Estate Regeneration Programme Draft Financial Viability Appraisal Version 02 Cress 2
Cress 2
Refs for residential build cost S Curves:
Cress 2 Pre-start period Cress 2
Start 01/01/2016
End 01/01/2016
Qrtrs 1
Signing the unconditional contract Cress 2
Start 01/01/2016
End 01/01/2016
Qrtrs 1
Phase construction start date Cress 2
Start 01/01/2016
End 01/01/2016
Qrtrs 1
Phase construction end date Cress 2
Start 01/01/2016
End 01/01/2016
Qrtrs 1
Phase sales end date Cress 2
Start 01/01/2016
End 01/01/2016
Qrtrs 1
Residential Construction period Cress 2
Start 01/01/2016
End 01/01/2016
Qrtrs 1
Private Dwelling Sales (Off Plan Sales) Cress 2
Start 22/11/2015
End 31/12/2015
Qrtrs 0
Private Dwelling Sales (Post Completion Sales) Cress 2
Start 01/01/2016
End 01/01/2016
Qrtrs 1
Staircasing Period Cress 2
Start 01/01/2016
End 21/12/2056
Qrtrs 164
Leaseholder Buy outs Cress 2
Start 02/11/2015
End 02/11/2015
Qrtrs 0
Consolidate Programme of Construction and Sales Cress 2
Start 01/01/2016
End 01/01/2016
Qrtrs 1
End date for overall development Last sales date from last phase
Start 00/01/1900
End 00/01/1900
Qrtrs 0
Size (ft2) 538 753 926 1,066 1,206 538 850 1,001 1,141 1,281 0 0 0 0 0 0 0 0 0 0
£Value ft2 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
Zone Development Phase
3 3
Inflation Included ?
y
INCOME RESIDENTIAL INCOME Private Rent 1 Bed Apartment 2 Bed Apartment 3 Bed Apartment 4 Bed Apartment 5 Bed Apartment 1 Bed House 2 Bed House 3 Bed House 4 Bed House 5 Bed House Spare 1 Spare 2 Spare 3 Spare 4 Spare 5 Spare 6 Spare 7 Spare 8 Spare 9 Spare 10
60yr Total Total NPV
Beds 1 2 3 4 4 1 2 3 4 4 0 0 0 0 0 0 0 0 0 0
Nr 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total P/unit £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
0
Net Rent PA £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £3 £3 £3 £3 £3 £3 £3 £3 £3 £3
£0 £0
Private Sale 1 Bed Apartment
Nr 0
Size (ft2) 538
Value (£/ft2) £0
2 Bed Apartment
0
753
£0
£0
3 Bed Apartment
0
926
£0
£0
4 Bed Apartment
0
1066
£0
£0
5 Bed Apartment
0
1206
£0
£0
1 Bed House
0
538
£0
£0
2 Bed House
0
850
£0
£0
3 Bed House
0
1001
£0
£0
4 Bed House
0
1141
£0
£0
5 Bed House
0
1281
£0
£0
Spare 1
0
0
£0
£0
Spare 2
0
0
£0
£0
Spare 3
0
0
£0
£0
Spare 4
0
0
£0
£0
Spare 5
0
0
£0
£0
Spare 6
0
0
£0
£0
Spare 7
0
0
£0
£0
Spare 8
0
0
£0
£0
Spare 9
0
0
£0
£0
Spare 10
0
0
£0
£0
Total Private Sale Income NB Council Rent (Net Gain) 1 Bed Apartment 2 Bed Apartment 3 Bed Apartment 4 Bed Apartment 5 Bed Apartment 1 Bed House 2 Bed House 3 Bed House 4 Bed House 5 Bed House Spare 1 Spare 2 Spare 3 Spare 4 Spare 5 Spare 6 Spare 7 Spare 8 Spare 9 Spare 10 Total Rent Income 60yr Total Total NPV
0 Beds 1 2 3 4 4 1 2 3 4 4 0 0 0 0 0 0 0 0 0 0
Nr 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total £0
£0 Size (ft2) 538 753 926 1,066 1,206 538 850 1,001 1,141 1,281 0 0 0 0 0 0 0 0 0 0
£Value ft2 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
Total P/unit £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
£0
£0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £3 £3 £3 £3 £3 £3 £3 £3 £3 £3
£0 0
£0
Shared Equity (% of Replaced Leaseholders) 1 Bed Apartment
Nr 45
Value £0
2 Bed Apartment
15
£0
£0
3 Bed Apartment
11
£0
£0
4 Bed Apartment
11
£0
£0
5 Bed Apartment
0
£0
£0
1 Bed House
0
£0
£0
2 Bed House
0
£0
£0
3 Bed House
0
£0
£0
4 Bed House
0
£0
£0
5 Bed House
0
£0
£0
Spare 1
0
£0
£0
Spare 2
0
£0
£0
Spare 3
0
£0
£0
Spare 4
0
£0
£0
Spare 5
0
£0
£0
Spare 6
0
£0
£0
Spare 7
0
£0
£0
Spare 8
0
£0
£0
Spare 9
0
£0
£0
Spare 10
0
£0
£0
Total Shared Ownership Income Retained Council Rented Stock 1 Bed Apartment 2 Bed Apartment 3 Bed Apartment 4 Bed Apartment 5 Bed Apartment 1 Bed House 2 Bed House 3 Bed House 4 Bed House 5 Bed House Spare 1 Spare 2 Spare 3 Spare 4 Spare 5 Spare 6 Spare 7 Spare 8 Spare 9 Spare 10 Total Social Rent Income
82 Beds 1 2 3 4 5 1 2 3 4 5 0 0 0 0 0 0 0 0 0 0
Nr 52 100 49 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 205
Total £0
£0 Size (ft2) 538 753 926 1,066 1,206 538 850 1,001 1,141 1,281 0 0 0 0 0 0 0 0 0 0
£Value ft2 £3 £2 £2 £2 £0 £3 £2 £2 £2 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
60yr Total Total NPV
205
NB Discount Rent (Net Gain) 1 Bed Apartment
Nr 0
Value £0
2 Bed Apartment
0
3 Bed Apartment
Total P/unit £62,741 £71,693 £82,507 £95,278 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
£0 Net Rent PA £1,642 £1,876 £2,159 £2,493 £0 £1,642 £1,876 £2,159 £2,493 £0 £3 £3 £3 £3 £3 £3 £3 £3 £3 £3
£14,855,765 £6,311,179 Total £0
Net Rent PA £11,705
£0
£0
£15,312
0
£0
£0
£20,794
4 Bed Apartment
0
£0
£0
£26,277
5 Bed Apartment
0
£0
£0
£26,277
1 Bed House
0
£0
£0
£11,705
2 Bed House
0
£0
£0
£15,312
3 Bed House
0
£0
£0
£20,794
4 Bed House
0
£0
£0
£26,277
5 Bed House
0
£0
£0
£26,277
Spare 1
0
£0
£0
£0
Spare 2
0
£0
£0
£0
Spare 3
0
£0
£0
£0
Spare 4
0
£0
£0
£0
Spare 5
0
£0
£0
£0
Spare 6
0
£0
£0
£0
Spare 7
0
£0
£0
£0
Spare 8
0
£0
£0
£0
Spare 9
0
£0
£0
£0
Spare 10
0
£0
£0
£0
Total Affordable Rent income
0
In Lieu s106 provision Total receipt in lieu
Nr 0
HCA Grant Income Council Rent Shared Ownership Total HCA Grant Income
Nr 0 82
Receipt from Leaseholders / Freeholders Average staircase receipt from leaseholders offered S/O
Nr 0
Value £0
Average receipt from freeholders offered intermediate
0
£0
Nr 0 0 0 0
Value P/mth £0 £0 £0
Car Parking Income Private Affordable Other
£0
£0
Value £0
Total £0
£0
Value £0 £0
Total £0 £0 £0
£0
Total £0
£0
£0
£0
Total £0 £0 £0 £0
£0
NonResidential income Nonresidential 1 Nonresidential 2 Nonresidential 3 Nonresidential 4 Nonresidential 5
Sold properties purchased for decanting leaseholders
Net Area (ft2) 0 0 0 0 0 0
Value (£/ft2) £0 £0 £0 £0 £0
Total £0 £0 £0 £0 £0 £0
£0
0
£588
£0
£0
0
£0
£0
£0
£0 £2,851,950 £2,851,950
£2,851,950
£0
£0
£0
£0
Capitalised Ground Rents (on private sale apartments) Private apartments Additional Income RTB buy back pot Refurbishment Leaseholder Repayment Total Additional Income Energy Energy/ FIT's/ RHI Regeneration Factor (approximate) (% based on private sales value) Total Income
0% 80%
8%
of total income of total income
of total income
£17,707,715
EXPENDITURE BUILD COSTS Residential build costs New Build Costs In Lieu Apartment In Lieu House Private Rent Apartments Private Rent Houses Private Sale Apartments Private Sale Houses Replaced Council Rent Apartments Replaced Council Rent Houses Shared Ownership Apartments Shared Ownership Houses NB Net Gain Discount Market Apartments NB Net Gain Discount Market Houses NB Net Gain Apartments NB Net Gain Houses
0 0 0 0 0 0 16,718 0 6,276 0 0 0 0 0
Other costs Demolition Cost Abnormals Site Surveys Legal fees CFSH Level 5
1 0 0% 33% 1
Unit m2 GIA m2 GIA m2 GIA m2 GIA m2 GIA m2 GIA m2 GIA m2 GIA m2 GIA m2 GIA m2 GIA m2 GIA m2 GIA m2 GIA Unit nr of total cost of total cost of total cost of total cost
Input rate £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
Total £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
Rate £0 0 £0 £0 £0
Total £0 £0 £0 £0 £0
Sales upgrades Wheelchair upgrades (10% of all units)
0 29
nr nr
£0 £0
£0 £0
Surface car parking costs Undercroft car parking costs Basement car parking costs
0 0 0
nr nr nr
£0 £0 £0
£0 £0 £0 £0
£0
Total £0 £0 £0 £0 £0 £0
£0
£0
£0
Phase costs £4,020,631 £4,891,713 £1,608,252 £1,956,685 £0 £0 £0 £0 £0 £0 £12,477,281
£12,477,281
£0 £0 £0 £0 £0
£0
Total £0 £0
£0 £0
£0 £0 £0 £0
£0
Nonresidential build costs Nonresidential 1 Nonresidential 2 Nonresidential 3 Nonresidential 4 Nonresidential 5
0 0 0 0 0 0
Contingency Build costs (residential and nonresidential)
Unit m2 GIA m2 GIA m2 GIA m2 GIA m2 GIA
Rate £0 £0 £0 £0 £0
0%
on build costs
£0
97% 97% 87% 87% 0% 0% 0% 0% 0% 0% 126%
of total costs of total costs of total costs of total costs of total costs of total costs of total costs of total costs of total costs of total costs of total costs
Total costs £3,417,508 £3,417,508 £1,515,310 £1,515,310 £0 £0 £0 £0 £0 £0 £9,865,636
0% 0% 0% 0% 0%
of total costs of total costs of total costs of total costs of total costs
£0 £0 £0 £0 £0
COMMUNITY REGENERATION COSTS Refurbishment Works Costs Tenant Refurbishment and Improvement Works phase 1 yr 5 Tenant Refurbishment and Improvement Works phase 2 yr10 Lease /Freeholder Refurbishment and Improvement Works phase 1 yr 5 Lease /Freeholder Refurbishment and Improvement Works phase 2 yr10 Spare 4 Spare 5 Spare 6 Spare 7 Spare 8 Spare 9 Total direct funding Other community investment costs Not used Not used Not used Not used Total other costs
Payment Qtr 20 40 20 40 0 0 0 0 0 0
DECANTING AND DISTURBANCE PAYMENTS Offsite renting and purchasing costs Decanting to rented properties offsite (leaseholders) Decanting to owned properties offsite
0 0
Unit nr nr
Tenant / leaseholder payments Existing affordable homeloss and disturbance payments Existing affordable disturbance payments for double decants at 25% Leaseholders / freeholders disturbance payment
0 0 0
nr nr nr
Rate £0 £0
£0 £0 £0
Leaseholder buyout rate includes statutory uplift
82
nr
£0
£0
£0
Freeholder buyout rate includes statutory uplift
0
nr
£0
£0
£0
STATUTORY COSTS Unit S106 costs S106 (new dwellings) 1st payment represents 50% S106 (new dwellings) 2nd payment represents 50% CIL costs CIL (gross resi additional area) 1st payment represents 50% CIL (gross resi additional area) 2nd payment represents 50%
Rate
Total
287
nr
£0
£0 £0
19,545
m2
£0
£0 £0 £0
£0
Total £0 £0
£0
£0 £0 £0 £0 £0
£0 £0 £0 £0 £0
Professional Fees Fee % 0.00%
Professional Fees
OTHER COSTS VAT (to be advised) Spare 2 Spare 3 Spare 4 Spare 5
Rate £0
0% 0% 0% 0% 0%
AH Overheads
1.50%
£0
SPV Overheads
2.00%
£2,851,950
£57,223
Developer's Management Fees
1.00%
£2,851,950
£28,612
Prelim Fees
0.00%
£0
£85,835
£85,835
£0
£0
£0
Total Expenditure
£
Scheme position pre land payments and finance costs
£5,144,599
Ground Rent Land Payments SDLT
0%
£0 £0
on land payments
Scheme position post upfront land payments
LBL FUNDING
RTB receipts deployed for build
12,563,116
£5,144,599
01/01/2015
01/01/2016
01/01/2017
01/01/2018
01/01/2019
31/12/2015
31/12/2016
31/12/2017
31/12/2018
31/12/2019
0.00%
£0
GF revenue budgets
£0
£0
£0
£0
£0
£0
Single Capital Pot
£0
£0
£0
£0
£0
£0
s106
£0
£0
£0
£0
£0
£0
HRA revenue budgets
£0
£0
£0
£0
£0
£0
Mayor Covenant 2011
£0
£0
£0
£0
£0
£0
Mayor Covenant 2015
£0
£0
£0
£0
£0
£0
Housing Zones
£0
£0
£0
£0
£0
£0.00
Scheme position post funding streams
Discount factor Present value
Development Residual NPV (Pre Finance)
£0 £5,144,598.70
£433,089
6.09%
0.01522
