BOROUGH
DESIGN REPORT
UNIVERSITY OF WESTMINSTER | AURD717 DEVELOPMENT PROCESS | SIMONE GOBBER
29
BOROUGH INTRODUCTION TO THE SITE PLANNING FOR THE COMMUNITY EXPLOITABLE AREA DEFINING THE SITE DESIGN PRINCIPLES MASSING AND SCALE PARAMETERS SPATIAL LAYOUT SUN AND SHADOW GROUND FLOOR PLAN FUNCTIONS SECTIONS OPEN SPACES FUTURE ARMATURE
30
FINANCIAL APPRAISAL
31
SITE1 SITE2 SITE1 + SITE2 DIFFERENT OPTIONS
3 4 5 6 7 8 9 13 16 18 19 20 23 27
36 40 40
INDEX page 2
BOROUGH
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SCALE 1:1250
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View of the area
A city in transformation As part of Southbank, the Borough area is undergoing a massive process of transformation, that will in the close future completely redefine its character. The present study is testing different development options, aiming to provide fruitful indication for the time to come.
INTRODUCTION TO THE SITE page 4
One of the sign at the “March for Homes� that took place in London iin 2015.
Children demonstration against the redevelopment of Brandon House
Common issues, community solutions Any radical urban transformation risks to compromise the life of the community of residents. The main challenge of the redevelopment is to respond to the strong demand of new housing in the area, without compromising the provision of green areas and public open space.
PLANNING FOR THE COMMUNITY page 5
0
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DEMOLITION
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no restriction
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height restriction use restriction
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Where to intervene? Matters of fragmented land ownership and pre-existing restriction often compromise the viability of radical development schemes. For this reason in this study it was chosen to intervene only on the sites that have been identified as more likely to be changing in the next future.
Most of the buildings demolished will be redeveloped in place maintaining the same function. As for the former Brandon House, in this scheme it has been adopted the redevelopment by Allies and Morrison, whose planning consensus has already been given by the local authority.
EXPLOITABLE AREA page 6
0
SOUTHWARK STREET
site2 0.97 HA
ET
5.2 HA
HS TRE
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site3 0.24 HA
STR E
HIG
ON
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BOR OU GH
STRE E
UNI
AYRE S
SOUTHWARK BRIDGE
ROAD
RED C
ROS S
WA Y
site 1 site 2
site1
0.97 HA
(net area of intervention)
2.5 HA
site 3
0.24 HA
MA
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50 150
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One area, different sites. Due to the current complexity and fragmentation of the area, it was chosen to divide what has been identified as exploitable area into three different sites. As for the main one, the evaluation will consider both the entire site and the net area of intervention.
The proposed scheme allows the redevelopement of the three sites as different operetions in terms of time and management. Nevertheless, this brief suggests design elements and principles in order to achieve a cohesive transformation for the entire area.
DEFINING THE SITE page 7
1
Increased 1 permeability
2
Community 2 open space 0
50
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0
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4
3
Densifying 3 the urban fabric
Shared private 4 open space 0
50
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0
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A wider 5 public realm
Agopunctural 6 infill 0
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Development guidelines The transformation of the area is led by few simple principles making the new development cohesive with the pattern of buildings and spaces of the exsisting urban fabric, and refer ing at the same time to forms and typologies occurring in similar contemporary development in London
DESIGN PRINCIPLES page 8
150
200
View of the study model
Considering options The area currently presents buildings and spaces that vary dramatically from the two stories Red Cross cottages to the planned eight stories redevelopment of Brandon House. At the same time, it belongs to a broader area in London where skyscrapers coexist with suburban-like elements.
The different options presented in this study take in consideration the diverse context of the area, proposing on a similar spatial layout three different approaches in terms of the scale and the impact of the new development.
MASSING AND SCALE page 9
View of the study digital model
Climbing over the top The current guidance from the local planning authority suggests that the ideal height for any new development should be between six and eight stories, reflecting the current state of the area. At the same time several high rise buildings appeared recently in the surroundings of the sites.
This created a precedent in the area for development over the guidance standards, changing the local character and expanding the range of height difference between buildings. The first option takes this into account, testing the impact of medium rise elements up to fifteen stories height.
MASSING AND SCALE: OPTION 1 page 10
View of the study digital model
Six to seven storeys The second option presented sets a limit of six stories for the new development, allowing an extra level for roof top houses. The general height varies according to the context, down to two to four stories for new building adjacent to listed buildings such as the Red Cross cottages.
MASSING AND SCALE: OPTION 2 page 11
View of the study digital model
Refurbishment vs demolition In the third presented option the two existing housing estates on the site (formerly social housing) are retained and refurbished. While mitigating the visual an social impact of the new development, this option drastically redefine the amount of total units that the scheme can deliver.
MASSING AND SCALE: OPTION 3 page 12
9000 sqm
currently on site 17% of total area
Pubblicly accessible open space currently on site 0
50
100
150
200
ET HS TRE
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STRE E
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SOUTHWARK STREET
17,400 sqm
+93% 1/3 of the entire site
MA
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Publicly accessible open space Developing an area with a high proportion of unbuilt space is always perceived as a loss from the residents. It is therefore of extreme importance to distinguish generic unbuilt space from the open space that is publicly accessible and presents a high environmental quality.
The new scheme takes this into maximum consideration, not only maintaining and increasing the area dedicated to gardens and urban squares, but also improving the streetscape by introducing shared surfaces and enlarged pavements, reclaiming the streets as public space.
PARAMETERS: PUBLIC SPACE page 13
ET HS TRE
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STRE E
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SOUTHWARK STREET
2,700 sqm benchmark for 270 children
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Space for everyone Parallel to the increasing of public open space, the current scheme redefines the amount and the quality for the provision of shared private space. This constitutes not only a strategic environmental component of the scheme, but also a significant visual amenity for the residents.
At the same time, it provides an amount of doorstep open space that can potentially be turned into playground for up to 270 new children in the area. The access to these spaces, limited to the residents of the singular blocks, guarantees safety and controlled maintainance costs.
PARAMETERS: DOORSTEP GARDENS page 14
ET HS TRE
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16,000
30% of the entire site is permeable surface
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A breathing city Permeable surfaces are a key factor in preventing the overloading of the city drainage system in case of heavy rain. At the same time, they contribute in collecting and filtering pollutant elements from the air, they mitigate the heath-island effects and provide habitat for urban wildlife.
Green roofs have been adopted on most of the scheme in order to compensate the limited provision of permeable surface at ground level, due to the buildings footprint and matters of maintainance and cost for the paving of the circulation areas.
PARAMETERS: PERMEABILITY page 15
SOUTHWARK STREET
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Different blocks, different scale The definition of the form and scale of the proposed new blocks takes in consideration the fragmented and diverse carachter of the area. Where possible, big scale blocks where introduced, in order to allow the introduction of different functions and flexibility in the range of units.
Completing the scheme is a series of small scale infill interventions, filling the gaps in between existing and new buildings, contributing not only to achieve higher density standards, but also to redefine the spatial layout of the area.
SPATIAL LAYOUT page 16
A
B
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D
E
F
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SPATIAL LAYOUT: BLOCKS page 17
MORNING
NOON
More open space, more light The increased public and private open space, and the general orientation of the buildings, guarantees an optimal provision of direct sun light to the area. The impact of the medium-rise buildings is limited by their location and position setting back from the main street front.
AFTERNOON sun and shadow simulation - equinox (mid march - mid september)
SUN AND SHADOW page 18
SOUTHWARK STRE
RED CRO SS W AY
AYRE S ST REET
UNI
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0.21
UGH
HIG
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parking space ratio 139 places/651 units
BOR O
SOUTHWARK BRIDGE
ROAD
ET
Active streets, active city In the general outline for the development of the area, a great attention has been given to deliver a constantly active ground floor, embracing the gardens and the other public spaces with active building fronts, limiting back service areas and avoiding blind spaces.
GROUND FLOOR 0PLAN
MA
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50
LSEA
ROA D
100
page 19
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SOUTHWARK STRE
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RETAIL LEISURE
A viable and liveable city While suggesting a development largely based on residential space (as suggeste by the general guidelines for the area and the outcome of market analysis), the introduction of mixed use blocks guarantees a viable and liveable mix of activities, attractions for visitors and job opportunities
FUNCTIONS: GROUND FLOOR 0
HIGH GRADE OFFICE OTHER COMMERCIAL MA
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HOTELS
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RESIDENTIAL COMMUNITY FACILITY 50
100
page 20
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SOUTHWARK STRE
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RETAIL LEISURE
A place called home The provision of residential space is an answer to the current high demand for homes in the area, and a legacy to the carachter of the area. Nevertheless, new office and hotel space has been inserted in proximity to the most active sides of the site, such as Borough High Street and London Bridge.
FUNCTIONS: TYPICAL FLOOR 0
HIGH GRADE OFFICE OTHER COMMERCIAL MA
RSH A
LSEA
HOTELS
ROA D
RESIDENTIAL COMMUNITY FACILITY 50
100
page 21
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SOUTHWARK STRE
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RED CRO SS W AY
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RETAIL LEISURE
Over the top Rather than just being a roof, the use of the top of most of the buildings have been optimised by introducing extra concentrated residential space and rows of penthouse, at the same time an ironic tribute to a typical typology of the area and a response to a local high demand for luxury units.
FUNCTIONS: TOP0FLOORS
HIGH GRADE OFFICE OTHER COMMERCIAL MA
RSH A
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HOTELS
ROA D
RESIDENTIAL COMMUNITY FACILITY 50
100
page 22
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The scale of the new intervention reduces
Inserted at the core of the central mixed
The school is enclosed by double storey
drastically in proximity of listed buildings,
use block, the new school and the residential
maisonettes, allowing a continuously active
such as the Red Cross cottages.
upper floors share the same courtyard at
front on the perimetral street.
different levels.
SCALE 1:1250
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RETAIL LEISURE HIGH GRADE OFFICE OTHER COMMERCIAL HOTELS RESIDENTIAL 0
50
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150
200
COMMUNITY FACILITY SECTION 1 page 23
SCALE 1:500
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Small scale infill interventions mediate
Roof top penthouses contribute to define
Another role of the infill intervention is
the relationship between the new
the character of the area. The North-
to complete existing blocks, redefining
development and the existing context.
South orientation of the streets provides
their fronts.
sufficient sun light even in the narrower sections.
SCALE 1:1250
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RETAIL LEISURE HIGH GRADE OFFICE OTHER COMMERCIAL HOTELS RESIDENTIAL 0
50
100
150
200
COMMUNITY FACILITY SECTION 2 page 24
SCALE 1:500
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By covering the main parking areas inside
Stepping back facades allows taller buildings
The block hosting the hotel in the northern
the blocks, it increases the permeable
to fit in the original streetscape of Union
site embraces the existing building, redefining
surface and the provision of doorstep
Street
an otherwise blind wall.
outdoor space.
SCALE 1:1250
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RETAIL LEISURE HIGH GRADE OFFICE OTHER COMMERCIAL HOTELS RESIDENTIAL 0
50
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200
COMMUNITY FACILITY SECTION 3 page 25
SCALE 1:500
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Enclosed by new buildings opening to
A new mixed use infill intervention, hosting
At the South side of the development,
the garden, the Crossbones cemetery is
at its lower level community facilities,
lower buildings interact with the existing
landscaped and open to the public.
provides a new access to Union street.
ones.
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RETAIL LEISURE HIGH GRADE OFFICE OTHER COMMERCIAL HOTELS RESIDENTIAL 0
50
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COMMUNITY FACILITY SECTION 4 page 26
SOUTHWARK STRE
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SHARED SURFACE LIMITED CAR ACCESS VEHICULAR MOVEMENT
An enhanced public realm A combination of traditional streets and shared surfaces with limited car access guarantees a fully functional distribution in the area and an improved streetscape for people walking accross the area and all the different users of the open space.
GROUND FLOOR PRIVATE SPACE GREEN AREAS MA
RSH A
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PLAYGROUND
ROA D
OTHER OPEN SPACE EXISTING BUILDINGS
OPEN SPACES
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OPEN SPACES: DETAILS
SCALE 1:500 page 28
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Future armature for the area
Visions for the future The proposed development scheme is a fundamental step supporting the transformation of the entire Borough area. It will promote the regeneration of the High Street by consolidating the inner part of the block, providing more living space and new commercial space in strategic locations.
At the same time, it will enrich the local environment through the redesign of the existing open spaces, the creation of new ones, and the promotion of Union Street as part of a network of quality leisure urban spaces for residents and visitors.
FUTURE ARMATURE page 29
9th 9thFloor Floor
9th Floor
9th 9thFloor Floor
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8th 8thFloor Floor
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7th 7thFloor Floor
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6th 6thFloor Floor
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6th 6thFloor Floor
6th Floor
5th 5thFloor Floor
5th Floor
5th 5thFloor Floor
5th Floor
roof roof
roof
6th 6thFloor Floor
4th 4thFloor Floor
3rd 3rdFloor Floor
2nd 2ndFloor Floor
1st 1stFloor Floor
Ground GroundFloor Floor
4th Floor
3rd Floor
2nd Floor
1st Floor
Ground Floor
4th 4thFloor Floor
3rd 3rdFloor Floor
2nd 2ndFloor Floor
1st 1stFloor Floor
Ground GroundFloor Floor
6th Floor
4th Floor
3rd Floor
14th 14thFloor Floor
14th Floor
13th 13thFloor Floor
13th Floor
12th 12thFloor Floor
12th Floor
10th 10thFloor Floor
10th Floor
9th 9thFloor Floor
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8th 8thFloor Floor
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1st 1stFloor Floor
1st Floor
6th 6thFloor Floor
6th Floor
roof roof
roof
6th 6thFloor Floor
6th Floor
5th 5thFloor Floor
5th Floor
5th 5thFloor Floor
5th Floor
5th 5thFloor Floor
5th Floor
5th 5thFloor Floor
5th Floor
ROOF ROOF
R
4th 4thFloor Floor
4th Floor
4th 4thFloor Floor
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4th 4thFloor Floor
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4th 4thFloor Floor
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4th 4thFloor Floor
4
3rd 3rdFloor Floor
3rd Floor
3rd 3rdFloor Floor
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3rd 3rdFloor Floor
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3rd 3rdFloor Floor
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3rd 3rdFloor Floor
3
2nd 2ndFloor Floor
2nd Floor
2nd 2ndFloor Floor
2nd Floor
2nd 2ndFloor Floor
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2nd 2ndFloor Floor
2nd Floor
2nd 2ndFloor Floor
2
1st 1stFloor Floor
1st Floor
1st 1stFloor Floor
1st Floor
1st 1stFloor Floor
1st Floor
1st 1stFloor Floor
1st Floor
1st 1stFloor Floor
1
Ground Ground Floor Floor
Ground Floor
Ground Ground Floor Floor
Ground Floor
Ground GroundFloor Floor
Ground Floor
Ground GroundFloor Floor
Ground Floor
Ground GroundFloor Floor
G
2nd Floor
1st Floor
Ground Floor
Financial appraisal The one outlined in the following pages is the financial appraisal for the proposed development scheme, and the comparison of the three different options.
FINANCIAL APPRAISAL page 30
OPTION1 Non-residential uses Floorspace by use:
Retail Leisure or secondary retail High grade Office/Commercial Other commercial use Hotels Brandon House redevelopment Refurbished buildings Total area of retained non-residential bldgs. Community facilities (inc sect 106) New gross commercial floor area
Gross:
Net:
rental value/ sq.m:
1514 662 4098 588 0 4800 0 25475 4036 6862
1287
£ 250
6.00%
£ 5,362,083
563
£ 180
6.50%
£ 1,558,246
3483
£ 600
5.00%
£ 41,799,600
500
£ 450
6.00%
£ 3,748,500
n/a
n/a
n/a
£0
4080
£ 425
5.50%
£ 31,527,273
0
£ 200
10.00%
£0
21654
n/a
n/a
£ 141,565,934
0
n/a
n/a
yield:
Total value:
Residential: all dwellings Flats for sale
1-bed flats 2-bed flats 3-bed flats 4-bed+ flats Brandon House redevelopment Sub-total Houses for sale
2-bed 3-bed Sub-total Flats for rent (affordable)
1-bed flats 2-bed flats 3-bed flats 4-bed flats Brandon House redevelopment Existing retained residential total area Sub-total
Total units:
84 182 58 6 1
£ 850,000
75
£ 1,100,000
100 110
£ 1,200,000
4284
£ 8,500
5435 16059 6835
£ 63,910,000
5040
£ 36,414,000
Total units:
Gross floor area total: Area/unit sales value/unit: 80
£ 950,000
1120
105
£ 1,200,000
4410
Total value: £ 13,300,000 £ 50,400,000
56
5530
Total units:
Area/unit
sales Gross floor area value/sq.m: total:
36 84 43 3 1 1
50
£ 4,250
2118
£ 7,650,000
75
£ 4,250
7412
£ 26,775,000
100
£ 4,250
5047
£ 18,232,500
100
£ 4,700
318
£ 1,269,000
1836
£ 4,250
2160
£ 7,803,000
9155
£ 6,375
10770
£ 58,359,938
168 units
Flats for sale with park view sub-basement parking spaces - total sub-basement parking spaces - for sale
122 76 66
sqmt/unit
Add'l sales value/unit
Total value:
£ 25,000
£ 3,050,000
25
1900
25
£ 660,000
£ 10,000
554
Hotels:
Total value:
19747
Gross floor area total:
Total value:
56769
£ 726,045,074 29%
Affordable housing as proportion of total (including retained buildings)
Dwelling unit sizes (social housing and typica
FINANCIAL APPRAISAL: SITE1 page 31
Capital value/room @ 80% occupancy rates
£ 154,700,000 £ 7,560,000
34185
14 42
Total value: £ 50,400,000
815
330
Extras
Total (new dwelling units only)
Area/unit sales value/unit: £ 600,000 55
Gross area total:
£ 200,000
bed-spaces studio
all units 30-50m
2
m2 40
h
554148
£ 425units 5.50% £ 31,527,273 Residential: all dwellings lings welling Total only) (new dwelling units only) 554 ) its only buildings) 29%
56769
£ 726,045,074 56769 £ 726,045,074
24
0 Gross area n/a Flats £ as 141,565,934 787 Area/unit ousing Affordable as proportion housing of total proportion (including retained of total (including buildings) retained buildings) 29% 29% as proportion of to Total units: sales value/unit: Total units: total: for salen/a Total value: £ 600,000 £ 50,400,000 n/a 1-bed n/a sizes (social housing and typical market Dwelling unit units) et units) 5435 flats 84 55 84 £ 850,000 £ 154,700,000 16059 2-bed flats 182 75 182 2 £ 1,100,000 £ 63,910,000 Hotels: Dwelling unit100 sizes Dwelling (social unit housing sizesand (social typical housing market and units) typical 6835 3-bed flats 58 58 bed-spaces all units m houses £ 1,200,000 £ 7,560,000 6 studio 40 30-50m2 815 4-bed+ flats 6 110 2 2 1-bed 55 bed-spaces all units all5040 m units houses m 1h 40-60m2 Brandon redevelopment 1 4284 bed-spaces £ 8,500 £ 36,414,000 velopment GrossHouse area 2 2 £ 200,000 2 al value/room Capital occupancy value/room rates @value: 80% occupancy rates studio studio oom @ 80% occupanc £65-100m 200,000 40 2 40 30-50m 30-50m 2-bed @ 80% 80 Abitable ue/unit: rooms: total: Total 60-90m Sub-total 330 34185 330 £ 200
£0
10.00%
2 2 of 00,000 £450,400,000 Hotel3-bed quality (no5435 of stars Hotel 2, 380-120m quality or 5)(no stars 2,4 3 4 or 90 5) 1-bed 1-bed quality (no of stars 55 2 2, 55 3 40-60m 40-60m 42 85 90-130m Gross floor area2 2 2 2 2 50,000 4-bed £ 154,700,000 Gross area of bedroom Gross floors area of bedroom 0 floors 2-bed 0 2-bed Gross area of bedroom 80 80 65-1 60-90m 60-90m 110 16059 365 Area/unit sales value/unit: Total 100-150m 110-180m Total units: units: total: 65-100m Total value: Houses for sale 2 2 00,000 Gross area 63,910,000 of bedroom£Gross floors area of bedroom 0 floors 3-bed 0175 of 3-bed bedroom Gross area 90 2 90 £ 13,300,000 90-1 80-120m 2-bed 6835 14 80 80-120m £ 950,000 1120 90-130m 14 2 2 2 00,000 Average £Average 7,560,000 Average bedroom suite size bedroom20suite size 4-bed 20 26 4-bed bedroom su 110 110-180m 110 110-1 £ 50,400,000 100-150m 815 GDV/sq.m (Gross Development Value for social housing) ing) 3-bed 42 105 100-150m £ 1,200,000 4410 42 No of bedrooms 0 £ 4,250 0 No of bed £ 8,500 Sub-total £ 36,414,000 No of bedrooms 56100 5530 56 Social rent 5040 Gross floor area of Gross hotel Gross floor area 0 of hotel 0 floor area o £ 4,700 GDV/sq.m (GrossGDV/sq.m Development (Gross Value Development for social housing) Value for socia 34185 Shared ownership sales Gross floor area Ground and upper floor Ground ancillary and areas upper floor ancillary 0 areas 0 £ 4,250 £ 4,250 nd upper floor Social rent ancillary Total units:rent Area/unit Social Total units: value/sq.m: total: Flats rent (affordable) Total value: Grossfor floor area valuevalue: Capital £ 0 value Abitable £ 0 ownership £ 4,700 £ 4,700 Capita ue/unit: 1-bed flats rooms: total: CapitalTotal Shared 36 50 Shared ownership £ 4,250 2118 £ 7,650,000 36 £ 13,300,000 50,000 2-bed flats 1120 84 29 75 £ 4,250 7412 £ 26,775,000 84 £ 50,400,000 00,000 4410 43127 100 £ 4,250 5047 £ 18,232,500 43 mber of 3-bed flats
1
2
units Number of units (total): otal): 5530 Abitable units: (total): 4-bed flats 3 100 £ 4,700rooms ratio: 318 £ 1,269,000 3 Number of of 108 redevelopment 1 Number 1836 £ 4,250 2160 £ 7,803,000 1 velopment sales Brandon Gross floorHouse area Gross floor area Typology: units: Typology: units: Abitable rooms: rooms: £ 58,359,938 Ratio:1 e/sq.m: total: Total value: 194 Existing retained residential total area 1 9155 £ 6,375total: Abitable 10770 dential total area 1B 108 1B 108 £ 4,250 £ 7,650,000 63 Sub-total 2118 168 37 19747 168 2B 194 2B 194 £ 4,250 7412 £ 26,775,000 169 49569 1152 43 9 key: Add'l sales m B = bedroom 3B 3B 63 units130 sqmt/unit 63 £ 4,250 5047 £ 18,232,500 14 Extras units value/unit Total value: H = house 4B 4B9 122 9 9 £ 4,700 318 with park £ 1,269,000 42 view Flats for sale view £ 25,000 £122 3,050,000 k V = view 2160 parking 2BH 2BH 14 14 £ 4,250 £ 7,803,000 12spaces sub-basement spaces 76 43 25 1900 g - - total total 76 3BH 3BH 42 42 £ 6,375 10770 parking £ 58,359,938 72spaces sub-basement spaces sale 66213 25 £ 10,000 £ 660,000 g - - for for sale 66 1BV 1BV 12 12 19747 38 Gross floor area total: Total value: 2BV 2BV 72 72 d'l 552 sales Total (new dwelling units only) 554 56769 £ 726,045,074 slue/unit only) 554 3BV 3BV 38 38 Total value: TOTAL 552 TOTAL 552 25,000 £ 3,050,000 Affordable housing as proportion of total (including retained buildings) 29% s proportion of total (including reta 1900 £ 660,000
10,000 Gross floor area Hotels: total: 56769
Total value:
Total abitable rooms:
£ 726,045,074
2407
note 1
Dwelling unit sizes (social housing and typical The total amount of new units is listed 101776
separately in this database, that is used all units m2 h in the main spreadsheet to generate 2 m £ 200,000 40 30-50m automatically the2 number of affordaHotel quality stars (no of stars 2, 3 4 or2, 5) ality (no of 3 44 or 1-bed 5) 55 4 40-60m ble and for sale units, according to 80 the 0 2 area bedroom of bedroom floors 0 floors 2-bed oss area Gross of 65-1 60-90m rate of the rate of2 affordable housing Gross area bedroom of bedroom floors units) 0 floors 3-bed oss of 90 0 ng unit sizesarea (social housing and typical market 90-1 80-120m given as an input. This allows a quick2 23/03/2015 Postfraduate Urba Average bedroom suite size suite 20 4-bed Average bedroom size 20 110 110-1 100-150m er and more flexible way to evaluate 2 0 No of bedrooms 0 es all units m No of bedrooms houses different options. 2 f Westminster University of Westminster 40 23/03/2015 23/03/2015 minster 30-50m
d
bed-spaces value/room @occupancy 80% occupancy rates studio @ Capital 80% rates £ 200,000 29%
Gross
Gross floor areaarea of hotel floor
0 of
hotel GDV/sq.m
0 (Gross Development Value for socia
55 ancillary 40-60mGround and upper floor ancillary areas 0 areas upper floor Social rent 2 2 note 2 80 65-100m 60-90m Capital value £0 Capital value Shared ownership 2
80-120m
2
90
90-130m2
100-150m
2
110
110-180m2
Number of units (total): al): q.m (Gross Development Value for social housing) £ 4,250
nt
wnership
£ 4,700
key:FINANCIAL APPRAISAL: SITE1 B = bedroom H = house
Typology:
1B 2B 3B 4B
Number of units:
page 32
108 194 63 9
£ 4,250 0
£ 4,700 £ 0
The abitable rooms ratio was used to calculate the amount of abitable rooms for the retained residential area. Typology:
1B 2B 3B 4B
Detailed Development Apprais Floorspace/units building costs Gross floorspace by use.:
sq.m
building cost/sq.m
Total building cost
Retail
1514
£ 800
£ 1,211,200
662
£ 1,000
£ 662,000
8898
£ 1,900
£ 16,906,200
588
£ 1,450
£ 852,600
Leisure or secondary retail High grade Office/Commercial Other commercial use Existing non-res buidings retained
25475
Hotels
0
£ 2,000
£0
Refurb buildings
0
£ 500
£0
34185
£ 1,800
£ 61,532,471
5530
£ 1,600
£ 8,848,000
High rise residential: extra cost*
10027
£ 450
£ 4,512,150
Affordable housing: flats
17054
£ 1,500
£ 25,581,176
Existing Residential
10770
Community Facilities
4036
£ 1,500
£ 6,054,000
Underground/garage parking
1900
£ 750
£ 1,425,000
Residential for sale: flats Residential for sale: houses
Total building area and cost
£ 127,584,797
110612
*not to be included in the total area
CIL
sq.m
CIL/sq.m
Total CIL
OFFICE
9486
£0
£0
0
£125
£0
77566
£200
£15,513,165
2176
£125
£272,000
25475
£30
£764,250
HOTEL RESIDENTIAL ALL OTHER RETAIL ALL OTHER USES Total building area and cost
£ 16,549,415
114703 CIL
A new spreadshit was introduced, providing automatically the CIL calculation for the site.
FINANCIAL APPRAISAL: SITE1 page 33
Residual site value calculation
£ 726,045,074
Total value of development Building costs
£ 127,584,797
Infratructure costs and basic landscaping @ 10% Basic landscaping costs @ 5%
£ 12,758,480 £ 6,379,240
Additional site treatement 5%
£ 6,379,240
Total construction cost
£ 153,101,756
Additional costs
£0
Professional fees @ 12.5%
£ 19,137,720
Contingencies @ 5%
£ 7,655,088
Sub total
£ 179,894,564
Short-term finance @ 8% p.a.
£ 14,391,565
(Assumes 2-year development programme) Sub-total
£ 194,286,129
Developer's 20% profit
20%
£ 38,857,226
(Level of profit depends on perceived risk) Sub-total
£ 233,143,355
CIL at £35 psm
£ 240,170
Agents and selling fees @ 3%
£ 6,994,301
£ 240,377,825
Total development cost Southwark CIL
£ 16,549,415
£ 469,117,834
Residual value Site Area (HA)
5.2
Net Site Area (HA)
4.6
Value/Ha Plot ratio Residential density (habitable rooms/ha) Affordable housing as proportion of total new development
FINANCIAL APPRAISAL: SITE1 page 34
£ 90,214,968 2.40 463 30%
Developer's 20% profit Building (Level ofcosts profit depends on perceived risk)
20%
Infratructure costs and basic RETAINED landscaping @ 10% - 5.2 HA ENTIRE SITE (INCLUDING BUILDINGS) Sub-total Basic landscaping costs @ 5% Residual site value calculation CIL at £35 psm Additional site treatement 5% Total value of development Agents and selling fees @ 3% Total construction cost
£ 38,857,226 £ 106,152,797 10,615,280 ££233,143,355 £ 5,307,640 £ 240,170
£ 6,994,301 5,307,640 £ 726,045,074 £ £ 127,383,356
Additional costs Building costs Total development cost Professional fees @ 12.5% Infratructure costs and basic landscaping @ 10%
£0 £ 127,584,797 £ 240,377,825 £ £ 15,922,920 12,758,480
Basic landscaping costs @ 5% Southwark CIL Additional site treatement 5% Contingencies @ 5% Residual value
£
6,379,240 ££16,549,415 £ £ 6,369,168 6,379,240 469,117,834
Total construction cost Sub total (HA) Additional costs Site Area
£ 153,101,756 £ 149,675,444 £0 5.2
Professional Net Site Areafees (HA)@ 12.5% Short-term Value/Ha finance @ 8% p.a.
£ 19,137,720 4.6 £ 11,974,036 90,214,968
£
(Assumes programme) Contingencies @ development 5% Plot ratio 2-year Sub-total Residential density (habitable rooms/ha)
£ 7,655,088 2.40 £ 161,649,479 463
Sub total housing as proportion of total new development Affordable Developer's 20% profit
£ 179,894,564 30% £ 32,329,896
20%
(Level of profit depends onp.a. perceived risk) Short-term finance @ 8% REDEVELOPED SITE (ONLY NEW DEVELOPMENT) - 2.5 HA Sub-total (Assumes 2-year development programme)
£ 14,391,565 £ 193,979,375
Residual site value calculation CIL at £35 psm Sub-total Total value of development Agents and selling fees @ 3%
Developer's 20% profit Building Total development coston perceived risk) (Level ofcosts profit depends
20%
Infratructure costs and basic landscaping @ 10% Sub-total Basic landscaping costs @ 5% Southwark CIL CIL at £35 psm Additional site treatement 5% Residual value Agents and selling fees @ 3% Total construction cost
£ 6,994,301 5,307,640 £ 238,144,838 £ £ 127,383,356 £ 0 2.5 £ 240,377,825
Professional Net Site Areafees (HA)@ 12.5%
£ 15,922,920 2.5
£ 95,257,935 £ 16,549,415 £ 6,369,168 2.49 £ 469,117,834 546 £ 149,675,444 30% 5.2
Value/Ha Southwark CIL Contingencies Plot ratio value@ 5% Residual Residential density (habitable rooms/ha) Sub total (HA) Affordable housing as proportion of total new development Site Area Net Site Area (HA) Short-term Value/Ha finance @ 8% p.a.
£
4.6 £ 11,974,036 90,214,968
Net site to Gross site
(Assumes Plot ratio 2-year development programme) Sub-total Residential density (habitable rooms/ha) Affordable housing as proportion of total new development Developer's 20% profit (Level of profit depends on perceived risk) Sub-total FINANCIAL APPRAISAL: SITE1 Agents and selling fees @ 3%
£
£ 38,857,226 £ 106,152,797 200,038,926 10,615,280 ££233,143,355 5,307,640 ££12,191,165 £ 240,170
Additional costs Site (HA) TotalArea development cost
CIL at £35 psm
£
£ 240,170 £ 194,286,129 450,374,929 £ 5,819,381
20%
2.40 £ 161,649,479 463 Different evaluation were made comparing the overall30% site (including the
retained£buildings) and only the area 32,329,896 directly interested by the redevelopment.
£ 193,979,375
page 35
£ 240,170 £ 5,819,381
OPTION1 Non-residential uses Floorspace by use:
Retail Leisure or secondary retail High grade Office/Commercial Other commercial use Hotels Brandon House redevelopment Refurbished buildings Total area of retained non-residential bldgs. Community facilities (inc sect 106) New gross commercial floor area
Gross:
Net:
rental value/ sq.m:
1084 223 9024 0 5957 0 0 1360 288 16288
921
£ 250
6.00%
£ 3,839,167
190
£ 180
6.50%
£ 524,908
7670
£ 600
5.00%
£ 92,044,800
0
£ 450
6.00%
£0
n/a
n/a
n/a
£ 20,000,000
0
£ 425
5.50%
£0
0
£ 200
10.00%
£0
1156
n/a
n/a
£ 8,613,333
0
n/a
n/a
yield:
Total value:
Residential: all dwellings Flats for sale
1-bed flats 2-bed flats 3-bed flats 4-bed+ flats Brandon House redevelopment Sub-total Houses for sale
2-bed 3-bed Sub-total Flats for rent (affordable)
1-bed flats 2-bed flats 3-bed flats 4-bed flats Brandon House redevelopment Existing retained residential total area Sub-total
Total units:
36 20 13 0 0
Flats for sale with park view sub-basement parking spaces - total sub-basement parking spaces - for sale
Total (new dwelling units only)
£ 850,000
75
£ 1,100,000
100 110
£ 1,200,000
0
£ 8,500
2310 1729 1482
£ 13,860,000
0
£0
Total units:
Gross floor area total: Area/unit sales value/unit: 80
£ 950,000
0
105
£ 1,200,000
0
Total value: £0 £0
0
0
Total units:
Area/unit
sales Gross floor area value/sq.m: total:
15 8 5 0 0 0
50
£ 4,250
900
£ 3,251,250
75
£ 4,250
741
£ 2,677,500
100
£ 4,250
635
£ 2,295,000
100
£ 4,700
0
£0
0
£ 4,250
0
£0
0
£ 6,375
0
£0
29
97 0 0
sqmt/unit
Add'l sales value/unit
Total value:
£ 25,000
£ 2,425,000
25
0
25
£0
£ 10,000
97
Hotels:
Total value:
2276
Gross floor area total:
Total value:
7798
£ 187,610,957 29%
Affordable housing as proportion of total (including retained buildings)
Dwelling unit sizes (social housing and typica
FINANCIAL APPRAISAL: SITE2 page 36
Capital value/room @ 80% occupancy rates
£ 16,660,000 £0
5522
0 0
Total value: £ 21,420,000
0
68
units
Extras
Area/unit sales value/unit: £ 600,000 55
Gross area total:
£ 200,000
bed-spaces studio
all units 30-50m
2
m2 40
h
Detailed Development Apprais Floorspace/units building costs Gross floorspace by use.:
sq.m
building cost/sq.m
Total building cost
Retail
1084
£ 800
£ 867,200
223
£ 1,000
£ 223,000
9024
£ 1,900
£ 17,145,600
0
£ 1,450
£0
Leisure or secondary retail High grade Office/Commercial Other commercial use Existing non-res buidings retained
1360
Hotels
5957
£ 2,000
£ 11,914,000
0
£ 500
£0
5522
£ 1,800
£ 9,939,176
0
£ 1,600
£0
High rise residential: extra cost*
5522
£ 450
£ 2,484,794
Affordable housing: flats
2276
£ 1,500
£ 3,414,706
288
£ 1,500
£ 432,000
0
£ 750
£0
Refurb buildings Residential for sale: flats Residential for sale: houses
Existing Residential
0
Community Facilities Underground/garage parking Total building area and cost
£ 46,420,476
25734
*not to be included in the total area
CIL
sq.m
CIL/sq.m
Total CIL
OFFICE
9024
£70
£631,680
HOTEL
5957
£250
£1,489,250
13320
£400
£5,328,000
ALL OTHER RETAIL
1307
£125
£163,375
ALL OTHER USES
1360
£30
£40,800
RESIDENTIAL
Total building area and cost
30968
FINANCIAL APPRAISAL: SITE2 page 37
£ 7,653,105
Residual site value calculation
£ 187,610,957
Total value of development Building costs
£ 46,420,476
Infratructure costs and basic landscaping @ 10% Basic landscaping costs @ 5%
£ 4,642,048
Additional site treatement 5%
£ 2,321,024
£ 2,321,024
Total construction cost
£ 55,704,572
Additional costs
£0
Professional fees @ 12.5%
£ 6,963,071
Contingencies @ 5%
£ 2,785,229
Sub total
£ 65,452,872
Short-term finance @ 8% p.a.
£ 5,236,230
(Assumes 2-year development programme) Sub-total
£ 70,689,102
Developer's 20% profit
20%
£ 14,137,820
(Level of profit depends on perceived risk) Sub-total
£ 84,826,922
CIL at £35 psm
£ 570,080
Agents and selling fees @ 3%
£ 2,544,808
£ 87,941,810
Total development cost Southwark CIL
£ 7,653,105
£ 92,016,043
Residual value Site Area (HA)
0.97
Net Site Area (HA)
0.97
Value/Ha Plot ratio Residential density (habitable rooms/ha) Affordable housing as proportion of total new development
FINANCIAL APPRAISAL: SITE2 page 38
£ 94,861,900 2.65 549 30%
£ 52,995,046
£ 43,888,699
£ 38,425,041
Total value of development
SITE1 £ 726,045,074
SITE2 £ 187,610,957
TOTAL £ 913,656,031
Total development cost
£ 240,377,825
£ 87,941,810
£ 328,319,635
£ 16,549,415
£ 7,653,105
£ 24,202,520
£ 469,117,834
£ 92,016,043
£ 561,133,876
Site Area Ha
5.2
0.97
6.17
Net Site Area (HA)
4.6
0.97
5.57
Residential density (habitable rooms/ha)
£ 90,214,968 2.40 463
£ 94,861,900 2.65 549
£ 90,945,523 2.45 476
SUMMARY
OPTION1
OPTION2
OPTION3
Developer's profit
SUMMARY
Southwark CIL Residual value
Value/Ha Plot ratio
Total value of development
£ 913,656,031
£ 805,381,264
£ 749,414,836
Total development cost
£ 328,319,635
£ 272,127,287
£ 238,345,707
Residual value
£ 561,133,876
£ 509,051,457
£ 486,866,609
Site Area Ha
6.17
6.17
6.17
Net Site Area (HA)
5.57
5.57
5.57
£ 90,945,523 2.45 476
£ 82,504,288 2.20 430
£ 78,908,689 2.08 404
30% 29%
30% 29%
30% 37%
£ 52,995,046
£ 43,888,699
£ 38,425,041
Total value of development
SITE1 £ 726,045,074
SITE2 £ 187,610,957
TOTAL £ 913,656,031
Total development cost
£ 240,377,825
£ 87,941,810
£ 328,319,635
Value/Ha Plot ratio Residential density (habitable rooms/ha) Affordable housing / New development Affordable housing as proportion of total Developer's profit
SUMMARY
Southwark CIL Residual value
£ 16,549,415
£ 469,117,834
Different options
The different development options £ 7,653,105 £ 24,202,520 proposed were evaluated form a fi£ 92,016,043 £ 561,133,876 nancial perspective.
Site Area Ha
5.2
0.97
6.17
Net Site Area (HA)
4.6
0.97
5.57
£ 90,214,968 page 39 2.40 463
£ 94,861,900 2.65 549
£ 90,945,523 2.45 476
FINANCIAL APPRAISAL: SITE1 + SITE2
Value/Ha Plot ratio
Residential density (habitable rooms/ha)
SUMMARY
OPTION1
OPTION2
OPTION3
Total value of development
£ 858,434,831
£ 805,381,264
£ 775,140,711
Total development cost
£ 322,546,079
£ 272,127,287
£ 241,033,926
Residual value
£ 511,686,233
£ 509,051,457
£ 509,904,264
Site Area Ha
6.17
6.17
6.17
Net Site Area (HA)
5.57
5.57
5.57
£ 82,931,318 2.45 476
£ 82,504,288 2.20 430
£ 82,642,506 2.08 404
46% 41%
30% 29%
16% 29%
£ 52,060,814
£ 43,888,699
£ 38,860,028
Total value of development
SITE1 £ 726,045,074
SITE2 £ 187,610,957
TOTAL £ 913,656,031
Total development cost
£ 240,377,825
£ 87,941,810
£ 328,319,635
£ 16,549,415
£ 7,653,105
£ 24,202,520
£ 469,117,834
£ 92,016,043
£ 561,133,876
Value/Ha Plot ratio Residential density (habitable rooms/ha) Affordable housing / New development Affordable housing as proportion of total Developer's profit
SUMMARY
Southwark CIL Residual value Site Area Ha
5.2
Net Site Area (HA)
4.6
Value/Ha Plot ratio Residential density (habitable rooms/ha)
£ 90,214,968 2.40 463
Playing0.97 with the numbers 0.97
6.17 5.57
£ 94,861,900 £ 90,945,523 Having linked all the calculations to 2.65 2.45 the rate of affordable housing allowed 549 476 an easy comparison of the different options. In particular, it is interesting to note the different amount of affordable housing allowed by the three schemes, having as a result the same value per hectare for the area.
FINANCIAL APPRAISAL: DIFFERENT OPTIONS page 40
BOROUGH
DESIGN REPORT
UNIVERSITY OF WESTMINSTER | AURD717 DEVELOPMENT PROCESS | SIMONE GOBBER