DATA SHEET

DATA SHEET RATES

AREA
Total Area 9630 m²
Office 33250 m²
Retail 6700 m²
Carpark 1908 m²

Plot Ratio 3.5 : 1

LETABLE AREA
Office 85% of gross area m² 28,262.5 m²
Retail 90% of gross area m² 6,030 m²

RENT
Gross income p.a. for Office m² £306.77
Gross income p.a. for Retail m² £2,152.99

YIELD
Mixed Use 6%

CONSTRUCTION COST
Office 1600
Retail 700
Carpark 900

Interest Rate 4.23%

Libor rate 0.75%
Design Period (yrs) 1.0
Construction Period (yrs) 2.0
Letting Period (yrs) 0.5
Inflation Rate 3.1%
Inflation rate months 0.25%
Site works % of building costs 10%
No. of carpark spaces 159
Area of carpark space (m²) 12
Developer's Contribution for road up-grade £50,000.00
Contamination clearance £50,000.00
Landlord's outgoings 10%
Profit and Risk from NDV 20%
Profesional fees 14%
Purchasers' Cost 4.5%
Location factor for Scotland 0.94
Tender Price Index 657
Original Tender Price Level 580
Time Adjustment Percentage 13%
Letting fees 10%
Selling fees 2%
DATA SHEET
REFERANCES

www.GVA Worldwide.com 4/12/2010

www.GVA Worldwide.com 4/12/2010

Ryden E-news Northern Aspects Edition 001

Spons Architect's & Builder's price Book 2008

Spons Architect's & Builder's price Book 2008
Spons Architect's & Builder's price Book 2008

HSBC
swapratesonline.com
bankofengland.co.uk - September 2010

Architectural Graphic Standards-Wyley

Spons Architect's & Builder's price Book 2008

Spons Architect's & Builder's price Book 2008
Spons Architect's & Builder's price Book 2008
 RESIDUAL SITE VALUE -MIXED USE
Total Area of Retail m² 6,700.00
Net lettable area - Retails 6030.00
Gross income p.a Retail 2,152.99

Total Area of Office m² 33250

Net lettaable area - Office 28263
Gross income p.a Office 306.77

Total Gross Income

Landlord Out Goings @ 10% 10%

YP on a investment yield @ 6% 6.0%

Gross Development Value (GDV)

Less purchaser's cost @ 4.5% 4.5%

Net Development Value (NDV)

Deduct Development Costs

1. Construction Costs

Office 33,250
Retail 6,700
Underground Car Parks 1,908

Site Works @10%

Present Cost

Infalation Allowance
3.1% p.a for 2 years:
2 yrs = 1 yr design + (2 yr contract x 0.5)
multiplier = (1+i)n-1 0.065

Total Future Construction Cost

2. Finance Charges on Construction

assume stage payments
4.01% for 2 yrs, halved
(1+i)n-1 x 0.5 0.1050

3.Professional Fees
Professional Fees etc.on Construction @ 14%

4.Finanace Charges on Fees

assume cash flow basis
4.23% for 2 yrs, three- quartered
(1+i)n-1 x 0 .75 0.0648

Costs at Practical Completion

5.Finance Charges on Letting Delay

on costs incurred at practical completion
4.23% for 6 months
(1+i)n-1 0.0209

6.Lettting and Sales Fees

Letting fees @ 10 % of gross rent
Selling fees @ 2 % of NDV

Total Development Cost (Excluding land)

7.Profit, Risk and Contigencies

25 % of capital expenditure
= 20% of NDV

Total Costs

Balance for sire Acquisition at completion of dev.

(NDV less Total Costs)

Deduct finance charges on site acquisition

(to bring balance back to present)
10 % for 3.5 years development period
multiply by (1 / (1+I)n) 0.8650
Road up-grade & Contamination cleanup

Deduct acquisition fees

4.5 % on site value : multiply by 4.5/104.5 0.04
Residual Site Value (RSV)
ALUE -MIXED USE

£12,982,529.70

£8,670,087.13
£21,652,616.83
£2,165,261.68
£19,487,355.14
16.6667
£324,789,252.38

GVA* (4.5/104.5) £13,965,937.85

£310,823,314.52

1,799.67 £59,838,993.10
787.36 £5,275,279.66
1,012.31 £1,931,494.72
£67,045,767.48
£6,704,576.75

£73,750,344.22

£4,795,542.38

£78,545,886.61
 £8,247,318.09

£10,996,424.12

£5,089,142.53

£102,878,771.36

£2,153,350.18

£2,165,261.68
£6,216,466.29

£113,413,849.51

£62,164,662.90

£175,578,512.42

£135,244,802.10

£116,989,261.79
£100,000.00
£116,889,261.79

£5,042,237.18
£111,847,024.61
Construction Cost of Retail

Time Adjustment
Tender Price Index 657
Original Tender Price Level 580
Time Adjustment Percentage 13%
Building Price per m² 700.00
Location Factor for scotland 0.94
Adjusted cost for scotland 87.36
Construction Cost for Retail per m² 787.36

Construction Cost of Office

Time Adjustment
Tender Price Index 657
Original Tender Price Level 580
Time Adjustment Percentage 13%
Office Price per m² 1600
Location Factor for scotland 0.94
Adjusted cost for scotland 199.67
Construction Cost for Office per m² 1799.67

Construction Cost of Underground Carparks

Time Adjustment
Tender Price Index 657
Original Tender Price Level 580
Time Adjustment Percentage 13%
Car Park Price per m² 900
Location Factor for scotland 0.94
Adjusted cost for scotland 112.31
Construction Cost for underground parking per m² 1012.31
CONSTRUCTION COST S- CURVE

Month Apportioment Weight Cost in month

/114 78545886.61
13 1 0.00877193 688999.01
14 1 0.01 688999.01
15 1 0.01 688999.01
16 2 0.02 1377998.01
17 2 0.02 1377998.01
18 3 0.03 2066997.02
19 3 0.03 2066997.02
20 4 0.04 2755996.02
21 4 0.04 2755996.02
22 5 0.04 3444995.03
23 6 0.05 4133994.03
24 7 0.06 4822993.04
25 9 0.08 6200991.05
26 11 0.1 7578989.06
27 12 0.11 8267988.06
28 11 0.1 7578989.06
29 9 0.08 6200991.05
30 7 0.06 4822993.04
31 5 0.04 3444995.03
32 4 0.04 2755996.02
33 3 0.03 2066997.02
34 2 0.02 1377998.01
35 1 0.01 688999.01
36 1 0.01 688999.01
Total 114 78545886.61
Cummulative Cashflow
costs (£)
688999.01
1377998.01
2066997.02
3444995.03
4822993.04
6889990.05
8956987.07
11712983.09
14468979.11
17913974.14
22047968.17
26870961.21
33071952.26
40650941.31
48918929.38
56497918.44
62698909.48
67521902.52
70966897.55
73722893.57
75789890.58
77167888.60
77856887.60
78545886.61
 Cummulative Cashflow costs (£)
90000000.00

80000000.00

70000000.00

60000000.00

50000000.00

40000000.00

30000000.00

20000000.00

10000000.00

0.00
13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
10000000.00

0.00
13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
29 30 31 32 33 34 35 36
29 30 31 32 33 34 35 36
 DIS
D E F
Period Construction Inflated inflated
month cost at at mid point cost
present of month D*E

1 100,000.00
2
3
D 4
E 5
S 6
I 7
G 8
N 9
10
11
12
13 688,999.01 1.0025473 12.5 1.0323 711,262
14 688,999.01 1.0025473 13.5 1.0349 713,074
C 15 688,999.01 1.0025473 14.5 1.0376 714,890
O 16 1,377,998.01 1.0025473 15.5 1.0402 1,433,423
N 17 1,377,998.01 1.0025473 16.5 1.0429 1,437,074
T 18 2,066,997.02 1.0025473 17.5 1.0455 2,161,103
R 19 2,066,997.02 1.0025473 18.5 1.0482 2,166,608
A 20 2,755,996.02 1.0025473 19.5 1.0509 2,896,169
C 21 2,755,996.02 1.0025473 20.5 1.0535 2,903,547
T 22 3,444,995.03 1.0025473 21.5 1.0562 3,638,679
23 4,133,994.03 1.0025473 22.5 1.0589 4,377,537
24 4,822,993.04 1.0025473 23.5 1.0616 5,120,136
25 6,200,991.05 1.0025473 24.5 1.0643 6,599,802
26 7,578,989.06 1.0025473 25.5 1.0670 8,086,972
C 27 8,267,988.06 1.0025473 26.5 1.0697 8,844,624
O 28 7,578,989.06 1.0025473 27.5 1.0725 8,128,225
N 29 6,200,991.05 1.0025473 28.5 1.0752 6,667,307
T 30 4,822,993.04 1.0025473 29.5 1.0779 5,198,893
R 31 3,444,995.03 1.0025473 30.5 1.0807 3,722,954
A 32 2,755,996.02 1.0025473 31.5 1.0834 2,985,950
C 33 2,066,997.02 1.0025473 32.5 1.0862 2,245,167
T 34 1,377,998.01 1.0025473 33.5 1.0890 1,500,591
35 688,999.01 1.0025473 34.5 1.0917 752,207
 36 688,999.01 1.0025473 35.5 1.0945 754,123
D 37
E 38
L 39
A 40
Y 41
42

78,645,886.61 83,760,318
 DISCOUNT CASH APPRAISAL
G H I J K L
prof. Fees letting fees sales fees profit & Risk total inflated net
14% total 10% of 2% of NDV 20% of NDV outlay development
col . F gross rent equals equals col value
10,996,424 2,165,262 6,216,466 62,164,663 F to J 310,823,315
100,000
0
0
0
0
2,749,106 2,749,106
0
0
0
0
0
0
711,262
932,470 1,645,544
714,890
1,433,423
1,437,074
1,649,464 3,810,566
2,166,608
2,896,169
1,243,293 4,146,840
3,638,679
4,377,537
1,099,642 6,219,779
6,599,802
8,086,972
8,844,624
932,470 9,060,695
6,667,307
1,649,464 1,082,631 7,930,987
3,722,954
2,985,950
2,245,167
1,500,591
752,207
 3,848,748 4,602,871
621,647 621,647
621,647 621,647
621,647 621,647
1,082,631 621,647 1,704,277
621,647 621,647
0 0 62,164,663 62,164,663 310,823,315

10,996,424 2,165,262 6,216,466 62,164,663 165,403,133 310,823,315

Gross Site Value
Purchasers Cost
Residual Value
 M N O
net cash NPV PV
flow factor cashflow

0.00346
-100,000 -100,000
0 0
0 0
0 0
0 0
0.9795 1
0 0.9761 0
0 0.9728 0
0 0.9694 0
0 0.9661 0
0 0.9627 0
0 0.9594 0
-711,262 0.9561 -680,045
-1,645,544 0.9528 -1,567,899
-714,890 0.9495 -678,811
-1,433,423 0.9463 -1,356,388
-1,437,074 0.9430 -1,355,157
-3,810,566 0.9397 -3,580,968
-2,166,608 0.9365 -2,029,046
-2,896,169 0.9333 -2,702,938
-4,146,840 0.9301 -3,856,825
-3,638,679 0.9269 -3,372,539
-4,377,537 0.9237 -4,043,373
-6,219,779 0.9205 -5,725,184
-6,599,802 0.9173 -6,054,050
-8,086,972 0.9141 -7,392,676
-8,844,624 0.9110 -8,057,415
-9,060,695 0.9079 -8,225,806
-6,667,307 0.9047 -6,032,092
-7,930,987 0.9016 -7,150,648
-3,722,954 0.8985 -3,345,080
-2,985,950 0.8954 -2,673,634
-2,245,167 0.8923 -2,003,405
-1,500,591 0.8892 -1,334,390
-752,207 0.8862 -666,589
 -4,602,871 0.8831 -4,064,907
-621,647 0.8801 -547,099
-621,647 0.8770 -545,213
-621,647 0.8740 -543,334
-1,704,277 0.8710 -1,484,446
-621,647 0.8680 -539,596
248,658,652 0.8650 215,094,345

123,384,792
123,384,792
0.0450 5,552,316
117,832,477
 PERIOD BY PERIOD
Period Total outlay Capital outstanding Interest @
months less P & R from previous period 0.3458%
A B C D
6 2,749,106 0 0
7 0 2,749,106 9508
8 0 2,758,614 9,541
9 0 2,768,154 9,574
10 0 2,777,728 9,607
11 0 2,787,334 9,640
12 0 2,796,974 9,673
13 711,262 2,806,647 9,707
14 1,645,544 3,527,616 12,200
15 714,890 5,185,360 17,933
16 1,433,423 5,918,184 20,468
17 1,437,074 7,372,075 25,496
18 3,810,566 8,834,645 30,554
19 2,166,608 12,675,766 43,839
20 2,896,169 14,886,212 51,483
21 4,146,840 17,833,864 61,678
22 3,638,679 22,042,382 76,232
23 4,377,537 25,757,293 89,080
24 6,219,779 30,223,910 104,528
25 6,599,802 36,548,217 126,400
26 8,086,972 43,274,419 149,662
27 8,844,624 51,511,053 178,148
28 9,060,695 60,533,826 209,353
29 6,667,307 69,803,874 241,413
30 7,930,987 76,712,594 265,307
31 3,722,954 84,908,888 293,653
32 2,985,950 88,925,496 307,544
33 2,245,167 92,218,991 318,935
34 1,500,591 94,783,093 327,803
35 752,207 96,611,487 334,126
36 4,602,871 97,697,820 337,883
37 621,647 102,638,574 354,970
38 621,647 103,615,191 358,348
39 621,647 104,595,186 361,737
40 1,704,277 105,578,570 365,138
41 621,647 107,647,985 372,295
42 62,164,663 108,641,927 375,733
 165,303,133
Captital Value (NDV)=
Outstanding debth= 171,182,323
Profit & Risk= 62,164,663
Balance for site=

Site value (x PV for 42 months @ 0.3548 %)

Less purchasers cost @ 4.5%=
Site Value=
Capital outstanding
E
2,749,106
2,758,614
2,768,154
2,777,728
2,787,334
2,796,974
2,806,647
3,527,616
5,185,360
5,918,184
7,372,075
8,834,645
12,675,766
14,886,212
17,833,864
22,042,382
25,757,293
30,223,910
36,548,217
43,274,419
51,511,053
60,533,826
69,803,874
76,712,594
84,908,888
88,925,496
92,218,991
94,783,093
96,611,487
97,697,820
102,638,574
103,615,191
104,595,186
105,578,570
107,647,985
108,641,927
171,182,323
310,823,315

233,346,986
77,476,329

77,476,329
3,336,301
74,140,027
Period Gross site Total Net cash
months cost (A) outlay (B) outflow (C )
0 123,384,792 123,384,792
1 0
2 0
3 0
4 0
5 0
6 2,749,106 2,749,106
7 0 0
8 0 0
9 0 0
10 0 0
11 0 0
12 0 0
13 711,262 711,262
14 1,645,544 1,645,544
15 714,890 714,890
16 1,433,423 1,433,423
17 1,437,074 1,437,074
18 3,810,566 3,810,566
19 2,166,608 2,166,608
20 2,896,169 2,896,169
21 4,146,840 4,146,840
22 22,042,382 22,042,382
23 4,377,537 4,377,537
24 6,219,779 6,219,779
25 6,599,802 6,599,802
26 8,086,972 8,086,972
27 8,844,624 8,844,624
28 9,060,695 9,060,695
29 6,667,307 6,667,307
30 7,930,987 7,930,987
31 3,722,954 3,722,954
32 2,985,950 2,985,950
33 2,245,167 2,245,167
34 1,500,591 1,500,591
35 752,207 752,207
36 4,602,871 4,602,871
37 621,647 621,647
38 621,647 621,647
39 621,647 621,647
40 1,704,277 1,704,277
 41 621,647 621,647
42 62,164,663 62,164,663

Capital Value=
Outstanding debt=
Profit & Risk=
Capital outstanding Interest @ Capital
from perv.period 0.3458% outstanding
123,384,792
123,384,792 426,720 123,811,513
123,811,513 428,196 124,239,709
124,239,709 429,677 124,669,386
124,669,386 431,163 125,100,549
125,100,549 432,654 125,533,203
125,533,203 434,150 128,716,459
128,716,459 445,160 129,161,619
129,161,619 446,699 129,608,318
129,608,318 448,244 130,056,562
130,056,562 449,794 130,506,356
130,506,356 451,350 130,957,706
130,957,706 452,911 131,410,617
131,410,617 454,477 132,576,356
132,576,356 458,509 134,680,409
134,680,409 465,786 135,861,085
135,861,085 469,869 137,764,377
137,764,377 476,451 139,677,902
139,677,902 483,069 143,971,538
143,971,538 497,918 146,636,064
146,636,064 507,134 150,039,367
150,039,367 518,904 154,705,110
154,705,110 535,040 177,282,532
177,282,532 613,123 182,273,192
182,273,192 630,383 189,123,354
189,123,354 654,074 196,377,229
196,377,229 679,161 205,143,362
205,143,362 709,478 214,697,465
214,697,465 742,521 224,500,680
224,500,680 776,425 231,944,412
231,944,412 802,168 240,677,567
240,677,567 832,372 245,232,893
245,232,893 848,126 249,066,969
249,066,969 861,386 252,173,523
252,173,523 872,130 254,546,243
254,546,243 880,336 256,178,786
256,178,786 885,982 261,667,639
261,667,639 904,965 263,194,250
263,194,250 910,244 264,726,141
264,726,141 915,542 266,263,330
266,263,330 920,859 268,888,466
268,888,466 929,938 270,440,051
270,440,051 935,304 333,540,017

310,823,315
333,540,017
-22,716,703