 10 860.00 3,953.49 340,000 3,400,000 M- 4 Bed 7 Person Appartment 3 324.00 3,703.70 400,000 1,200,000 I-LLR-1 Bed 2 Person Appt 2 100.00 3,360.00 168,000 336,000 I-LLR- 2 Bed 4 Person Appt 3 210.00 2,800.00 196,000 588,000 I-LLR- 3 Bed 5 Person Appt 3 258.00 2,767.44 238,000 714,000 S-1 Bed 2 Person Appt 4 200.00 2,430.00 121,500 486,000 S- 2 Bed 4 Person Appt 8 560.00 1,928.57 135,000 1,080,000 S- 3 Bed 5 Person Appt 20 1,720.00 1,728.84 148,680 2,973,600 S- 4 Bed 7 Person Appt 5 540.00 1,501.67 162,180 810,900 M-2 Bed 4 Person House 19 1,501.00 4,430.38 350,000 6,650,000
Project: Bedfont Gardens (1) ARGUS Developer Version: 7.60.000 - 2 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA Bedfont Gardens (Bedfont Lakes) Affordable in appartments
M-3 Bed 5 Person House 29 2,697.00 5,161.29 480,000 13,920,000 M-4 Bed 7 Person House 7 805.00 5,304.35 610,000 4,270,000 I-LSO-1 Bed 2 Person Appt 1 50.00 2,352.00 117,600 117,600 I-LSO- 2 Bed 4 Person Appt 3 210.00 1,960.00 137,200 411,600 I-LSO- 3 Bed 5 Person Appt 3 258.00 1,937.21 166,600 499,800 M-1 Bed 2 Person Appt 2 100.00 4,800.00 240,000 480,000 M-2 Bed 4 Person Appt 5 350.00 4,000.00 280,000 1,400,000 M- 3 Bed 5 Person Appt 10 860.00 3,953.49 340,000 3,400,000 M- 4 Bed 7 Person Appartment 3 324.00 3,703.70 400,000 1,200,000 I-LLR-1 Bed 2 Person Appt 2 100.00 3,360.00 168,000 336,000 I-LLR- 2 Bed 4 Person Appt 3 210.00 2,800.00 196,000 588,000 I-LLR- 3 Bed 5 Person Appt 3 258.00 2,767.44 238,000 714,000 S-1 Bed 2 Person Appt 4 200.00 2,430.00 121,500 486,000 S- 2 Bed 4 Person Appt 8 560.00 1,928.57 135,000 1,080,000 S- 3 Bed 5 Person Appt 20 1,720.00 1,728.84 148,680 2,973,600 S- 4 Bed 7 Person Appt 5 540.00 1,501.67 162,180 810,900 M-2 Bed 4 Person House 19 1,501.00 4,430.38 350,000 6,650,000 M-3 Bed 5 Person House 29 2,697.00 5,161.29 480,000 13,920,000 M-4 Bed 7 Person House 7 805.00 5,304.35 610,000 4,270,000 I-LSO-1 Bed 2 Person Appt 1 50.00 2,352.00 117,600 117,600 I-LSO- 2 Bed 4 Person Appt 3 210.00 1,960.00 137,200 411,600 I-LSO- 3 Bed 5 Person Appt 3 258.00 1,937.21 166,600 499,800 Totals 635 53,715.00 196,687,500
Rental Area Summary Initial Net Rent Initial Units m² Rate m² MRV/Unit at Sale MRV
Retail 1 645.00 160.00 103,200 103,200 103,200 Community Space 1 1,773.00 50.00 88,650 88,650 88,650 Totals 2 2,418.00 191,850 191,850
Investment Valuation Retail Market Rent 103,200 YP @ 6.2500% 16.0000 (6mths Rent Free) PV 6mths @ 6.2500% 0.9701 1,601,899 Community Space
Project: Bedfont Gardens (1) ARGUS Developer Version: 7.60.000 - 3 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA Bedfont Gardens (Bedfont Lakes) Affordable in appartments
Current Rent 88,650 YP @ 8.5000% 11.7647 1,042,941 2,644,840
GROSS DEVELOPMENT VALUE 199,332,340
NET REALISATION 199,332,340
OUTLAY
ACQUISITION COSTS Residualised Price (8.40 Ha 2,741,567.78 pHect) 23,029,169
23,029,169 Agent Fee 1.00% 230,292 Legal Fee 0.50% 115,146 Town Planning 1,250,000
1,595,438 CONSTRUCTION COSTS Construction m² Rate m² Cost
Retail 645.00 m² 929.03 pm² 599,224 Community Space 1,773.00 m² 998.00 pm² 1,769,454 M-1 Bed 2 Person Appt 125.00 m² 1,643.00 pm² 205,375 M-2 Bed 4 Person Appt 437.50 m² 1,643.00 pm² 718,813 M- 3 Bed 5 Person Appt 1,075.00 m² 1,643.00 pm² 1,766,225 M- 4 Bed 7 Person Appartment 405.00 m² 1,643.00 pm² 665,415 I-LLR-1 Bed 2 Person Appt 125.00 m² 1,643.00 pm² 205,375 I-LLR- 2 Bed 4 Person Appt 262.50 m² 1,643.00 pm² 431,288 I-LLR- 3 Bed 5 Person Appt 322.50 m² 1,643.00 pm² 529,868 S-1 Bed 2 Person Appt 250.00 m² 1,643.00 pm² 410,750 S- 2 Bed 4 Person Appt 700.00 m² 1,643.00 pm² 1,150,100 S- 3 Bed 5 Person Appt 2,150.00 m² 1,643.00 pm² 3,532,450 S- 4 Bed 7 Person Appt 675.00 m² 1,643.00 pm² 1,109,025 M-2 Bed 4 Person House 1,501.00 m² 1,490.00 pm² 2,236,490 M-3 Bed 5 Person House 2,697.00 m² 1,490.00 pm² 4,018,530 M-4 Bed 7 Person House 805.00 m² 1,490.00 pm² 1,199,450 I-LSO-1 Bed 2 Person Appt 62.50 m² 1,643.00 pm² 102,688
Project: Bedfont Gardens (1) ARGUS Developer Version: 7.60.000 - 4 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA Bedfont Gardens (Bedfont Lakes) Affordable in appartments
I-LSO- 2 Bed 4 Person Appt 262.50 m² 1,643.00 pm² 431,288 I-LSO- 3 Bed 5 Person Appt 322.50 m² 1,643.00 pm² 529,868 M-1 Bed 2 Person Appt 125.00 m² 1,643.00 pm² 205,375 M-2 Bed 4 Person Appt 437.50 m² 1,643.00 pm² 718,813 M- 3 Bed 5 Person Appt 1,075.00 m² 1,643.00 pm² 1,766,225 M- 4 Bed 7 Person Appartment 405.00 m² 1,643.00 pm² 665,415 I-LLR-1 Bed 2 Person Appt 125.00 m² 1,643.00 pm² 205,375 I-LLR- 2 Bed 4 Person Appt 262.50 m² 1,643.00 pm² 431,288 I-LLR- 3 Bed 5 Person Appt 322.50 m² 1,643.00 pm² 529,868 S-1 Bed 2 Person Appt 250.00 m² 1,643.00 pm² 410,750 S- 2 Bed 4 Person Appt 700.00 m² 1,643.00 pm² 1,150,100 S- 3 Bed 5 Person Appt 2,150.00 m² 1,643.00 pm² 3,532,450 S- 4 Bed 7 Person Appt 675.00 m² 1,643.00 pm² 1,109,025 M-2 Bed 4 Person House 1,501.00 m² 1,490.00 pm² 2,236,490 M-3 Bed 5 Person House 2,697.00 m² 1,490.00 pm² 4,018,530 M-4 Bed 7 Person House 805.00 m² 1,490.00 pm² 1,199,450 I-LSO-1 Bed 2 Person Appt 62.50 m² 1,643.00 pm² 102,688 I-LSO- 2 Bed 4 Person Appt 262.50 m² 1,643.00 pm² 431,288 I-LSO- 3 Bed 5 Person Appt 322.50 m² 1,643.00 pm² 529,868 M-1 Bed 2 Person Appt 125.00 m² 1,643.00 pm² 205,375 M-2 Bed 4 Person Appt 437.50 m² 1,643.00 pm² 718,813 M- 3 Bed 5 Person Appt 1,075.00 m² 1,643.00 pm² 1,766,225 M- 4 Bed 7 Person Appartment 405.00 m² 1,643.00 pm² 665,415 I-LLR-1 Bed 2 Person Appt 125.00 m² 1,643.00 pm² 205,375 I-LLR- 2 Bed 4 Person Appt 262.50 m² 1,643.00 pm² 431,288 I-LLR- 3 Bed 5 Person Appt 322.50 m² 1,643.00 pm² 529,868 S-1 Bed 2 Person Appt 250.00 m² 1,643.00 pm² 410,750 S- 2 Bed 4 Person Appt 700.00 m² 1,643.00 pm² 1,150,100 S- 3 Bed 5 Person Appt 2,150.00 m² 1,643.00 pm² 3,532,450 S- 4 Bed 7 Person Appt 675.00 m² 1,643.00 pm² 1,109,025 M-2 Bed 4 Person House 1,501.00 m² 1,490.00 pm² 2,236,490 M-3 Bed 5 Person House 2,697.00 m² 1,490.00 pm² 4,018,530 M-4 Bed 7 Person House 805.00 m² 1,490.00 pm² 1,199,450 I-LSO-1 Bed 2 Person Appt 62.50 m² 1,643.00 pm² 102,688 I-LSO- 2 Bed 4 Person Appt 262.50 m² 1,643.00 pm² 431,288
Project: Bedfont Gardens (1) ARGUS Developer Version: 7.60.000 - 5 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA Bedfont Gardens (Bedfont Lakes) Affordable in appartments
I-LSO- 3 Bed 5 Person Appt 322.50 m² 1,643.00 pm² 529,868 M-1 Bed 2 Person Appt 125.00 m² 1,643.00 pm² 205,375 M-2 Bed 4 Person Appt 437.50 m² 1,643.00 pm² 718,813 M- 3 Bed 5 Person Appt 1,075.00 m² 1,643.00 pm² 1,766,225 M- 4 Bed 7 Person Appartment 405.00 m² 1,643.00 pm² 665,415 I-LLR-1 Bed 2 Person Appt 125.00 m² 1,643.00 pm² 205,375 I-LLR- 2 Bed 4 Person Appt 262.50 m² 1,643.00 pm² 431,288 I-LLR- 3 Bed 5 Person Appt 322.50 m² 1,643.00 pm² 529,868 S-1 Bed 2 Person Appt 250.00 m² 1,643.00 pm² 410,750 S- 2 Bed 4 Person Appt 700.00 m² 1,643.00 pm² 1,150,100 S- 3 Bed 5 Person Appt 2,150.00 m² 1,643.00 pm² 3,532,450 S- 4 Bed 7 Person Appt 675.00 m² 1,643.00 pm² 1,109,025 M-2 Bed 4 Person House 1,501.00 m² 1,490.00 pm² 2,236,490 M-3 Bed 5 Person House 2,697.00 m² 1,490.00 pm² 4,018,530 M-4 Bed 7 Person House 805.00 m² 1,490.00 pm² 1,199,450 I-LSO-1 Bed 2 Person Appt 62.50 m² 1,643.00 pm² 102,688 I-LSO- 2 Bed 4 Person Appt 262.50 m² 1,643.00 pm² 431,288 I-LSO- 3 Bed 5 Person Appt 322.50 m² 1,643.00 pm² 529,868 M-1 Bed 2 Person Appt 125.00 m² 1,643.00 pm² 205,375 M-2 Bed 4 Person Appt 437.50 m² 1,643.00 pm² 718,813 M- 3 Bed 5 Person Appt 1,075.00 m² 1,643.00 pm² 1,766,225 M- 4 Bed 7 Person Appartment 405.00 m² 1,643.00 pm² 665,415 I-LLR-1 Bed 2 Person Appt 125.00 m² 1,643.00 pm² 205,375 I-LLR- 2 Bed 4 Person Appt 262.50 m² 1,643.00 pm² 431,288 I-LLR- 3 Bed 5 Person Appt 322.50 m² 1,643.00 pm² 529,868 S-1 Bed 2 Person Appt 250.00 m² 1,643.00 pm² 410,750 S- 2 Bed 4 Person Appt 700.00 m² 1,643.00 pm² 1,150,100 S- 3 Bed 5 Person Appt 2,150.00 m² 1,643.00 pm² 3,532,450 S- 4 Bed 7 Person Appt 675.00 m² 1,643.00 pm² 1,109,025 M-2 Bed 4 Person House 1,501.00 m² 1,490.00 pm² 2,236,490 M-3 Bed 5 Person House 2,697.00 m² 1,490.00 pm² 4,018,530 M-4 Bed 7 Person House 805.00 m² 1,490.00 pm² 1,199,450 I-LSO-1 Bed 2 Person Appt 62.50 m² 1,643.00 pm² 102,688 I-LSO- 2 Bed 4 Person Appt 262.50 m² 1,643.00 pm² 431,288 I-LSO- 3 Bed 5 Person Appt 322.50 m² 1,643.00 pm² 529,868
Project: Bedfont Gardens (1) ARGUS Developer Version: 7.60.000 - 6 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA Bedfont Gardens (Bedfont Lakes) Affordable in appartments
Totals 63,308.00 m² 98,583,653 98,583,653
Contingency 3.00% 528,851 S106,Central boilers, Carbon Reduct 325.00 un 5,000.00 /un 1,625,000 Accessibility M4 (2) 40,150 Accessibility M4 (3) 275,000 Demolition 250,000 CIL 35,227.50 m² 75.00 pm² 2,642,063 Mayoral CIL 12,630.50 m² 60.00 pm² 757,830
6,118,893 Other Construction
Play Space 200,000 Play Space 200,000 Play Space 200,000 Play Space 200,000 Play Space 200,000
1,000,000 Green Infrastucture
Green Infrastucture 1.00% 113,239 Green Infrastucture 1.00% 107,247 Green Infrastucture 1.00% 107,247 Green Infrastucture 1.00% 107,247 Green Infrastucture 1.00% 107,247
542,226
PROFESSIONAL FEES Architect 4.00% 3,983,346 Quantity Surveyor 1.50% 1,493,755 Structural Engineer 1.50% 1,493,755 Mech./Elec.Engineer 1.00% 995,837 Project Manager 1.50% 1,493,755 C.D. Manager 0.50% 497,918
9,958,365 MARKETING & LETTING
Marketing 1,000,000
Project: Bedfont Gardens (1) ARGUS Developer Version: 7.60.000 - 7 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA Bedfont Gardens (Bedfont Lakes) Affordable in appartments
Letting Agent Fee 10.00% 19,185 Letting Legal Fee 0.50% 959
1,020,144 DISPOSAL FEES
Sales Agent Fee 1.00% 1,993,323 Sales Legal Fee 0.25% 498,331
2,491,654 FINANCE
Debit Rate 7.000%, Credit Rate 0.000% (Nominal) Total Finance Cost 15,363,137
TOTAL COSTS 159,702,681
PROFIT 39,629,659
Performance Measures Profit on Cost% 24.81% Profit on GDV% 19.88% Profit on NDV% 19.88% Development Yield% (on Rent) 0.12% Equivalent Yield% (Nominal) 7.12% Equivalent Yield% (True) 7.45%
IRR 14.80%
Rent Cover 206 yrs 7 mths Profit Erosion (finance rate 7.000%) 3 yrs 2 mths
Project: Bedfont Gardens (1) ARGUS Developer Version: 7.60.000 - 8 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA Heathrow Gateway-40% Affordable of which 70% rented
Summary Appraisal for Merged Phases 1 2 3 4 5
Currency in £
REVENUE Sales Valuation Units m² Rate m² Unit Price Gross Sales
M-1 Bed 2 Person Appt 14 700.00 4,800.00 240,000 3,360,000 M-2 Bed 4 Person Appt 32 2,240.00 4,000.00 280,000 8,960,000 M- 3 Bed 5 Person Appt 75 6,450.00 3,953.49 340,000 25,500,000 M- 4 Bed 7 Person Appartment 18 1,944.00 3,703.70 400,000 7,200,000 I-LLR-1 Bed 2 Person Appt 2 100.00 2,430.00 121,500 243,000 I-LLR- 2 Bed 4 Person Appt 6 420.00 1,928.57 135,000 810,000 I-LLR- 3 Bed 5 Person Appt 10 860.00 1,728.84 148,680 1,486,800 S-1 Bed 2 Person Appt 8 400.00 2,430.00 121,500 972,000 S- 2 Bed 4 Person Appt 19 1,330.00 1,928.57 135,000 2,565,000 S- 3 Bed 5 Person Appt 44 3,784.00 1,728.84 148,680 6,541,920 S- 4 Bed 7 Person Appt 11 1,188.00 1,501.67 162,180 1,783,980 M-2 Bed 4 Person House 12 948.00 4,430.38 350,000 4,200,000 M-3 Bed 5 Person House 19 1,767.00 5,161.29 480,000 9,120,000 M-4 Bed 7 Person House 5 575.00 5,304.35 610,000 3,050,000 I-LSO-1 Bed 2 Person Appt 2 100.00 2,037.00 101,850 203,700 I-LSO- 2 Bed 4 Person Appt 6 420.00 1,636.87 114,581 687,486 I-LSO- 3 Bed 5 Person Appt 10 860.00 1,677.77 144,288 1,442,880 M-1 Bed 2 Person Appt 14 700.00 4,800.00 240,000 3,360,000 M-2 Bed 4 Person Appt 32 2,240.00 4,000.00 280,000 8,960,000 M- 3 Bed 5 Person Appt 75 6,450.00 3,953.49 340,000 25,500,000 M- 4 Bed 7 Person Appartment 18 1,944.00 3,703.70 400,000 7,200,000 I-LLR-1 Bed 2 Person Appt 2 100.00 2,430.00 121,500 243,000 I-LLR- 2 Bed 4 Person Appt 6 420.00 1,928.57 135,000 810,000 I-LLR- 3 Bed 5 Person Appt 10 860.00 1,728.84 148,680 1,486,800 S-1 Bed 2 Person Appt 8 400.00 2,430.00 121,500 972,000 S- 2 Bed 4 Person Appt 19 1,330.00 1,928.57 135,000 2,565,000 S- 3 Bed 5 Person Appt 44 3,784.00 1,728.84 148,680 6,541,920 S- 4 Bed 7 Person Appt 11 1,188.00 1,501.67 162,180 1,783,980
Project: Heathrow Gateway-40% Affordable of which 70% rente ARGUS Developer Version: 7.60.000 - 1 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA Heathrow Gateway-40% Affordable of which 70% rented
M-2 Bed 4 Person House 12 948.00 4,430.38 350,000 4,200,000 M-3 Bed 5 Person House 19 1,767.00 5,161.29 480,000 9,120,000 M-4 Bed 7 Person House 5 575.00 5,304.35 610,000 3,050,000 I-LSO-1 Bed 2 Person Appt 2 100.00 2,037.00 101,850 203,700 I-LSO- 2 Bed 4 Person Appt 6 420.00 1,636.87 114,581 687,486 I-LSO- 3 Bed 5 Person Appt 10 860.00 1,677.77 144,288 1,442,880 M-1 Bed 2 Person Appt 14 700.00 4,800.00 240,000 3,360,000 M-2 Bed 4 Person Appt 32 2,240.00 4,000.00 280,000 8,960,000 M- 3 Bed 5 Person Appt 75 6,450.00 3,953.49 340,000 25,500,000 M- 4 Bed 7 Person Appartment 18 1,944.00 3,703.70 400,000 7,200,000 I-LLR-1 Bed 2 Person Appt 2 100.00 2,430.00 121,500 243,000 I-LLR- 2 Bed 4 Person Appt 6 420.00 1,928.57 135,000 810,000 I-LLR- 3 Bed 5 Person Appt 10 860.00 1,728.84 148,680 1,486,800 S-1 Bed 2 Person Appt 8 400.00 2,430.00 121,500 972,000 S- 2 Bed 4 Person Appt 19 1,330.00 1,928.57 135,000 2,565,000 S- 3 Bed 5 Person Appt 44 3,784.00 1,728.84 148,680 6,541,920 S- 4 Bed 7 Person Appt 11 1,188.00 1,501.67 162,180 1,783,980 M-2 Bed 4 Person House 12 948.00 4,430.38 350,000 4,200,000 M-3 Bed 5 Person House 19 1,767.00 5,161.29 480,000 9,120,000 M-4 Bed 7 Person House 5 575.00 5,304.35 610,000 3,050,000 I-LSO-1 Bed 2 Person Appt 2 100.00 2,037.00 101,850 203,700 I-LSO- 2 Bed 4 Person Appt 6 420.00 1,636.87 114,581 687,486 I-LSO- 3 Bed 5 Person Appt 10 860.00 1,677.77 144,288 1,442,880 M-1 Bed 2 Person Appt 14 700.00 4,800.00 240,000 3,360,000 M-2 Bed 4 Person Appt 32 2,240.00 4,000.00 280,000 8,960,000 M- 3 Bed 5 Person Appt 75 6,450.00 3,953.49 340,000 25,500,000 M- 4 Bed 7 Person Appartment 18 1,944.00 3,703.70 400,000 7,200,000 I-LLR-1 Bed 2 Person Appt 2 100.00 2,430.00 121,500 243,000 I-LLR- 2 Bed 4 Person Appt 6 420.00 1,928.57 135,000 810,000 I-LLR- 3 Bed 5 Person Appt 10 860.00 1,728.84 148,680 1,486,800 S-1 Bed 2 Person Appt 8 400.00 2,430.00 121,500 972,000 S- 2 Bed 4 Person Appt 19 1,330.00 1,928.57 135,000 2,565,000 S- 3 Bed 5 Person Appt 44 3,784.00 1,728.84 148,680 6,541,920 S- 4 Bed 7 Person Appt 11 1,188.00 1,501.67 162,180 1,783,980 M-2 Bed 4 Person House 12 948.00 4,430.38 350,000 4,200,000
Project: Heathrow Gateway-40% Affordable of which 70% rente ARGUS Developer Version: 7.60.000 - 2 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA Heathrow Gateway-40% Affordable of which 70% rented
M-3 Bed 5 Person House 19 1,767.00 5,161.29 480,000 9,120,000 M-4 Bed 7 Person House 5 575.00 5,304.35 610,000 3,050,000 I-LSO-1 Bed 2 Person Appt 2 100.00 2,037.00 101,850 203,700 I-LSO- 2 Bed 4 Person Appt 6 420.00 1,636.87 114,581 687,486 I-LSO- 3 Bed 5 Person Appt 10 860.00 1,677.77 144,288 1,442,880 M-1 Bed 2 Person Appt 14 700.00 4,800.00 240,000 3,360,000 M-2 Bed 4 Person Appt 32 2,240.00 4,000.00 280,000 8,960,000 M- 3 Bed 5 Person Appt 74 6,364.00 3,953.49 340,000 25,160,000 M- 4 Bed 7 Person Appartment 18 1,944.00 3,703.70 400,000 7,200,000 I-LLR-1 Bed 2 Person Appt 2 100.00 2,430.00 121,500 243,000 I-LLR- 2 Bed 4 Person Appt 6 420.00 1,928.57 135,000 810,000 I-LLR- 3 Bed 5 Person Appt 10 860.00 1,728.84 148,680 1,486,800 S-1 Bed 2 Person Appt 8 400.00 2,430.00 121,500 972,000 S- 2 Bed 4 Person Appt 19 1,330.00 1,928.57 135,000 2,565,000 S- 3 Bed 5 Person Appt 44 3,784.00 1,728.84 148,680 6,541,920 S- 4 Bed 7 Person Appt 11 1,188.00 1,501.67 162,180 1,783,980 M-2 Bed 4 Person House 12 948.00 4,430.38 350,000 4,200,000 M-3 Bed 5 Person House 19 1,767.00 5,161.29 480,000 9,120,000 M-4 Bed 7 Person House 5 575.00 5,304.35 610,000 3,050,000 I-LSO-1 Bed 2 Person Appt 2 100.00 2,037.00 101,850 203,700 I-LSO- 2 Bed 4 Person Appt 6 420.00 1,636.87 114,581 687,486 I-LSO- 3 Bed 5 Person Appt 10 860.00 1,677.77 144,288 1,442,880 Totals 1,464 120,344.00 390,293,830
Rental Area Summary Initial Net Rent Initial Units m² Rate m² MRV/Unit at Sale MRV
Retail 1 2,500.00 160.00 400,000 400,000 400,000 Offices 1 21,150.00 270.00 5,710,500 5,710,500 5,710,500 Retail 1 2,500.00 160.00 400,000 400,000 400,000 Offices 1 21,150.00 270.00 5,710,500 5,710,500 5,710,500 Totals 4 47,300.00 12,221,000 12,221,000
Investment Valuation Retail Market Rent 400,000 YP @ 6.2500% 16.0000
Project: Heathrow Gateway-40% Affordable of which 70% rente ARGUS Developer Version: 7.60.000 - 3 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA Heathrow Gateway-40% Affordable of which 70% rented
(6mths Rent Free) PV 6mths @ 6.2500% 0.9701 6,208,912 Offices Market Rent 5,710,500 YP @ 5.5000% 18.1818 (3mths Rent Free) PV 3mths @ 5.5000% 0.9867 102,446,784 Retail Market Rent 400,000 YP @ 6.2500% 16.0000 (6mths Rent Free) PV 6mths @ 6.2500% 0.9701 6,208,912 Offices Market Rent 5,710,500 YP @ 5.5000% 18.1818 (3mths Rent Free) PV 3mths @ 5.5000% 0.9867 102,446,784
217,311,393
GROSS DEVELOPMENT VALUE 607,605,223
NET REALISATION 607,605,223
OUTLAY
ACQUISITION COSTS Residualised Price (Negative land) (55,926,686)
(55,926,686) Town Planning 1,250,000
1,250,000 CONSTRUCTION COSTS Construction m² Rate m² Cost
Retail 2,500.00 m² 929.03 pm² 2,322,575 Offices 23,500.00 m² 2,841.00 pm² 66,763,500 Retail 2,500.00 m² 929.03 pm² 2,322,575 Offices 23,500.00 m² 2,841.00 pm² 66,763,500 M-1 Bed 2 Person Appt 875.00 m² 2,105.00 pm² 1,841,875 M-2 Bed 4 Person Appt 2,800.00 m² 2,105.00 pm² 5,894,000 M- 3 Bed 5 Person Appt 8,062.50 m² 2,105.00 pm² 16,971,563 M- 4 Bed 7 Person Appartment 2,430.00 m² 2,105.00 pm² 5,115,150 I-LLR-1 Bed 2 Person Appt 125.00 m² 2,105.00 pm² 263,125 I-LLR- 2 Bed 4 Person Appt 525.00 m² 2,105.00 pm² 1,105,125
Project: Heathrow Gateway-40% Affordable of which 70% rente ARGUS Developer Version: 7.60.000 - 4 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA Heathrow Gateway-40% Affordable of which 70% rented
I-LLR- 3 Bed 5 Person Appt 1,075.00 m² 2,105.00 pm² 2,262,875 S-1 Bed 2 Person Appt 500.00 m² 2,105.00 pm² 1,052,500 S- 2 Bed 4 Person Appt 1,662.50 m² 2,105.00 pm² 3,499,563 S- 3 Bed 5 Person Appt 4,730.00 m² 2,105.00 pm² 9,956,650 S- 4 Bed 7 Person Appt 1,485.00 m² 2,105.00 pm² 3,125,925 M-2 Bed 4 Person House 948.00 m² 1,584.00 pm² 1,501,632 M-3 Bed 5 Person House 1,767.00 m² 1,584.00 pm² 2,798,928 M-4 Bed 7 Person House 575.00 m² 1,584.00 pm² 910,800 I-LSO-1 Bed 2 Person Appt 125.00 m² 2,105.00 pm² 263,125 I-LSO- 2 Bed 4 Person Appt 525.00 m² 2,105.00 pm² 1,105,125 I-LSO- 3 Bed 5 Person Appt 1,075.00 m² 2,105.00 pm² 2,262,875 M-1 Bed 2 Person Appt 875.00 m² 2,105.00 pm² 1,841,875 M-2 Bed 4 Person Appt 2,800.00 m² 2,105.00 pm² 5,894,000 M- 3 Bed 5 Person Appt 8,062.50 m² 2,105.00 pm² 16,971,563 M- 4 Bed 7 Person Appartment 2,430.00 m² 2,105.00 pm² 5,115,150 I-LLR-1 Bed 2 Person Appt 125.00 m² 2,105.00 pm² 263,125 I-LLR- 2 Bed 4 Person Appt 525.00 m² 2,105.00 pm² 1,105,125 I-LLR- 3 Bed 5 Person Appt 1,075.00 m² 2,105.00 pm² 2,262,875 S-1 Bed 2 Person Appt 500.00 m² 2,105.00 pm² 1,052,500 S- 2 Bed 4 Person Appt 1,662.50 m² 2,105.00 pm² 3,499,563 S- 3 Bed 5 Person Appt 4,730.00 m² 2,105.00 pm² 9,956,650 S- 4 Bed 7 Person Appt 1,485.00 m² 2,105.00 pm² 3,125,925 M-2 Bed 4 Person House 948.00 m² 1,584.00 pm² 1,501,632 M-3 Bed 5 Person House 1,767.00 m² 1,584.00 pm² 2,798,928 M-4 Bed 7 Person House 575.00 m² 1,584.00 pm² 910,800 I-LSO-1 Bed 2 Person Appt 125.00 m² 2,105.00 pm² 263,125 I-LSO- 2 Bed 4 Person Appt 525.00 m² 2,105.00 pm² 1,105,125 I-LSO- 3 Bed 5 Person Appt 1,075.00 m² 2,105.00 pm² 2,262,875 M-1 Bed 2 Person Appt 875.00 m² 2,105.00 pm² 1,841,875 M-2 Bed 4 Person Appt 2,800.00 m² 2,105.00 pm² 5,894,000 M- 3 Bed 5 Person Appt 8,062.50 m² 2,105.00 pm² 16,971,563 M- 4 Bed 7 Person Appartment 2,430.00 m² 2,105.00 pm² 5,115,150 I-LLR-1 Bed 2 Person Appt 125.00 m² 2,105.00 pm² 263,125 I-LLR- 2 Bed 4 Person Appt 525.00 m² 2,105.00 pm² 1,105,125 I-LLR- 3 Bed 5 Person Appt 1,075.00 m² 2,105.00 pm² 2,262,875
Project: Heathrow Gateway-40% Affordable of which 70% rente ARGUS Developer Version: 7.60.000 - 5 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA Heathrow Gateway-40% Affordable of which 70% rented
S-1 Bed 2 Person Appt 500.00 m² 2,105.00 pm² 1,052,500 S- 2 Bed 4 Person Appt 1,662.50 m² 2,105.00 pm² 3,499,563 S- 3 Bed 5 Person Appt 4,730.00 m² 2,105.00 pm² 9,956,650 S- 4 Bed 7 Person Appt 1,485.00 m² 2,105.00 pm² 3,125,925 M-2 Bed 4 Person House 948.00 m² 1,584.00 pm² 1,501,632 M-3 Bed 5 Person House 1,767.00 m² 1,584.00 pm² 2,798,928 M-4 Bed 7 Person House 575.00 m² 1,584.00 pm² 910,800 I-LSO-1 Bed 2 Person Appt 125.00 m² 2,105.00 pm² 263,125 I-LSO- 2 Bed 4 Person Appt 525.00 m² 2,105.00 pm² 1,105,125 I-LSO- 3 Bed 5 Person Appt 1,075.00 m² 2,105.00 pm² 2,262,875 M-1 Bed 2 Person Appt 875.00 m² 2,105.00 pm² 1,841,875 M-2 Bed 4 Person Appt 2,800.00 m² 2,105.00 pm² 5,894,000 M- 3 Bed 5 Person Appt 8,062.50 m² 2,105.00 pm² 16,971,563 M- 4 Bed 7 Person Appartment 2,430.00 m² 2,105.00 pm² 5,115,150 I-LLR-1 Bed 2 Person Appt 125.00 m² 2,105.00 pm² 263,125 I-LLR- 2 Bed 4 Person Appt 525.00 m² 2,105.00 pm² 1,105,125 I-LLR- 3 Bed 5 Person Appt 1,075.00 m² 2,105.00 pm² 2,262,875 S-1 Bed 2 Person Appt 500.00 m² 2,105.00 pm² 1,052,500 S- 2 Bed 4 Person Appt 1,662.50 m² 2,105.00 pm² 3,499,563 S- 3 Bed 5 Person Appt 4,730.00 m² 2,105.00 pm² 9,956,650 S- 4 Bed 7 Person Appt 1,485.00 m² 2,105.00 pm² 3,125,925 M-2 Bed 4 Person House 948.00 m² 1,584.00 pm² 1,501,632 M-3 Bed 5 Person House 1,767.00 m² 1,584.00 pm² 2,798,928 M-4 Bed 7 Person House 575.00 m² 1,584.00 pm² 910,800 I-LSO-1 Bed 2 Person Appt 125.00 m² 2,105.00 pm² 263,125 I-LSO- 2 Bed 4 Person Appt 525.00 m² 2,105.00 pm² 1,105,125 I-LSO- 3 Bed 5 Person Appt 1,075.00 m² 2,105.00 pm² 2,262,875 M-1 Bed 2 Person Appt 875.00 m² 2,105.00 pm² 1,841,875 M-2 Bed 4 Person Appt 2,800.00 m² 2,105.00 pm² 5,894,000 M- 3 Bed 5 Person Appt 7,955.00 m² 2,105.00 pm² 16,745,275 M- 4 Bed 7 Person Appartment 2,430.00 m² 2,105.00 pm² 5,115,150 I-LLR-1 Bed 2 Person Appt 125.00 m² 2,105.00 pm² 263,125 I-LLR- 2 Bed 4 Person Appt 525.00 m² 2,105.00 pm² 1,105,125 I-LLR- 3 Bed 5 Person Appt 1,075.00 m² 2,105.00 pm² 2,262,875 S-1 Bed 2 Person Appt 500.00 m² 2,105.00 pm² 1,052,500
Project: Heathrow Gateway-40% Affordable of which 70% rente ARGUS Developer Version: 7.60.000 - 6 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA Heathrow Gateway-40% Affordable of which 70% rented
S- 2 Bed 4 Person Appt 1,662.50 m² 2,105.00 pm² 3,499,563 S- 3 Bed 5 Person Appt 4,730.00 m² 2,105.00 pm² 9,956,650 S- 4 Bed 7 Person Appt 1,485.00 m² 2,105.00 pm² 3,125,925 M-2 Bed 4 Person House 948.00 m² 1,584.00 pm² 1,501,632 M-3 Bed 5 Person House 1,767.00 m² 1,584.00 pm² 2,798,928 M-4 Bed 7 Person House 575.00 m² 1,584.00 pm² 910,800 I-LSO-1 Bed 2 Person Appt 125.00 m² 2,105.00 pm² 263,125 I-LSO- 2 Bed 4 Person Appt 525.00 m² 2,105.00 pm² 1,105,125 I-LSO- 3 Bed 5 Person Appt 1,075.00 m² 2,105.00 pm² 2,262,875 Totals 198,317.50 m² 437,600,038 437,600,038
Contingency 3.00% 4,620,954 S106,Central boilers, Carbon Reduct 1,194.00 un 5,000.00 /un 5,970,000 Accessibility M4 (2) 141,350 Accessibility M4 (3) 649,000 Demolition 500,000 CIL 87,180.00 m² 75.00 pm² 6,538,500 Mayoral CIL 122,730.00 m² 60.00 pm² 7,363,800
25,783,604 Other Construction
Play Space 200,000 Play Space 200,000 Play Space 200,000 Play Space 200,000 Play Space 200,000
1,000,000 Green Infrastucture
Green Infrastucture 1.00% 534,109 Green Infrastucture 1.00% 534,109 Green Infrastucture 1.00% 510,884 Green Infrastucture 1.00% 510,884 Green Infrastucture 1.00% 508,621
2,598,606
PROFESSIONAL FEES
Project: Heathrow Gateway-40% Affordable of which 70% rente ARGUS Developer Version: 7.60.000 - 7 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA Heathrow Gateway-40% Affordable of which 70% rented
Architect 4.00% 17,544,002 Quantity Surveyor 1.50% 6,579,001 Structural Engineer 1.50% 6,579,001 Mech./Elec.Engineer 1.00% 4,386,000 Project Manager 1.50% 6,579,001 C.D. Manager 0.50% 2,193,000
43,860,004 MARKETING & LETTING
Marketing 1,000,000 Letting Agent Fee 10.00% 1,222,100 Letting Legal Fee 0.50% 61,105
2,283,205 DISPOSAL FEES
Sales Agent Fee 1.00% 6,076,052 Sales Legal Fee 0.25% 1,519,013
7,595,065 FINANCE
Debit Rate 7.000%, Credit Rate 0.000% (Nominal) Total Finance Cost 20,371,241
TOTAL COSTS 486,415,077
PROFIT 121,190,146
Performance Measures Profit on Cost% 24.91% Profit on GDV% 19.95% Profit on NDV% 19.95% Development Yield% (on Rent) 2.51% Equivalent Yield% (Nominal) 5.54% Equivalent Yield% (True) 5.74%
IRR 34.83%
Project: Heathrow Gateway-40% Affordable of which 70% rente ARGUS Developer Version: 7.60.000 - 8 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA Heathrow Gateway-40% Affordable of which 70% rented
Rent Cover 9 yrs 11 mths Profit Erosion (finance rate 7.000%) 3 yrs 2 mths
Project: Heathrow Gateway-40% Affordable of which 70% rente ARGUS Developer Version: 7.60.000 - 9 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA Lidl, Feltham-40% Affordable of which 70% rented
Summary Appraisal for Merged Phases 1 2
Currency in £
REVENUE Sales Valuation Units m² Rate m² Unit Price Gross Sales
M- 1 Bed 2 Person Appt 7 350.00 5,600.00 280,000 1,960,000 M- 2 Bed 4 Person Appt 16 1,120.00 5,000.00 350,000 5,600,000 M-3 Bed 5 Person Appt 37 3,182.00 4,767.44 410,000 15,170,000 M- 4 Bed 7 Person Appt 9 972.00 4,537.04 490,000 4,410,000 I-LLR-1 Bed 2 Person Appt 1 50.00 2,484.00 124,200 124,200 I-LLR- 2 Bed 4 Person Appt 2 140.00 1,967.14 137,700 275,400 I-LLR-3 Bed 5 Person Appt 4 344.00 1,758.14 151,200 604,800 I- 4 Bed 7 Person Appt 1 108.00 3,240.74 350,000 350,000 S- 1 Bed 2 Person Appt 3 150.00 1,560.00 78,000 234,000 S-2 Bed 4 Person Appt 7 490.00 1,281.43 89,700 627,900 S- 3 Bed 5 Person Appt 17 1,462.00 1,179.07 101,400 1,723,800 S- 4 Bed 7 Person Appt 4 432.00 1,047.22 113,100 452,400 I-LSO-1 Bed 2 Person Appt 1 50.00 2,376.50 118,825 118,825 I-LSO- 2 Bed 4 Person Appt 2 140.00 2,061.26 144,288 288,576 I-LSO-3 Bed 5 Person Appt 4 344.00 2,072.53 178,238 712,952 M- 1 Bed 2 Person Appt 7 350.00 5,600.00 280,000 1,960,000 M- 2 Bed 4 Person Appt 16 1,120.00 5,000.00 350,000 5,600,000 M-3 Bed 5 Person Appt 34 2,924.00 4,767.44 410,000 13,940,000 M- 4 Bed 7 Person Appt 9 972.00 4,537.04 490,000 4,410,000 I-LLR-1 Bed 2 Person Appt 1 50.00 2,484.00 124,200 124,200 I-LLR- 2 Bed 4 Person Appt 2 140.00 1,967.14 137,700 275,400 I-LLR-3 Bed 5 Person Appt 4 344.00 1,758.14 151,200 604,800 I- 4 Bed 7 Person Appt 1 108.00 3,240.74 350,000 350,000 S- 1 Bed 2 Person Appt 3 150.00 1,560.00 78,000 234,000 S-2 Bed 4 Person Appt 7 490.00 1,281.43 89,700 627,900 S- 3 Bed 5 Person Appt 17 1,462.00 1,179.07 101,400 1,723,800 S- 4 Bed 7 Person Appt 4 432.00 1,047.22 113,100 452,400 I-LSO-1 Bed 2 Person Appt 1 50.00 2,376.50 118,825 118,825
Project: 17 Lidl/Rifle Club, Feltham Station Qtr (1) ARGUS Developer Version: 7.60.000 - 1 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA Lidl, Feltham-40% Affordable of which 70% rented
I-LSO- 2 Bed 4 Person Appt 2 140.00 2,061.26 144,288 288,576 I-LSO-3 Bed 5 Person Appt 4 344.00 2,072.53 178,238 712,952 Totals 227 18,410.00 64,075,706
Rental Area Summary Initial Net Rent Initial Units m² Rate m² MRV/Unit at Sale MRV
Retail & Services 1 817.00 160.00 130,720 130,720 130,720
Investment Valuation Retail & Services Market Rent 130,720 YP @ 6.0000% 16.6667 (6mths Rent Free) PV 6mths @ 6.0000% 0.9713 2,116,108
GROSS DEVELOPMENT VALUE 66,191,814
Purchaser's Costs (122,734) (122,734)
NET DEVELOPMENT VALUE 66,069,080
NET REALISATION 66,069,080
OUTLAY
ACQUISITION COSTS Residualised Price (Negative land) (12,116,975)
(12,116,975) Town Planning 200,000
200,000 CONSTRUCTION COSTS Construction m² Rate m² Cost
Retail & Services 817.00 m² 1,192.00 pm² 973,864 M- 1 Bed 2 Person Appt 437.50 m² 2,105.00 pm² 920,938 M- 2 Bed 4 Person Appt 1,400.00 m² 2,105.00 pm² 2,947,000 M-3 Bed 5 Person Appt 3,977.50 m² 2,105.00 pm² 8,372,638
Project: 17 Lidl/Rifle Club, Feltham Station Qtr (1) ARGUS Developer Version: 7.60.000 - 2 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA Lidl, Feltham-40% Affordable of which 70% rented
M- 4 Bed 7 Person Appt 1,215.00 m² 2,105.00 pm² 2,557,575 I-LLR-1 Bed 2 Person Appt 62.50 m² 2,105.00 pm² 131,563 I-LLR- 2 Bed 4 Person Appt 175.00 m² 2,105.00 pm² 368,375 I-LLR-3 Bed 5 Person Appt 430.00 m² 2,105.00 pm² 905,150 I- 4 Bed 7 Person Appt 135.00 m² 2,105.00 pm² 284,175 S- 1 Bed 2 Person Appt 187.50 m² 2,105.00 pm² 394,688 S-2 Bed 4 Person Appt 612.50 m² 2,105.00 pm² 1,289,313 S- 3 Bed 5 Person Appt 1,827.50 m² 2,105.00 pm² 3,846,888 S- 4 Bed 7 Person Appt 540.00 m² 2,105.00 pm² 1,136,700 I-LSO-1 Bed 2 Person Appt 62.50 m² 2,105.00 pm² 131,563 I-LSO- 2 Bed 4 Person Appt 175.00 m² 2,105.00 pm² 368,375 I-LSO-3 Bed 5 Person Appt 430.00 m² 2,105.00 pm² 905,150 M- 1 Bed 2 Person Appt 437.50 m² 2,105.00 pm² 920,938 M- 2 Bed 4 Person Appt 1,400.00 m² 2,105.00 pm² 2,947,000 M-3 Bed 5 Person Appt 3,655.00 m² 2,105.00 pm² 7,693,775 M- 4 Bed 7 Person Appt 1,215.00 m² 2,105.00 pm² 2,557,575 I-LLR-1 Bed 2 Person Appt 62.50 m² 2,105.00 pm² 131,563 I-LLR- 2 Bed 4 Person Appt 175.00 m² 2,105.00 pm² 368,375 I-LLR-3 Bed 5 Person Appt 430.00 m² 2,105.00 pm² 905,150 I- 4 Bed 7 Person Appt 135.00 m² 2,105.00 pm² 284,175 S- 1 Bed 2 Person Appt 187.50 m² 2,105.00 pm² 394,688 S-2 Bed 4 Person Appt 612.50 m² 2,105.00 pm² 1,289,313 S- 3 Bed 5 Person Appt 1,827.50 m² 2,105.00 pm² 3,846,888 S- 4 Bed 7 Person Appt 540.00 m² 2,105.00 pm² 1,136,700 I-LSO-1 Bed 2 Person Appt 62.50 m² 2,105.00 pm² 131,563 I-LSO- 2 Bed 4 Person Appt 175.00 m² 2,105.00 pm² 368,375 I-LSO-3 Bed 5 Person Appt 430.00 m² 2,105.00 pm² 905,150 Totals 23,829.50 m² 49,415,177 49,415,177
Contingency 3.00% 1,482,455 s106,Carbon Reduction,Central Boile 213.00 un 5,000.00 /un 1,065,000 CIL 13,737.50 m² 100.00 pm² 1,373,750 Demolition 100,000 Acessibility M4 (2&3) 249,700 Mayoral CIL 22,494.50 m² 60.00 pm² 1,349,670
Project: 17 Lidl/Rifle Club, Feltham Station Qtr (1) ARGUS Developer Version: 7.60.000 - 3 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA Lidl, Feltham-40% Affordable of which 70% rented
5,620,575 Other Construction
Green Infrastucture 1.00% 241,289 Green Infrastucture 1.00% 224,761
466,050 Play space
Play space 200,000 Play space 200,000
400,000
PROFESSIONAL FEES Architect 4.00% 1,995,249 Quantity Surveyor 1.50% 748,218 Structural Engineer 1.50% 748,218 Mech./Elec.Engineer 1.00% 498,812 Project Manager 1.50% 748,218 C.D. Manager 0.50% 249,406
4,988,123 MARKETING & LETTING
Marketing 100,000 Letting Agent Fee 10.00% 13,072 Letting Legal Fee 2.00% 2,614
115,686 DISPOSAL FEES
Sales Agent Fee 1.00% 639,511 Sales Legal Fee 0.50% 319,756
959,267 FINANCE
Debit Rate 7.000%, Credit Rate 0.000% (Nominal) Total Finance Cost 2,013,625
TOTAL COSTS 52,061,528
PROFIT 14,007,552
Project: 17 Lidl/Rifle Club, Feltham Station Qtr (1) ARGUS Developer Version: 7.60.000 - 4 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA Lidl, Feltham-40% Affordable of which 70% rented
Performance Measures Profit on Cost% 26.91% Profit on GDV% 21.16% Profit on NDV% 21.20% Development Yield% (on Rent) 0.25% Equivalent Yield% (Nominal) 6.00% Equivalent Yield% (True) 6.23%
IRR Out of Range
Rent Cover 107 yrs 2 mths Profit Erosion (finance rate 7.000%) 3 yrs 5 mths
Project: 17 Lidl/Rifle Club, Feltham Station Qtr (1) ARGUS Developer Version: 7.60.000 - 5 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA MoD Feltham- 40% Affordable of which 70% Rented
Summary Appraisal for Merged Phases 1 2 3 4 5
Currency in £
REVENUE Sales Valuation Units m² Rate m² Unit Price Gross Sales
M-1 Bed 2 Person Appt 32 1,600.00 5,600.00 280,000 8,960,000 M-2 Bed 4 Person Appt 74 5,180.00 5,000.00 350,000 25,900,000 M- 3 Bed 5 Person Appt 175 15,050.00 4,767.44 410,000 71,750,000 M- 4 Bed 7 Person Appartment 42 4,536.00 4,537.04 490,000 20,580,000 I-LLR-1 Bed 2 Person Appt 4 200.00 2,484.00 124,200 496,800 I-LLR- 2 Bed 4 Person Appt 13 910.00 1,967.14 137,700 1,790,100 I-LLR- 3 Bed 5 Person Appt 19 1,634.00 1,758.14 151,200 2,872,800 S-1 Bed 2 Person Appt 17 850.00 1,560.00 78,000 1,326,000 S- 2 Bed 4 Person Appt 39 2,730.00 1,281.43 89,700 3,498,300 S- 3 Bed 5 Person Appt 91 7,826.00 1,179.07 101,400 9,227,400 S- 4 Bed 7 Person Appt 22 2,376.00 1,047.22 113,100 2,488,200 M-2 Bed 4 Person House 12 948.00 5,822.78 460,000 5,520,000 M-3 Bed 5 Person House 20 1,860.00 5,913.98 550,000 11,000,000 M-4 Bed 7 Person House 5 575.00 5,739.13 660,000 3,300,000 I-LSO-1 Bed 2 Person Appt 4 200.00 2,376.50 118,825 475,300 I-LSO- 2 Bed 4 Person Appt 13 910.00 2,061.26 144,288 1,875,744 I-LSO- 3 Bed 5 Person Appt 19 1,634.00 2,072.53 178,238 3,386,522 M-1 Bed 2 Person Appt 32 1,600.00 5,600.00 280,000 8,960,000 M-2 Bed 4 Person Appt 74 5,180.00 5,000.00 350,000 25,900,000 M- 3 Bed 5 Person Appt 175 15,050.00 4,767.44 410,000 71,750,000 M- 4 Bed 7 Person Appartment 42 4,536.00 4,537.04 490,000 20,580,000 I-LLR-1 Bed 2 Person Appt 4 200.00 2,484.00 124,200 496,800 I-LLR- 2 Bed 4 Person Appt 13 910.00 1,967.14 137,700 1,790,100 I-LLR- 3 Bed 5 Person Appt 19 1,634.00 1,758.14 151,200 2,872,800 S-1 Bed 2 Person Appt 17 850.00 1,560.00 78,000 1,326,000 S- 2 Bed 4 Person Appt 39 2,730.00 1,281.43 89,700 3,498,300 S- 3 Bed 5 Person Appt 91 7,826.00 1,179.07 101,400 9,227,400 S- 4 Bed 7 Person Appt 22 2,376.00 1,047.22 113,100 2,488,200
Project: Feltham East (1) ARGUS Developer Version: 7.60.000 - 1 - Date: 30/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA MoD Feltham- 40% Affordable of which 70% Rented
M-2 Bed 4 Person House 12 948.00 5,822.78 460,000 5,520,000 M-3 Bed 5 Person House 20 1,860.00 5,913.98 550,000 11,000,000 M-4 Bed 7 Person House 5 575.00 5,739.13 660,000 3,300,000 I-LSO-1 Bed 2 Person Appt 4 200.00 2,376.50 118,825 475,300 I-LSO- 2 Bed 4 Person Appt 13 910.00 2,061.26 144,288 1,875,744 I-LSO- 3 Bed 5 Person Appt 19 1,634.00 2,072.53 178,238 3,386,522 M-1 Bed 2 Person Appt 32 1,600.00 5,600.00 280,000 8,960,000 M-2 Bed 4 Person Appt 74 5,180.00 5,000.00 350,000 25,900,000 M- 3 Bed 5 Person Appt 175 15,050.00 4,767.44 410,000 71,750,000 M- 4 Bed 7 Person Appartment 42 4,536.00 4,537.04 490,000 20,580,000 I-LLR-1 Bed 2 Person Appt 4 200.00 2,484.00 124,200 496,800 I-LLR- 2 Bed 4 Person Appt 13 910.00 1,967.14 137,700 1,790,100 I-LLR- 3 Bed 5 Person Appt 19 1,634.00 1,758.14 151,200 2,872,800 S-1 Bed 2 Person Appt 17 850.00 1,560.00 78,000 1,326,000 S- 2 Bed 4 Person Appt 39 2,730.00 1,281.43 89,700 3,498,300 S- 3 Bed 5 Person Appt 91 7,826.00 1,179.07 101,400 9,227,400 S- 4 Bed 7 Person Appt 22 2,376.00 1,047.22 113,100 2,488,200 M-2 Bed 4 Person House 12 948.00 5,822.78 460,000 5,520,000 M-3 Bed 5 Person House 20 1,860.00 5,913.98 550,000 11,000,000 M-4 Bed 7 Person House 5 575.00 5,739.13 660,000 3,300,000 I-LSO-1 Bed 2 Person Appt 4 200.00 2,376.50 118,825 475,300 I-LSO- 2 Bed 4 Person Appt 13 910.00 2,061.26 144,288 1,875,744 I-LSO- 3 Bed 5 Person Appt 19 1,634.00 2,072.53 178,238 3,386,522 M-1 Bed 2 Person Appt 32 1,600.00 5,600.00 280,000 8,960,000 M-2 Bed 4 Person Appt 74 5,180.00 5,000.00 350,000 25,900,000 M- 3 Bed 5 Person Appt 175 15,050.00 4,767.44 410,000 71,750,000 M- 4 Bed 7 Person Appartment 42 4,536.00 4,537.04 490,000 20,580,000 I-LLR-1 Bed 2 Person Appt 4 200.00 2,484.00 124,200 496,800 I-LLR- 2 Bed 4 Person Appt 13 910.00 1,967.14 137,700 1,790,100 I-LLR- 3 Bed 5 Person Appt 19 1,634.00 1,758.14 151,200 2,872,800 S-1 Bed 2 Person Appt 17 850.00 1,560.00 78,000 1,326,000 S- 2 Bed 4 Person Appt 39 2,730.00 1,281.43 89,700 3,498,300 S- 3 Bed 5 Person Appt 91 7,826.00 1,179.07 101,400 9,227,400 S- 4 Bed 7 Person Appt 22 2,376.00 1,047.22 113,100 2,488,200 M-2 Bed 4 Person House 12 948.00 5,822.78 460,000 5,520,000
Project: Feltham East (1) ARGUS Developer Version: 7.60.000 - 2 - Date: 30/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA MoD Feltham- 40% Affordable of which 70% Rented
M-3 Bed 5 Person House 20 1,860.00 5,913.98 550,000 11,000,000 M-4 Bed 7 Person House 5 575.00 5,739.13 660,000 3,300,000 I-LSO-1 Bed 2 Person Appt 4 200.00 2,376.50 118,825 475,300 I-LSO- 2 Bed 4 Person Appt 13 910.00 2,061.26 144,288 1,875,744 I-LSO- 3 Bed 5 Person Appt 19 1,634.00 2,072.53 178,238 3,386,522 M-1 Bed 2 Person Appt 32 1,600.00 5,600.00 280,000 8,960,000 M-2 Bed 4 Person Appt 74 5,180.00 5,000.00 350,000 25,900,000 M- 3 Bed 5 Person Appt 170 14,620.00 4,767.44 410,000 69,700,000 M- 4 Bed 7 Person Appartment 42 4,536.00 4,537.04 490,000 20,580,000 I-LLR-1 Bed 2 Person Appt 4 200.00 2,484.00 124,200 496,800 I-LLR- 2 Bed 4 Person Appt 13 910.00 1,967.14 137,700 1,790,100 I-LLR- 3 Bed 5 Person Appt 19 1,634.00 1,758.14 151,200 2,872,800 S-1 Bed 2 Person Appt 17 850.00 1,560.00 78,000 1,326,000 S- 2 Bed 4 Person Appt 39 2,730.00 1,281.43 89,700 3,498,300 S- 3 Bed 5 Person Appt 91 7,826.00 1,179.07 101,400 9,227,400 S- 4 Bed 7 Person Appt 22 2,376.00 1,047.22 113,100 2,488,200 M-2 Bed 4 Person House 12 948.00 5,822.78 460,000 5,520,000 M-3 Bed 5 Person House 20 1,860.00 5,913.98 550,000 11,000,000 M-4 Bed 7 Person House 5 575.00 5,739.13 660,000 3,300,000 I-LSO-1 Bed 2 Person Appt 4 200.00 2,376.50 118,825 475,300 I-LSO- 2 Bed 4 Person Appt 13 910.00 2,061.26 144,288 1,875,744 I-LSO- 3 Bed 5 Person Appt 19 1,634.00 2,072.53 178,238 3,386,522 Totals 3,000 244,665.00 870,185,830
Rental Area Summary Initial Net Rent Initial Units m² Rate m² MRV/Unit at Sale MRV
Retail 1 1,500.00 160.00 240,000 240,000 240,000 B1 Workspaces 1 1,000.00 100.00 100,000 100,000 100,000 Office & Commercial 1 4,500.00 215.00 967,500 967,500 967,500 Community facilities 1 1,000.00 80.00 80,000 80,000 80,000 Leisure Space 1 6,000.00 100.00 600,000 600,000 600,000 Reach Acadamey 2 1 1 1 1 Retail 1 1,500.00 160.00 240,000 240,000 240,000 B1 Workspaces 1 1,000.00 100.00 100,000 100,000 100,000 Office & Commercial 1 4,500.00 215.00 967,500 967,500 967,500
Project: Feltham East (1) ARGUS Developer Version: 7.60.000 - 3 - Date: 30/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA MoD Feltham- 40% Affordable of which 70% Rented
Community facilities 1 1,000.00 80.00 80,000 80,000 80,000 Leisure Space 1 6,000.00 100.00 600,000 600,000 600,000 Totals 11 28,000.00 3,975,001 3,975,001
Investment Valuation Retail Market Rent 240,000 YP @ 6.2500% 16.0000 (6mths Rent Free) PV 6mths @ 6.2500% 0.9701 3,725,347 B1 Workspaces Market Rent 100,000 YP @ 7.5000% 13.3333 (3mths Rent Free) PV 3mths @ 7.5000% 0.9821 1,309,443 Office & Commercial Market Rent 967,500 YP @ 7.0000% 14.2857 (3mths Rent Free) PV 3mths @ 7.0000% 0.9832 13,589,610 Community facilities Current Rent 80,000 YP @ 8.5000% 11.7647 941,176 Leisure Space Current Rent 600,000 YP @ 6.5000% 15.3846 9,230,769 Reach Acadamey 2 Current Rent 1 YP @ 1.0000% 100.0000 100 Retail Market Rent 240,000 YP @ 6.2500% 16.0000 (6mths Rent Free) PV 6mths @ 6.2500% 0.9701 3,725,347 B1 Workspaces Market Rent 100,000 YP @ 7.5000% 13.3333 (3mths Rent Free) PV 3mths @ 7.5000% 0.9821 1,309,443 Office & Commercial Market Rent 967,500 YP @ 7.0000% 14.2857 (3mths Rent Free) PV 3mths @ 7.0000% 0.9832 13,589,610 Community facilities Current Rent 80,000 YP @ 8.5000% 11.7647 941,176 Leisure Space Current Rent 600,000 YP @ 6.5000% 15.3846 9,230,769
57,592,792
Project: Feltham East (1) ARGUS Developer Version: 7.60.000 - 4 - Date: 30/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA MoD Feltham- 40% Affordable of which 70% Rented GROSS DEVELOPMENT VALUE 927,778,622
NET REALISATION 927,778,622
OUTLAY
ACQUISITION COSTS Residualised Price (Negative land) (96,155,140)
(96,155,140) Town Planning 1,250,000
1,250,000 CONSTRUCTION COSTS Construction m² Rate m² Cost
Retail 1,500.00 m² 929.03 pm² 1,393,545 B1 Workspaces 1,000.00 m² 998.00 pm² 998,000 Office & Commercial 4,500.00 m² 2,841.00 pm² 12,784,500 Community facilities 1,000.00 m² 998.00 pm² 998,000 Leisure Space 6,000.00 m² 2,294.00 pm² 13,764,000 Reach Acadamey 2 1.00 m² 1.00 pm² 1 Retail 1,500.00 m² 929.03 pm² 1,393,545 B1 Workspaces 1,000.00 m² 998.00 pm² 998,000 Office & Commercial 4,500.00 m² 2,841.00 pm² 12,784,500 Community facilities 1,000.00 m² 998.00 pm² 998,000 Leisure Space 6,000.00 m² 2,294.00 pm² 13,764,000 M-1 Bed 2 Person Appt 2,000.00 m² 2,105.00 pm² 4,210,000 M-2 Bed 4 Person Appt 6,475.00 m² 2,105.00 pm² 13,629,875 M- 3 Bed 5 Person Appt 18,812.50 m² 2,105.00 pm² 39,600,313 M- 4 Bed 7 Person Appartment 5,670.00 m² 2,105.00 pm² 11,935,350 I-LLR-1 Bed 2 Person Appt 250.00 m² 2,105.00 pm² 526,250 I-LLR- 2 Bed 4 Person Appt 1,137.50 m² 2,105.00 pm² 2,394,438 I-LLR- 3 Bed 5 Person Appt 2,042.50 m² 2,105.00 pm² 4,299,463 S-1 Bed 2 Person Appt 1,062.50 m² 2,105.00 pm² 2,236,563 S- 2 Bed 4 Person Appt 3,412.50 m² 2,105.00 pm² 7,183,313 S- 3 Bed 5 Person Appt 9,782.50 m² 2,105.00 pm² 20,592,163 S- 4 Bed 7 Person Appt 2,970.00 m² 2,105.00 pm² 6,251,850
Project: Feltham East (1) ARGUS Developer Version: 7.60.000 - 5 - Date: 30/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA MoD Feltham- 40% Affordable of which 70% Rented
M-2 Bed 4 Person House 948.00 m² 1,490.00 pm² 1,412,520 M-3 Bed 5 Person House 1,860.00 m² 1,490.00 pm² 2,771,400 M-4 Bed 7 Person House 575.00 m² 1,490.00 pm² 856,750 I-LSO-1 Bed 2 Person Appt 250.00 m² 2,105.00 pm² 526,250 I-LSO- 2 Bed 4 Person Appt 1,137.50 m² 2,105.00 pm² 2,394,438 I-LSO- 3 Bed 5 Person Appt 2,042.50 m² 2,105.00 pm² 4,299,463 M-1 Bed 2 Person Appt 2,000.00 m² 2,105.00 pm² 4,210,000 M-2 Bed 4 Person Appt 6,475.00 m² 2,105.00 pm² 13,629,875 M- 3 Bed 5 Person Appt 18,812.50 m² 2,105.00 pm² 39,600,313 M- 4 Bed 7 Person Appartment 5,670.00 m² 2,105.00 pm² 11,935,350 I-LLR-1 Bed 2 Person Appt 250.00 m² 2,105.00 pm² 526,250 I-LLR- 2 Bed 4 Person Appt 1,137.50 m² 2,105.00 pm² 2,394,438 I-LLR- 3 Bed 5 Person Appt 2,042.50 m² 2,105.00 pm² 4,299,463 S-1 Bed 2 Person Appt 1,062.50 m² 2,105.00 pm² 2,236,563 S- 2 Bed 4 Person Appt 3,412.50 m² 2,105.00 pm² 7,183,313 S- 3 Bed 5 Person Appt 9,782.50 m² 2,105.00 pm² 20,592,163 S- 4 Bed 7 Person Appt 2,970.00 m² 2,105.00 pm² 6,251,850 M-2 Bed 4 Person House 948.00 m² 1,490.00 pm² 1,412,520 M-3 Bed 5 Person House 1,860.00 m² 1,490.00 pm² 2,771,400 M-4 Bed 7 Person House 575.00 m² 1,490.00 pm² 856,750 I-LSO-1 Bed 2 Person Appt 250.00 m² 2,105.00 pm² 526,250 I-LSO- 2 Bed 4 Person Appt 1,137.50 m² 2,105.00 pm² 2,394,438 I-LSO- 3 Bed 5 Person Appt 2,042.50 m² 2,105.00 pm² 4,299,463 M-1 Bed 2 Person Appt 2,000.00 m² 2,105.00 pm² 4,210,000 M-2 Bed 4 Person Appt 6,475.00 m² 2,105.00 pm² 13,629,875 M- 3 Bed 5 Person Appt 18,812.50 m² 2,105.00 pm² 39,600,313 M- 4 Bed 7 Person Appartment 5,670.00 m² 2,105.00 pm² 11,935,350 I-LLR-1 Bed 2 Person Appt 250.00 m² 2,105.00 pm² 526,250 I-LLR- 2 Bed 4 Person Appt 1,137.50 m² 2,105.00 pm² 2,394,438 I-LLR- 3 Bed 5 Person Appt 2,042.50 m² 2,105.00 pm² 4,299,463 S-1 Bed 2 Person Appt 1,062.50 m² 2,105.00 pm² 2,236,563 S- 2 Bed 4 Person Appt 3,412.50 m² 2,105.00 pm² 7,183,313 S- 3 Bed 5 Person Appt 9,782.50 m² 2,105.00 pm² 20,592,163 S- 4 Bed 7 Person Appt 2,970.00 m² 2,105.00 pm² 6,251,850 M-2 Bed 4 Person House 948.00 m² 1,490.00 pm² 1,412,520
Project: Feltham East (1) ARGUS Developer Version: 7.60.000 - 6 - Date: 30/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA MoD Feltham- 40% Affordable of which 70% Rented
M-3 Bed 5 Person House 1,860.00 m² 1,490.00 pm² 2,771,400 M-4 Bed 7 Person House 575.00 m² 1,490.00 pm² 856,750 I-LSO-1 Bed 2 Person Appt 250.00 m² 2,105.00 pm² 526,250 I-LSO- 2 Bed 4 Person Appt 1,137.50 m² 2,105.00 pm² 2,394,438 I-LSO- 3 Bed 5 Person Appt 2,042.50 m² 2,105.00 pm² 4,299,463 M-1 Bed 2 Person Appt 2,000.00 m² 2,105.00 pm² 4,210,000 M-2 Bed 4 Person Appt 6,475.00 m² 2,105.00 pm² 13,629,875 M- 3 Bed 5 Person Appt 18,812.50 m² 2,105.00 pm² 39,600,313 M- 4 Bed 7 Person Appartment 5,670.00 m² 2,105.00 pm² 11,935,350 I-LLR-1 Bed 2 Person Appt 250.00 m² 2,105.00 pm² 526,250 I-LLR- 2 Bed 4 Person Appt 1,137.50 m² 2,105.00 pm² 2,394,438 I-LLR- 3 Bed 5 Person Appt 2,042.50 m² 2,105.00 pm² 4,299,463 S-1 Bed 2 Person Appt 1,062.50 m² 2,105.00 pm² 2,236,563 S- 2 Bed 4 Person Appt 3,412.50 m² 2,105.00 pm² 7,183,313 S- 3 Bed 5 Person Appt 9,782.50 m² 2,105.00 pm² 20,592,163 S- 4 Bed 7 Person Appt 2,970.00 m² 2,105.00 pm² 6,251,850 M-2 Bed 4 Person House 948.00 m² 1,490.00 pm² 1,412,520 M-3 Bed 5 Person House 1,860.00 m² 1,490.00 pm² 2,771,400 M-4 Bed 7 Person House 575.00 m² 1,490.00 pm² 856,750 I-LSO-1 Bed 2 Person Appt 250.00 m² 2,105.00 pm² 526,250 I-LSO- 2 Bed 4 Person Appt 1,137.50 m² 2,105.00 pm² 2,394,438 I-LSO- 3 Bed 5 Person Appt 2,042.50 m² 2,105.00 pm² 4,299,463 M-1 Bed 2 Person Appt 2,000.00 m² 2,105.00 pm² 4,210,000 M-2 Bed 4 Person Appt 6,475.00 m² 2,105.00 pm² 13,629,875 M- 3 Bed 5 Person Appt 18,275.00 m² 2,105.00 pm² 38,468,875 M- 4 Bed 7 Person Appartment 5,670.00 m² 2,105.00 pm² 11,935,350 I-LLR-1 Bed 2 Person Appt 250.00 m² 2,105.00 pm² 526,250 I-LLR- 2 Bed 4 Person Appt 1,137.50 m² 2,105.00 pm² 2,394,438 I-LLR- 3 Bed 5 Person Appt 2,042.50 m² 2,105.00 pm² 4,299,463 S-1 Bed 2 Person Appt 1,062.50 m² 2,105.00 pm² 2,236,563 S- 2 Bed 4 Person Appt 3,412.50 m² 2,105.00 pm² 7,183,313 S- 3 Bed 5 Person Appt 9,782.50 m² 2,105.00 pm² 20,592,163 S- 4 Bed 7 Person Appt 2,970.00 m² 2,105.00 pm² 6,251,850 M-2 Bed 4 Person House 948.00 m² 1,490.00 pm² 1,412,520 M-3 Bed 5 Person House 1,860.00 m² 1,490.00 pm² 2,771,400
Project: Feltham East (1) ARGUS Developer Version: 7.60.000 - 7 - Date: 30/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA MoD Feltham- 40% Affordable of which 70% Rented
M-4 Bed 7 Person House 575.00 m² 1,490.00 pm² 856,750 I-LSO-1 Bed 2 Person Appt 250.00 m² 2,105.00 pm² 526,250 I-LSO- 2 Bed 4 Person Appt 1,137.50 m² 2,105.00 pm² 2,394,438 I-LSO- 3 Bed 5 Person Appt 2,042.50 m² 2,105.00 pm² 4,299,463 Totals 329,603.50 m² 684,346,629 684,346,629
Contingency 3.00% 10,545,880 S106,Central boilers, Carbon Reduct 2,635.00 un 5,000.00 /un 13,175,000 Accessibility M4 (2) 339,900 Accessibility M4 (3) 1,320,000 Demolition 1,000,000 CIL 181,165.00 m² 100.00 pm² 18,116,500 Mayoral CIL 192,250.00 m² 60.00 pm² 11,535,000
56,032,280 Other Construction
Play Space 100,000 Play Space 100,000 Play Space 100,000 Play Space 100,000 Play Space 100,000
500,000 Green Infrastucture
Green Infrastucture 1.00% 1,275,119 Green Infrastucture 1.00% 1,550,584 Green Infrastucture 1.00% 1,251,204 Green Infrastucture 1.00% 1,251,204 Green Infrastucture 1.00% 1,239,890
6,568,001
PROFESSIONAL FEES Architect 4.00% 27,393,865 Quantity Surveyor 1.50% 10,272,699 Structural Engineer 1.50% 10,272,699 Mech./Elec.Engineer 1.00% 6,848,466 Project Manager 1.50% 10,272,699
Project: Feltham East (1) ARGUS Developer Version: 7.60.000 - 8 - Date: 30/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA MoD Feltham- 40% Affordable of which 70% Rented
C.D. Manager 0.50% 3,424,233 68,484,663
MARKETING & LETTING Marketing 1,000,000 Letting Agent Fee 10.00% 397,500 Letting Legal Fee 0.50% 19,875
1,417,375 DISPOSAL FEES
Sales Agent Fee 1.00% 9,277,786 Sales Legal Fee 0.25% 2,319,447
11,597,233 FINANCE
Debit Rate 7.000%, Credit Rate 0.000% (Nominal) Total Finance Cost 5,692,589
TOTAL COSTS 739,733,630
PROFIT 188,044,992
Performance Measures Profit on Cost% 25.42% Profit on GDV% 20.27% Profit on NDV% 20.27% Development Yield% (on Rent) 0.54% Equivalent Yield% (Nominal) 6.81% Equivalent Yield% (True) 7.11%
IRR Out of Range
Rent Cover 47 yrs 4 mths Profit Erosion (finance rate 7.000%) 3 yrs 3 mths
Project: Feltham East (1) ARGUS Developer Version: 7.60.000 - 9 - Date: 30/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA 2 High Street, Feltham-40% Affordable of which 70% rented
Summary Appraisal for Merged Phases 1 2
Currency in £
REVENUE Sales Valuation Units m² Rate m² Unit Price Gross Sales
M-1 Bed 2 Person Appt 3 150.00 5,600.00 280,000 840,000 M-2 Bed 4 Person Appt 6 420.00 5,000.00 350,000 2,100,000 M- 3 Bed 5 Person Appt 14 1,204.00 4,767.44 410,000 5,740,000 M- 4 Bed 7 Person Appartment 4 432.00 4,537.04 490,000 1,960,000 I-LLR- 2 Bed 4 Person Appt 1 70.00 1,967.14 137,700 137,700 I-LLR- 3 Bed 5 Person Appt 2 172.00 1,758.14 151,200 302,400 S-1 Bed 2 Person Appt 1 50.00 1,560.00 78,000 78,000 S- 2 Bed 4 Person Appt 3 210.00 1,281.43 89,700 269,100 S- 3 Bed 5 Person Appt 7 602.00 1,179.07 101,400 709,800 S- 4 Bed 7 Person Appt 2 216.00 1,047.22 113,100 226,200 I-LSO- 2 Bed 4 Person Appt 1 70.00 1,697.50 118,825 118,825 I-LSO- 3 Bed 5 Person Appt 2 172.00 2,072.53 178,238 356,476 M-1 Bed 2 Person Appt 3 150.00 5,600.00 280,000 840,000 M-2 Bed 4 Person Appt 6 420.00 5,000.00 350,000 2,100,000 M- 3 Bed 5 Person Appt 15 1,290.00 4,767.44 410,000 6,150,000 M- 4 Bed 7 Person Appartment 4 432.00 4,537.04 490,000 1,960,000 I-LLR- 2 Bed 4 Person Appt 1 70.00 1,967.14 137,700 137,700 I-LLR- 3 Bed 5 Person Appt 2 172.00 1,758.14 151,200 302,400 S-1 Bed 2 Person Appt 1 50.00 1,560.00 78,000 78,000 S- 2 Bed 4 Person Appt 3 210.00 1,281.43 89,700 269,100 S- 3 Bed 5 Person Appt 7 602.00 1,179.07 101,400 709,800 S- 4 Bed 7 Person Appt 2 216.00 1,047.22 113,100 226,200 I-LSO- 2 Bed 4 Person Appt 1 70.00 1,697.50 118,825 118,825 I-LSO- 3 Bed 5 Person Appt 2 172.00 2,072.53 178,238 356,476 Totals 93 7,622.00 26,087,002
NET REALISATION 26,087,002
Project: Station Quarter Feltham (1) ARGUS Developer Version: 7.60.000 - 1 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA 2 High Street, Feltham-40% Affordable of which 70% rented OUTLAY
ACQUISITION COSTS Residualised Price (Negative land) (5,244,330)
(5,244,330) Town Planning 500,000
500,000 CONSTRUCTION COSTS Construction m² Rate m² Cost
M-1 Bed 2 Person Appt 187.50 m² 2,105.00 pm² 394,688 M-2 Bed 4 Person Appt 525.00 m² 2,105.00 pm² 1,105,125 M- 3 Bed 5 Person Appt 1,505.00 m² 2,105.00 pm² 3,168,025 M- 4 Bed 7 Person Appartment 540.00 m² 2,105.00 pm² 1,136,700 I-LLR- 2 Bed 4 Person Appt 87.50 m² 2,105.00 pm² 184,188 I-LLR- 3 Bed 5 Person Appt 215.00 m² 2,105.00 pm² 452,575 S-1 Bed 2 Person Appt 62.50 m² 2,105.00 pm² 131,563 S- 2 Bed 4 Person Appt 262.50 m² 2,105.00 pm² 552,563 S- 3 Bed 5 Person Appt 752.50 m² 2,105.00 pm² 1,584,013 S- 4 Bed 7 Person Appt 270.00 m² 2,105.00 pm² 568,350 I-LSO- 2 Bed 4 Person Appt 87.50 m² 2,105.00 pm² 184,188 I-LSO- 3 Bed 5 Person Appt 215.00 m² 2,105.00 pm² 452,575 M-1 Bed 2 Person Appt 187.50 m² 2,105.00 pm² 394,688 M-2 Bed 4 Person Appt 525.00 m² 2,105.00 pm² 1,105,125 M- 3 Bed 5 Person Appt 1,612.50 m² 2,105.00 pm² 3,394,313 M- 4 Bed 7 Person Appartment 540.00 m² 2,105.00 pm² 1,136,700 I-LLR- 2 Bed 4 Person Appt 87.50 m² 2,105.00 pm² 184,188 I-LLR- 3 Bed 5 Person Appt 215.00 m² 2,105.00 pm² 452,575 S-1 Bed 2 Person Appt 62.50 m² 2,105.00 pm² 131,563 S- 2 Bed 4 Person Appt 262.50 m² 2,105.00 pm² 552,563 S- 3 Bed 5 Person Appt 752.50 m² 2,105.00 pm² 1,584,013 S- 4 Bed 7 Person Appt 270.00 m² 2,105.00 pm² 568,350 I-LSO- 2 Bed 4 Person Appt 87.50 m² 2,105.00 pm² 184,188 I-LSO- 3 Bed 5 Person Appt 215.00 m² 2,105.00 pm² 452,575 Totals 9,527.50 m² 20,055,388 20,055,388
Project: Station Quarter Feltham (1) ARGUS Developer Version: 7.60.000 - 2 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA 2 High Street, Feltham-40% Affordable of which 70% rented
Contingency 3.00% 358,061 S106,Central boilers, Carbon Reduct 87.00 un 5,000.00 /un 435,000 Accessibility M4 (2) 55,220 Accessibility M4 (3) 220,000 Demolition 100,000 CIL 5,622.50 m² 100.00 pm² 562,250 Mayoral CIL 5,622.50 m² 60.00 pm² 337,350
2,067,881 Other Construction
Play Space 200,000 Play Space 200,000
400,000 Green Infrastucture
Green Infrastucture 1.00% 92,778 Green Infrastucture 1.00% 95,041
187,819
PROFESSIONAL FEES Architect 4.00% 818,216 Quantity Surveyor 1.50% 306,831 Structural Engineer 1.50% 306,831 Mech./Elec.Engineer 1.00% 204,554 Project Manager 1.50% 306,831 C.D. Manager 0.50% 102,277
2,045,539 MARKETING & LETTING
Marketing 400,000 400,000
DISPOSAL FEES Sales Agent Fee 1.00% 260,870 Sales Legal Fee 0.25% 65,218
326,088 FINANCE
Debit Rate 7.000%, Credit Rate 0.000% (Nominal) Total Finance Cost 698,831
Project: Station Quarter Feltham (1) ARGUS Developer Version: 7.60.000 - 3 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA 2 High Street, Feltham-40% Affordable of which 70% rented
TOTAL COSTS 21,437,214
PROFIT 4,649,788
Performance Measures Profit on Cost% 21.69% Profit on GDV% 17.82% Profit on NDV% 17.82%
IRR Out of Range
Profit Erosion (finance rate 7.000%) 2 yrs 10 mths
Project: Station Quarter Feltham (1) ARGUS Developer Version: 7.60.000 - 4 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA West Cross Quarter
Summary Appraisal for Merged Phases 1 2 3 4 5
Currency in £
REVENUE Sales Valuation Units m² Rate m² Unit Price Gross Sales
M-1 Bed 2 Person Appt 23 1,150.00 8,200.00 410,000 9,430,000 M-2 Bed 4 Person Appt 51 3,570.00 7,857.14 550,000 28,050,000 M- 3 Bed 5 Person Appt 119 10,234.00 7,790.70 670,000 79,730,000 M- 4 Bed 7 Person Appartment 29 3,132.00 6,666.67 720,000 20,880,000 I-LLR- 1 Bed 2 Person Appt 3 150.00 3,232.80 161,640 484,920 I-LLR- 2 Bed 4 Person Appt 11 770.00 2,566.29 179,640 1,976,040 I-LLR-3 Bed 5 Person Appt 19 1,634.00 2,296.05 197,460 3,751,740 S-1 Bed 2 Person Appt 11 550.00 3,232.80 161,640 1,778,040 S- 2 Bed 4 Person Appt 24 1,680.00 2,566.29 179,640 4,311,360 S- 3 Bed 5 Person Appt 56 4,816.00 2,296.05 197,460 11,057,760 S- 4 Bed 7 Person Appt 14 1,512.00 1,995.00 215,460 3,016,440 I-LSO- 1 Bed 2 Person Appt 3 150.00 3,182.82 159,141 477,423 I-LSO- 2 Bed 4 Person Appt 11 770.00 2,910.00 203,700 2,240,700 I-LSO-3 Bed 5 Person Appt 19 1,634.00 3,182.81 273,722 5,200,718 M-1 Bed 2 Person Appt 22 1,100.00 8,200.00 410,000 9,020,000 M-2 Bed 4 Person Appt 50 3,500.00 7,857.14 550,000 27,500,000 M- 3 Bed 5 Person Appt 118 10,148.00 7,790.70 670,000 79,060,000 M- 4 Bed 7 Person Appartment 28 3,024.00 6,666.67 720,000 20,160,000 I-LLR-1 Bed 2 Person Appt 2 100.00 3,232.80 161,640 323,280 I-LLR-2 Bed 4 Person Appt 7 490.00 2,566.29 179,640 1,257,480 I-LLR- 3 Bed 5 Person Appt 10 860.00 2,296.05 197,460 1,974,600 S-1 Bed 2 Person Appt 10 500.00 3,232.80 161,640 1,616,400 S- 2 Bed 4 Person Appt 23 1,610.00 2,566.29 179,640 4,131,720 S- 3 Bed 5 Person Appt 55 4,730.00 2,296.05 197,460 10,860,300 S- 4 Bed 7 Person Appt 13 1,404.00 1,995.00 215,460 2,800,980 I-LSO-1 Bed 2 Person Appt 2 100.00 3,182.82 159,141 318,282 I-LSO- 2 Bed 4 Person Appt 7 490.00 2,910.00 203,700 1,425,900 I-LSO- 3 Bed 5 Person Appt 10 860.00 3,182.81 273,722 2,737,220
Project: West Cross Quarter ARGUS Developer Version: 7.60.000 - 1 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA West Cross Quarter
M-1 Bed 2 Person Appt 22 1,100.00 8,200.00 410,000 9,020,000 M-2 Bed 4 Person Appt 50 3,500.00 7,857.14 550,000 27,500,000 M- 3 Bed 5 Person Appt 118 10,148.00 7,790.70 670,000 79,060,000 M- 4 Bed 7 Person Appartment 28 3,024.00 6,666.67 720,000 20,160,000 I-LLR-1 Bed 2 Person Appt 2 100.00 3,232.80 161,640 323,280 I-LLR-2 Bed 4 Person Appt 7 490.00 2,566.29 179,640 1,257,480 I-LLR- 3 Bed 5 Person Appt 10 860.00 2,296.05 197,460 1,974,600 S-1 Bed 2 Person Appt 10 500.00 3,232.80 161,640 1,616,400 S- 2 Bed 4 Person Appt 23 1,610.00 2,566.29 179,640 4,131,720 S- 3 Bed 5 Person Appt 55 4,730.00 2,296.05 197,460 10,860,300 S- 4 Bed 7 Person Appt 13 1,404.00 1,995.00 215,460 2,800,980 I-LSO-1 Bed 2 Person Appt 2 100.00 3,182.82 159,141 318,282 I-LSO- 2 Bed 4 Person Appt 7 490.00 2,910.00 203,700 1,425,900 I-LSO- 3 Bed 5 Person Appt 10 860.00 3,182.81 273,722 2,737,220 M-1 Bed 2 Person Appt 22 1,100.00 8,200.00 410,000 9,020,000 M-2 Bed 4 Person Appt 50 3,500.00 7,857.14 550,000 27,500,000 M- 3 Bed 5 Person Appt 118 10,148.00 7,790.70 670,000 79,060,000 M- 4 Bed 7 Person Appartment 28 3,024.00 6,666.67 720,000 20,160,000 I-LLR-1 Bed 2 Person Appt 2 100.00 3,232.80 161,640 323,280 I-LLR-2 Bed 4 Person Appt 7 490.00 2,566.29 179,640 1,257,480 I-LLR- 3 Bed 5 Person Appt 10 860.00 2,296.05 197,460 1,974,600 S-1 Bed 2 Person Appt 10 500.00 3,232.80 161,640 1,616,400 S- 2 Bed 4 Person Appt 23 1,610.00 2,566.29 179,640 4,131,720 S- 3 Bed 5 Person Appt 55 4,730.00 2,296.05 197,460 10,860,300 S- 4 Bed 7 Person Appt 13 1,404.00 1,995.00 215,460 2,800,980 I-LSO-1 Bed 2 Person Appt 2 100.00 3,182.82 159,141 318,282 I-LSO- 2 Bed 4 Person Appt 7 490.00 2,910.00 203,700 1,425,900 I-LSO- 3 Bed 5 Person Appt 10 860.00 3,182.81 273,722 2,737,220 M-1 Bed 2 Person Appt 22 1,100.00 8,200.00 410,000 9,020,000 M-2 Bed 4 Person Appt 50 3,500.00 7,857.14 550,000 27,500,000 M- 3 Bed 5 Person Appt 118 10,148.00 7,790.70 670,000 79,060,000 M- 4 Bed 7 Person Appartment 28 3,024.00 6,666.67 720,000 20,160,000 I-LLR-1 Bed 2 Person Appt 2 100.00 3,232.80 161,640 323,280 I-LLR-2 Bed 4 Person Appt 7 490.00 2,566.29 179,640 1,257,480 I-LLR- 3 Bed 5 Person Appt 10 860.00 2,296.05 197,460 1,974,600
Project: West Cross Quarter ARGUS Developer Version: 7.60.000 - 2 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA West Cross Quarter
S-1 Bed 2 Person Appt 10 500.00 3,232.80 161,640 1,616,400 S- 2 Bed 4 Person Appt 23 1,610.00 2,566.29 179,640 4,131,720 S- 3 Bed 5 Person Appt 55 4,730.00 2,296.05 197,460 10,860,300 S- 4 Bed 7 Person Appt 13 1,404.00 1,995.00 215,460 2,800,980 I-LSO-1 Bed 2 Person Appt 2 100.00 3,182.82 159,141 318,282 I-LSO- 2 Bed 4 Person Appt 7 490.00 2,910.00 203,700 1,425,900 I-LSO- 3 Bed 5 Person Appt 10 860.00 3,182.81 273,722 2,737,220 Totals 1,821 147,416.00 825,129,789
Rental Area Summary Initial Net Rent Initial Units m² Rate m² MRV/Unit at Sale MRV
Retail & Services 1 2,900.00 160.00 464,000 464,000 464,000 Office/Flex Workspace 1 30,300.00 110.00 3,333,000 3,333,000 3,333,000 Light Industrial B1c 1 20,200.00 90.00 1,818,000 1,818,000 1,818,000 General Industrial.Distribution (B2/B8) 1 10,000.00 90.00 900,000 900,000 900,000 Offices 1 5,400.00 270.00 1,458,000 1,458,000 1,458,000 Totals 5 68,800.00 7,973,000 7,973,000
Investment Valuation Retail & Services Market Rent 464,000 YP @ 6.2500% 16.0000 (6mths Rent Free) PV 6mths @ 6.2500% 0.9701 7,202,338 Office/Flex Workspace Market Rent 3,333,000 YP @ 7.5000% 13.3333 (3mths Rent Free) PV 3mths @ 7.5000% 0.9821 43,643,737 Light Industrial B1c Market Rent 1,818,000 YP @ 7.5000% 13.3333 (3mths Rent Free) PV 3mths @ 7.5000% 0.9821 23,805,675 General Industrial.Distribution (B2/B8) Market Rent 900,000 YP @ 6.0000% 16.6667 (3mths Rent Free) PV 3mths @ 6.0000% 0.9855 14,783,075 Offices Market Rent 1,458,000 YP @ 5.5000% 18.1818 (6mths Rent Free) PV 6mths @ 5.5000% 0.9736 25,808,847
115,243,673
Project: West Cross Quarter ARGUS Developer Version: 7.60.000 - 3 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA West Cross Quarter
GROSS DEVELOPMENT VALUE 940,373,462
NET REALISATION 940,373,462
OUTLAY
ACQUISITION COSTS Residualised Price (9.30 Ha 9,272,159.43 pHect) 86,231,083
86,231,083 Agent Fee 1.00% 862,311 Legal Fee 0.50% 431,155 Town Planning 250,000
1,543,466 CONSTRUCTION COSTS Construction m² Rate m² Cost
Retail & Services 2,900.00 m² 2,028.00 pm² 5,881,200 Office/Flex Workspace 30,300.00 m² 998.03 pm² 30,240,309 Light Industrial B1c 20,200.00 m² 716.98 pm² 14,482,996 General Industrial.Distribution (B2/B8) 10,000.00 m² 716.98 pm² 7,169,800 Offices 6,000.00 m² 2,841.00 pm² 17,046,000 M-1 Bed 2 Person Appt 1,437.50 m² 2,243.00 pm² 3,224,313 M-2 Bed 4 Person Appt 4,462.50 m² 2,243.00 pm² 10,009,388 M- 3 Bed 5 Person Appt 12,792.50 m² 2,243.00 pm² 28,693,578 M- 4 Bed 7 Person Appartment 3,915.00 m² 2,243.00 pm² 8,781,345 I-LLR- 1 Bed 2 Person Appt 187.50 m² 2,243.00 pm² 420,563 I-LLR- 2 Bed 4 Person Appt 962.50 m² 2,243.00 pm² 2,158,888 I-LLR-3 Bed 5 Person Appt 2,042.50 m² 2,243.00 pm² 4,581,328 S-1 Bed 2 Person Appt 687.50 m² 2,243.00 pm² 1,542,063 S- 2 Bed 4 Person Appt 2,100.00 m² 2,243.00 pm² 4,710,300 S- 3 Bed 5 Person Appt 6,020.00 m² 2,243.00 pm² 13,502,860 S- 4 Bed 7 Person Appt 1,890.00 m² 2,243.00 pm² 4,239,270 I-LSO- 1 Bed 2 Person Appt 187.50 m² 2,243.00 pm² 420,563 I-LSO- 2 Bed 4 Person Appt 962.50 m² 2,243.00 pm² 2,158,888 I-LSO-3 Bed 5 Person Appt 2,042.50 m² 2,243.00 pm² 4,581,328
Project: West Cross Quarter ARGUS Developer Version: 7.60.000 - 4 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA West Cross Quarter
M-1 Bed 2 Person Appt 1,375.00 m² 2,243.00 pm² 3,084,125 M-2 Bed 4 Person Appt 4,375.00 m² 2,243.00 pm² 9,813,125 M- 3 Bed 5 Person Appt 12,685.00 m² 2,243.00 pm² 28,452,455 M- 4 Bed 7 Person Appartment 3,780.00 m² 2,243.00 pm² 8,478,540 I-LLR-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LLR-2 Bed 4 Person Appt 612.50 m² 2,243.00 pm² 1,373,838 I-LLR- 3 Bed 5 Person Appt 1,075.00 m² 2,243.00 pm² 2,411,225 S-1 Bed 2 Person Appt 625.00 m² 2,243.00 pm² 1,401,875 S- 2 Bed 4 Person Appt 2,012.50 m² 2,243.00 pm² 4,514,038 S- 3 Bed 5 Person Appt 5,912.50 m² 2,243.00 pm² 13,261,738 S- 4 Bed 7 Person Appt 1,755.00 m² 2,243.00 pm² 3,936,465 I-LSO-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LSO- 2 Bed 4 Person Appt 612.50 m² 2,243.00 pm² 1,373,838 I-LSO- 3 Bed 5 Person Appt 1,075.00 m² 2,243.00 pm² 2,411,225 M-1 Bed 2 Person Appt 1,375.00 m² 2,243.00 pm² 3,084,125 M-2 Bed 4 Person Appt 4,375.00 m² 2,243.00 pm² 9,813,125 M- 3 Bed 5 Person Appt 12,685.00 m² 2,243.00 pm² 28,452,455 M- 4 Bed 7 Person Appartment 3,780.00 m² 2,243.00 pm² 8,478,540 I-LLR-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LLR-2 Bed 4 Person Appt 612.50 m² 2,243.00 pm² 1,373,838 I-LLR- 3 Bed 5 Person Appt 1,075.00 m² 2,243.00 pm² 2,411,225 S-1 Bed 2 Person Appt 625.00 m² 2,243.00 pm² 1,401,875 S- 2 Bed 4 Person Appt 2,012.50 m² 2,243.00 pm² 4,514,038 S- 3 Bed 5 Person Appt 5,912.50 m² 2,243.00 pm² 13,261,738 S- 4 Bed 7 Person Appt 1,755.00 m² 2,243.00 pm² 3,936,465 I-LSO-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LSO- 2 Bed 4 Person Appt 612.50 m² 2,243.00 pm² 1,373,838 I-LSO- 3 Bed 5 Person Appt 1,075.00 m² 2,243.00 pm² 2,411,225 M-1 Bed 2 Person Appt 1,375.00 m² 2,243.00 pm² 3,084,125 M-2 Bed 4 Person Appt 4,375.00 m² 2,243.00 pm² 9,813,125 M- 3 Bed 5 Person Appt 12,685.00 m² 2,243.00 pm² 28,452,455 M- 4 Bed 7 Person Appartment 3,780.00 m² 2,243.00 pm² 8,478,540 I-LLR-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LLR-2 Bed 4 Person Appt 612.50 m² 2,243.00 pm² 1,373,838 I-LLR- 3 Bed 5 Person Appt 1,075.00 m² 2,243.00 pm² 2,411,225
Project: West Cross Quarter ARGUS Developer Version: 7.60.000 - 5 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA West Cross Quarter
S-1 Bed 2 Person Appt 625.00 m² 2,243.00 pm² 1,401,875 S- 2 Bed 4 Person Appt 2,012.50 m² 2,243.00 pm² 4,514,038 S- 3 Bed 5 Person Appt 5,912.50 m² 2,243.00 pm² 13,261,738 S- 4 Bed 7 Person Appt 1,755.00 m² 2,243.00 pm² 3,936,465 I-LSO-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LSO- 2 Bed 4 Person Appt 612.50 m² 2,243.00 pm² 1,373,838 I-LSO- 3 Bed 5 Person Appt 1,075.00 m² 2,243.00 pm² 2,411,225 M-1 Bed 2 Person Appt 1,375.00 m² 2,243.00 pm² 3,084,125 M-2 Bed 4 Person Appt 4,375.00 m² 2,243.00 pm² 9,813,125 M- 3 Bed 5 Person Appt 12,685.00 m² 2,243.00 pm² 28,452,455 M- 4 Bed 7 Person Appartment 3,780.00 m² 2,243.00 pm² 8,478,540 I-LLR-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LLR-2 Bed 4 Person Appt 612.50 m² 2,243.00 pm² 1,373,838 I-LLR- 3 Bed 5 Person Appt 1,075.00 m² 2,243.00 pm² 2,411,225 S-1 Bed 2 Person Appt 625.00 m² 2,243.00 pm² 1,401,875 S- 2 Bed 4 Person Appt 2,012.50 m² 2,243.00 pm² 4,514,038 S- 3 Bed 5 Person Appt 5,912.50 m² 2,243.00 pm² 13,261,738 S- 4 Bed 7 Person Appt 1,755.00 m² 2,243.00 pm² 3,936,465 I-LSO-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LSO- 2 Bed 4 Person Appt 612.50 m² 2,243.00 pm² 1,373,838 I-LSO- 3 Bed 5 Person Appt 1,075.00 m² 2,243.00 pm² 2,411,225 Totals 253,670.00 m² 488,137,915 488,137,915
Contingency 3.00% 9,235,377 S106,Central boilers, Carbon Reduct 1,712.00 un 5,000.00 /un 8,560,000 Accessibility M4 (2) 200,200 Accessibility M4 (3) 803,000 Demolition 50,000 CIL 111,467.50 m² 320.00 pm² 35,669,600 Mayoral CIL 180,867.50 m² 60.00 pm² 10,852,050
65,370,227 Other Construction
Play Space 200,000 200,000
Green Infrastucture
Project: West Cross Quarter ARGUS Developer Version: 7.60.000 - 6 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA West Cross Quarter
Green Infrastucture 1.00% 1,396,382 Green Infrastucture 1.00% 770,078 Green Infrastucture 1.00% 770,078 Green Infrastucture 1.00% 770,078 Green Infrastucture 1.00% 770,078
4,476,694
PROFESSIONAL FEES Architect 4.00% 19,533,517 Quantity Surveyor 1.50% 7,325,069 Structural Engineer 1.50% 7,325,069 Mech./Elec.Engineer 1.00% 4,883,379 Project Manager 1.50% 7,325,069 C.D. Manager 0.50% 2,441,690
48,833,792 MARKETING & LETTING
Marketing 1,000,000 Letting Agent Fee 10.00% 797,300 Letting Legal Fee 0.50% 39,865
1,837,165 DISPOSAL FEES
Sales Agent Fee 1.00% 9,403,735 Sales Legal Fee 0.25% 2,350,934
11,754,668 FINANCE
Debit Rate 7.000%, Credit Rate 0.000% (Nominal) Total Finance Cost 39,771,027
TOTAL COSTS 748,156,037
PROFIT 192,217,425
Performance Measures Profit on Cost% 25.69%
Project: West Cross Quarter ARGUS Developer Version: 7.60.000 - 7 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA West Cross Quarter
Profit on GDV% 20.44% Profit on NDV% 20.44% Development Yield% (on Rent) 1.07% Equivalent Yield% (Nominal) 6.78% Equivalent Yield% (True) 7.08%
IRR 18.73%
Rent Cover 24 yrs 1 mth Profit Erosion (finance rate 7.000%) 3 yrs 4 mths
Project: West Cross Quarter ARGUS Developer Version: 7.60.000 - 8 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA Brentside Park-40% Affordable of which 70% rented
Summary Appraisal for Merged Phases 1 2 3 4
Currency in £
REVENUE Sales Valuation Units m² Rate m² Unit Price Gross Sales
M-1 Bed 2 Person Appt 6 300.00 8,200.00 410,000 2,460,000 M-2 Bed 4 Person Appt 13 910.00 7,857.14 550,000 7,150,000 M- 3 Bed 5 Person Appt 29 2,494.00 7,790.70 670,000 19,430,000 M- 4 Bed 7 Person Appartment 8 864.00 6,666.67 720,000 5,760,000 I-LLR-1 Bed 2 Person Appt 2 100.00 3,232.80 161,640 323,280 I-LLR- 2 Bed 4 Person Appt 2 140.00 2,566.29 179,640 359,280 I-LLR-3 Bed 5 Person Appt 3 258.00 2,296.05 197,460 592,380 S-1 Bed 2 Person Appt 3 150.00 1,560.00 78,000 234,000 S- 2 Bed 4 Person Appt 6 420.00 1,281.43 89,700 538,200 S- 3 Bed 5 Person Appt 14 1,204.00 1,179.07 101,400 1,419,600 S- 4 Bed 7 Person Appt 4 432.00 1,047.22 113,100 452,400 I-LSO-1 Bed 2 Person Appt 2 100.00 3,182.82 159,141 318,282 I-LSO- 2 Bed 4 Person Appt 2 140.00 2,910.00 203,700 407,400 I-LSO-3 Bed 5 Person Appt 3 258.00 3,182.81 273,722 821,166 M-1 Bed 2 Person Appt 6 300.00 8,200.00 410,000 2,460,000 M-2 Bed 4 Person Appt 13 910.00 7,857.14 550,000 7,150,000 M- 3 Bed 5 Person Appt 29 2,494.00 7,790.70 670,000 19,430,000 M- 4 Bed 7 Person Appartment 8 864.00 6,666.67 720,000 5,760,000 I-LLR-1 Bed 2 Person Appt 2 100.00 3,232.80 161,640 323,280 I-LLR- 2 Bed 4 Person Appt 2 140.00 2,566.29 179,640 359,280 I-LLR-3 Bed 5 Person Appt 3 258.00 2,296.05 197,460 592,380 S-1 Bed 2 Person Appt 3 150.00 1,560.00 78,000 234,000 S- 2 Bed 4 Person Appt 6 420.00 1,281.43 89,700 538,200 S- 3 Bed 5 Person Appt 14 1,204.00 1,179.07 101,400 1,419,600 S- 4 Bed 7 Person Appt 4 432.00 1,047.22 113,100 452,400 I-LSO-1 Bed 2 Person Appt 2 100.00 3,182.82 159,141 318,282 I-LSO- 2 Bed 4 Person Appt 2 140.00 2,910.00 203,700 407,400 I-LSO-3 Bed 5 Person Appt 3 258.00 3,182.81 273,722 821,166
Project: River Brent Quarter (1) ARGUS Developer Version: 7.60.000 - 1 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA Brentside Park-40% Affordable of which 70% rented
M-1 Bed 2 Person Appt 6 300.00 8,200.00 410,000 2,460,000 M-2 Bed 4 Person Appt 13 910.00 7,857.14 550,000 7,150,000 M- 3 Bed 5 Person Appt 29 2,494.00 7,790.70 670,000 19,430,000 M- 4 Bed 7 Person Appartment 8 864.00 6,666.67 720,000 5,760,000 I-LLR-1 Bed 2 Person Appt 2 100.00 3,232.80 161,640 323,280 I-LLR- 2 Bed 4 Person Appt 2 140.00 2,566.29 179,640 359,280 I-LLR-3 Bed 5 Person Appt 3 258.00 2,296.05 197,460 592,380 S-1 Bed 2 Person Appt 3 150.00 1,560.00 78,000 234,000 S- 2 Bed 4 Person Appt 6 420.00 1,281.43 89,700 538,200 S- 3 Bed 5 Person Appt 14 1,204.00 1,179.07 101,400 1,419,600 S- 4 Bed 7 Person Appt 4 432.00 1,047.22 113,100 452,400 I-LSO-1 Bed 2 Person Appt 2 100.00 3,182.82 159,141 318,282 I-LSO- 2 Bed 4 Person Appt 2 140.00 2,910.00 203,700 407,400 I-LSO-3 Bed 5 Person Appt 3 258.00 3,182.81 273,722 821,166 M-1 Bed 2 Person Appt 6 300.00 8,200.00 410,000 2,460,000 M-2 Bed 4 Person Appt 13 910.00 7,857.14 550,000 7,150,000 M- 3 Bed 5 Person Appt 29 2,494.00 7,790.70 670,000 19,430,000 M- 4 Bed 7 Person Appartment 8 864.00 6,666.67 720,000 5,760,000 I-LLR-1 Bed 2 Person Appt 2 100.00 3,232.80 161,640 323,280 I-LLR- 2 Bed 4 Person Appt 2 140.00 2,566.29 179,640 359,280 I-LLR-3 Bed 5 Person Appt 3 258.00 2,296.05 197,460 592,380 S-1 Bed 2 Person Appt 3 150.00 1,560.00 78,000 234,000 S- 2 Bed 4 Person Appt 6 420.00 1,281.43 89,700 538,200 S- 3 Bed 5 Person Appt 14 1,204.00 1,179.07 101,400 1,419,600 S- 4 Bed 7 Person Appt 4 432.00 1,047.22 113,100 452,400 I-LSO-1 Bed 2 Person Appt 2 100.00 3,182.82 159,141 318,282 I-LSO- 2 Bed 4 Person Appt 2 140.00 2,910.00 203,700 407,400 I-LSO-3 Bed 5 Person Appt 3 258.00 3,182.81 273,722 821,166 Totals 388 31,080.00 161,063,952
Rental Area Summary Initial Net Rent Initial Units m² Rate m² MRV/Unit at Sale MRV
Retail 1 450.00 160.00 72,000 72,000 72,000 Offices 1 12,150.00 270.00 3,280,500 3,280,500 3,280,500 Retail 1 450.00 160.00 72,000 72,000 72,000
Project: River Brent Quarter (1) ARGUS Developer Version: 7.60.000 - 2 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA Brentside Park-40% Affordable of which 70% rented
Offices 1 12,150.00 270.00 3,280,500 3,280,500 3,280,500 Totals 4 25,200.00 6,705,000 6,705,000
Investment Valuation Retail Market Rent 72,000 YP @ 6.2500% 16.0000 (6mths Rent Free) PV 6mths @ 6.2500% 0.9701 1,117,604 Offices Market Rent 3,280,500 YP @ 5.5000% 18.1818 (6mths Rent Free) PV 6mths @ 5.5000% 0.9736 58,069,906 Retail Market Rent 72,000 YP @ 6.2500% 16.0000 (6mths Rent Free) PV 6mths @ 6.2500% 0.9701 1,117,604 Offices Market Rent 3,280,500 YP @ 5.5000% 18.1818 (6mths Rent Free) PV 6mths @ 5.5000% 0.9736 58,069,906
118,375,020
GROSS DEVELOPMENT VALUE 279,438,972
NET REALISATION 279,438,972
OUTLAY
ACQUISITION COSTS Residualised Price (1.80 Ha 3,304,194.18 pHect) 5,947,550
5,947,550 Agent Fee 1.00% 59,475 Legal Fee 0.50% 29,738 Town Planning 1,000,000
1,089,213 CONSTRUCTION COSTS Construction m² Rate m² Cost
Retail 450.00 m² 929.03 pm² 418,064 Offices 13,500.00 m² 2,841.00 pm² 38,353,500
Project: River Brent Quarter (1) ARGUS Developer Version: 7.60.000 - 3 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA Brentside Park-40% Affordable of which 70% rented
Retail 450.00 m² 929.03 pm² 418,064 Offices 13,500.00 m² 2,841.00 pm² 38,353,500 M-1 Bed 2 Person Appt 375.00 m² 2,243.00 pm² 841,125 M-2 Bed 4 Person Appt 1,137.50 m² 2,243.00 pm² 2,551,413 M- 3 Bed 5 Person Appt 3,117.50 m² 2,243.00 pm² 6,992,553 M- 4 Bed 7 Person Appartment 1,080.00 m² 2,243.00 pm² 2,422,440 I-LLR-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LLR- 2 Bed 4 Person Appt 175.00 m² 2,243.00 pm² 392,525 I-LLR-3 Bed 5 Person Appt 322.50 m² 2,243.00 pm² 723,368 S-1 Bed 2 Person Appt 187.50 m² 2,243.00 pm² 420,563 S- 2 Bed 4 Person Appt 525.00 m² 2,243.00 pm² 1,177,575 S- 3 Bed 5 Person Appt 1,505.00 m² 2,243.00 pm² 3,375,715 S- 4 Bed 7 Person Appt 540.00 m² 2,243.00 pm² 1,211,220 I-LSO-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LSO- 2 Bed 4 Person Appt 175.00 m² 2,243.00 pm² 392,525 I-LSO-3 Bed 5 Person Appt 322.50 m² 2,243.00 pm² 723,368 M-1 Bed 2 Person Appt 375.00 m² 2,243.00 pm² 841,125 M-2 Bed 4 Person Appt 1,137.50 m² 2,243.00 pm² 2,551,413 M- 3 Bed 5 Person Appt 3,117.50 m² 2,243.00 pm² 6,992,553 M- 4 Bed 7 Person Appartment 1,080.00 m² 2,243.00 pm² 2,422,440 I-LLR-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LLR- 2 Bed 4 Person Appt 175.00 m² 2,243.00 pm² 392,525 I-LLR-3 Bed 5 Person Appt 322.50 m² 2,243.00 pm² 723,368 S-1 Bed 2 Person Appt 187.50 m² 2,243.00 pm² 420,563 S- 2 Bed 4 Person Appt 525.00 m² 2,243.00 pm² 1,177,575 S- 3 Bed 5 Person Appt 1,505.00 m² 2,243.00 pm² 3,375,715 S- 4 Bed 7 Person Appt 540.00 m² 2,243.00 pm² 1,211,220 I-LSO-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LSO- 2 Bed 4 Person Appt 175.00 m² 2,243.00 pm² 392,525 I-LSO-3 Bed 5 Person Appt 322.50 m² 2,243.00 pm² 723,368 M-1 Bed 2 Person Appt 375.00 m² 2,243.00 pm² 841,125 M-2 Bed 4 Person Appt 1,137.50 m² 2,243.00 pm² 2,551,413 M- 3 Bed 5 Person Appt 3,117.50 m² 2,243.00 pm² 6,992,553 M- 4 Bed 7 Person Appartment 1,080.00 m² 2,243.00 pm² 2,422,440 I-LLR-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375
Project: River Brent Quarter (1) ARGUS Developer Version: 7.60.000 - 4 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA Brentside Park-40% Affordable of which 70% rented
I-LLR- 2 Bed 4 Person Appt 175.00 m² 2,243.00 pm² 392,525 I-LLR-3 Bed 5 Person Appt 322.50 m² 2,243.00 pm² 723,368 S-1 Bed 2 Person Appt 187.50 m² 2,243.00 pm² 420,563 S- 2 Bed 4 Person Appt 525.00 m² 2,243.00 pm² 1,177,575 S- 3 Bed 5 Person Appt 1,505.00 m² 2,243.00 pm² 3,375,715 S- 4 Bed 7 Person Appt 540.00 m² 2,243.00 pm² 1,211,220 I-LSO-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LSO- 2 Bed 4 Person Appt 175.00 m² 2,243.00 pm² 392,525 I-LSO-3 Bed 5 Person Appt 322.50 m² 2,243.00 pm² 723,368 M-1 Bed 2 Person Appt 375.00 m² 2,243.00 pm² 841,125 M-2 Bed 4 Person Appt 1,137.50 m² 2,243.00 pm² 2,551,413 M- 3 Bed 5 Person Appt 3,117.50 m² 2,243.00 pm² 6,992,553 M- 4 Bed 7 Person Appartment 1,080.00 m² 2,243.00 pm² 2,422,440 I-LLR-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LLR- 2 Bed 4 Person Appt 175.00 m² 2,243.00 pm² 392,525 I-LLR-3 Bed 5 Person Appt 322.50 m² 2,243.00 pm² 723,368 S-1 Bed 2 Person Appt 187.50 m² 2,243.00 pm² 420,563 S- 2 Bed 4 Person Appt 525.00 m² 2,243.00 pm² 1,177,575 S- 3 Bed 5 Person Appt 1,505.00 m² 2,243.00 pm² 3,375,715 S- 4 Bed 7 Person Appt 540.00 m² 2,243.00 pm² 1,211,220 I-LSO-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LSO- 2 Bed 4 Person Appt 175.00 m² 2,243.00 pm² 392,525 I-LSO-3 Bed 5 Person Appt 322.50 m² 2,243.00 pm² 723,368 Totals 66,750.00 m² 164,683,677 164,683,677
Contingency 3.00% 3,869,197 S106,Central boilers, Carbon Reduct 360.00 un 5,000.00 /un 1,800,000 Accessibility M4 (2) 85,360 Accessibility M4 (3) 338,800 Demolition 200,000 CIL 22,840.00 m² 320.00 pm² 7,308,800 Mayoral CIL 50,740.00 m² 60.00 pm² 3,044,400
16,646,557 Other Construction
Play Space 200,000
Project: River Brent Quarter (1) ARGUS Developer Version: 7.60.000 - 5 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA Brentside Park-40% Affordable of which 70% rented
Play Space 200,000 Play Space 200,000 Play Space 200,000
800,000 Green Infrastucture
Green Infrastucture 1.00% 591,604 Green Infrastucture 1.00% 591,604 Green Infrastucture 1.00% 203,889 Green Infrastucture 1.00% 203,889
1,590,986
PROFESSIONAL FEES Architect 4.00% 6,619,347 Quantity Surveyor 1.50% 2,482,255 Structural Engineer 1.50% 2,482,255 Mech./Elec.Engineer 1.00% 1,654,837 Project Manager 1.50% 2,482,255 C.D. Manager 0.50% 827,418
16,548,368 MARKETING & LETTING
Marketing 800,000 Letting Agent Fee 10.00% 670,500 Letting Legal Fee 0.50% 33,525
1,504,025 DISPOSAL FEES
Sales Agent Fee 1.00% 2,794,390 Sales Legal Fee 0.25% 698,597
3,492,987 FINANCE
Debit Rate 7.000%, Credit Rate 0.000% (Nominal) Total Finance Cost 14,919,697
TOTAL COSTS 227,223,060
PROFIT
Project: River Brent Quarter (1) ARGUS Developer Version: 7.60.000 - 6 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA Brentside Park-40% Affordable of which 70% rented
52,215,912
Performance Measures Profit on Cost% 22.98% Profit on GDV% 18.69% Profit on NDV% 18.69% Development Yield% (on Rent) 2.95% Equivalent Yield% (Nominal) 5.51% Equivalent Yield% (True) 5.71%
IRR 21.09%
Rent Cover 7 yrs 9 mths Profit Erosion (finance rate 7.000%) 2 yrs 12 mths
Project: River Brent Quarter (1) ARGUS Developer Version: 7.60.000 - 7 - Date: 17/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA 27 Great West Road-40% Affordable of which 70% rented
Summary Appraisal for Merged Phases 1 2 3 4
Currency in £
REVENUE Sales Valuation Units m² Rate m² Unit Price Gross Sales
M- 1 Bed 2 Person Appt 8 400.00 8,400.00 420,000 3,360,000 M- 2 Bed 4 Person Appt 17 1,190.00 8,714.29 610,000 10,370,000 M-3 Bed 5 Person Appt 41 3,526.00 8,139.53 700,000 28,700,000 M- 4 Bed 7 Person Appt 10 1,080.00 7,407.41 800,000 8,000,000 I-LLR-1 Bed 2 Person Appt 1 50.00 3,232.80 161,640 161,640 I-LLR- 2 Bed 4 Person Appt 3 210.00 2,566.29 179,640 538,920 I-LLR-3 Bed 5 Person Appt 4 344.00 2,296.05 197,460 789,840 S- 1 Bed 2 Person Appt 4 200.00 1,560.00 78,000 312,000 S-2 Bed 4 Person Appt 8 560.00 1,281.43 89,700 717,600 S- 3 Bed 5 Person Appt 19 1,634.00 1,179.07 101,400 1,926,600 S- 4 Bed 7 Person Appt 5 540.00 1,047.22 113,100 565,500 I-LSO-1 Bed 2 Person Appt 1 50.00 3,182.82 159,141 159,141 I-LSO- 2 Bed 4 Person Appt 3 210.00 2,910.00 203,700 611,100 I-LSO-3 Bed 5 Person Appt 4 344.00 3,182.81 273,722 1,094,888 M- 1 Bed 2 Person Appt 8 400.00 8,400.00 420,000 3,360,000 M- 2 Bed 4 Person Appt 17 1,190.00 8,714.29 610,000 10,370,000 M-3 Bed 5 Person Appt 41 3,526.00 8,139.53 700,000 28,700,000 M- 4 Bed 7 Person Appt 10 1,080.00 7,407.41 800,000 8,000,000 I-LLR-1 Bed 2 Person Appt 1 50.00 3,232.80 161,640 161,640 I-LLR- 2 Bed 4 Person Appt 3 210.00 2,566.29 179,640 538,920 I-LLR-3 Bed 5 Person Appt 4 344.00 2,296.05 197,460 789,840 S- 1 Bed 2 Person Appt 4 200.00 1,560.00 78,000 312,000 S-2 Bed 4 Person Appt 8 560.00 1,281.43 89,700 717,600 S- 3 Bed 5 Person Appt 19 1,634.00 1,179.07 101,400 1,926,600 S- 4 Bed 7 Person Appt 5 540.00 1,047.22 113,100 565,500 I-LSO-1 Bed 2 Person Appt 1 50.00 3,182.82 159,141 159,141 I-LSO- 2 Bed 4 Person Appt 3 210.00 2,910.00 203,700 611,100 I-LSO-3 Bed 5 Person Appt 4 344.00 3,182.81 273,722 1,094,888
Project: Lidl, Feltham-40% Affordable - 70% rented (1) ARGUS Developer Version: 7.60.000 - 1 - Date: 30/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA 27 Great West Road-40% Affordable of which 70% rented
M- 1 Bed 2 Person Appt 8 400.00 8,400.00 420,000 3,360,000 M- 2 Bed 4 Person Appt 17 1,190.00 8,714.29 610,000 10,370,000 M-3 Bed 5 Person Appt 41 3,526.00 8,139.53 700,000 28,700,000 M- 4 Bed 7 Person Appt 10 1,080.00 7,407.41 800,000 8,000,000 I-LLR-1 Bed 2 Person Appt 1 50.00 3,232.80 161,640 161,640 I-LLR- 2 Bed 4 Person Appt 3 210.00 2,566.29 179,640 538,920 I-LLR-3 Bed 5 Person Appt 4 344.00 2,296.05 197,460 789,840 S- 1 Bed 2 Person Appt 4 200.00 1,560.00 78,000 312,000 S-2 Bed 4 Person Appt 8 560.00 1,281.43 89,700 717,600 S- 3 Bed 5 Person Appt 19 1,634.00 1,179.07 101,400 1,926,600 S- 4 Bed 7 Person Appt 5 540.00 1,047.22 113,100 565,500 I-LSO-1 Bed 2 Person Appt 1 50.00 3,182.82 159,141 159,141 I-LSO- 2 Bed 4 Person Appt 3 210.00 2,910.00 203,700 611,100 I-LSO-3 Bed 5 Person Appt 4 344.00 3,182.81 273,722 1,094,888 M- 1 Bed 2 Person Appt 8 400.00 8,400.00 420,000 3,360,000 M- 2 Bed 4 Person Appt 14 980.00 8,714.29 610,000 8,540,000 M-3 Bed 5 Person Appt 40 3,440.00 8,139.53 700,000 28,000,000 M- 4 Bed 7 Person Appt 9 972.00 7,407.41 800,000 7,200,000 I-LLR-1 Bed 2 Person Appt 1 50.00 3,232.80 161,640 161,640 I-LLR- 2 Bed 4 Person Appt 3 210.00 2,566.29 179,640 538,920 I-LLR-3 Bed 5 Person Appt 4 344.00 2,296.05 197,460 789,840 S- 1 Bed 2 Person Appt 4 200.00 1,560.00 78,000 312,000 S-2 Bed 4 Person Appt 8 560.00 1,281.43 89,700 717,600 S- 3 Bed 5 Person Appt 17 1,462.00 1,179.07 101,400 1,723,800 S- 4 Bed 7 Person Appt 5 540.00 1,047.22 113,100 565,500 I-LSO-1 Bed 2 Person Appt 1 50.00 3,182.82 159,141 159,141 I-LSO- 2 Bed 4 Person Appt 3 210.00 2,910.00 203,700 611,100 I-LSO-3 Bed 5 Person Appt 4 344.00 3,182.81 273,722 1,094,888 Totals 505 40,776.00 225,696,116
Rental Area Summary Initial Net Rent Initial Units m² Rate m² MRV/Unit at Sale MRV
Retail & Services 1 1,300.00 160.00 208,000 208,000 208,000 B1 Workspace 1 45,537.00 100.00 4,553,700 4,553,700 4,553,700 Totals 2 46,837.00 4,761,700 4,761,700
Project: Lidl, Feltham-40% Affordable - 70% rented (1) ARGUS Developer Version: 7.60.000 - 2 - Date: 30/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA 27 Great West Road-40% Affordable of which 70% rented
Investment Valuation Retail & Services Market Rent 208,000 YP @ 6.2500% 16.0000 (6mths Rent Free) PV 6mths @ 6.2500% 0.9701 3,228,634 B1 Workspace Market Rent 4,553,700 YP @ 7.5000% 13.3333 (3mths Rent Free) PV 3mths @ 7.5000% 0.9821 59,628,109
62,856,743
GROSS DEVELOPMENT VALUE 288,552,859
Purchaser's Costs (3,645,691) (3,645,691)
NET DEVELOPMENT VALUE 284,907,168
NET REALISATION 284,907,168
OUTLAY
ACQUISITION COSTS Residualised Price 16,988,303 Residualised Price (Negative land) (2,820,835)
14,167,468 Agent Fee 1.00% 169,883 Legal Fee 0.50% 84,942 Town Planning 400,000
654,825 CONSTRUCTION COSTS Construction m² Rate m² Cost
Retail & Services 1,300.00 m² 929.03 pm² 1,207,739 B1 Workspace 45,537.00 m² 998.00 pm² 45,445,926 M- 1 Bed 2 Person Appt 500.00 m² 2,243.00 pm² 1,121,500 M- 2 Bed 4 Person Appt 1,487.50 m² 2,243.00 pm² 3,336,463
Project: Lidl, Feltham-40% Affordable - 70% rented (1) ARGUS Developer Version: 7.60.000 - 3 - Date: 30/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA 27 Great West Road-40% Affordable of which 70% rented
M-3 Bed 5 Person Appt 4,407.50 m² 2,243.00 pm² 9,886,023 M- 4 Bed 7 Person Appt 1,350.00 m² 2,243.00 pm² 3,028,050 I-LLR-1 Bed 2 Person Appt 62.50 m² 2,243.00 pm² 140,188 I-LLR- 2 Bed 4 Person Appt 262.50 m² 2,243.00 pm² 588,788 I-LLR-3 Bed 5 Person Appt 430.00 m² 2,243.00 pm² 964,490 S- 1 Bed 2 Person Appt 250.00 m² 2,243.00 pm² 560,750 S-2 Bed 4 Person Appt 700.00 m² 2,243.00 pm² 1,570,100 S- 3 Bed 5 Person Appt 2,042.50 m² 2,243.00 pm² 4,581,328 S- 4 Bed 7 Person Appt 675.00 m² 2,243.00 pm² 1,514,025 I-LSO-1 Bed 2 Person Appt 62.50 m² 2,243.00 pm² 140,188 I-LSO- 2 Bed 4 Person Appt 262.50 m² 2,243.00 pm² 588,788 I-LSO-3 Bed 5 Person Appt 430.00 m² 2,243.00 pm² 964,490 M- 1 Bed 2 Person Appt 500.00 m² 2,243.00 pm² 1,121,500 M- 2 Bed 4 Person Appt 1,487.50 m² 2,243.00 pm² 3,336,463 M-3 Bed 5 Person Appt 4,407.50 m² 2,243.00 pm² 9,886,023 M- 4 Bed 7 Person Appt 1,350.00 m² 2,243.00 pm² 3,028,050 I-LLR-1 Bed 2 Person Appt 62.50 m² 2,243.00 pm² 140,188 I-LLR- 2 Bed 4 Person Appt 262.50 m² 2,243.00 pm² 588,788 I-LLR-3 Bed 5 Person Appt 430.00 m² 2,243.00 pm² 964,490 S- 1 Bed 2 Person Appt 250.00 m² 2,243.00 pm² 560,750 S-2 Bed 4 Person Appt 700.00 m² 2,243.00 pm² 1,570,100 S- 3 Bed 5 Person Appt 2,042.50 m² 2,243.00 pm² 4,581,328 S- 4 Bed 7 Person Appt 675.00 m² 2,243.00 pm² 1,514,025 I-LSO-1 Bed 2 Person Appt 62.50 m² 2,243.00 pm² 140,188 I-LSO- 2 Bed 4 Person Appt 262.50 m² 2,243.00 pm² 588,788 I-LSO-3 Bed 5 Person Appt 430.00 m² 2,243.00 pm² 964,490 M- 1 Bed 2 Person Appt 500.00 m² 2,243.00 pm² 1,121,500 M- 2 Bed 4 Person Appt 1,487.50 m² 2,243.00 pm² 3,336,463 M-3 Bed 5 Person Appt 4,407.50 m² 2,243.00 pm² 9,886,023 M- 4 Bed 7 Person Appt 1,350.00 m² 2,243.00 pm² 3,028,050 I-LLR-1 Bed 2 Person Appt 62.50 m² 2,243.00 pm² 140,188 I-LLR- 2 Bed 4 Person Appt 262.50 m² 2,243.00 pm² 588,788 I-LLR-3 Bed 5 Person Appt 430.00 m² 2,243.00 pm² 964,490 S- 1 Bed 2 Person Appt 250.00 m² 2,243.00 pm² 560,750 S-2 Bed 4 Person Appt 700.00 m² 2,243.00 pm² 1,570,100
Project: Lidl, Feltham-40% Affordable - 70% rented (1) ARGUS Developer Version: 7.60.000 - 4 - Date: 30/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA 27 Great West Road-40% Affordable of which 70% rented
S- 3 Bed 5 Person Appt 2,042.50 m² 2,243.00 pm² 4,581,328 S- 4 Bed 7 Person Appt 675.00 m² 2,243.00 pm² 1,514,025 I-LSO-1 Bed 2 Person Appt 62.50 m² 2,243.00 pm² 140,188 I-LSO- 2 Bed 4 Person Appt 262.50 m² 2,243.00 pm² 588,788 I-LSO-3 Bed 5 Person Appt 430.00 m² 2,243.00 pm² 964,490 M- 1 Bed 2 Person Appt 500.00 m² 2,243.00 pm² 1,121,500 M- 2 Bed 4 Person Appt 1,225.00 m² 2,243.00 pm² 2,747,675 M-3 Bed 5 Person Appt 4,300.00 m² 2,243.00 pm² 9,644,900 M- 4 Bed 7 Person Appt 1,215.00 m² 2,243.00 pm² 2,725,245 I-LLR-1 Bed 2 Person Appt 62.50 m² 2,243.00 pm² 140,188 I-LLR- 2 Bed 4 Person Appt 262.50 m² 2,243.00 pm² 588,788 I-LLR-3 Bed 5 Person Appt 430.00 m² 2,243.00 pm² 964,490 S- 1 Bed 2 Person Appt 250.00 m² 2,243.00 pm² 560,750 S-2 Bed 4 Person Appt 700.00 m² 2,243.00 pm² 1,570,100 S- 3 Bed 5 Person Appt 1,827.50 m² 2,243.00 pm² 4,099,083 S- 4 Bed 7 Person Appt 675.00 m² 2,243.00 pm² 1,514,025 I-LSO-1 Bed 2 Person Appt 62.50 m² 2,243.00 pm² 140,188 I-LSO- 2 Bed 4 Person Appt 262.50 m² 2,243.00 pm² 588,788 I-LSO-3 Bed 5 Person Appt 430.00 m² 2,243.00 pm² 964,490 Totals 97,807.00 m² 160,979,375 160,979,375
Contingency 3.00% 4,829,381 s106,Carbon Reduction,Central Boile 473.00 un 5,000.00 /un 2,365,000 CIL 30,475.00 m² 100.00 pm² 3,047,500 Demolition 200,000 Acessibility M4 (2&3) 277,750 Mayoral CIL 49,250.00 m² 60.00 pm² 2,955,000
13,674,631 Other Construction
Green Infrastucture 1.00% 284,994 Green Infrastucture 1.00% 272,917 Green Infrastucture 1.00% 272,917 Green Infrastucture 1.00% 256,767
1,087,596 Play space
Project: Lidl, Feltham-40% Affordable - 70% rented (1) ARGUS Developer Version: 7.60.000 - 5 - Date: 30/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA 27 Great West Road-40% Affordable of which 70% rented
Play space 200,000 200,000
PROFESSIONAL FEES Architect 4.00% 6,482,679 Quantity Surveyor 1.50% 2,431,005 Structural Engineer 1.50% 2,431,005 Mech./Elec.Engineer 1.00% 1,620,670 Project Manager 1.50% 2,431,005 C.D. Manager 0.50% 810,335
16,206,697 MARKETING & LETTING
Marketing 200,000 Letting Agent Fee 10.00% 476,170 Letting Legal Fee 2.00% 95,234
771,404 DISPOSAL FEES
Sales Agent Fee 1.00% 2,214,642 Sales Legal Fee 0.50% 1,107,321
3,321,964 FINANCE
Debit Rate 7.000%, Credit Rate 0.000% (Nominal) Total Finance Cost 10,151,630
TOTAL COSTS 221,215,589
PROFIT 63,691,579
Performance Measures Profit on Cost% 28.79% Profit on GDV% 22.07% Profit on NDV% 22.36% Development Yield% (on Rent) 2.15% Equivalent Yield% (Nominal) 7.43%
Project: Lidl, Feltham-40% Affordable - 70% rented (1) ARGUS Developer Version: 7.60.000 - 6 - Date: 30/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA 27 Great West Road-40% Affordable of which 70% rented
Equivalent Yield% (True) 7.79%
IRR 27.81%
Rent Cover 13 yrs 5 mths Profit Erosion (finance rate 7.000%) 3 yrs 8 mths
Project: Lidl, Feltham-40% Affordable - 70% rented (1) ARGUS Developer Version: 7.60.000 - 7 - Date: 30/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA B&Q Chiswick-40% Affordable of which 70% Rented
Summary Appraisal for Merged Phases 1 2 3 4 5 6 7
Currency in £
REVENUE Sales Valuation Units m² Rate m² Unit Price Gross Sales
M-1 Bed 2 Person Appt 3 150.00 8,400.00 420,000 1,260,000 M-2 Bed 4 Person Appt 8 560.00 8,714.29 610,000 4,880,000 M- 3 Bed 5 Person Appt 18 1,548.00 8,139.53 700,000 12,600,000 M- 4 Bed 7 Person Appartment 4 432.00 7,407.41 800,000 3,200,000 I-LLR-1 Bed 2 Person Appt 2 100.00 3,232.80 161,640 323,280 I-LLR- 2 Bed 4 Person Appt 2 140.00 2,566.29 179,640 359,280 I-LLR- 3 Bed 5 Person Appt 3 258.00 2,296.05 197,460 592,380 S-1 Bed 2 Person Appt 2 100.00 1,560.00 78,000 156,000 S- 2 Bed 4 Person Appt 4 280.00 1,281.43 89,700 358,800 S- 3 Bed 5 Person Appt 8 688.00 1,179.07 101,400 811,200 S- 4 Bed 7 Person Appt 2 216.00 1,047.22 113,100 226,200 I-LSO-1 Bed 2 Person Appt 1 50.00 3,182.82 159,141 159,141 I-LSO- 2 Bed 4 Person Appt 2 140.00 2,910.00 203,700 407,400 I-LSO- 3 Bed 5 Person Appt 3 258.00 3,182.81 273,722 821,166 M-1 Bed 2 Person Appt 4 200.00 8,400.00 420,000 1,680,000 M-2 Bed 4 Person Appt 7 490.00 8,714.29 610,000 4,270,000 M- 3 Bed 5 Person Appt 18 1,548.00 8,139.53 700,000 12,600,000 M- 4 Bed 7 Person Appartment 4 432.00 7,407.41 800,000 3,200,000 I-LLR-1 Bed 2 Person Appt 1 50.00 3,232.80 161,640 161,640 I-LLR- 2 Bed 4 Person Appt 1 70.00 2,566.29 179,640 179,640 I-LLR- 3 Bed 5 Person Appt 2 172.00 2,296.05 197,460 394,920 S-1 Bed 2 Person Appt 2 100.00 1,560.00 78,000 156,000 S- 2 Bed 4 Person Appt 4 280.00 1,281.43 89,700 358,800 S- 3 Bed 5 Person Appt 8 688.00 1,179.07 101,400 811,200 I-LSO- 2 Bed 4 Person Appt 1 70.00 2,910.00 203,700 203,700 I-LSO- 3 Bed 5 Person Appt 2 172.00 3,182.81 273,722 547,444 S-4 Bed 7 Person Appt 2 216.00 1,047.22 113,100 226,200 M-1 Bed 2 Person Appt 3 150.00 8,400.00 420,000 1,260,000
Project: B&Q Chiswick-40% Affordable of which 70% Rented ARGUS Developer Version: 7.60.000 - 1 - Date: 30/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA B&Q Chiswick-40% Affordable of which 70% Rented
M-2 Bed 4 Person Appt 8 560.00 8,714.29 610,000 4,880,000 M- 3 Bed 5 Person Appt 18 1,548.00 8,139.53 700,000 12,600,000 M- 4 Bed 7 Person Appartment 4 432.00 7,407.41 800,000 3,200,000 I-LLR- 2 Bed 4 Person Appt 1 70.00 2,566.29 179,640 179,640 I-LLR- 3 Bed 5 Person Appt 2 172.00 2,296.05 197,460 394,920 S-1 Bed 2 Person Appt 2 100.00 1,560.00 78,000 156,000 S- 2 Bed 4 Person Appt 4 280.00 1,281.43 89,700 358,800 S- 3 Bed 5 Person Appt 8 688.00 1,179.07 101,400 811,200 I-LSO- 2 Bed 4 Person Appt 1 70.00 2,910.00 203,700 203,700 I-LSO- 3 Bed 5 Person Appt 2 172.00 3,182.81 273,722 547,444 S-4 Bed 7 Person Appt 2 216.00 1,047.22 113,100 226,200 M-1 Bed 2 Person Appt 3 150.00 8,400.00 420,000 1,260,000 M-2 Bed 4 Person Appt 8 560.00 8,714.29 610,000 4,880,000 M- 3 Bed 5 Person Appt 17 1,462.00 8,139.53 700,000 11,900,000 M- 4 Bed 7 Person Appartment 4 432.00 7,407.41 800,000 3,200,000 I-LLR- 2 Bed 4 Person Appt 1 70.00 2,566.29 179,640 179,640 I-LLR- 3 Bed 5 Person Appt 2 172.00 2,296.05 197,460 394,920 S-1 Bed 2 Person Appt 2 100.00 1,560.00 78,000 156,000 S- 2 Bed 4 Person Appt 4 280.00 1,281.43 89,700 358,800 S- 3 Bed 5 Person Appt 8 688.00 1,179.07 101,400 811,200 I-LSO- 2 Bed 4 Person Appt 1 70.00 2,910.00 203,700 203,700 I-LSO- 3 Bed 5 Person Appt 2 172.00 3,182.81 273,722 547,444 S-4 Bed 7 Person Appt 2 216.00 1,047.22 113,100 226,200 M-1 Bed 2 Person Appt 3 150.00 8,400.00 420,000 1,260,000 M-2 Bed 4 Person Appt 8 560.00 8,714.29 610,000 4,880,000 M- 3 Bed 5 Person Appt 14 1,204.00 8,139.53 700,000 9,800,000 M- 4 Bed 7 Person Appartment 4 432.00 7,407.41 800,000 3,200,000 I-LLR- 2 Bed 4 Person Appt 1 70.00 2,566.29 179,640 179,640 I-LLR- 3 Bed 5 Person Appt 2 172.00 2,296.05 197,460 394,920 S-1 Bed 2 Person Appt 1 50.00 1,560.00 78,000 78,000 S- 2 Bed 4 Person Appt 3 210.00 1,281.43 89,700 269,100 S- 3 Bed 5 Person Appt 6 516.00 1,179.07 101,400 608,400 I-LSO- 2 Bed 4 Person Appt 1 70.00 2,910.00 203,700 203,700 I-LSO- 3 Bed 5 Person Appt 1 86.00 3,182.81 273,722 273,722 S-4 Bed 7 Person Appt 1 108.00 1,047.22 113,100 113,100
Project: B&Q Chiswick-40% Affordable of which 70% Rented ARGUS Developer Version: 7.60.000 - 2 - Date: 30/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA B&Q Chiswick-40% Affordable of which 70% Rented
Totals 272 21,866.00 121,140,781
Rental Area Summary Initial Net Rent Initial Units m² Rate m² MRV/Unit at Sale MRV
Retail & Services 1 5,000.00 160.00 800,000 800,000 800,000 Office/Workspace 1 24,500.00 135.00 3,307,500 3,307,500 3,307,500 Light Industrial B1c 1 24,500.00 90.00 2,205,000 2,205,000 2,205,000 Hotel 1 7,000.00 251.17 1,758,190 1,758,190 1,758,190 Totals 4 61,000.00 8,070,690 8,070,690
Investment Valuation Retail & Services Market Rent 800,000 YP @ 6.2500% 16.0000 (6mths Rent Free) PV 6mths @ 6.2500% 0.9701 12,417,824 Office/Workspace Market Rent 3,307,500 YP @ 7.5000% 13.3333 (3mths Rent Free) PV 3mths @ 7.5000% 0.9821 43,309,829 Light Industrial B1c Market Rent 2,205,000 YP @ 7.5000% 13.3333 (3mths Rent Free) PV 3mths @ 7.5000% 0.9821 28,873,220 Hotel Market Rent 1,758,190 YP @ 4.7500% 21.0526 (6mths Rent Free) PV 6mths @ 4.7500% 0.9771 36,165,559
120,766,432
GROSS DEVELOPMENT VALUE 241,907,213
NET REALISATION 241,907,213
OUTLAY
ACQUISITION COSTS Residualised Price (1.83 Ha 11,934,103.68 pHect) 21,839,410
21,839,410 Agent Fee 1.00% 218,394
Project: B&Q Chiswick-40% Affordable of which 70% Rented ARGUS Developer Version: 7.60.000 - 3 - Date: 30/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA B&Q Chiswick-40% Affordable of which 70% Rented
Legal Fee 0.50% 109,197 Town Planning 250,000
577,591 CONSTRUCTION COSTS Construction m² Rate m² Cost
Retail & Services 5,000.00 m² 929.03 pm² 4,645,150 Office/Workspace 24,500.00 m² 998.03 pm² 24,451,735 Light Industrial B1c 24,500.00 m² 716.98 pm² 17,566,010 Hotel 7,000.00 m² 2,803.00 pm² 19,621,000 M-1 Bed 2 Person Appt 187.50 m² 2,243.00 pm² 420,563 M-2 Bed 4 Person Appt 700.00 m² 2,243.00 pm² 1,570,100 M- 3 Bed 5 Person Appt 1,935.00 m² 2,243.00 pm² 4,340,205 M- 4 Bed 7 Person Appartment 540.00 m² 2,243.00 pm² 1,211,220 I-LLR-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 I-LLR- 2 Bed 4 Person Appt 175.00 m² 2,243.00 pm² 392,525 I-LLR- 3 Bed 5 Person Appt 322.50 m² 2,243.00 pm² 723,368 S-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 S- 2 Bed 4 Person Appt 350.00 m² 2,243.00 pm² 785,050 S- 3 Bed 5 Person Appt 860.00 m² 2,243.00 pm² 1,928,980 S- 4 Bed 7 Person Appt 270.00 m² 2,243.00 pm² 605,610 I-LSO-1 Bed 2 Person Appt 62.50 m² 2,243.00 pm² 140,188 I-LSO- 2 Bed 4 Person Appt 175.00 m² 2,243.00 pm² 392,525 I-LSO- 3 Bed 5 Person Appt 322.50 m² 2,243.00 pm² 723,368 M-1 Bed 2 Person Appt 250.00 m² 2,243.00 pm² 560,750 M-2 Bed 4 Person Appt 612.50 m² 2,243.00 pm² 1,373,838 M- 3 Bed 5 Person Appt 1,935.00 m² 2,243.00 pm² 4,340,205 M- 4 Bed 7 Person Appartment 540.00 m² 2,243.00 pm² 1,211,220 I-LLR-1 Bed 2 Person Appt 62.50 m² 2,243.00 pm² 140,188 I-LLR- 2 Bed 4 Person Appt 87.50 m² 2,243.00 pm² 196,263 I-LLR- 3 Bed 5 Person Appt 215.00 m² 2,243.00 pm² 482,245 S-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 S- 2 Bed 4 Person Appt 350.00 m² 2,243.00 pm² 785,050 S- 3 Bed 5 Person Appt 860.00 m² 2,243.00 pm² 1,928,980 I-LSO- 2 Bed 4 Person Appt 87.50 m² 2,243.00 pm² 196,263 I-LSO- 3 Bed 5 Person Appt 215.00 m² 2,243.00 pm² 482,245
Project: B&Q Chiswick-40% Affordable of which 70% Rented ARGUS Developer Version: 7.60.000 - 4 - Date: 30/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA B&Q Chiswick-40% Affordable of which 70% Rented
S-4 Bed 7 Person Appt 270.00 m² 2,243.00 pm² 605,610 M-1 Bed 2 Person Appt 187.50 m² 2,243.00 pm² 420,563 M-2 Bed 4 Person Appt 700.00 m² 2,243.00 pm² 1,570,100 M- 3 Bed 5 Person Appt 1,935.00 m² 2,243.00 pm² 4,340,205 M- 4 Bed 7 Person Appartment 540.00 m² 2,243.00 pm² 1,211,220 I-LLR- 2 Bed 4 Person Appt 87.50 m² 2,243.00 pm² 196,263 I-LLR- 3 Bed 5 Person Appt 215.00 m² 2,243.00 pm² 482,245 S-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 S- 2 Bed 4 Person Appt 350.00 m² 2,243.00 pm² 785,050 S- 3 Bed 5 Person Appt 860.00 m² 2,243.00 pm² 1,928,980 I-LSO- 2 Bed 4 Person Appt 87.50 m² 2,243.00 pm² 196,263 I-LSO- 3 Bed 5 Person Appt 215.00 m² 2,243.00 pm² 482,245 S-4 Bed 7 Person Appt 270.00 m² 2,243.00 pm² 605,610 M-1 Bed 2 Person Appt 187.50 m² 2,243.00 pm² 420,563 M-2 Bed 4 Person Appt 700.00 m² 2,243.00 pm² 1,570,100 M- 3 Bed 5 Person Appt 1,827.50 m² 2,243.00 pm² 4,099,083 M- 4 Bed 7 Person Appartment 540.00 m² 2,243.00 pm² 1,211,220 I-LLR- 2 Bed 4 Person Appt 87.50 m² 2,243.00 pm² 196,263 I-LLR- 3 Bed 5 Person Appt 215.00 m² 2,243.00 pm² 482,245 S-1 Bed 2 Person Appt 125.00 m² 2,243.00 pm² 280,375 S- 2 Bed 4 Person Appt 350.00 m² 2,243.00 pm² 785,050 S- 3 Bed 5 Person Appt 860.00 m² 2,243.00 pm² 1,928,980 I-LSO- 2 Bed 4 Person Appt 87.50 m² 2,243.00 pm² 196,263 I-LSO- 3 Bed 5 Person Appt 215.00 m² 2,243.00 pm² 482,245 S-4 Bed 7 Person Appt 270.00 m² 2,243.00 pm² 605,610 M-1 Bed 2 Person Appt 187.50 m² 2,243.00 pm² 420,563 M-2 Bed 4 Person Appt 700.00 m² 2,243.00 pm² 1,570,100 M- 3 Bed 5 Person Appt 1,505.00 m² 2,243.00 pm² 3,375,715 M- 4 Bed 7 Person Appartment 540.00 m² 2,243.00 pm² 1,211,220 I-LLR- 2 Bed 4 Person Appt 87.50 m² 2,243.00 pm² 196,263 I-LLR- 3 Bed 5 Person Appt 215.00 m² 2,243.00 pm² 482,245 S-1 Bed 2 Person Appt 62.50 m² 2,243.00 pm² 140,188 S- 2 Bed 4 Person Appt 262.50 m² 2,243.00 pm² 588,788 S- 3 Bed 5 Person Appt 645.00 m² 2,243.00 pm² 1,446,735 I-LSO- 2 Bed 4 Person Appt 87.50 m² 2,243.00 pm² 196,263
Project: B&Q Chiswick-40% Affordable of which 70% Rented ARGUS Developer Version: 7.60.000 - 5 - Date: 30/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA B&Q Chiswick-40% Affordable of which 70% Rented
I-LSO- 3 Bed 5 Person Appt 107.50 m² 2,243.00 pm² 241,123 S-4 Bed 7 Person Appt 135.00 m² 2,243.00 pm² 302,805 Totals 88,332.50 m² 127,590,693 127,590,693
Contingency 3.00% 2,494,849 S106,Central boilers, Carbon Reduct 248.00 un 5,000.00 /un 1,240,000 Accessibility M4 (2) 256,300 Accessibility M4 (3) 1,028,500 Demolition 50,000 CIL 16,250.00 m² 320.00 pm² 5,200,000 Mayoral CIL 77,250.00 m² 60.00 pm² 4,635,000
14,904,649 Other Construction
Play Space 200,000 Play Space 200,000 Play Space 200,000 Play Space 200,000 Play Space 200,000
1,000,000 Green Infrastucture
Green Infrastucture 1.00% 466,629 Green Infrastucture 1.00% 196,210 Green Infrastucture 1.00% 125,384 Green Infrastucture 1.00% 110,187 Green Infrastucture 1.00% 109,346 Green Infrastucture 1.00% 106,935 Green Infrastucture 1.00% 92,916
1,207,608
PROFESSIONAL FEES Architect 4.00% 5,143,628 Quantity Surveyor 1.50% 1,928,860 Structural Engineer 1.50% 1,928,860 Mech./Elec.Engineer 1.00% 1,285,907 Project Manager 1.50% 1,928,860
Project: B&Q Chiswick-40% Affordable of which 70% Rented ARGUS Developer Version: 7.60.000 - 6 - Date: 30/04/2019
APPRAISAL SUMMARY ADAMS INTEGRA B&Q Chiswick-40% Affordable of which 70% Rented
C.D. Manager 0.50% 642,953 12,859,069
MARKETING & LETTING Marketing 1,400,000 Letting Agent Fee 10.00% 807,069 Letting Legal Fee 0.50% 40,353
2,247,422 DISPOSAL FEES
Sales Agent Fee 1.00% 2,419,072 Sales Legal Fee 0.25% 604,768
3,023,840 FINANCE
Debit Rate 7.000%, Credit Rate 0.000% (Nominal) Total Finance Cost 11,255,201
TOTAL COSTS 196,505,483
PROFIT 45,401,729
Performance Measures Profit on Cost% 23.10% Profit on GDV% 18.77% Profit on NDV% 18.77% Development Yield% (on Rent) 4.11% Equivalent Yield% (Nominal) 6.54% Equivalent Yield% (True) 6.82%
IRR 23.23%
Rent Cover 5 yrs 8 mths Profit Erosion (finance rate 7.000%) 2 yrs 12 mths
Project: B&Q Chiswick-40% Affordable of which 70% Rented ARGUS Developer Version: 7.60.000 - 7 - Date: 30/04/2019