Regeneration of West End quarter of Oxford

Contents Introduction: • Studio I Evaluation • Studio I Vision • Studio I Challenges • Issues I Evaluation • Issues I Vision • Issues I Challenges Vision: • Studio II Evaluation • Studio II Vision • Studio II Group Strategy • Studio II Challenges SWOT Analysis • Strengths • Weaknesses • Opportunities • Threats • SWOT Evaluation Design Rationale Masterplan Overview Design Objective 1 Design Objective 2 Design Objective 3 Design Objective 4 Design Objective 5 Design Objective 6 Bibliography Appendix

Studio I Evaluation

Introduction

Studio I provides a detailed view of the West End Quarter of Oxford (Figure 1), the masterplan (Figure 2) presents group 1’s concept for the regeneration of the area.

Studio I Vision The vision is to create a vibrant new city district through regeneration and reconnection. The scheme includes wisely designed public open spaces that encourage the community to spend time walking, the aim is to ‘reclaim streets for people; people walking, cycling, playing, sitting, drinking, talking and even selling.’

Studio I Challenges The proposed street network must be improved to create a successful sector by designing a more legible, pedestrian and cycle friendly area. It is important for all open blocks to be closed to increase active edges and improve the sense of secuity and privacy. Shared open spaces and ground floor activities such as cafes and shops should be designed in the area to increase sense of community.

City Centre

Issues I Evaluation Due to the substantial increase in the popoulation growth since the 1970s the intensification of land use is incredibly important. Issues I presented a vision for a generic masterplan which addresses the issues of maintaining a high level of environmental quality within a densely populated area.

Issues I Vision To create a walkable city for the pedestrian which is convenient, green, connected and sustainable. It is essential for the development to enable easy and enjoyable movement by foot.

Issues I Challenges In addressing the issue of intensification and the increase in land use resulting from population growth there is an increase in the need for dwellings and a subsequent need for more facilities, transport links and infrastructure. Consequently fundamental issues must be addressed to ensure environmental qualities are maintained. These being issues with building heights that cause over shadowing and the increase in population cause the lack of green space.

Figure 1 - Highlighted section showing West End Quarter of Oxford - Not to scale

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Studio II Introduction

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This report will concentrate on a selected part of Studio I masterplan in a high detail to accommodate 500pph. A new vision will be used to form an overall aim for the designated quarter of West End Oxford. Following the vision, SWOT analysis, design objectives and actions will be used as guidelines to form the final design for the chosen sector of the Studio I masterplan.

Studio II Vision The vision for Lotus Park is to improve the quality of life and the experience within the area by enhancing the physical spaces such as sidewalks and courtyards. The aim is to improve social interaction in this sector by providing shared courtyards and balconies. A range of diverse buildings and forms will be designed to enhance the experience .

Studio II Group Strategy The aim of the project is to accommodate a population of 3100 with a density of 500 people per hectare, dividing into educational, civic and residential sectors. Division one is a total of 3 hectors accommodating 1500 people, division two which is the discussion of this report is 3.2 hectares accommodating 1600 people.

Studio II Challenges Overshadowing – The increase density of 500pph will cause an increase in building heights and therefore to avoid overshadowing all blocks must be orientated and refined to ensure maximum daylight.

Shared courtyards – To increase social interaction, specific design actions will implemented to enable the space to act as a social network.

Connectivity – Roads leading to nowhere must be redesigned to create a more permeable and legible development

Figure 2 - Studio I masterplan, Zoomed in Sector showing the Lotus Park area - Not to scale

Figure 3 - Methodology Diagram

S W O T A n a l y s i s S

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Figure 4 - SWOT Analysis diagrams

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Streets:

Plots:

Plots and Streets:

Blocks and Plots:

A new route has been proposed; imporving the street network and connecting the train station to the rest of the site.

Some of the taller buildings on site create overshadowing which could be minimized by abrupt changes in building hights.

There is the opportunity to create Home Zone areas that will encourage and prioritise pedestrians over vehicles.

Building plots are too close to the railway station and this creates a high level of noise pollution which could have negative impact on residential dwellings.

Buildings:

Plots:

Streets:

Blocks and Plots:

All blocks have active edges facing towards the streets; via windows and doors.

This creates a sense of security and safety.

Providing open blocks create wasted spaces which could be turned into dwellings therefore this is not feasible.

This also reduces the sense of saftey and security in the block.

There is the opportunity of reactivating Oxpens Road by introducing street activities such as cafes, shop displays, seating etc - increasing activity in the area

Some building heights create a negative impact on the visual identity of the area as well as decreasing the Skyview Factor.

Buildings:

Streets:

Blocks and Plots:

A mixed use area creates a diverse environment and increases sense of community and street activity within the area.

The proposed street network has created roads leading to nowhere, it has negative impacts in terms of permeability and legibility. It also reduces sense of security.

The site has the opportunitiy to provide possible landmark nodes and distinctive corner plots which will help with legibility and creating a rich visual identity.

Streets:

Blocks and Plots:

The permeable street network provides a direct and efficient route to the city centre. This offers an easy and legible connection to the centre.

Specific buildings can be designed in a way to provide potential views to landmarks in Oxford as well as River Thames.

Landmarks

River

SWOT Overview & Changes being made To evaluate the proposed masterplan for West End Oxford, a SWOT analysis was carried out on the selected division. This SWOT examines the proposed development ‘Lotus Park’ by highlighting the morphological layers and pointing out issues that will need changing and enhancing.

Changes being made: The results from the SWOT analysis makes it clear that a new set of design objectives and actions need to be created to aim the vision for this new development. The future design for this area must have a new and improved street network to enhance permeability and legibility as well as focusing on creating distinctive block corners. Due to the 500pph all street widths must be maximized to avoid excessive overshadowing.

D e s i g n R a t i o n a l Key Themes

Design Objectives

D.O 1

To allow maximum natural lighting and passive solar heating, particularly for residential accommodation

Design Actions D.A 1.0

Orientate buildings and plots to maximize sunlight

D.A 1.1

Consider maximizing the street widths where possible

D.A 1.2

Create changes in building heights to increase daylight - Taller buildings should be placed at the North

D.A 2.0

Ground floor uses where possible should include opportunities for street cafes or shops to spill out onto the pavement.

Plot Distribution Building Types D.O 2

Energy Efficiency

D.O 3

To create a diversity of building forms and types to form a strong visual identity

To build an environmentally sustainable and energy efficient area to improve comfort and living conditions

D.A 2.1

Create a variety of building types and heights

D.A 2.2

Create distinctive corner blocks

D.A 3.0

Reduce energy use through passive solar design Minimize distances to facilities to encourage walking Provide a safe, pedestrian and cycle friendly area

D.A 3.1 D.A 3.2

L a n d s c a p e (Green Network)

Interest & Richness

Economical Feasibility

D.O 4

D.O 5

D.O 6

To maximize the presence of natural green space and biodiversity in open spaces

To enhance sensory richness and townscape interest in the area

Propose a shecme which is financially feasible as an individual area and to the overall West End Quarter of Oxford.

D.A 4.0

Deliver avenue planting and vegetation along all routes to enhance streetscape

D.A 4.1

Integrate well designed shared courtyards to increae social interaction

D.A 4.2

Provide vegetation to increase ground floor privacy

D.A 5.0

Use vegetation to animate the street for senses

D.A 5.1

Use a rich pallet of materials to enhance the kinetic and sensory experience of the place

D.A 5.2

Apply townscape theories to aim for a successful town design

D.A 6.0

Provide a minimum of 50% affordable housing (Oxford City Council, 2005 - Policy CS24)

D.A 6.1

To work with building types and density level to acheive a scheme which is financially feasible

D.A 6.2

To provide retail spaces to help boost the local economy

Morphological Layers Buildings Plots Blocks Street

Buildings Plots Blocks Street

Buildings Plots Blocks Street

green network

Buildings Street Green network

Buildings Plots

Natural Lighting: Due to the high density of 500pph the design and massing of the buildings has been amended in order to prevent overshadowing and to provide maximum penetration of natural daylight. Setbacks and courtyards have been introduced to ensure that all buildings, especially residential buildings, will gain maximum daylight by orientating taller buildings on the north. All south facing windows are larger in comparison to north facing windows; street widths have been maximized to ensure all buildings will gain a high sky view factor.

Masterplan O v e r v i e w

Diversity of building forms and types: The design scheme provides a variety of amenities within the area where people are encouraged to walk and consequently this will increase the activity within the streets enhancing the sense of safety and social interaction. A variety of building forms and types have been designed in the scheme which helps with the legibility of the area; residential units (including student accommodation), retail and office units have been provided in order to enhance the diversity of building types.

Environmentally sustainable: To create an environmentally sustainable area Lotus park has been designed to provide a safe, pedestrian and cycle friendly sector.

Safety on the streets is enhanced by orientating buildings towards the streets to create active edges and eyes on the streets. Bicycle lanes and turning points have been designed on Oxpens Road where there will be the highest car congestion.

Landscape: Streets, public spaces and courtyards incorporate natural green space to maximise biodiversity. To soften the visual impact of the built environment vegetation has been used to encourage the use of outdoor activities. This scheme has been designed in a way to increase social interaction by providing well designed and enjoyable courtyards.

Sensory richness and townscape: A rich pallet of materials has been introduced in the design of Lotus Park to enhance the kinetic and place identity. Materials characterise the area and differentiate buildings from one another further enhancing legibility, diversity and place identity. Gordon Cullen’s townscape theories have been used in this scheme to design a successful sector to Oxford.

Economic feasibility: Lotus Park has been designed in a way that is a feasible area, 50% of the residential units provided in this sector have been marked as affordable housing which meets the Oxford City Council’s policy.

This scheme includes a total of 390 family housing as well as 48 student bedrooms. 28 retail units have been introduced on Oxpens road which will boost the local economy.

Figure 5 - Proposed Lotus Park Masterplan - Not to scale

Figure 6 - Masterplan showing ground floor plans - Not to scale

Why?

To allow maximum natural lighting and passive solar heating, particularly for residential accommodation

Sunlight and daylight are valued elements in a good quality living environment. Effective daylighting can reduce the need for electric lighting, while sunlight can contribute towards meeting some of the heating requirements of homes through passive solar heating.

When designing new buildings care should be taken to safeguard access to sunlight and daylight currently enjoyed by adjoining properties. It is important that every effort should be made to avoid or minimise the potential for overshadowing to a neighbour when drawing up plans. Blocks should be shaped and orientated to allow maximum penetration of sunlight and maximum number of southern elevations to optimise the sun’s capacity for daylight and heat gain in winter. Block masses should be designed to avoid overshadowing – larger blocks should be placed towards the northern side of streets to allow maximum solar gain from the south. Changes in level of buildings/blocks should be used to improve solar penetration to streets and south facing facades.

Abrupt changes in building heights can blight adjacent buildings reducing solar gain and daylighting. Block heights should be designed to have the maximum possible sky factor view. A low SVF creates a feeling of density and enclosure as well as a sheltered microclimate however it reduces natural day lighting and solar gain therefore this will increase energy usage. Blocks should be designed to avoid excessive overshadowing and to allow natural lighting and passive solar heating, particularly in the residential areas (Lam, 2014; Nottingham City Council 2006).

Figure 7 - Image showing solar gain

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D.A 1.0 Orientate buildings and plots to maximize sunlight Lotus Park has been designed to ensure all buildings work with the passage of the sun across the sky. All taller buildings all placed at the North of the site (figure 8) to allow all buildings have access to direct sunlight during the day.

Figure 9 - Section showing how the buildings have been orientated to allow sunlight

Figure 10 - Eye level sky view

Figure 8 - Diagram showing building orientation and heights to maximize sunlight

D.A 1.1 Consider maximizing the street widths where possible Street widths along Oxpens road and new proposed roads have been maximized to ensure minimum overshadowing and to ensure maximum sky view factor (Figure 10). The relationship between street width and building height is important for defining the character of a place.

Figure 11- Section showing maximized street width for the proposed Lotus Way

Figure 12- Section showing maximized street width for Oxpens Road

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18M 15.5M

14.2M

15.5M 11.4M

11.2M

Daylight factor is the ratio of internal light level to external light level in percentage. It is calculated under cloudy sky condition only (no direct solar beam).

First Floor Plan

Figure 16- Shadow Analyis June 21st 0900 Figure X - Shadow Analyis June 21st 1400

14.2M 11.4M

15M

June 21st 0900

D.A 1.2 Create changes in building heights to increase daylight - Taller buildings should be placed at the North Building heights have been reduced where possible to allow adjacent buildings to gain solar access and natural daylight.

Space has been provided between taller buildings to provide daylight access and privacy for residents. All block heights have been designed to maximize sky view factor, figure 7 represents all taller buildings being placed at the north.

Oxpens Figure 13Road.

- Elevation showing different building heights

Daylight Factor = 1.0 (correction factor for dirt) x (total glazed area) x (angle of visible sky) x 0.7 (glass transmission factor for double glazing) / (total area of walls, floor and ceiling for this room) x (1) - 0.25 (average reflectance of surfaces) = 0.75 (Use this as a constant figure)

Perimeter of room = 10.23 Room height = 2.5 m Surface area of walls = (10.23x2.5) - (1.59) = 23.19 Surface area of floor = 6.54 Surface area of ceiling= 6.54 TOTAL: 36.27 Area of glazing = 1.59

TOTAL DAYLIGHT FACTOR: 3.4% Ground Floor Plan

December 21st 0900

Window

Figure 17 - Shadow Analyis June 21st 1200

Window

TOTAL DAYLIGHT FACTOR: 3.9%

Figure 8 - Plan showing chosen rooms for daylight calculations - Not to scale

Door

Figure 18 - Shadow Analyis June 21st 1500 Figure 15 - Two storey maisonnette Figure 19- Bird’s Eye view shadow Analyis

December 21st 1400

Perimeter of room = 13.84 Room height = 2.5 m Surface area of walls = (13.84x2.5) - (3.11) = 34.56 Surface area of floor = 611.4 Surface area of ceiling= 11.4 TOTAL: 57.36 Area of glazing = 3.11

Why? Coupland (1997) stated that mixed-use developments have become increasingly important in the recent years (Coupland, 1997, P2); every district should consist of a range of uses which include ‘residential, education, social, commercial…’ (Barton et al 2010, P238). Incorporating a variety of attractions within an area has a direct correlation with the number of pedestrians that will stay in a street and results in the success or fail of the street (Moughtin, 2003, P132). With a higher street activity there is a reduction in crime as a greater observation on the streets increases the sense of security (Coupland 1997). By combining different activities a variety of building forms and densities are created, resulting in a stimulating, enjoyable and convenient place (Davies, 2000, P14).

Barton strengthens this argument in stating the viability of areas are increased in places with multiple and overlapping uses because there are reasons for people to go and stay in the centre (Barton et al, 2010, P238). It has been proven that compared to more carorientated neighbourhoods “those living in mixed use; walkable neighbourhoods were found to have higher levels of social capital” (Leyden 2003).

Furthermore there are health benefits in establishing a mixed- use neighbourhood by providing local facilities within easy walking distances “They promote physical activity and social capital” (Leyden 2003; Frank et al, 2004; Blanco, 2009) A richness of variety and character is essential to create a diverse neighbourhood which can improve the sense of place, enhancing the community and encouraging the interaction of people; “Mixed use neighbourhoods have been found to encourage walking and promote social cohesion” (Barton et al 2010, P238).

Create a diversity of building forms and types to form a strong visual identity

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D.A 2.0 Ground floor uses where possible should include opportunities for cafes or shops to increase street activity To increase street activity and social interaction in the area buildings have been set back from street edge (3 metres), as this will affect how the sidewalk is used. Direct access is provided from the sidewalk to all shop fronts and cafes on ground floor along Oxpens Road. All planters along Oxpens Road can be used as seating allowing the street activity to increase.

Figure 21 - Elevation highlighting ground floor cafes and shops

Figure 22 - Image showing street activity on Oxpens Road

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D.A 2.1 Create a variety of building types and heights Lotus Park includes diversity in building types; Figure 23 represents a schedule of land use for this sector of West Oxford. Residential, Student accommodation, offices and retail have all been considered to create a mixed neighbourhood. Residential units are divided into flats and maisonettes (figure 25). Different types of building heights have been designed across the development as this reinforces the area’s character. No building is over 18m high as this is Oxford City’s policy. Figure 24 represents a diagram showing different heights in this zone.

D.A 2.2 Create distinctive corner blocks All corner blocks for this development have been designed uniquely to create an individual character for each area of Lotus Park. This has been carried out by designing a different façade for the corner blocks which makes them stand out more compared to neighbouring buildings.

Figures 26, 27 and 28 represent distinctive corners along Lotus Park Development.

Figure 26 - Distinctive corner block

Figure 27 - Distinctive corner block

Figure 23 - Land use diagram showing the diversity of building types

Figure 24 - Plan showing the variety of building heights proposed

Figure 25 - Elevation showing the variety of residential units available Flats, Block 1

Maisonnette 1

Four storey house Maisonnette 2

Bicycle Storage Stairwell leading to block 1 and maisonnettes 1 & 2

Maisonnette 4

Flats, Block 2

Figure 28 - Distinctive corner block

Maisonnette 3

Houses with large private balconies

Bicycle Storage Stairwell leading to block 2 and maisonnettes 3 & 4

Flats, Block 3

Why?

To build an environmentally sustainable and energy efficient area to improve comfort and living conditions

For an improved quality of life, it is important to provide land to meet housing needs in the most sustainable way (Williams et al, 2001, P38). Building more homes in urban areas is argued to contribute to social sustainability through regeneration and improves social equity by making services and facilities more accessible to all urban residents (Williams et al, 2001, P38). These concentrate on the accessibility of services and facilities, and aim to make essential amenities available to all urban residents, regardless of their income, age or gender. Therefore local services and facilities can be maintained within a short distance of residential areas.

To increase sustainability within an area it is important to create a neighborhood with walking distance amenities as this encourages individuals to walk rather than being car dependent and provides individuals with a choice to live and work in the same area (Barton et al 2010, P238). To encourage a walkable neighbourhood it is important to provide a safe area, both for the pedestrians and the cyclists. An environment with a lot of activity attracts pedestrians and subsequently this strengthens the sense of security. Safety on the street is enhanced when buildings are orientated towards the space creating an active edge because there are more eyes overlooking activities and a greater incentive to follow the events going on in the city from the surrounding housing and buildings (Gehl, 2010, P6). Jacobs (1961, P130) further argues the importance of an active edge by describing it as a voluntary police force.

D.A 3.0

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Reduce energy use through passive solar design strategies

To increase sustainability and reduce energy use different types of natural ventilation have been proposed for the design of Lotus Park. The most common type is cross ventilation, image x is a section showing cross ventilation, this is obtained by having windows in both sides of the room, causing airflow across the space.

To maximise energy performance and productivity manual solar shading Louvres have been proposed for student accommodation to allow students have control over the level of light in their room. Solar shading louvres are one of the most effective ways to reduce air and light conditions.

Figure 30 - Proposed manual solar louvres for student accommodation - Figure 31 - Natural lighting in a student room

D.A 3.1

Figure 32 - Cross Ventilation

Minimize distances to facilities to encourage walking

Amenities

To increase energy efficiency in the area and to encourage a walkable neighbourhood a mixed use and walkable sector has been proposed where all amenities are within a very short walking distance. Figure 34 represents Lotus Park, showing all amenities in the area. Buildings on Oxpens road are the most mixed use developments where all amenities and residential units on top of ground floor amenities have been proposed.

Figure 33 - Diagram showing all amenities are within a walking distance

Figure 29 - Proposed street bicycle storage Figure 34 - Diagram showing all amenities are within a walking distance

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Figure 35 - Image showing active edges and street activity at night on Lotus Road

Figure 36 - Diagram showing active edges and outdoor bicycle storage

D.A 3.2 Provide a safe, pedestrian and cycle friendly area To reduce energy use, it is important to propose a safe neighbourhood where pedestrians and cyclists feel safe. One way to achieve this is by proposing a well lit area (street lamp), as well as facades with active edges (Figure 36) where eyes will be on the street.

This will therefore reduce any crime and create a sense of safety and security. Figure 35 demonstrates a night view of Lotus Park development - image showing active edges and street lights.

To ensure cyclist and pedestrian safety, clearly marked routes have been proposed. Sidewalks are a total of 3 metres (including 1 metre for planters and vegetation) and cycle route is a total of 1.5 meteres.

Along Oxpens road, where will be the busiest, bicycle roundabouts have been designed for the cyclists safety.

Figure 37 - Section showing Oxpens Road - highlighting sidewalks, cycle routes and vehicular route

Figure 38 - Diagram showing bicycle roundabout and pedestrian crossings (same material as sidewalks)

Why?

To maximize the presence of natural green space and biodiversity in open spaces

Natural environment is a matter of great concern in urban design field as it is essential to promote healthy life to enhance human well-being. As suggested by Rohde and Kendle, people live healthier lives when they have contact with the natural world and to have a connection with nature may be one of the conditions that protects individuals from a breakdown in health and supports resistance to disease (Rohde et al, 1994, p214).

In a broader aspect, access to green space and allotments is a sustainability and health issue, local organic food production in medium- high density areas that can be implemented by providing allotments
in large and poorly accessed. Allotments should be close enough to homes to permit easy access by foot, carrying tools and the guideline for allotments distance is 200m (Baton et al 2010 P138). In an area
of growing intensity the provision of green space is often limited; therefore it is essential to acknowledge the importance of streets as green networks. This has the potential not only to engender support
 for protecting biodiversity, but also to enhance human well-being.

The link between the natural environment and physical activity of human being has been focused on the idea that land use and design policies can be used to increase dependency on neighbourhood open spaces. Therefore it is important for these to be within a walking distance. The key to local provision of open spaces is not the scale of but the quality, access and safety (Whyte 1980).

D.A 4.0

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Deliver avenue planting and vegetation along all routes to enhance streetscape

Figure 41 - Oxpens Road elevation, highlighting avenue of trees

To soften the built environment and enhance the streetscape avenue of plants and vegetation has been proposed for all routes. Oxpens road (figure 41) redesign has the largest number of proposed trees to soften the presence of vehicles, as Studio I space syntax noted this as the busiest road. Figure 42 represents all trees proposed for an improved streetscape.

Figure 43 - Section through Oxpens Road highlighting avenue of trees

Figure 42 - Proposed Lotus Park masterplan highlighting avenue of trees

Figure 39 and 40 - Case Study DONG - Copenhagen (open space inspiration)

Figure 44 - Section through Lotus Way highlighting avenue of trees

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D.A 4.1 Integrate well designed shared open spaces to increase social interaction Large and well designed courtyards and open spaces have been proposed as way to increase social interaction in the area. Each block has a uniquly designed courtyard with using different materials and textures, as well as vegetation.

Figure 45 and 46 - Courtyard Precedents

Figure 47 - Lotus Park open space

D.A 4.2

Use vegetation to increase ground floor privacy

Each ground floor window has vegetation to ensure privacy for the residents as well as adding to the characteristics of the streetscape to enhance the buit environment.

Figure 48- Ground floor vegetation

Why? The urban environment will have a distinctive identity with high quality design and materials enhancing the kinetic experience.

Landmarks have been introduced to enhance the legibility of the city which enriches the walkable experience.

To enhance sensory richness and townscape interest in the area

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It is the degree of fit between the physical city (form) and the way people recognize and organize it in their minds. In other words, it is the degree of homogeneity between environment and observer. Sense then, reflects the clarity with which people perceive the space. Sense depends upon spatial structure, quality, the culture and the current purpose of the observer ( Lynch, 1981).

This dimension will be tackled in more detail later. A rich pallet of materials is crucial to enhance the kinetic and sensory experience of place. Materials characterize the city and differentiate buildings from one another further enhancing legibility, diversity and identity of place. High quality design and local materials will be used in order to retain the character, local distinctiveness and sustainability of the development. A diverse range of materials have been selected to enhance legibility and to distinguish certain buildings of importance. All materials are robust to endure weather conditions and last long durations of time.

The kinetic experience of place is enhanced through the application of Cullen’s ‘Townscape’ theories. The aim of a successful town design is to manipulate the elements of the town so that an impact on emotions is achieved. To create a long last visual identity, it is important to design in a way that the human mind automatically reacts to a contrast, to the differences between things. Serial vision is the movement through a sequence of spaces which create intimate views that enhance the kinetic experience of place. By emphasizing places with shade, shelter, amenity and convenience a sense of territory is caused and this creates an image of the various kinds of occupation a town.

Silver Birch

Figure 51 - Plan showing materials and trees used

Figure 50 - Inspiration for materials and trees

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D.A 5.0

Use a rich pallet of materials to enhance the kinetic and sensory experience of the place

High quality design and local materials has been proposed for Lotus Park in order to retain OXford’s character, local distinctiveness and sustainability of the development. Adiverse range of materials hve been selected to enhance legibility and to distinguish certain buildings of importance. All materals are robust to endure weather conditions and long lasting duration.

D.A 5.2

D.A 5.1 Apply townscape theories to aim for a successful town design To design a successful sector of Oxford, Lotus Park aims to manipulate the elements of the town so that an impact on emotions is achieved. Figure 52 represents serial vision leading to the neighbourhood’s landmark, this serial vision adds to the sensory richness of the area. Figure 53 shows Lotus Park Business Centre acting as a landmark; it is positioned so that it can be viewed across the site. This building adds diversity to aesthetics of the streetscape and provides a focal point for pedestrians. Figure 54 shows Lotus Business Centre’s open “square” with a large water fountain positioned in the centre to enhance sensory richness through sound.

Use vegetation to animate the street for senses

Figure 52- Serial vision

Figure 55 - Selection of chosen trees

hawthorn

Cherry Blossom

Silver Birch

Figure 53-Landmark

Figure 54-Waterfeature

1. Lavender

2. Jasmine

3. Mahonia

4. Loropetarum Figure 56 - Selection of chosen flowers

Feasibility Assessment (Practice I) D.A 6.0 Provide a minimum of 50% affordable housing (Oxford City Council, 2005 - Policy CS24)

To propose a scheme which is financially feasible as an individual area and to the overall West End Quarter of Oxford

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D.A 6.1 To work with building types and density level to acheive a scheme which is financially feasible

To assess the financial viability of Lotus Park Development a residual land value was carried out. Three financial feasibility assessments were carried out to achieve the most feasibly secure results. For all iterations the building program was refined to ensure consistency in the overall finance of the scheme over time to decrease the chances of bankruptcy during the 60 months development. All data used was collected through detailed residential, commercial and retail market research.

Figure 57 - Development phasing diagram

This section outlines the economic analysis and feasibility for Lotus Park development, Oxford’s West End. In order for this development to be financially viable, the final value of the development MUST exceed the cost of developing. The target residual land value for Oxford is £8,000,000 per hectare in order for the development to be feasible

Figure 58 - Residual Land Value

Residential Floor Space 1 Bedroom Flat = 50m2 2 Bedroom Flat= 70m2 3 Bedroom Flat= 95m2 4 Bedroom flat= 105m2 3 Bedroom Maisonette= 95m2 4 Bedroom Maisonette= 110m2

Figure 59 - Cost of proposed development

First Iteration The first iteration (Appendix X) carried out is a basic analysis including all possible development costs in the financial analysis whilst achieving the 50% affordable housing. The minimum target residual land bid for this development is £8,000,000 and using the financial assessment a land value of £12,246,754 was achieved.

Second Iteration The second iteration carried out sustained the 50% affordable housing and refined the building program to ensure a higher financial consistency. This iteration allowed all affordable housing as well as student housing to be built prior to market housing to guarantee a faster sale. This will ensure that the development receives consistent cash flow through out the building process.

Appendix X highlights this strategy enabled a rapid increase in cash flow during the third year of construction however this depleted.

D.A 6.0

• 500 dwelling: 250 (50%) are affordable (111 shared ownership and 89 affordable rent); 250 market housing (155 shared ownership and 145 market rent) • 3100m2 private office floor space (2480m2 net) • 2085 Amenity floor space (1668m2 net) • restaurants/ cafés – 695m2 • retail – 1390 m2

Provide a minimum of 50% affordable housing (Oxford City Council, 2005 - Policy CS24)

Third Iteration - Final The final iteration was carried out with an extra 2% added to the final building cost to achieve well-designed courtyards and open spaces in Lotus Park development. This strategy helps to achieve the vision for this place to increase social interaction through the use of courtyards and open spaces. The value of 2% of the overall built cost of £244935 was added as an extra cost to the feasibility analysis assessment which resulted in a refined land bid of £12,170,991.

Demolition Costs Lotus park development project proposes new residential and commercial development with the need to demolish existing parts of the area. A cost of £50 per m2 is imposed on the demolishment of the existing form of the West End which by CBRE on behalf of the London Borough of Tower Hamlets (April 2008). The total demolition area calculated is 3200m2 at the total cost of £160,000.

Preliminary Costs The industry average for the preliminary cost of works is 15%.

Interest Rate Per Annum An interest rate of 7.5% per annum has been agreed.

Figure 60 - Plan highlighting blocks with available affordable housing

Figure 61 - Detail plan highlighting ground floor affordable and market housing - Not to scale

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D.A 6.2

Use space syntax to provide cafes and retail spaces in busy areas to help boost the local economy Figure 62 - Oxpens Road elevation highlighting retail, cafes and restaurants

How?????

Figure 63 - Studio I Space Syntax

Figure 64 - Space Syntax for Lotus Park - Red represents the most busy roads and blue represents the least busy roads

Figure 65 - Highlighting retail, cafes and resturants facing Oxpens road

Re f l e c t i o n

The vision for Lotus Park was to “improve the quality of life and the experience within the area by enhancing the physical spaces. The aim was to improve social interaction in this sector by providing shared courtyards and balconies.�

Lotus Park masterplan has a total area of 3.2 hectares and has been designed for a density of 500pph. The final scheme for this development has been created as a distinct new quarter through the design actions from the objectives set out. Each of the six objectives outlined (Page X) have been positively achieved for the creation of this sector. Successful integration of good building design and landscape design has attained the design vision. The proposed masterplan provides a mixed development including residential, student accommodation, offices and retail. This area has been designed as a walkable sector with all amenities no more than 200m away.

The masterplan for Lotus Park created a well-designed sector to West Oxford. However as this was designed for a 500pph density it had many impacts on the shape and height of the buildings designed which lead overshadowing. Furthermore, the design could be changed in more detailed to use setbacks and urban breaks to minimize overshadowing.

Overall, the final design for the Lotus Park development used urban theories to meet the vision and all design objections and actions.

Bibliography

Barton et al, (2010). Shaping Neighbourhoods. 2nd ed.

Suffolk: St Edmundsbury Press.

Williams et al (2001). Archieving Sustainable Urban Form.

Glasgow: British Library Cataloguing in Publication Data.

Carmona et al (2003). Public places: Urban Spaces. United Kingdom: Architectural Place.

Figure 45: http://www.pinterest.com/pin/438960294903034015/ Last Accessed: 3rd May 2014 Figure 46: http://www.pinterest.com/pin/402861129137758971/ Last Accessed: 3rd May 2014

Coupland, A (1997). Reclaiming the City: Mixed Use Development. London: Spons Press.

Image Referencing All images and text have been produced by the authors unless otherwise stated.

Crawford, J (2000). Carfree Cities. Netherlands: International Books.

Figure 7: Last Accessed: 3rd May 2014

Figure 50: http://www.pinterest.com/pin/438960294903033875/ Last Accessed: 3rd May 2014

Gehl, J (2010). Cities for people. USA: Island Press.

Figure 20: www.sofia440.com Last Accessed: 3rd May 2014

Figure 55: http://sundaygardener.co.uk/evergreen_shrubs.html Last Accessed: 2nd May 2014

Figure 29: http://www.behance.net/gallery/303579/bicycle-parking Last Accessed: 4th May 2014

Figure 56: http://sundaygardener.co.uk/evergreen_shrubs.html Last Accessed: 2nd May 2014

Gehl, J (2011). Life between buildings: using public space.

USA: Island Press. P162.

Jenks et al (2002). The Compact City - A sustainable urban form?. Oxford: British Library Cataloguing in Publication Data.

Kasprisin, R (2011). Urban Design the composition of complexity. New York: Routledge.

Moughtin et al (1999). Urban Design: Ornament and Decoration. United Kingdom: Architectural Press.

Moughtin et al (2005). Urban Design: Green Dimensions. 2nd ed. United Kingdom: Architectural Press.

Whyte, W (1980). The social life of small urban spaces. USA: Edward Brother Inc.

Figure 33: http://www.pinterest.com/pin/484699978618260421/ Last Accessed: 3rd May 2014 Figure 39: http://www.big.dk/#projects-dong Last Accessed: 3rd May 2014 Figure 40: http://www.big.dk/#projects-dong Last Accessed: 3rd May 2014

RLV Spreadsheet

Modelling The Land Bid Budget A

Site Number:

2

Site Address:

C

D

E

F

G

H

I

J

L

M

RESIDUAL LAND VALUATION MODEL

Author: Professor Stephen Walker © HOUSING DEVELOPMENT MIX

Building Costs £/m² £/unit 940.00 £40,870 940.00 £57,217 940.00 £77,652 940.00 £85,826 1225.00 £106,522 1225.00 £117,174 £0 £0 £0 £0

Total Costs [£] £1,021,739 £1,087,130 £4,659,130 £2,145,652 £1,278,261 £1,640,435 £0 £0 £0 £0

15

£0

£0

£0

16

£0

£0

£0

17

£0

£0

18

£0

£0

3 4 5 6 7 8 9 10 11 12 13 14

Market Homes for Sale 1 Bedromm Flats 2 Bedroom Flats 3 Bedroom Flats 4 Bedroom Flats 3 Bedroom Two Storey Maisonette 4 Bedroom Two Storey Maisonette

19

Total Market [Numbers]

20

% of Total Scheme

21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36

Affordable Homes for Sale 1 Bedromm Flats 2 Bedroom Flats 3 Bedroom Flats 4 Bedroom Flats 3 Bedroom Maisonette

37

Total Affordable Homes for Sale [Numbers]

38

% of Total Scheme

Nos units 25 19 60 25 12 14

155 13645.00

Nos units 25 19 30 25 12

Gross Floor m²/unit 50.0 70.0 95.0 105.0 95.0

Affordable Homes for Rent 1 Bedromm Flats 2 Bedroom Flats 3 Bedroom Flats 4 Bedroom Flats

56

Total Affordable Homes for Rent [Numbers]

57

% of Total Scheme

58 59 60 61 62 63 64

Market Homes for Rent 1 Bedromm Flats 2 Bedroom Flats 3 Bedroom Maisonette 4 Bedroom Maisonette Student accommodation

65

Total Market Homes for Rent [Numbers]

66

% of Total Scheme

67

Overall Total Housing Numbers

68 69 70 71 72 73 74 75 76 77 78 79 80

BUSINESS DEVELOPMENT MIX

£/m² 940.00 940.00 940.00 940.00

7280.00 Gross Floor m²/unit 50.0 70.0 95.0 110.0 20.0

Total

£/unit £40,870 £57,217 £77,652 £85,826 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0

1

17.80%

Costs [£] £817,391 £1,087,130 £2,329,565 £1,716,522 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 Sub-Total

940.00

Sub-Total

Net Floor Space (m²) 2480.00 556.00 1112.00

5185

Gross Development

Rent(£) £150.00

[£] 144.0 126.3 104.6 104.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

%pa 6.70 6.10 5.30 4.30

Rent Flow [£] 144000.00 167990.40 298080.00 219360.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Weekly Rent(£) 250 307 312 414 146

Rents/m² [£] 260.0 228.1 170.8 195.7 378.3

£7,129,739

4148

Costs/m² £ 1170 1865 902

Sub-Total

£Rate/Unit 2100 0 0

60 60.0

Value [£] £2,149,254 £2,753,941 £5,624,151 £5,101,395 £0 DCFRLV £0 Spreadsheet £0 £0 £0 £0 £0 £0 £0 £0

Sub-Total

£829,430

£15,628,741

Initial Yield %pa 6.10 5.30 5.30 4.30 6.10

Annual Rent Flow [£] 260000 718380 194688 301392 367707.6

Gross Development Value [£] £4,262,295 £13,554,340 £3,673,358 £7,009,116 £6,027,993

Sub-Total

£1,842,168

£34,527,103

Modelling The Land Bi

A

£Rate/m² 0 85 0

Rents/m² [£] 236 280 280

£5,371,265

Initial Yield %pa 8.00 6.00 7.00

Annual Rental Flow [£] 585280 155680 311360 0 0 0 0 0 0 0 0

Sub-Total

Total Payable £1,050,000 £3,673,275 £0 £0

1.00

AH% AH RATIO -Social Rent [e.g 18/25] AH RATIO -Homebuy [10/25]

2

Site Address:

£1,052,320

Professional environment Professional fees [%] (architects...)

Legal fees [%] (site acquisition) Legal fees [%] (sales of units) Selling Agents' fees [%] (housing) Selling Agents' fees [%] (business) Marketing/Advertising fees [%] Marketing/Advertising lump sum [£] Planning Fees [£] Stamp Duty [%]

B

C

D

E

F

G

H

I

J

K

L

M

N

O

P

Q

R

S

T

U

9

10

11

12

13

14

V

W

X

DISCOUNTED-CASH-FLOW RESIDUAL LAND VALUATION MODEL

Financial Environment

5

Interest rate (% pa) Annual Rate of Discount (%pa)

Author: Professor Stephen Walker © Professional environment 7.5 5

Professional fees % (architects) Legal fees % (site acquisition)

Inflation/Delation Rate (% pa) Demand-side Inflation/Deflation Rate (% pa) Cost-side

9 10 The Project 11

Total Number of Homes

500

12 Market Homes for Sale (units) 13 Market Homes for Rent (units)

31.0%

145

29.0%

111.00

22.2%

15 Affordable Homes for Rent (units)

89.00

17.8%

16 Housing Density [DPH]

Gross Development Value [£] £7,316,000 £2,594,667 £4,448,000 £0 £0 £0 £0 £0 £0 £0 £0

100.0%

155.00

14 Affordable Homes for Sale (units)

0.85 1.00 0.88 1.00

18 Business Total in m2 (gross) 19 Business Total in m2 (net)

7.5

PROFIT RATE Housing: Market Sector [% of Development Value] Housing: AH Sector [% of Development Value] Commercial Sector [% of Development Value]

16.00 6.00 9.00

Housing: Market Sector [% on Costs] Housing: AH Sector [% on costs] Commercial Sector [% on costs]

19.05 <<<<Equivalent 6.38 9.89

£12,000,000

£8,000,000

22 Profit as % on Costs 23 Profit as % of Turnover [or GDV]

£6,000,000

either >>>>>

14.22%

NUMBER

or >>>>>

12.45%

Plus % Minus %

25 Project duration

RESULT

26 Total (months) 27 Building (months)

£4,000,000 £2,000,000

24

0

0.72 0.28

£0

60 60.00

1

2

3

4

5

29 Site Area in m2 30 Total Land (m2) 31 Housing Land Area [m2]

7

8

15

16

17

Quarter Periods [i.e. 3 months]

31,556 0

32 Local Cost Ajustment Factor 33

6

-£2,000,000

28

1.00

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

34 35

Discount Factor Inflation/Deflation Factor Demand-side Inflation/Deflation Factor Cost-side

37 38

0

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

1.0000

0.9879

0.9759

0.9641

0.9524

0.9408

0.9294

0.9182

0.9070

0.8960

0.8852

0.8744

0.8638

0.8534

0.8430

0.8328

0.8227

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

8

9

10

11

12

13

14

15

16

Quarters

39

40

0

DATA

41

GROSS DEVELOPMENT VALUE

Nominal [Undiscounted]

Discounted

Values

Values

ENTER % of DEVELOPMENT CONTENT BY QUARTERS [i.e. 3months].…

0

Content of Development

43 Total GDV for Market Homes for Sale

155.00

£55,225,000

£55,225,000

£49,490,793

44 Total GDV for Affordable Homes for Sale

111.00

£26,167,100

£26,167,100

£24,924,756

45 Total GDV for Market Homes for Rent

145.00

£34,527,103

£34,527,103

£30,792,925

46 Total GDV for Affordable Housing for Rent

89.00

£15,628,741

£15,628,741

£14,869,126

4148.00

£14,358,667

£14,358,667

£13,378,348

£145,906,611

£133,455,948

£11,832,348

£13,015,583

£11,664,129

£7,798,435

£8,968,200

£8,542,414

56 Total Building Costs for Market Homes for Rent

£7,129,739

£8,199,200

£7,312,440

57 Total Building Costs for Affordable Homes for Rent

£5,950,609

£6,843,200

£6,510,595

58 Total Building Costs for for Business Uses

£5,371,265

£6,176,955

£5,755,232

48 Total Annual Rental Flow for Business Uses 49

54 Total Building Costs for Market Homes for Sale

0.00 1.00 1.00 0.00

55 Total Building Cost for Affordable Homes for Sale

68

15.00

15.00

10.00

0

0

0

5233420

5233420

5233420

5233420

20.00

100.00

40.00

30.00

100.00

100.00

30.00

10.00

0

0

% Total

20.00

100.00

10.00

8.00

8.00

8.00

8.00

8.00

0

11045000

11045000

11045000

11045000

11045000

100.00 0

0

0

0

10358131

0

0

13810841

10358131

0

0

0

0

0

2344311

4688622

0

0

0

0

0

0

0

0

0

0

2153800

1435867

1435867

1148693

1148693

1148693

1148693

1148693

2153800

3

4 20.00

5 20.00

1435867

6 20.00

7 20.00

8

9 20.00

10 20.00

25.00

15.00

15.00

15.00

0

13

0

14

0

0

15

0

16

Quarters

20.00

20.00

100.00

40.00

30.00

100.00

0.00

100.00

30.00 10.00

8.00

8.00

8.00

8.00

8.00

0 0 0

0 1793640 0

0 1793640 0

0 1793640 0

0 1793640 0

0 1793640 0

2603117 0 2459760

2603117 0 0

2603117 0 0

2603117 0 3279680

2603117 0 2459760

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0

1710800

1026480

1026480

1026480

2052960

0

0

0

0

0

0

0

0

0

0

0

926543

2

926543

3

10.00

100.00

0 0 0

1

10.00

0

12

0

0 0

15.00

15.00

11

0

0

0

0 2344311

2

0

0

0

0 2344311

0

0

0

0

0 3907185

1

0

0

5233420

0 0

0

TOTAL

20.00

30.00

63

67 Professional Fees

20.00

0.00

20.00

£5,712,359

£160,000

15.00

0

20.00

59 60 61

66 SUB-TOTAL BUILDING COSTS

Quarters 7

20.00

0 0

65 Extra Works

6 20.00

0

0

62 Preliminaries

5 20.00

15.00

15.00 0

BUILDING COSTS

4 20.00

25.00

52 53

3

30.00

0

TOTAL

2

20.00

50 51

1

20.00

£1,052,320

0.50 0.75 1.00 1.00 1.00

64

0

£10,000,000

% CALCULATOR

47 Total GDV for Business Uses

Estate Agents Fees Stamp Duty Land Tax Obligations, Contributions & Other Levies Legal Fees on Sales

£14,000,000

5185 4148

21 Target rate of Profit

7.5

Finance Charge Weighting Building Costs Professional Fees Marketing/Advertising Fees Planning/survey Fees Land Acquisition Legal Fees

<<< either <<< or

£16,000,000

20

42

Financial Environment Interest rate (%pa)

£18,000,000

17 Total Commercial

£14,358,667

CALCULATOR NUMBER Plus % Minus % RESULT

CASH FLOW [£]

12 1.75 0.5 1 0.75 0 £100 £90,964

Legal Fees for Sales (%) Selling Agents'/Letting Agents' fees % (housing) Selling Agents'/Letting Agents' fees % (business) Advertising fees (%) Advertising lump sum (£) Planning Fees [£] Stamp Duty Land Tax [%]

0.0

36

Efficiency Ratio Retail Industrial Offices Housing Specify other…

12 1.75 0.5 1 0.75 £100 £90,964 7

4

8

1

Market%

Site Number:

7

£145,906,611

£5,712,359 £160,000 £160,000

60 60.0

Total Site Area for Housing (m²) Local Cost Adjustment

1

6

£131,547,944

Total Costs [£] £3,153,913 £1,127,109 £1,090,243 £0 £0 £0 £0 £0 £0 £0 £0 £38,082,396

COSTS>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> TOTAL EXTRA WORKS >>>>>>>>>>>>>>>>>>> Type as lump-sum >>>>>>> Type as lump-sum >>>>>>> Type as lump-sum >>>>>>> Type as lump-sum >>>>>>> Type as lump-sum >>>>>>>

31,556 0.0

MODELLING INPUT

Annual

£32,711,130 Gross Floor Space (m²) 3100 695 1390

Land Total Site Area (m²) Housing Density

109 110 111 112 113 114 115

Initial Yield

7910

3200m2

Project duration Total development period (months) Total building period (months)

£26,167,100

Rents/m²

3

Overall Totals

Planning Obligations and Other Contributions Planning Obligation Contribution [£] Community Infrastructure Levy [£] AH Financial Contribution in Lieu [£] Other [£] Sustainable Homes Cost Premium [lump sum/unit]

Sub-Total Weekly

£184.20 £207.00 £228.50

Total Costs [£] £817,391 £2,574,783 £1,214,348 £1,640,435 £882,783

£/unit £40,870 £57,217 £101,196 £117,174 £16,348

500

Preliminaries/Contingency Extra work/facilities Demolition of existing buildings (£50/sqm)

£55,225,000 Gross Development Value [£] £3,800,000 £3,950,100 £7,050,000 £7,875,000 £3,492,000 £0 £0 £0 £0 £0 £0 £0 £0 £0

£5,950,609

Building Costs £/m² 940.00 940.00 1225.00 1225.00

145 29.00%

617696

617696

4

5

617696

6

494156

7

494156

8

494156

494156

9

10

100.00

494156

11

0

12

0

13

0

14

0

15

0

16

Quarters

£160,000

£153,669

49.00

18.00

10.00

4.00

14.00

£43,363,138

£39,938,478

0

78400

28800

16000

0

4000

0

4000

0

0

6400

22400

0

0

0

0

0

£5,203,577

£4,792,617

0

9408

535174

451520

412538

413018

535715

667324

371673

371673

766002

669532

0

0

0

0

0

£48,566,714

£44,731,095 9

10

11

2.50

2.50

100.00

69

House Price Change Build Cost Change

0

1.00 1.00

CAPITAL PROFITS

70

43794755 3941528 47736283 10397662 £58,133,945

EXTRA WORKS Extra Works Professional Fees Finance (interest on loans)

£160,000 £14,400 £69,701

128 TOTAL EXTRA WORKS

£244,101

129 130 FEES for MARKETING, PLANNING & LETTINGS 131 Marketing/Advertising

LAND COSTS [Gross] LAND + FINANCE + FEES Finance (interests on loans) LAND + FEES Legal Fees Stamp Duty Land Tax LAND BID [£] Land bid/m² [£]

>>>>>>>

Selling Agents' fees [for housing] Selling Agents' fees [business] Planning Fees Sales' Legal Fees Finance (interests on loans) TOTAL FEES for MARKETING, PLANNING, SALES, etc

1315479 7892 90964 729533 39670 £2,183,638

156 157 158 159 160 161 162 163 164 165 166

SUMMARY DETAILS Land Bid Building Construction Costs + Extra Works Professional Fees [ Legal, Planning, Marketing , SDLTax] Planning Obligations & Other Contributions Interest on Loans Capital Profits Gross Development Value (GDV)

£ £38,645,856 £43,954,755 £9,528,750 £4,723,275 £30,893,608 £18,160,367 £145,906,611

Return on All Capital Employed [ROCE]

£ £18,160,367

PLANNING OBLIGATIONS & OTHER CONTRIBUTIONS Planning Obligations Community Infrastructure Levy Affordable Housing Contribution in Lieu Other Contributions Finance [interest on loans] TOTAL OBLIGATIONS & CONTRIBUTIONS

1050000 3673275 0 0 2057597 £6,780,872

0 either >>>>>>>>

72 Advertising lump sum (if any)

or >>>>>>>>

£0

£0

£100

£95

0.00% £100

74 Selling Agents' fees (housing)

£1,315,479

75 Selling/letting fees (business)

£7,892

76 Planning Fees

60403687 18328977 42074710 723644 2705210 £38,645,856 £1,224.675

£90,964

77 Legal Fees on Sales 78

£729,533

TOTAL

£1,315,479 £7,892

80

PLANNING OBLIGATIONS & OTHER

rate CONTRIBUTIONS

81 Planning Obligations 82 Community Infrastructure Levy 83 Affordable Housing Contribution in Lieu

£0

84 Other Contributions

LAND BID /HECTARE [£] £12,246,754 0.00

£85,502,923

TOTAL SCHEME COSTS [including profit] Gross Land Budget GROSS DEVELOPMENT VALUE All Market Housing Development Value All Affordable Housing Development Value All Commercial Development Value

% of GDV 26.49 30.13 6.53 3.24 21.17 12.45 100.0 % of Total Costs 14.8

89

8

12

13

14

15

16

Quarters 0.00

5.00

10.00

5.00

5.00

5

0

5

10

5

5

0

0

0

0

0

£1,200,776

0

0

91406

75777

75777

75777

99220

214031

110450

110450

248558

214031

0

0

0

0

0

£7,354

1184

789

789

789

631

631

631

631

100.00

0

0

£667,280

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

£1,875,505

0

0

56472

48658

45068

45068

56790

112759

60968

60968

130023

112759

0

0

0

0

0

£90,964

1184

5.00

£729,533

631

0

0

0

0

0

£0

0.00

0 £1,050,000

£987,877

£3,673,275

£3,541,290

£0

£0

£0

£0

£0

£0

£1,050,000 £3,673,275

£4,723,275

1

12.45% 16.00%

93 Affordable Housing Sector Profit [% of Development Value]

6.00%

94 Commercial Sector Profit [% of Development Value]

9.00%

£18,160,367

£17,311,430

£18,160,367

£17,311,430

£1,603

£1,583

£73,595,927

£68,448,779

3

4

5

96

9

10

11

12

13

14

15

16

Quarters 100.00 100.00

0

0

0

0

0

1050000

0

0

0

0

0

0

0

0

0

0

0

0

0

0

3673275

0

0

0

0

0

0

0

0

0

0

0

0

0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

4

5

7

8

1121884

1121884

2806928

1517696

1517696

3236672

3608292

1 0

2

3 1211242

6 1413670

9

10

11

12

13 0

14 0

15 0

16 0

Quarters

0

1405766

0

TOTAL PROFIT

0

-87838

4744590

507208

3919721

2865246

4787424

13189117

7034996

7034991

15239289

12367141

0

0

0

0

0

0

-89441

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

1603

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

97

101

Capital Profits

FINANCIAL COSTS

TOTAL INTEREST

0

1

2

3

4

5

102 103

TOTAL COSTS [excl Land and its associated costs]

Interest on Loans

104 105

LAND COSTS

106 Land & Finance & Fees

Interest on Loans

£72,310,684

£65,007,169

107 Finance (interests on loans)

£21,942,053

£19,725,864

108 Land & Fees

£50,368,631

£45,281,305

109 Legal Fees

£866,291

Planning Obligations & Other Contributions

Capital Profits

£778,794

£0

£0

112

LAND BID [£] Land bid/m² [£]

£49,502,340 £1,568.71

£44,502,511 £1,410.27

113

Land Bid/Hectare [£]

£15,687,140

£14,102,710

111

Planning Obligations and Other Contributions

114

Professional Fees [ Legal, Planning, Marketing , SDLTax]

115 116 117 118 119

Building Construction Costs + Extra Works

120 121 122

Land Bid 123

20.00

8

0.00

100 Cumulative debt with interest

15.00

7

0.00

99 Cash flow

10.00

6

100.00

0 £18,160,367

92 Market Housing Sector Profit [% of Development Value]

2

100.00

£4,529,166

PROFIT

91 Prifit as % of Total GDV

98

5.00

7

0

95

Breakdown of Gross Development Value [% of GDV]

0.00

6

5

no units

TOTAL

90 Capital Profit

25.00

30.00

35.00

% of GDV

167

Copyright: Professor Stephen Walker

5 5.00

5

87 88

£85,502,923 £145,906,611 £89,752,103 £41,795,841 £14,358,667

4 5.00

30

£2,143,968

110 Stamp Duty Land Tax

All Scheme Costs [net of all land costs]

3 30.00

30

79

86

Uplift Multiplier

2 30.00

85

Future Use Value Existing Use Value

1

0

73

100

132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155

FEES FOR MARKETING, SELLING AGENTS & PLANNING

71 Advertising (%)

£18,160,367

--------------------------------------------------------------------------------------------------------------------BUILDING COSTS Building construction costs Professional Fees SUB-TOTAL BUILDING Finance (interests on loans) TOTAL BUILDING COSTS

1

£0

Sale Price /unit [£] £152,000 £207,900 £235,000 £315,000 £291,000

£7,798,435

Building Costs

m²/unit 50.0 70.0 95.0 105.0

Nos units 20 45 12 14 54

Appendix

£0 Sub-Total

£1,021,739 £1,087,130 £2,329,565 £2,145,652 £1,214,348 £0 £0 £0 £0 £0 £0 £0 £0 £0 Sub-Total

Gross Development Value [£] £5,450,000 £5,643,000 £20,160,000 £11,250,000 £5,820,000 £6,902,000 £0 £0 £0 £0

£11,832,348 Total Costs [£]

£/unit £40,870 £57,217 £77,652 £85,826 £101,196 £0 £0 £0 £0 £0 £0 £0 £0 £0

1

Sale Price /unit [£] £218,000 £297,000 £336,000 £450,000 £485,000 £493,000

9195.00

89

Total Business Uses

82

117 118 119 120 121 122 123 124 125 126 127

Nos units 20 19 30 20

Business Uses TOTAL OFFICE SPACE TOTAL RESTAURANT/CAFE SPACE TOTAL RETAIL SPACE

81

116

£/m² 940.00 940.00 940.00 940.00 1225.00

111 22.20%

Sub-Total Building Costs

Gross Floor

41 42 43 44 45 46 47 48 49 50 51 52 53 54 55

101 102 103 104 105 106 107 108

1

31.00%

40

83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100

Gross Floor m²/unit 50.0 70.0 95.0 105.0 100.0 110.0

£

1

B

Copyright: Professor Stephen Walker October2013

124

Cash Flows [£] Land Bid Building Construction Costs + Extra Works Professional Fees [ Legal, Planning, Marketing , SDLTax] Planning Obligations and Other Contributions Capital Profits Interest on Loans Gross Development Value (GDV)

Nominal [£] £49,502,340 £43,363,138 £8,213,836 £4,723,275 £18,160,367 £21,943,655 £145,906,611

Discounted [£] £44,502,511 £39,938,478 £7,446,916 £4,529,166 £17,311,430 £19,727,447 £133,455,948

Discounted [as a % of GDV] 33.35 29.93 5.58 3.39 12.97 14.78 100.00

Professional Fees [ Legal, Planning, Marketing , SDLTax]

Building Construction Costs + Extra Works

Discounted [£]

Nominal [£]

Land Bid

6

7

8

9

10

11

12

13

14

"Cost" Breakdown of Gross Development [£]

15

16

Quarters

ker

RLV Spreadsheet

Modelling The Land Bid Budget A

Appendix

1

Site Number:

2

Site Address:

A

B

C

D

E

F

G

H

I

J

K

L

M

N

O

P

Q

R

S

T

U

V

W

X

DISCOUNTED-CASH-FLOW RESIDUAL LAND VALUATION MODEL

Site Number:

2

Site Address:

Author: Professor Stephen Walker ©

Financial Environment

Professional environment

3

5

Interest rate (% pa)

6

Annual Rate of Discount (%pa) Inflation/Delation Rate (% pa) Demand-side Inflation/Deflation Rate (% pa) Cost-side

7 8

7.5

Professional fees % (architects)

5

10 The Project 11

Total Number of Homes

500

100.0%

12 Market Homes for Sale (units)

155.00

31.0%

13 Market Homes for Rent (units)

145

29.0%

14 Affordable Homes for Sale (units)

111.00

22.2%

15 Affordable Homes for Rent (units)

89.00

17.8%

16 Housing Density [DPH]

CASH FLOW [£]

12

Legal fees % (site acquisition) Legal Fees for Sales (%) Selling Agents'/Letting Agents' fees % (housing) Selling Agents'/Letting Agents' fees % (business)

9

1.75 0.5 1 0.75

Advertising fees (%) Advertising lump sum (£) Planning Fees [£] Stamp Duty Land Tax [%]

£14,000,000

£12,000,000

0 £100 £90,964

£10,000,000

£8,000,000

£

4

0.0

17 Total Commercial 18 Business Total in m2 (gross) 19 Business Total in m2 (net)

£6,000,000

5185 4148

£4,000,000

20 21 Target rate of Profit

% CALCULATOR

22 Profit as % on Costs 23 Profit as % of Turnover [or GDV]

either >>>>>

14.22%

NUMBER

or >>>>>

12.45%

Plus %

£2,000,000

Minus %

24 25 Project duration

RESULT

26 Total (months) 27 Building (months)

0

£0

60 60.00

1

2

3

4

5

29 Site Area in m2 30 Total Land (m2) 31 Housing Land Area [m2]

7

8

9

10

11

12

13

14

15

16

17

Quarter Periods [i.e. 3 months]

31,556 0

32 Local Cost Ajustment Factor 33

6

-£2,000,000

28

1.00

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

35

Discount Factor

36

Inflation/Deflation Factor Demand-side Inflation/Deflation Factor Cost-side

37 38

0

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

1.0000

0.9879

0.9759

0.9641

0.9524

0.9408

0.9294

0.9182

0.9070

0.8960

0.8852

0.8744

0.8638

0.8534

0.8430

0.8328

0.8227

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

7

8

9

10

11

12

13

14

15

16

Quarters

39

40

DATA

41 42

GROSS DEVELOPMENT VALUE

Nominal [Undiscounted]

Discounted

Values

Values

ENTER % of DEVELOPMENT CONTENT BY QUARTERS [i.e. 3months].…

0

Content of Development

1

2

3

4

5

6

43 Total GDV for Market Homes for Sale

155.00

£55,225,000

£55,225,000

£52,603,064

20.00

20.00

20.00

20.00

20.00

44 Total GDV for Affordable Homes for Sale

111.00

£26,167,100

£26,167,100

£24,187,417

10.00

10.00

10.00

10.00

10.00

£34,527,103

45 Total GDV for Market Homes for Rent

£34,527,103

£31,724,075

89.00

£15,628,741

£15,628,741

£14,375,243

4148.00

£14,358,667

£14,358,667

£13,378,348

145.00

46 Total GDV for Affordable Housing for Rent 47 Total GDV for Business Uses 48 Total Annual Rental Flow for Business Uses

0 0

TOTAL

£145,906,611

£136,268,146 0

54 Total Building Costs for Market Homes for Sale

£11,832,348

£13,015,583

55 Total Building Cost for Affordable Homes for Sale

£7,798,435

£8,968,200

£6,294,343

58 Total Building Costs for for Business Uses

£5,371,265

£6,176,955

£5,709,635

£5,712,359

£160,000 £43,363,138

0

2616710 0 1250299 2153800

0

0 £160,000

8.00

0

0 0 0

0

0

64

TOTAL

8.00

0

2

2616710

2616710

8.00

2616710

10358131

0

0

1250299

1250299

1250299

2153800

1435867

1435867

3

4

5

2616710 0 1250299 1435867

6

2616710

2616710

13810841

0

0

0

10358131

2031736

2616710

2031736

2031736

2031736

1250299

1148693

1148693

1148693

1148693

1148693

7

10.00

10.00

10.00

10.00

20.00

20.00

20.00

20.00

8.00

8.00

8.00

£153,669

8

2616710

9

10

11

10.00

10.00

10.00

13.00

13.00

13.00

13.00

10.00

10.00

10.00

10.00

10.00

10.00

10.00

1301558 1793640 0

1301558 0 3279680

1301558 0 0

1301558 0 0

1301558 0 0

1301558 0 2459760

49.00

18.00

547456

617696

547456

617696

5

10.00

889616

617696

6

0

0

0

0

0

14

0

0

15

0

16

Quarters 100.00

1301558 1793640 0

547456

0

0 0

0

13

100.00

10.00

4

0

0 0

0

0

100.00

1301558 1793640 0

617696

0

0 0

0

8.00

10.00

547456

0

0

10.00

1301558 1793640 2459760

3

100.00 0

30.00

10.00

617696

100.00

12

1301558 1793640 0

2

100.00

0

100.00 40.00

8.00

547456

0

1

2616710

10.00

30.00

63

68

8.00

8.00

0

0

0 0 0

67 Professional Fees

13.00

8.00

0

8.00

59 60 61

66 SUB-TOTAL BUILDING COSTS

13.00

8.00

10.00

£7,533,561

£6,843,200

65 Extra Works

13.00

10.00 11045000

20.00

£8,199,200

£5,950,609

62 Preliminaries

13.00

10.00 11045000

1

8.00

100.00

30.00

8.00

10.00 11045000

£8,542,414

£7,129,739

57 Total Building Costs for Affordable Homes for Rent

40.00

8.00

10.00

15.00

£12,030,883

56 Total Building Costs for Market Homes for Rent

10.00

11045000

0

0

BUILDING COSTS

10.00

15.00

0

0

52

10.00

11045000

0

0

50

53

0

% Total 100.00

30.00 8.00

£1,052,320

49 51

Quarters

10.00

617696

7

2.50

889616 617696

8

889616

889616

617696

617696

9

10

2.50

547456

0 0 0

0

617696

11 4.00

100.00 0 0 0

0

0

12

0 0 0 0

0

13

0 0 0 0

0

14

0 0 0 0

0

15

0

16

Quarters

14.00

100.00

£40,264,505

0

78400

28800

16000

0

4000

0

4000

0

0

6400

22400

0

0

0

0

0

£5,203,577

£4,831,741

0

9408

514698

808333

511242

511722

511242

731106

337064

337064

337832

593864

0

0

0

0

0

£48,566,714

£45,096,245 8

9

10

11

69 70

FEES FOR MARKETING, SELLING AGENTS & PLANNING

71 Advertising (%)

0 either >>>>>>>>

72 Advertising lump sum (if any)

or >>>>>>>>

£0

£0

£100

£95

0.00% £100

74 Selling Agents' fees (housing)

£1,315,479

75 Selling/letting fees (business)

£7,892

76 Planning Fees

£90,964

77 Legal Fees on Sales 78

£729,533

TOTAL

£1,315,479 £7,892

1

2

3

4

5

6

7

12

13

14

15

16

Quarters 0.00

30.00

30.00

5.00

5.00

5.00

10.00

5.00

5.00

0

30

30

5

5

0

5

0

5

10

5

5

0

0

0

0

0

£1,228,898

0

0

149120

252701

149120

149120

149120

184593

46484

46484

46484

142251

0

0

0

0

0

£7,354

73

1184

789

789

789

631

631

631

631

100.00

0

0

£729,533

£681,341

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

£2,143,968

£1,917,688

0

0

85329

137120

81739

81739

81739

98040

28986

28986

28986

76869

0

0

0

0

0

£90,964

1184

5.00

631

0

0

0

0

0

£0

0.00

80

PLANNING OBLIGATIONS & OTHER

rate CONTRIBUTIONS

81 Planning Obligations 82 Community Infrastructure Levy 83 Affordable Housing Contribution in Lieu

£0

84 Other Contributions

0

no units

£1,050,000

£987,877

£3,673,275

£3,541,290

£0

£0

£0

£0

£0

£0

£1,050,000 £3,673,275

TOTAL

£4,723,275

£4,529,166

£18,160,367

£17,438,413

91 Prifit as % of Total GDV

12.45%

92 Market Housing Sector Profit [% of Development Value]

16.00%

93 Affordable Housing Sector Profit [% of Development Value]

6.00%

94 Commercial Sector Profit [% of Development Value]

9.00%

5

6

7

8

9

10

11

12

13

14

15

16

Quarters 100.00 100.00 0.00 0.00

0

0

0

0

1050000

0

0

0

0

0

0

0

0

0

0

0

0

0

0

3673275

0

0

0

0

0

0

0

0

0

0

0

0

0

0 £18,160,367

4

0 0 0

PROFIT

90 Capital Profit

3

100.00

87 88 89

2

100.00

85 86

1

0 0

0 0

1 0

2 0

0 0

0 0

0 0

3413340

2034750

2034750

3

2124108

4

5

0 0

6

0 0

7

2034750

0 0

8

2440521

721545

0 0

0 0

9

10

721545

0 0

721545

2459813

11

0 0

12

0 0

13 0

0 0

14 0

0 0

15 0

0 0

16 0

Quarters 0

96

TOTAL PROFIT

£18,160,367

£17,438,413

97 98

FINANCIAL COSTS

0

99 Cash flow 100 Cumulative debt with interest 101

TOTAL INTEREST

£1,603

£1,583

£73,595,927

£68,983,096

2

3

4

0

1 -87838

9902191

12401873

9309881

8255406

5

9309881

10060540

0

-89441

0

0

0

0

0

0

0

1603

0

0

0

0

0

0

102 103

TOTAL COSTS [excl Land and its associated costs]

Interest on Loans

104 105

LAND COSTS

106 Land & Finance & Fees

£72,310,684

£67,285,050

107 Finance (interests on loans)

£21,942,053

£20,417,068

108 Land & Fees

£50,368,631

£46,867,982

£866,291

£806,083

£0

£0

109 Legal Fees 110 Stamp Duty Land Tax

112

LAND BID [£] Land bid/m² [£]

£49,502,340 £1,568.71

£46,061,899 £1,459.69

113

Land Bid/Hectare [£]

£15,687,140

£14,596,875

111

Capital Profits

Planning Obligations and Other Contributions

114

115 116 117 118 119 120 121 122

123 124

Cash Flows [£] Land Bid Building Construction Costs + Extra Works Professional Fees [ Legal, Planning, Marketing , SDLTax] Planning Obligations and Other Contributions Capital Profits Interest on Loans Gross Development Value (GDV)

Nominal [£] £49,502,340 £43,363,138 £8,213,836 £4,723,275 £18,160,367 £21,943,655 £145,906,611

Discounted [£] £46,061,899 £40,264,505 £7,555,512 £4,529,166 £17,438,413 £20,418,651 £136,268,146

Discounted [as a % of GDV] 33.80 29.55 5.54 3.32 12.80 14.98 100.00

Professional Fees [ Legal, Planning, Marketing , SDLTax]

Building Construction Costs + Extra Works

Discounted [£]

Nominal [£]

Land Bid

6

7

8

9

10

11

12

13

14

15

16

Quarters

1853554

1853549

1846386

7151529

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

"Cost" Breakdown of Gross Development [£]

H

I

J

L

M

Building Costs £/m² £/unit 940.00 £40,870 940.00 £57,217 940.00 £77,652 940.00 £85,826 1225.00 £106,522 1225.00 £117,174

£0

£0

£0

16

£0

£0

£0

17

£0

£0

18

£0

£0

19

Total Market [Numbers]

20

% of Total Scheme Affordable Homes for Sale 1 Bedromm Flats 2 Bedroom Flats 3 Bedroom Flats 4 Bedroom Flats 3 Bedroom Maisonette

37

Total Affordable Homes for Sale [Numbers]

38

% of Total Scheme

Nos units 25 19 60 25 12 14

155

1

31.00%

13645.00

Nos units 25 19 30 25 12

Gross Floor m²/unit 50.0 70.0 95.0 105.0 95.0

£/m² 940.00 940.00 940.00 940.00 1225.00

111 22.20%

Affordable Homes for Rent 1 Bedromm Flats 2 Bedroom Flats 3 Bedroom Flats 4 Bedroom Flats

56

Total Affordable Homes for Rent [Numbers]

57

% of Total Scheme

58 59 60 61 62 63 64

Market Homes for Rent 1 Bedromm Flats 2 Bedroom Flats 3 Bedroom Maisonette 4 Bedroom Maisonette Student accommodation

65

Total Market Homes for Rent [Numbers]

66

% of Total Scheme

67

Overall Total Housing Numbers

68 69 70 71 72 73 74 75 76 77 78 79 80

BUSINESS DEVELOPMENT MIX

Nos units 20 19 30 20

m²/unit 50.0 70.0 95.0 105.0

£/m² 940.00 940.00 940.00 940.00

Nos units 20 45 12 14

Total

£/unit £40,870 £57,217 £77,652 £85,826 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0

1 7280.00 Gross Floor m²/unit 50.0 70.0 95.0 110.0 20.0

Costs [£] £817,391 £1,087,130 £2,329,565 £1,716,522 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 Sub-Total

£/m² 940.00 940.00 1225.00 1225.00 940.00

£/unit £40,870 £57,217 £101,196 £117,174 £16,348

Preliminaries/Contingency Extra work/facilities Demolition of existing buildings (£50/sqm)

Sub-Total

101 102 103 104 105 106 107 108

Project duration Total development period (months) Total building period (months)

5185

£Rate/Unit 2100

Gross Development

Rent(£) £150.00

[£] 144.0 126.3 104.6 104.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

%pa 6.70 6.10 5.30 4.30

Rent Flow [£] 144000.00 167990.40 298080.00 219360.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Value [£] £2,149,254 £2,753,941 £5,624,151 £5,101,395 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0

Sub-Total

£829,430

£15,628,741

Rents/m² [£] 260.0 228.1 170.8 195.7 378.3

Initial Yield %pa 6.10 5.30 5.30 4.30 6.10

Annual Rent Flow [£] 260000 718380 194688 301392 367707.6

Gross Development Value [£] £4,262,295 £13,554,340 £3,673,358 £7,009,116 £6,027,993

Sub-Total

£1,842,168

£34,527,103

Rents/m² [£] 236 280 280

Initial Yield %pa 8.00 6.00 7.00

Annual Rental Flow [£] 585280 155680 311360 0 0 0 0 0 0 0 0

Gross Development Value [£] £7,316,000 £2,594,667 £4,448,000 £0 £0 £0 £0 £0 £0 £0 £0

Sub-Total

£1,052,320

Weekly Rent(£) 250 307 312 414 146

£7,129,739

Net Floor Space (m²) 2480.00 556.00 1112.00

Costs/m² £ 1170 1865 902

4148

Sub-Total

COSTS>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> TOTAL EXTRA WORKS >>>>>>>>>>>>>>>>>>> Type as lump-sum >>>>>>> Type as lump-sum >>>>>>> Type as lump-sum >>>>>>> Type as lump-sum >>>>>>> Type as lump-sum >>>>>>>

0 0

£Rate/m² 0 85 0

Total Payable £1,050,000 £3,673,275 £0 £0

31,556 0.0

60 60.0

£131,547,944

Total Costs [£] £3,153,913 £1,127,109 £1,090,243 £0 £0 £0 £0 £0 £0 £0 £0 £5,371,265

Professional environment Professional fees [%] (architects...)

Legal fees [%] (site acquisition) Legal fees [%] (sales of units) Selling Agents' fees [%] (housing) Selling Agents' fees [%] (business) Marketing/Advertising fees [%] Marketing/Advertising lump sum [£] Planning Fees [£] Stamp Duty [%]

Efficiency Ratio Retail Industrial Offices Housing Specify other…

12 1.75 0.5 1 0.75 £100 £90,964 7

1.00

£14,358,667 £145,906,611

£5,712,359 £160,000 £160,000

0.85 1.00 0.88 1.00

CALCULATOR NUMBER Plus % Minus % RESULT

Financial Environment Interest rate (%pa)

<<< either <<< or

60 60.0

Total Site Area for Housing (m²) Local Cost Adjustment

PROFIT RATE Housing: Market Sector [% of Development Value] Housing: AH Sector [% of Development Value] Commercial Sector [% of Development Value]

16.00 6.00 9.00

Housing: Market Sector [% on Costs] Housing: AH Sector [% on costs] Commercial Sector [% on costs]

19.05 <<<<Equivalent 6.38 9.89

7.5

0

7.5

Finance Charge Weighting Building Costs Professional Fees Marketing/Advertising Fees Planning/survey Fees Land Acquisition Legal Fees

0.50 0.75 1.00 1.00 1.00

Estate Agents Fees Stamp Duty Land Tax Obligations, Contributions & Other Levies Legal Fees on Sales

0.00 1.00 1.00 0.00

1

Market% AH%

109 110 111 112 113 114 115

Annual

£38,082,396

Land Total Site Area (m²) Housing Density

MODELLING INPUT

Initial Yield

£32,711,130 Gross Floor Space (m²) 3100 695 1390

3200m2

Planning Obligations and Other Contributions Planning Obligation Contribution [£] Community Infrastructure Levy [£] AH Financial Contribution in Lieu [£] Other [£] Sustainable Homes Cost Premium [lump sum/unit]

£26,167,100

Rents/m²

7910

Overall Totals

83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100

Sub-Total Weekly

£184.20 £207.00 £228.50

Total Costs [£] £817,391 £2,574,783 £1,214,348 £1,640,435 £882,783

500

Total Business Uses

82

£55,225,000 Gross Development Value [£] £3,800,000 £3,950,100 £7,050,000 £7,875,000 £3,492,000 £0 £0 £0 £0 £0 £0 £0 £0 £0

£5,950,609

Building Costs

145

Business Uses TOTAL OFFICE SPACE TOTAL RESTAURANT/CAFE SPACE TOTAL RETAIL SPACE

£0

Sale Price /unit [£] £152,000 £207,900 £235,000 £315,000 £291,000

£7,798,435

Building Costs

89

29.00%

£0 Sub-Total

£1,021,739 £1,087,130 £2,329,565 £2,145,652 £1,214,348 £0 £0 £0 £0 £0 £0 £0 £0 £0 Sub-Total

Gross Development Value [£] £5,450,000 £5,643,000 £20,160,000 £11,250,000 £5,820,000 £6,902,000 £0 £0 £0 £0

£11,832,348 Total Costs [£]

£/unit £40,870 £57,217 £77,652 £85,826 £101,196 £0 £0 £0 £0 £0 £0 £0 £0 £0

1

Sale Price /unit [£] £218,000 £297,000 £336,000 £450,000 £485,000 £493,000

9195.00

17.80%

54

Sub-Total Building Costs

Gross Floor

41 42 43 44 45 46 The Land Bid Budget with a Cash Flow 47 48 49 50 51 52 53 54 55

117 118 119 120 121 122 123 124 125 126 127

Gross Floor m²/unit 50.0 70.0 95.0 105.0 100.0 110.0

AH RATIO -Social Rent [e.g 18/25] AH RATIO -Homebuy [10/25] House Price Change Build Cost Change

0 0.72 0.28

0

1.00 1.00

CAPITAL PROFITS £18,160,367

--------------------------------------------------------------------------------------------------------------------BUILDING COSTS Building construction costs Professional Fees SUB-TOTAL BUILDING Finance (interests on loans) TOTAL BUILDING COSTS

43794755 3941528 47736283 10397662 £58,133,945

EXTRA WORKS Extra Works Professional Fees Finance (interest on loans)

£160,000 £14,400 £69,701

128 TOTAL EXTRA WORKS

£244,101

129 130 FEES for MARKETING, PLANNING & LETTINGS 131 Marketing/Advertising

95

G

15

116

79

F

£0 £0 £0 £0

81

34

E

Total Costs [£] £1,021,739 £1,087,130 £4,659,130 £2,145,652 £1,278,261 £1,640,435 £0 £0 £0 £0

Market Homes for Sale 1 Bedromm Flats 2 Bedroom Flats 3 Bedroom Flats 4 Bedroom Flats 3 Bedroom Two Storey Maisonette 4 Bedroom Two Storey Maisonette

40

1

D

Author: Professor Stephen Walker © HOUSING DEVELOPMENT MIX

21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36

Modelling

C

RESIDUAL LAND VALUATION MODEL

3 4 5 6 7 8 9 10 11 12 13 14

2

B

LAND COSTS [Gross] LAND + FINANCE + FEES Finance (interests on loans) LAND + FEES Legal Fees Stamp Duty Land Tax LAND BID [£] Land bid/m² [£]

>>>>>>>

60403687 18328977 42074710 723644 2705210 £38,645,856 £1,224.675

LAND BID /HECTARE [£]

Future Use Value Existing Use Value

£12,246,754

Uplift Multiplier

0.00

100

132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155

Selling Agents' fees [for housing] Selling Agents' fees [business] Planning Fees Sales' Legal Fees Finance (interests on loans) TOTAL FEES for MARKETING, PLANNING, SALES, etc

1315479 7892 90964 729533 39670 £2,183,638

PLANNING OBLIGATIONS & OTHER CONTRIBUTIONS Planning Obligations Community Infrastructure Levy Affordable Housing Contribution in Lieu Other Contributions Finance [interest on loans] TOTAL OBLIGATIONS & CONTRIBUTIONS

1050000 3673275 0 0 2057597 £6,780,872

156 157 158 159 160 161 162 163 164 165 166

SUMMARY DETAILS Land Bid Building Construction Costs + Extra Works Professional Fees [ Legal, Planning, Marketing , SDLTax] Planning Obligations & Other Contributions Interest on Loans Capital Profits Gross Development Value (GDV)

£ £38,645,856 £43,954,755 £9,528,750 £4,723,275 £30,893,608 £18,160,367 £145,906,611

Return on All Capital Employed [ROCE]

£ £18,160,367

All Scheme Costs [net of all land costs]

£85,502,923

TOTAL SCHEME COSTS [including profit] Gross Land Budget GROSS DEVELOPMENT VALUE All Market Housing Development Value All Affordable Housing Development Value All Commercial Development Value

Breakdown of Gross Development Value [% of GDV]

Capital Profits

Interest on Loans

Planning Obligations & Other Contributions

£85,502,923 £145,906,611 £89,752,103 £41,795,841 £14,358,667 % of GDV 26.49 30.13 6.53 3.24 21.17 12.45 100.0 % of Total Costs 14.8

Professional Fees [ Legal, Planning, Marketing , SDLTax]

Building Construction Costs + Extra Works

Land Bid

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

% of GDV

167

Copyright: Professor Stephen Walker October 2013

October2013

RLV Spreadsheet

Modelling The Land Bid Budget A

Site Number:

2

Site Address:

C

D

E

F

G

H

I

J

L

M

RESIDUAL LAND VALUATION MODEL

Author: Professor Stephen Walker © HOUSING DEVELOPMENT MIX

Building Costs £/m² £/unit 940.00 £40,870 940.00 £57,217 940.00 £77,652 940.00 £85,826 1225.00 £106,522 1225.00 £117,174 £0 £0 £0 £0

Total Costs [£] £1,021,739 £1,087,130 £4,659,130 £2,145,652 £1,278,261 £1,640,435 £0 £0 £0 £0

15

£0

£0

£0

16

£0

£0

£0

17

£0

£0

18

£0

£0

3 4 5 6 7 8 9 10 11 12 13 14

Market Homes for Sale 1 Bedromm Flats 2 Bedroom Flats 3 Bedroom Flats 4 Bedroom Flats 3 Bedroom Two Storey Maisonette 4 Bedroom Two Storey Maisonette

19

Total Market [Numbers]

20

% of Total Scheme

21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36

Affordable Homes for Sale 1 Bedromm Flats 2 Bedroom Flats 3 Bedroom Flats 4 Bedroom Flats 3 Bedroom Maisonette

37

Total Affordable Homes for Sale [Numbers]

38

% of Total Scheme

Nos units 25 19 60 25 12 14

155 13645.00

Nos units 25 19 30 25 12

Gross Floor m²/unit 50.0 70.0 95.0 105.0 95.0

£/m² 940.00 940.00 940.00 940.00 1225.00

111 22.20%

Affordable Homes for Rent 1 Bedromm Flats 2 Bedroom Flats 3 Bedroom Flats 4 Bedroom Flats

56

Total Affordable Homes for Rent [Numbers]

57

% of Total Scheme

58 59 60 61 62 63 64

Market Homes for Rent 1 Bedromm Flats 2 Bedroom Flats 3 Bedroom Maisonette 4 Bedroom Maisonette Student accommodation

65

Total Market Homes for Rent [Numbers]

66

% of Total Scheme

67

Overall Total Housing Numbers

68 69 70 71 72 73 74 75 76 77 78 79 80

BUSINESS DEVELOPMENT MIX

81

Total Business Uses

82

Overall Totals

Nos units 20 19 30 20

83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100

Preliminaries/Contingency Extra work/facilities Demolition of existing buildings (£50/sqm) Well designed courtyards and open spaces (2%)

101 102 103 104 105 106 107 108

Project duration Total development period (months) Total building period (months)

m²/unit 50.0 70.0 95.0 105.0

Nos units 20 45 12 14 145

Sub-Total

Sub-Total

£26,167,100

Total

Weekly

Rents/m²

Initial Yield

Annual

Gross Development

Costs [£] £817,391 £1,087,130 £2,329,565 £1,716,522 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0

Rent(£) £150.00 £184.20 £207.00 £228.50

[£] 144.0 126.3 104.6 104.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

%pa 6.70 6.10 5.30 4.30

Rent Flow [£] 144000.00 167990.40 298080.00 219360.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Sub-Total

£829,430

£15,628,741

Rents/m² [£] 260.0 228.1 170.8 195.7 378.3

Initial Yield %pa 6.10 5.30 5.30 4.30 6.10

Annual Rent Flow [£] 260000 718380 194688 301392 367707.6

Gross Development Value [£] £4,262,295 £13,554,340 £3,673,358 £7,009,116 £6,027,993

Sub-Total

£1,842,168

£34,527,103

Total Costs [£] £817,391 £2,574,783 £1,214,348 £1,640,435 £882,783 Sub-Total

Weekly Rent(£) 250 307 312 414 146

£7,129,739 £32,711,130

Net Floor Space (m²) 2480.00 556.00 1112.00

5185

4148

Costs/m² £ 1170 1865 902

Sub-Total

Total Costs [£] £3,153,913 £1,127,109 £1,090,243 £0 £0 £0 £0 £0 £0 £0 £0

Rents/m² [£] 236 280 280

£5,371,265

Initial Yield %pa 8.00 6.00 7.00

Annual Rental Flow [£] 585280 155680 311360 0 0 0 0 0 0 0 0

Sub-Total

£1,052,320

COSTS>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> TOTAL EXTRA WORKS >>>>>>>>>>>>>>>>>>> Type as lump-sum >>>>>>> Type as lump-sum >>>>>>> Type as lump-sum >>>>>>> Type as lump-sum >>>>>>> Type as lump-sum >>>>>>>

£Rate/m² 0 85 0

Total Payable £1,050,000 £3,673,275 £0 £0

31,556 0.0

60 60.0

Professional environment Professional fees [%] (architects...)

Legal fees [%] (site acquisition) Legal fees [%] (sales of units) Selling Agents' fees [%] (housing) Selling Agents' fees [%] (business) Marketing/Advertising fees [%] Marketing/Advertising lump sum [£] Planning Fees [£] Stamp Duty [%]

1.00

AH% AH RATIO -Social Rent [e.g 18/25] AH RATIO -Homebuy [10/25] House Price Change Build Cost Change

0

Efficiency Ratio Retail Industrial Offices Housing Specify other…

0.85 1.00 0.88 1.00

<<< either <<< or

PROFIT RATE Housing: Market Sector [% of Development Value] Housing: AH Sector [% of Development Value] Commercial Sector [% of Development Value]

0

1.00 1.00

C

7.5

Financial Environment

5

Interest rate (% pa)

6

Annual Rate of Discount (%pa) Inflation/Delation Rate (% pa) Demand-side Inflation/Deflation Rate (% pa) Cost-side

11

5

£404,935 £36,444 £176,402

128 TOTAL EXTRA WORKS

£617,781

129

Total Number of Homes

500

130 FEES for MARKETING, PLANNING & LETTINGS 131 Marketing/Advertising

31.0%

145

29.0%

14 Affordable Homes for Sale (units)

111.00

22.2%

15 Affordable Homes for Rent (units)

89.00

17.8%

Selling Agents' fees [for housing] Selling Agents' fees [business] Planning Fees Sales' Legal Fees Finance (interests on loans) TOTAL FEES for MARKETING, PLANNING, SALES, etc

1315479 7892 90964 729533 39670 £2,183,638

PLANNING OBLIGATIONS & OTHER CONTRIBUTIONS Planning Obligations Community Infrastructure Levy Affordable Housing Contribution in Lieu Other Contributions Finance [interest on loans] TOTAL OBLIGATIONS & CONTRIBUTIONS

1050000 3673275 0 0 2057597 £6,780,872

156 157 158 159 160 161 162 163 164 165 166

SUMMARY DETAILS Land Bid Building Construction Costs + Extra Works Professional Fees [ Legal, Planning, Marketing , SDLTax] Planning Obligations & Other Contributions Interest on Loans Capital Profits Gross Development Value (GDV)

£ £38,406,778 £44,199,690 £9,529,582 £4,723,275 £30,886,918 £18,160,367 £145,906,611

Return on All Capital Employed [ROCE]

£ £18,160,367

All Scheme Costs [net of all land costs]

£85,876,603

TOTAL SCHEME COSTS [including profit] Gross Land Budget GROSS DEVELOPMENT VALUE All Market Housing Development Value All Affordable Housing Development Value All Commercial Development Value

£85,876,603 £145,906,611 £89,752,103 £41,795,841 £14,358,667

167

Copyright: Professor Stephen Walker

% of Total Costs 14.8

0 £100 £90,964

M

N

O

P

Q

R

S

T

U

9

10

11

12

13

14

V

W

X

£14,000,000 £12,000,000 £10,000,000 £8,000,000 £6,000,000

% CALCULATOR either >>>>>

14.22%

NUMBER

or >>>>>

12.45%

Plus % Minus %

25 Project duration

RESULT

26 Total (months) 27 Building (months)

£4,000,000 £2,000,000

24

0

£0

60 60.00

1

2

3

4

5

29 Site Area in m2 30 Total Land (m2) 31 Housing Land Area [m2]

7

8

15

16

17

Quarter Periods [i.e. 3 months]

31,556 0

32 Local Cost Ajustment Factor 33

6

-£2,000,000

28

1.00

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

34

£14,358,667

35

Discount Factor

36

Inflation/Deflation Factor Demand-side Inflation/Deflation Factor Cost-side

0

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

1.0000

0.9879

0.9759

0.9641

0.9524

0.9408

0.9294

0.9182

0.9070

0.8960

0.8852

0.8744

0.8638

0.8534

0.8430

0.8328

0.8227

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

7

8

9

10

11

12

13

14

15

16

Quarters

39

40

DATA

41

0

7.5

42

GROSS DEVELOPMENT VALUE

Nominal [Undiscounted]

Discounted

Values

Values

ENTER % of DEVELOPMENT CONTENT BY QUARTERS [i.e. 3months].…

0

Content of Development

0.50 0.75 1.00 1.00 1.00

Estate Agents Fees Stamp Duty Land Tax Obligations, Contributions & Other Levies Legal Fees on Sales

0.00 1.00 1.00 0.00

2

3

4

5

6

155.00

£55,225,000

£55,225,000

£52,603,064

20.00

20.00

20.00

20.00

20.00

44 Total GDV for Affordable Homes for Sale

111.00

£26,167,100

£26,167,100

£24,187,417

10.00

10.00

10.00

10.00

10.00

45 Total GDV for Market Homes for Rent

145.00

£34,527,103

£34,527,103

£32,266,141

46 Total GDV for Affordable Housing for Rent

89.00

£15,628,741

£15,628,741

£14,375,243

4148.00

£14,358,667

£14,358,667

£13,214,514

£145,906,611

£136,646,378

47 Total GDV for Business Uses 48 Total Annual Rental Flow for Business Uses

8.00

£1,052,320

0

TOTAL

52 53

0

0

50 51

BUILDING COSTS

Quarters

11045000

10.00

10.00

20.00

20.00

10.00

10.00

10.00

100.00

10.00

100.00

8.00

8.00

8.00

8.00

13.00

13.00

13.00

13.00

8.00

100.00

15.00

10.00

10.00

10.00

15.00

5.00

15.00

10.00

10.00

100.00

11045000

11045000

11045000

11045000

0

0

3452710

0

0

0

0

2031736

2031736

2031736

1250299

0

0

0

0

2153800

717933

2153800

1435867

1435867

0

0

0

0

9

10

11

0

12

0

0

6905421

2031736

1435867

8

2616710

0

6905421

1250299

1435867

7

2616710

0

0

1250299

1435867

6

2616710

0

0

1250299

2153800

5

2616710

0

0

1250299

4

2616710

0

17263551

0

3

2616710

0

0 1250299

0

2

2616710

0

2616710

0 0

0

1

2616710

0

2616710

0 0

0

0

% Total 100.00

50.00

49

Finance Charge Weighting Building Costs Professional Fees Marketing/Advertising Fees Planning/survey Fees Land Acquisition Legal Fees

1

43 Total GDV for Market Homes for Sale

13

0

14

0

0

15

0 0 0 0

16

Quarters

54 Total Building Costs for Market Homes for Sale

£11,832,348

£13,015,583

£12,309,098

20.00

20.00

10.00

10.00

20.00

10.00

10.00

100.00

55 Total Building Cost for Affordable Homes for Sale

£7,798,435

£8,968,200

£8,481,407

20.00

20.00

10.00

10.00

20.00

10.00

10.00

100.00

56 Total Building Costs for Market Homes for Rent

£7,129,739

£8,199,200

£7,754,148

20.00

20.00

10.00

10.00

20.00

10.00

10.00

57 Total Building Costs for Affordable Homes for Rent

£5,950,609

£6,843,200

£6,471,752

20.00

20.00

10.00

10.00

20.00

10.00

10.00

58 Total Building Costs for for Business Uses

£5,371,265

£6,176,955

£5,841,671

20.00

20.00

10.00

10.00

20.00

10.00

10.00

59 60 61 62 Preliminaries

£5,712,359

65 Extra Works

£404,935

66 SUB-TOTAL BUILDING COSTS 67 Professional Fees 68

TOTAL

100.00 100.00

0 0 0

2603117 1793640 1639840

2603117 1793640 1639840

1301558 896820 819920

1301558 896820 819920

2603117 1793640 1639840

1301558 896820 819920

1301558 896820 819920

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0

0

1368640

1368640

684320

684320

1368640

684320

684320

0

0

0

0

0

0

0

0

0

64

100.00

0 0 0 0

63

0

1235391

1

2

1235391

3

617696

617696

4

5

1235391

6

617696

7

617696

8

0

9

0

10

0

11

0

12

0

13

0

14

0

15

0

16

Quarters

£404,935

£388,912

49.00

18.00

10.00

4.00

14.00

£43,608,073

£41,246,988

0

198418

72888

40494

0

10123

0

10123

0

0

16197

56691

0

0

0

0

0

£5,232,969

£4,949,639

0

23810

1045622

1041735

518438

519652

1036875

519652

518438

0

1944

6803

0

0

0

0

0

£48,841,041

£46,196,627 5

6

2.50

2.50

100.00

69 70

FEES FOR MARKETING, SELLING AGENTS & PLANNING

0 either >>>>>>>>

72 Advertising lump sum (if any)

or >>>>>>>>

£0

£0

£100

£95

0.00% £100 £1,315,479

75 Selling/letting fees (business)

£7,892

76 Planning Fees

£90,964

77 Legal Fees on Sales 78

£729,533

TOTAL

£1,315,479 £7,892

1

2

3

4

7

8

9

10

11

12

13

14

15

16

Quarters 0.00

30.00

30.00

5.00

5.00

5.00

10.00

5.00

5.00

0

30

30

5

5

0

5

0

5

10

5

5

0

0

0

0

0

£1,234,319

0

0

149120

321756

149120

149120

149120

115539

115539

46484

46484

73197

0

0

0

0

0

£7,264

73

1184

789

789

789

1184

395

1184

789

100.00

0

0

£729,533

£683,232

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

£2,143,968

£1,924,909

0

0

74560

171647

81739

81739

81739

68538

61359

34011

30422

43778

0

0

0

0

0

£90,964

0

5.00

789

0

0

0

0

0

£0

0.00

79 80

PLANNING OBLIGATIONS & OTHER

rate CONTRIBUTIONS

81 Planning Obligations 82 Community Infrastructure Levy 83 Affordable Housing Contribution in Lieu

£0

84 Other Contributions

0

no units

£1,050,000

£987,877

£3,673,275

£3,541,290

£0

£0

£0

£0

£0

£0

£1,050,000 £3,673,275

TOTAL

£4,723,275

LAND BID /HECTARE [£]

89

12.45%

92 Market Housing Sector Profit [% of Development Value]

16.00%

93 Affordable Housing Sector Profit [% of Development Value]

6.00%

94 Commercial Sector Profit [% of Development Value]

9.00%

£18,160,367

£17,279,844

£18,160,367

£17,279,844

£4,055

£4,006

£73,872,707

£69,934,553

4

5

6

7

8

9

10

11

12

13

14

15

16

Quarters 100.00 100.00 0.00

0

0

0

0

0

1050000

0

0

0

0

0

0

0

0

0

0

0

0

0

0

3673275

0

0

0

0

0

0

0

0

0

0

0

0

0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

2

3

8

9

10

1856034

4272828

2034750

2034750

1706134

1527418

846646

757288

1400894

2

3

0 £18,160,367

91 Prifit as % of Total GDV

3

0.00

£4,529,166

PROFIT

90 Capital Profit

2

100.00

85 86

1

100.00

87 88

0.00

L

£16,000,000

5185 4148

23 Profit as % of Turnover [or GDV]

60030007 18215587 41814420 719167 2688474 £38,406,778 £1,217.099

Uplift Multiplier

K

£18,000,000

0.0

22 Profit as % on Costs

1 0

0

4

5

6

7

2034750

11

12

13 0

14 0

15 0

16 0

Quarters 0

95 96

TOTAL PROFIT

97

Breakdown of Gross Development Value [% of GDV]

98

FINANCIAL COSTS

0

99 Cash flow 100 Cumulative debt with interest 101

TOTAL INTEREST

1

4

5

103

TOTAL COSTS [excl Land and its associated costs]

Interest on Loans

£66,711,825

£21,858,066

£20,243,128

108 Land & Fees

£50,175,838

£46,468,698

109 Legal Fees

£862,975

110 Stamp Duty Land Tax

£0

112

LAND BID [£] Land bid/m² [£]

£49,312,863 £1,562.71

£45,669,482 £1,447.25

113

Land Bid/Hectare [£]

£15,627,095

£14,472,519

111

Planning Obligations & Other Contributions

115 116 117 118

120

Building Construction Costs + Extra Works

121 122

Land Bid

123 124

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

% of GDV

Copyright: Professor Stephen Walker

October2013

Cash Flows [£] Land Bid Building Construction Costs + Extra Works Professional Fees [ Legal, Planning, Marketing , SDLTax] Planning Obligations and Other Contributions Capital Profits Interest on Loans Gross Development Value (GDV)

Nominal [£] £49,312,863 £43,608,073 £8,239,912 £4,723,275 £18,160,367 £21,862,121 £145,906,611

Discounted [£] £45,669,482 £41,246,988 £7,673,764 £4,529,166 £17,279,844 £20,247,133 £136,646,378

13

14

15

16

Quarters

6966182

5728333

5873910

5231183

7173429

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Planning Obligations and Other Contributions

33.42 30.19 5.62 3.31 12.65 14.82 100.00

12

4403970

0

0

Capital Profits

Discounted [as a % of GDV]

11

8181388

0

0

114

Professional Fees [ Legal, Planning, Marketing , SDLTax]

10

9242721

0

0

£799,216

£0

9

16165811

0

4055

Interest on Loans £72,033,904

107 Finance (interests on loans)

8

3073128

-226313

0

LAND COSTS

106 Land & Finance & Fees

7

-222258

0

104 105

6

0

102

Capital Profits

119

% of GDV 26.32 30.29 6.53 3.24 21.17 12.45 100.0

Advertising fees (%) Advertising lump sum (£) Planning Fees [£] Stamp Duty Land Tax [%]

21 Target rate of Profit

100

132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155

100.0%

155.00

13 Market Homes for Rent (units)

71 Advertising (%)

£12,170,991

J

CASH FLOW [£]

1.75 0.5 1 0.75

20

19.05 <<<<Equivalent 6.38 9.89

Future Use Value Existing Use Value

I

12

Legal fees % (site acquisition) Legal Fees for Sales (%) Selling Agents'/Letting Agents' fees % (housing) Selling Agents'/Letting Agents' fees % (business)

12 Market Homes for Sale (units)

18 Business Total in m2 (gross) 19 Business Total in m2 (net)

---------------------------------------------------------------------------------------------------------------------

EXTRA WORKS Extra Works Professional Fees Finance (interest on loans)

H

17 Total Commercial

16.00 6.00 9.00

>>>>>>>

G

Author: Professor Stephen Walker ©

16 Housing Density [DPH]

£18,160,367

LAND COSTS [Gross] LAND + FINANCE + FEES Finance (interests on loans) LAND + FEES Legal Fees Stamp Duty Land Tax LAND BID [£] Land bid/m² [£]

F

Professional fees % (architects)

10 The Project

CAPITAL PROFITS

43794755 3941528 47736283 10397662 £58,133,945

E

Professional environment 7.5

74 Selling Agents' fees (housing)

BUILDING COSTS Building construction costs Professional Fees SUB-TOTAL BUILDING Finance (interests on loans) TOTAL BUILDING COSTS

D

DISCOUNTED-CASH-FLOW RESIDUAL LAND VALUATION MODEL

9

Gross Development Value [£] £7,316,000 £2,594,667 £4,448,000 £0 £0 £0 £0 £0 £0 £0 £0

CALCULATOR NUMBER Plus % Minus % RESULT

Financial Environment Interest rate (%pa)

Housing: Market Sector [% on Costs] Housing: AH Sector [% on costs] Commercial Sector [% on costs]

0.72 0.28

Site Address:

4

8

1

Market%

2

B

38

60 60.0

Total Site Area for Housing (m²) Local Cost Adjustment

Site Number:

37

12 1.75 0.5 1 0.75 £100 £90,964 7

A 1

7

£145,906,611

£5,712,359 £404,935 £160,000 £244,935

Modelling The L

3

£131,547,944

£38,082,396

0 0

Value [£] £2,149,254 £2,753,941 £5,624,151 £5,101,395 DCFRLV Spreadsheet £0 £0 £0 £0 £0 £0 £0 £0 £0 £0

7910 Gross Floor Space (m²) 3100 695 1390

£Rate/Unit 2100

£55,225,000 Gross Development Value [£] £3,800,000 £3,950,100 £7,050,000 £7,875,000 £3,492,000 £0 £0 £0 £0 £0 £0 £0 £0 £0

£5,950,609

500

Land Total Site Area (m²) Housing Density

MODELLING INPUT

£/unit £40,870 £57,217 £77,652 £85,826 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0

Building Costs £/m² £/unit 940.00 £40,870 940.00 £57,217 1225.00 £101,196 1225.00 £117,174 940.00 £16,348

3200m2

Planning Obligations and Other Contributions Planning Obligation Contribution [£] Community Infrastructure Levy [£] AH Financial Contribution in Lieu [£] Other [£] Sustainable Homes Cost Premium [lump sum/unit]

109 110 111 112 113 114 115

£/m² 940.00 940.00 940.00 940.00

1 7280.00 Gross Floor m²/unit 50.0 70.0 95.0 110.0 20.0

Business Uses TOTAL OFFICE SPACE TOTAL RESTAURANT/CAFE SPACE TOTAL RETAIL SPACE

3

£0

Sale Price /unit [£] £152,000 £207,900 £235,000 £315,000 £291,000

£7,798,435

Building Costs

89

29.00%

Appendix

£0 Sub-Total

£1,021,739 £1,087,130 £2,329,565 £2,145,652 £1,214,348 £0 £0 £0 £0 £0 £0 £0 £0 £0 Sub-Total

Gross Development Value [£] £5,450,000 £5,643,000 £20,160,000 £11,250,000 £5,820,000 £6,902,000 £0 £0 £0 £0

£11,832,348 Total Costs [£]

£/unit £40,870 £57,217 £77,652 £85,826 £101,196 £0 £0 £0 £0 £0 £0 £0 £0 £0

1

Sale Price /unit [£] £218,000 £297,000 £336,000 £450,000 £485,000 £493,000

9195.00

17.80%

54

Sub-Total Building Costs

Gross Floor

41 42 43 44 45 46 47 48 49 50 51 52 53 54 55

117 118 119 120 121 122 123 124 125 126 127

1

31.00%

40

116

Gross Floor m²/unit 50.0 70.0 95.0 105.0 100.0 110.0

£

1

B

Professional Fees [ Legal, Planning, Marketing , SDLTax]

Building Construction Costs + Extra Works

Discounted [£]

Nominal [£]

Land Bid

"Cost" Breakdown of Gross Development [£]

Density pph 500

population

pitches / green / courts (ha)

Playgrounds (ha) Informal Play Space (ha)

Land Area of Catchment No Req per (no people) Neighbourhood building m (500pph) squared 500ph

120000

16000

Total m2 needed

0.72

1000

0.4

15000

2.72

8

16

1600

4000

2000

generic space data

Primary School

Nursery School

Pub/Restaurant/Cafe

Local Shop

Health Centre (4 doctors)

College

5000

6000

1500

10000

25000

8000

6

5

21

3

1

4

1156

1800

160

160

35

300

45000

6165

14400

1024

853

747

960

180000

Secondary School

Post Office 5 80000

8

60000

4000

1 5333

6000 24000 4000

Community Centre

District Centre / Superstore 1

Density pph 500

AMENITY DOOR TO DOOR DISTANCES

Age

PARKS 600/ pitches / green courts (ha) 2.72

PLAYING FIELDS

0.4

ADVENTURE PAYGROUND

Proposed Population

0.72

Playgrounds1000 (ha) Informal Play1000 Space (ha)

Population (Oxford) Total m2 96 needed 64

Percentage (Oxford) Land Area of Catchment No Req 6% per 9200 (no people) Neighbourhood building m 4% 7400 500ph (500pph) squared

1600

ideal distance (m) population

generic space 0 - 4data 5-9

36400

7100

80 16000

1

16

1000

41%

9%

5% 144 120000

2000 12900 15000

10 - 14 Nursery School 8

4000 656 180000

15 - 19 Primary School 62200 45000

8000 24%

384

4

- 39 Secondary 20 School 25000

40 - 64 160 960

College 300 1600 747

16700

853

8 1156

1800

80000

14400 1104 6165

3 35 1200 1024

11% 21 160

160

10000 1500 6

5

65 +(4 doctors) Health Centre Local ShopTotal 5000

6000

5 60000 5333

151900

Pub/Restaurant/Cafe

6000 1 4000

92.3%

24000 1

4000

District Centre / Superstore 24000

Post OfficeAssuming working age group is 20+ Community Centre Working Population Local Centre (Town Hall and council) Leisure Centre

NUMBER OF HOMES

NO. STOREY 1392

96

35

0 Student Accommodation TOTAL HOUSED 1600

2 3 4

3 4 4 1

TOTAL NEEDED 1600 Average Space per person 25m2

BUS

6.9 6

7 277

400

200 1385

2400

1400

400

5.4 5 5185

4.7

m2 needed

Light Rail Transit AMENITY DOOR TO 600 DOOR DISTANCES

Age

ideal distance (m)

0-4 5-9 10 - 14 15 - 19 20 - 39 40 - 64 65 + Total Assuming working age group is 20+ Working Population

Large Medium Small

77

450

480

231

B

A

Small

Medium

Large

1

1

1

1

745

751

904

666

232

FOOTPRINT (M2)

6

7

5

3

4

5

6

NO. STOREY

5

4

3035

1626

5092

3725

2253

3616

3330

1392

TOTAL AREA

277

200 41257 400

D

C

B

A

D

C

B

A

D

C

B

A

1385

2400

3

3

3

3 -

2 -

2

2

2 -

1

1

1

1

471

1149

607

1210

1342

751

904

666

232

FOOTPRINT (M2)

5

3

4

5

4

5

3

4

5

6

NO. STOREY

1450

1413

4596

3035

4840

6710

2253

3616

3330

FINAL

0

P

Offi Pe

184

7

90

120

PEOPLE HOUSES

8

92

23.33 9

96

NUMBER OF HOMES

23.75

24

70

6

21.00

8

14

Personal Outdoor Space

105

24.00

9

25.00

96

21.40

average (m2) pp

107

35

C

2 1273

3

2508

290

54

7

D

2

5

3024

4 -

54

9

A

2

542

4

4

1680

1600

10.00

B

2

607

3

A

2550

TOTAL HOUSED

50

C

3 627

B

4

36865

1600

20.00

ref: London Housing Design Guide

D

3

1008

1450

420

3

TOTAL NEEDED

20

no.

4600 minimum persons GIA (m2) 5390 2 50 11400 3 70 9450 4 95 5 2304 1498 4 5 350 1080 5 0 1 36072

Total

A

3

5

4

850

Total m2 needed

B

3

290

C

4

Number of 5185 offices

C

4 1688

D

1400

D

4

4

2712

1392

A

422

3

TOTAL AREA

B

4

904

1ST ATTEMPT

C

4

35451

D

Office Space

Number of425483 Total m2 Offices needed

Office Space/ Person (m2)

6

Personal Outdoor Space

25m2

TOTAL Large

25.00

average (m2) pp

Medium Average Space per person Small

50

minimum GIA (m2)

PEOPLE HOUSES

2

FOOTPRINT (M2) 6 3330

70

no. persons

7 480

232 5

24 Two Storey 14

1 23.33 8

1 666

54

no. bedroom

70 23.75

425483

24000

Local Centre (Town Hall and council)

25m2

Leisure Centre TOTAL

Average Space per person

Single Storey (Flats)

DWELLING AREA PER PERSON (500pph)

3 95

A 1 3616

184 no. bedroom 231 1

2 4 450

NO. STOREY 1392 B 4

7 Four Storey 54

DWELLING 92AREA PER PERSON (500pph) 77 Single Storey (Flats) 120

3 90

8

9

24.00 9

21.00

96 21.40 9

105

4 107 10.00

5

3 5 50

4

4 5

Two Storey

4

Four Storey

ref: London Housing Design Guide

20.00

Total m2 needed

20

Number of offices 1400

1

Office Space 200 2400

1

7 400 1385

Student Accommodation

Large 6 277

25m2

Medium 5

Average Space per person

Small

FOOTPRINT (M2) 6 3330 904

TOTAL AREA

232 5 1

FINAL

1 666 C

TOTAL AREA

A 1 3616

1ST ATTEMPT B 4

6710

904

5

4840

1

2 1342

4

C

A 2 1210

2253

B 2

3035

3

3725 C 2 -

5

751

5 5092 D 3 607

1

2 745 4 1626 A

3

D

A 2 1273 3

B

4596

2253

B 2 542

3035

4

3

C 2

5

1149

751

D 3 607

3

1

A 3 C

D

B 2508

1450

4

5

627

290

3

4 -

C

4

1413 A

1680

3

B

4

471

1450

420

2550

3

5

4

3

D

290

C

850

3024

4 1688

4

3

4 4

D

1008

A 422

2712

3

B 4

3

D

C 904

36865

4

35451

D

4 Appendix