AFFORDABLE HOUSING VIABILITY REPORT FOR RESIDENTIAL DEVELOPMENT AT 95-97 WIMBORNE ROAD, POOLE, BH15 2BP - On behalf of Amirez Ltd By Simon Corp ...
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AFFORDABLE HOUSING VIABILITY REPORT
FOR RESIDENTIAL DEVELOPMENT AT 95-97
WIMBORNE ROAD, POOLE, BH15 2BP.
On behalf of Amirez Ltd
By Simon Corp BSc (Hons)
13th May 2021
Contents 1. Introduction and instructions. 2. Executive Summary 3. Viability Assessment 4. Policy background 5. Costs and values 6. Other model assumptions and inputs 7. Conclusion Appendices A- Viability result B- BCIS build costs C- Sales value evidence
1.0 Introduction and Instructions
1.1 S106 Affordable Housing (Hampshire) Ltd have been instructed by Amirez Ltd
to prepare an affordable housing viability assessment to determine the viable
level of affordable housing provision that can be delivered on the proposed
development at 95-97 Wimborne Road, Poole providing 12no one and two
bedroom apartments.
1.2 The report has been prepared by Simon Corp. I have a BSc (Hons) in
Residential Development from Nottingham-Trent University and 28 years
experience in affordable housing development. I have previously worked for
Registered Providers developing affordable housing including Aldwyck
Housing Group, Raglan now Stonewater and Eastleigh Housing Association
now Vivid. I am a Director of S106 Affordable Housing (Hampshire) Ltd a
specialist consultancy providing viability, development and affordable housing
consultancy services.
1.3 The purpose of the study is to set out the policy background, development
details, viability and cost issues and make a case for the level of affordable
housing provision the development can viably sustain. Our methodology will
be to carry out a viability assessment without any affordable housing and
compare this with the existing use value to determine the total development
surplus that is available to fund any affordable housing contribution.
1.4 The appraisal has been carried out using the HCA (now Homes England)
Development Appraisal Toolkit (DAT), where information is not available any
assumptions made are either in line with industry norms or the default
settings of the toolkit.
1.5 In line with the Poole Affordable Housing Guidance dated May 2018 we
confirm the floor areas and financial assumptions used in this report are to
the best of our knowledge accurate and we have based build costs on the
BCIS benchmark rates. The guidance also requires the assumptions are signed
off by the development funder however no funder is yet in place and the
planning work is being self funded by the applicant and so this is not possible.
1.6 The updated NPPF and Planning Practice Guidance (Viability) updated in
February 2018 and May 2019 respectively states that an applicant must make
a case why a viability assessment is required. The council commissioned Peter
Brett Associates to update their borough wide viability assessment in June
2017 and these viability assumptions provide the evidence base for the local
plan affordable housing requirement. A borough wide assessment will be
based on a range of typical development typologies and appraisal financial
assumptions, so a site specific viability assessment is required to compare the
site specific circumstances with the assumptions used in the borough wide
viability assessment which underpin the policy requirement.
1.7 This report has been undertaken with objectivity, impartiality, without
interference and this instruction does not result in any conflict of interest.
This instruction is on a fixed fee basis, in preparing this report no performance
related fees nor have any contingent fees have been agreed.
2.0 Executive Summary
2.1 The site extends to 0.15 acres and is currently occupied by 2no semi-
detached properties. The proposal is to demolish the existing properties and
redevelop the site with a block of 12no one and two bedroom apartments.
2.2 The Poole Local Plan to 2033 was adopted in November 2018 and policy PP11
states that 40% affordable housing will be required on all sites in excess of 11
units or 1000m2 gross floor area. The policy requirement on the subject site
will equate to 4.8 dwellings which we have rounded up to 5no dwellings and
we have assumed this will need to be delivered as 3no affordable rent and
2no shared ownership dwellings.
2.3 To assess the viability of the scheme and if a surplus is generated to deliver
affordable housing we have appraised the proposed scheme on a residual
land value basis and compared the resultant land value with the benchmark
existing land value based on an existing use plus premium valuation of the
site. If the residual land value generated by the scheme is above the
benchmark land value the development is considered viable and the surplus
can be used to fund affordable housing delivery.
2.4 The results of the assessment are set out below:
Scenario Residual Land Benchmark land Surplus/deficit (£)
Value (£) value (£)
Open market 383,636 747,500 -363,864
Policy compliant 311,636 747,500 -435,864
2.5 The viability assessment on all open market basis with no affordable housing
provision shows a negative viability position based on a standard developers
profit at 17.5% of GDV which is at the mid point of the range set out in the
Planning Practice Guidance at 15-20% of GDV and the level of return set out
in the Poole viability guidance. If we account for the viability deficit the
developer would need to take a view on the level of return and develop the
scheme for cash flow, whilst this funds developments costs and allows the
scheme to come forward it is below the levels set out in the guidance and so
clearly no surplus is generated to support any affordable housing provision.
2.6 The NPPF states that a viability assessment should refer back to the
assumptions used at plan making stage. The Poole Local Plan policies are
based on a Local Plan Viability Assessment provided by Peter Brett Associates
in 2017 and so we have summarised below the assumptions used in the PBA
assessment with the assumptions used to construct the scheme viability
assessment. This shows the assumptions are either in line or at a lower level
than the assumptions used in the Local Plan Viability Assessment.
Assumption Local Plan Assumption Scheme Assumption
Build costs BCIS median rate BCIS median rate
External works 10% 7.5%
Contingency 5% 5%
Professional fees 10% 7%
Sales costs 3% 2.5% of GDV
Finance costs 6.5% 6.5%
Open market profit 20% of GDV 17.5% of GDV
Affordable return 6% 6%
2.7 In summary the viability assessment on an all open market development
basis shows a viability deficit and therefore no surplus is generated by the
development to support any affordable housing or other s106 costs.
3.0 Viability Assessment
3.1 The site extends to 0.15 acres and is currently occupied by 2no semi-
detached properties. The proposal is to demolish the existing properties and
redevelop the site with a block of 12no one and two bedroom apartments.
3.2 The Poole Local Plan to 2033 was adopted in November 2018 and policy PP11
states that 40% affordable housing will be required on all sites in excess of 11
units or 1000m2 gross floor area. The policy requirement on the subject site
will equate to 4.8 dwellings which we have rounded up to 5no dwellings and
we have assumed this will need to be delivered as 3no affordable rent and
2no shared ownership dwellings.
3.3 S106 Affordable Housing has been instructed to assess if the policy compliant
level of affordable housing can be provided and if not the maximum level of
affordable housing the scheme can viably support. A site is deemed to be
viable if the residual land value derived from the proposed scheme is above
the existing use benchmark value of the site and therefore generates a
surplus to support affordable housing provision. Our methodology will
therefore be to prepare an DAT appraisal with no affordable housing and
compare this to the existing use value of the site to determine if a surplus is
generated to support an affordable housing contribution. This approach is in
line with the Poole Affordable Housing Guidance and the Planning Practice
Guidance.
3.4 The DAT appraisal based on all open market housing with no allowance for
any affordable housing on a residual valuation basis shows a residual land
value at £383,253. This is based on a developers profit at 17.5% of GDV which
is at the mid point of the range set out in the Planning Practice Guidance at
15-20% of GDV and in line with the Poole Viability Guidance.
3.5 To assess the viability of the scheme we need to compare the residual land
value derived by the scheme with the benchmark existing land value. The
Planning Practice Guidance states that benchmark land value should be based
on an existing use plus premium valuation or a reasonable alternative use
valuation. The EUV plus premium method is essentially valuing the property
on an existing use value taking account of its current lawful planning use and
allowing for an additional landowner’s incentive to encourage the landowner
to bring the site forward to the market. The Planning Practice Guidance also
states that an Alternative Use Valuation (AUV) can be used if that alternative
use complies with local plan policies but an AUV valuation is deemed to be
inclusive of any landowner’s premium.
3.6 The site is currently occupied by two properties; 97 Wimborne Road a semi-
detached property with a floor area at 156m2 and 95 Wimborne Road a semi-
detached property with a floor area at 202.5m2. The existing use value of the
site will equate to the market value of these two properties, to establish their
current market value we have set out in section 5 of this report comparable
sold evidence within 0.5 miles of this site and in line with this evidence we
have adopted a current market value at £300,000 for 97 Wimborne Road and
£350,000 for 95 Wimborne Road totalling £650,000.
3.7 It is established viability practice and an integral elements of the EUV plus
premium valuation method that a landowner’s margin needs to be added to
the base existing use value to encourage a landowner to bring the site
forward for development. It should be at a level to incentivise the landowner
and the typical range is 15-30%, on similar sites in the Bournemouth and
Poole area we have agreed a 15% premium with the DVS so we have applied
the same in this case resulting in a benchmark land value at £747,500.
3.8 In summary the results of the viability assessment are set out below:
Scenario Residual Land Benchmark land Surplus/deficit (£)
Value (£) value (£)
Open market 383,636 747,500 -363,864
Policy compliant 311,636 747,500 -435,864
3.9 The appraisal has been constructed with developers profit at 17.5% of GDV
which is at the mid point of the profit range recommended in the Planning
Practice Guidance of 15-20% and the level recommended in the Poole
viability guidance. The development does show a negative viability outcome
and so the developer will need to take a commercial view to accept a lower
level of return for the site to come forward and develop the site for cash
flow. Whilst this funds the development costs and allows the site to come
forward the levels of return are significantly below the range set out in the
Planning Practice Guidance and the Poole Viability Guidance so we have to
conclude no surplus is generated to support any affordable housing provision.
3.10 We have also run a second DAT on a policy compliant basis including the 5no
affordable housing units delivered as 3no affordable rent and 2no shared
ownership and this shows an increased negative outcome with a deficit of -
£435,864. Therefore clearly introducing any affordable housing compounds
the viability pressure on this development and may prevent the site from
coming forward.
3.11 The viability guidance states the sensitivity of appraisal outcomes should be
tested, an increase in sales revenues will have the most effect on the viability
outcome so we have produced a revised appraisal with the sales values
increased by 5%. This shows an increased residual value at £460,088 but this
still shows a deficit at -£287,412. Exploring the limits of viability if we factor in
an existing use value without a landowners premium at £650,000 on the
increased sales revenues the development shows an open market return at
8% of GDV. So even on the most optimistic assumptions no surplus is
generated to support any affordable housing provision.
3.12 The appraisal has been constructed with sales values benchmarked against
local newbuild sales evidence, the construction costs are provided by the
applicant but we have benchmarked these against the BCIS rates and all
other assumptions are in line with viability assumptions we have previously
agreed with the DVS on other developments in the Poole area. We have
allowed for CIL on the net additional floor area but we have not allowed for
any additional s106 contributions.
3.13 In summary the appraisal without any affordable housing shows viability
deficit and for the site to come forward the developer will need to take a
view to accept a lower profit level, below the levels set out in the Planning
Practice Guidance and the Poole Affordable Housing guidance. Clearly
introducing any requirement to provide affordable housing will just
compound the existing viability pressure and threaten delivery of the
development.
4.0 Policy Background
4.1 The Poole Local Plan was adopted in November 2018 and policy PP11 sets out
the requirements for affordable housing provision. The policy states that on
sites of 11 or more dwellings or where a floor area of 1,000m2 or more is
proposed affordable housing will be required. This will be at a rate of 10% in
the Poole town centre area and 40% elsewhere in the borough.
4.2 The policy goes on to set out that for sites producing 11-20 units a financial
contribution towards offsite affordable housing is acceptable and for sites of
21+ units delivery of affordable housing would be expected on site.
4.3 The delivery of onsite affordable housing is expected in a tenure split of 70%
affordable rent and 30% shared ownership.
4.4 There is recognition of the need for a viability assessment to assess if the
requirement can be viably delivered, PP40 Viability states that where an
applicant is proposing the policy compliant requirement is not viable they
should provide a residual land value viability assessment. This should be
produced in line with the Poole Affordable Housing Viability Guidance Note.
National Planning Policy Framework February 2019
4.5 Following a consultation period the revised NPPF was issued on 24th July 2018
and updated in February 2019, the main sections which effect s106 viability
are outlined below.
4.6 Section 34 states that Local Plans should set out the obligations that are
expected from developments including affordable housing, however it says
that such plans should not undermine the deliverability of the plan.
4.7 As set out in the 2012 framework planning obligations should only be sought
where they meet the following tests:
- Necessary to make the development acceptable in planning terms.
- Directly related to the development
- Fairly and reasonably related in scale and kind to the development
4.8 Section 57 of the framework sets out one of the keys changes around
viability, this states that where policies around contributions have been set
out in the plan, schemes that comply with them will be deemed to be viable.
It is up to the applicant to demonstrate that particular circumstances differ
from the Local Plan assumptions which require a viability assessment. Suchexamples would be particular existing use that was not modelled at plan
making stage, abnormal costs or movement in the market since the plan was
adopted.
4.9 It is expected that 10% of homes should be made available as starter homes a
form of discounted market sale apart from some specified exceptions.
4.10 Section 63 states that affordable housing should only be sought from major
developments defined as scheme of 10 or more units.
Planning Practice Guidance Updated May 2019
4.11 The viability section of the Planning Practice Guidance has also been updated
and there have been some changes introduced in the recommended
assumptions for constructing a viability assessment. The key change being
land value should be based on an EUV plus premium valuation method. The
guidance now also states that a viability assessment should refer back to the
viability assumptions which backed up the Local Plan and should evidence
how circumstances have changed to justify the need for a viability
assessment.
4.12 The guidance now specifically states the EUV plus premium method should be
adopted where as before a range of options were set out including the
market value approach. This is a clear change of direction to provide more
clarity on how to set a benchmark land value in a viability assessment.
4.13 The guidance also states that the use of an alternative use value is allowed if
it is a reasonable alternative use and a planning consent on the site exists for
that use.
4.14 The guidance states that developer’s return in the range of 15-20% of gross
development value is appropriate for plan making purposes but alternative
levels can be utilised where it is justified by the scale and complexity of the
development.
4.15 The guidance also states methodologies for assessing gross development
value and build costs but these are broadly unchanged since the previous
version of the guidance.
4.16 The guidance states that a viability assessment should be presented in a clear
way so the assumptions for GDV, costs and developers profit are clear.Statement In Response to Covid 19
4.17 On the 13th May 2020 the government issued additional guidance to councils
in response to the Covid 19 Crisis, under the heading of s106 agreements the
following statement has been made;
There are greater flexibilities within s106 planning obligations than CIL.
Where the delivery of a planning obligation, such as a financial contribution,
is triggered during this period, local authorities are encouraged to consider
whether it would be appropriate to allow the developer to defer delivery.
Deferral periods could be time-limited, or linked to the government’s wider
legislative approach and the lifting of CIL easements (although in this case we
would encourage the use of a back-stop date). Deeds of variation can be used
to agree these changes. Local authorities should take a pragmatic and
proportionate approach to the enforcement of section 106 planning
obligations during this period. This should help remove barriers for developers
and minimise the stalling of sites.5.0 Cost and Values
Existing Use Value (EUV)
5.1 The Planning Practice Guidance states that benchmark land value should be
based on an existing use plus premium valuation or a reasonable alternative
use valuation. The EUV plus premium method is essentially valuing the
property on an existing use value taking account of its current lawful planning
use and allowing for an additional landowner’s incentive to encourage the
landowner to bring the site forward to the market. The Planning Practice
Guidance also states that an Alternative Use Valuation (AUV) can be used if
that alternative use complies with local plan policies but an AUV valuation is
deemed to be inclusive of any landowner’s premium.
5.2 The site is currently occupied by two properties; 97 Wimborne Road a semi-
detached property with a floor area at 156m2 and 95 Wimborne Road a semi-
detached property with a floor area at 202.5m2. The existing use value of the
site will equate to the market value of these two properties, we have looked
at comparable sales of semi-detached and detached houses within 0.5 miles
of the site and have identified the following:
80 Kingston Road detached 149m2 sold £300,000 February 2020 (£2,013/m2)
5 Tatnum Road semi-detached 116m2 sold £300,000 July 2020 (£2,586/m2)
47 St Margarets Road semi-detached 109m2 sold £325,000 April 2019
(£2,982/m2)
25 Tatnum Road semi-detached 96m2 sold £315,000 February 2020
(£3,281/m2)
5.3 We have not carried out an internal inspection of the subject properties so
the valuation is carried out on the assumption they are in a marketable
condition and they appear to be comparable with the properties we have
identified. Despite the large floor area of 95 Wimborne Road there will be a
ceiling value for a semi-detached property that we have assessed at
£350,000. On this basis we have valued the properties on an existing use
basis as follows:
97 Wimborne Road £300,000
95 Wimborne Road £350,000
£650,000 (£1,951/m2)
5.4 It is established viability practice and an integral elements of the EUV plus
premium valuation method that a landowner’s margin needs to be added to
the base existing use value to encourage a landowner to bring the siteforward for development. It should be at a level to incentivise the landowner
and the typical range is 15-30%, on similar sites in the Bournemouth and
Poole area we have agreed a 15% premium with the DVS so we have applied
the same in this case resulting in a benchmark land value at £747,500.
Sales values
5.5 To establish the achievable sales values we have looked at comparable
properties either on the market or recently sold within 0.25 miles of the site.
The best evidence will be provided by comparable newbuild developments,
we identified two bedroom apartments on the Lookout development on
Parkstone Road where a 71.2m2 upper level apartment with views is being
marketed at £375,000 and a lower level more comparable two bedroom
apartment at 68.6m2 is being marketed at £250,000. We also identified a two
bedroom apartment in Canaway Court on the Wimborne Road marketed at
£230,000 but we don’t have any floor area information for this property.
5.6 We identified a newbuild one bedroom apartment also in the Canning Court
development on Wimborne Road on the market at £180,000 but we don’t
have any floor area information on this property and a sold newbuild
property in Voyager Court, High Street North which sold for £170,000 in May
2020.
5.7 Looking at nearby second hand sold evidence from Land Registry records we
identified the following second hand transactions completed over the last
twelve months:
34 Denmark Court one bed 48m2 sold £92,000 February 2020 (£1,916/m2)
34a Canford Road two bed 58m2 sold £162,500 October 2020 (£2,801/m2)
25 St Johns Road two bed 77m2 sold £205,000 October 2020 (£2,662/m2)
98a Wimborne Road two bed 61m2 sold £110,000 October 2020 (£1,803/m2)
36a Joliffe Road two bed 67m2 sold £195,000 January 2020 (£2,910/m2)
Flat 6, Nightingale Court, Longfleet Road two bed 53m2 sold £164,000
December 2020 (£3,094/m2)
5.8 A reasonable base upper level second hand value would therefore be in the
range of £3,000/m2 and allowing for a newbuild premium at say 15% the
resultant sales value would be £3,450/m2. Taking this into account and the
comparable newbuild schemes being marketed we have valued the proposed
apartments as follows:
Apartment Floor Area Sales Value (£)
Number (M2)
1 (1b2p) 44.3 175,000
2 (1b2p) 42.1 170,000
3 (1b2p) 42.1 170,0004 (1b2p) 47.9 180,000
5 (1b2p) 44.3 175,000
6 (2b3p) 67.4 250,000
7 (1b2p) 42.1 170,000
8 (1b2p) 53.1 190,000
9 (1b2p) 42.2 170,000
10 (2b3p) 67.4 250,000
11 (1b2p) 42.1 170,000
12 (1b2p) 50.9 185,000
5.9 The overall GDV is £2,255,000 which equates to an average sales value at
£3,849/m2.
5.10 The actual price achieved will be dependent on market conditions at the time
of marketing, competitor developments and the completed specification and
finishes.
Construction Costs
5.11 A Quantity Surveyor developed Order of Cost Estimate is not yet available for
the development so in line with standard practice we have set the
construction costs by reference to the BCIS market benchmark rates. On
several recent viability assessments the DVS has adopted the 5 year rate
which is based on a smaller sample size than the default range but for
consistency we have also used the 5 year rate which is currently £1,355/m2
for 3-5 storey apartments rebased to Poole.
5.12 The BCIS rates exclude all allowances in connection with external works and
the usual assumption is 10-15% and the Local Plan viability assessment
assumes 10%. The extent of external works on this development is limited so
we have adopted a marginally lower rate at 7.5% which has been agreed with
the DVS on other similar schemes in the borough. This results in an overall
construction cost at £1,457/m2.
5.13 The construction costs have been based on a gross floor area for the
proposed scheme at 743.1m2.
5.14 We have made a separate allowance of £30,000 for demolition and £10,000
for the cycle stores. We have not been made aware of any other abnormal
development costs.
5.15 We have separately allowed for design fees at 7% and a contingency of 5%,
both of which are at a level previously agreed with the DVS and are both in
line with the Local Plan viability assessment.Developers Profit
5.16 The revised Planning Practice Guidance recommends a developers profit
allowance in the range of 15-20% and we note the Poole Affordable Housing
Guidance makes reference to 17.5% profit. This is at the mid point of the
Planning Practice guidance range and is a level we usually agree with the DVS
so we have adopted a developers profit assumption at 17.5% of GDV.
5.17 Over the last few years we have agreed a 17.5-18% of GDV profit level as a
default position but with a backdrop of a strong economy and a rising market,
however the Covid 19 crisis has the potential to significantly increase the
market risk profile which has to be reflected with an increase in the level of
developers return. The increased risks are two fold with the risk of increased
unemployment rates effecting market confidence potentially resulting in
reductions in sales values and sales rates and social distancing measures on
site increasing construction costs. At this point it is not clear how the market
will react to the crisis but a developers profit at the higher end of the range in
the guidance may now justified to offset the potential for much higher levels
of development risk.
5.18 Although a higher level of developer’s profit could be justified we have agreed
developers profit at 17.5% of GDV with the DVS on similar projects so we
have adopted the same in this case.
Affordable Housing Inputs
5.19 To model the affordable housing value we have assumed the affordable rent
units will have rents set at 80% of market rents subject to being no more than
the relevant Local Housing Allowance rate. Local market rents would result in
an affordable rent well in excess of the LHA, so we have adopted the LHA rate
at £137.74pw for a one bedroom apartment.
5.20 The shared ownership has been based on initial sales at 40% of open market
value and a rent on the unsold equity at the Homes England maximum level
of 2.75%.
5.21 In line with HCA guidance in the AHP bidding round that grant would not be
supported on s106 units, we have not included any grant funding in the
appraisals.
5.22 The net affordable rented housing revenue has been capitalised at 4.75%
which is a sector average.6.0 Other Model Assumptions and Inputs
6.1 The basis for assumptions on sales values, construction costs and profit are
set out in section 4.
Programme
6.2 The DAT assumes a 6 month lead in to site start for detail design, building
regulations approval, clearing pre-start planning conditions and site set up.
The contract period is 12 months with a sales period of 4 months.
CIL and S106 Contributions
6.3 We have allowed for a CIL payment based on the 2021 index linked rate at
£120.42/m2 on the net increase in floor area, but we have not allowed for
any other s106 contributions.
Interest Rates
6.4 We have used a finance rate of 6.5% inclusive of all arrangement fees which is
in our experience a typical level and a level agreed with the DVS on many
occasions. The availability of development finance remains an issue with very
few of the major banks still actively lending to residential development
companies. Those still in the market can “pick and choose” deals to fund and
expect to see healthy margins.
6.5 The Local Plan viability assessment also uses a 6.5% interest rate.
Sales and marketing costs
6.6 We have made an allowance of 2.5% of gross sales value for sales and
marketing. This is to allow for agent’s fees at 1.5% together with addional
costs for a show home, development branding, production of sales
particulars and promotion.
6.7 The Local Plan viability assessment used a slightly higher assumption at 3% of
GDV.
Ground Rent Income
6.8 The government are consulting on new legislation to remove ground rent
payments on new leasehold apartments and so it is unlikely any prudentdeveloper will factor any ground rent value into their appraisals. We have therefore excluded any ground rent capitalised value from the appraisals.
7.0 Conclusion
7.1 The proposed development will provide 12no dwellings and Poole Local Plan
policy PP11 states that 40% affordable housing will be required equating to a
requirement for 5no dwellings for affordable housing.
7.2 To establish if the requirement can be viably delivered we have appraised the
development on an all open market basis to establish if a surplus is generated
over the existing land value based on an existing use plus landowner’s
premium valuation. This approach is in line with the Planning Practice
Guidance and the Poole Affordable Housing Viability Guidance.
7.3 The appraisal with no affordable housing shows a deficit of -£364,247 and
clearly no surplus is generated to support any affordable housing provision. If
we account for the viability deficit the development is returning a profit
below the 15-20% profit level recommended in the Planning Practice
Guidance and the developer will need to take a commercial view to accept a
lower level of return for the site to come forward.
7.4 It is therefore clearly evident the development is unable to viably support any
affordable housing provision. It should be noted in response to the Covid 19
crisis the RICS have issued material uncertainty provisions to valuation
guidance. If the crisis continues to increase levels of unemployment this
could affect market confidence with a resultant effect on sales values and
sales rates when government intervention in the form of SDLT relief is
withdrawn. The viability will need to be kept under review as the
development moves forward.HCA Development Apprasial Tool Printed 12/05/21
Surplus (Deficit) from Input land valuation at 12/5/2021 £0
HCA DEVELOPMENT APPRAISAL TOOL
SCHEME
Site Address 95-97 Wimborne Road Poole Date of appraisal 12/05/21
Site Reference Net Residential Site Area (hectares)
File Source 12 apartments open market Author & Organisation Simon Corp S106 Affordable Housing Hampshire Ltd
Scheme Description Registered Provider (where applicable)
0
Housing Mix (Affordable + Open Market)
Total Number of Units 12 units
Total Number of Open Market Units 12 units
Total Number of Affordable Units 0 units
Total Net Internal Area (sq m) 586 sq m
% Affordable by Unit 0.0%
% Affordable by Area 0.0%
Density No Area input units/ hectare
Total Number of A/H Persons 0 Persons
Total Number of Open Market Persons 0 Persons
Total Number of Persons 0 Persons
Gross site Area 0.00 hectares
Net Site Area 0.00 hectares
Net Internal Housing Area / Hectare - sq m / hectare
Open Market Open Market Phase
Average value (£ per unit) Open Market Phase 1: Open Market Phase 2: Open Market Phase 3: Phase 4: 5: Total
1 Bed Flat Low rise £175,500 £0 £0 £0 £0
2 Bed Flat Low rise £250,000 £0 £0 £0 £0
3 Bed Flat Low rise £0 £0 £0 £0 £0
4 Bed + Flat Low rise £0 £0 £0 £0 £0
1 Bed Flat High rise £0 £0 £0 £0 £0
2 Bed Flat High rise £0 £0 £0 £0 £0
3 Bed Flat High rise £0 £0 £0 £0 £0
4 Bed + Flat High rise £0 £0 £0 £0 £0
2 Bed House £0 £0 £0 £0 £0
3 Bed House £0 £0 £0 £0 £0
4 Bed + House £0 £0 £0 £0 £0
Total Revenue £ £2,255,000 £0 £0 £0 £0 £2,255,000
Net Area (sq m) 586 - - - - 586
Revenue (£ / sq m) £3,849 - - - -
CAPITAL VALUE OF OPEN MARKET SALES £2,255,000
Capital Value of Private Rental
Phase 1 £0
Phase 2 £0
Phase 3 £0
Phase 4 £0
Phase 5 £0
Total PR £0
CAPITAL VALUE OF OPEN MARKET HOUSING £2,255,000 £ 3,035 psqm
BUILD COST OF OPEN MARKET HOUSING inc Contingency £1,136,621 £ 1,530 psqm
CONTRIBUTION TO SCHEME COSTS FROM OPEN MARKET HOUSING £1,118,379
AH Residential Values
AH & RENTAL VALUES BASED ON NET RENTS
Shared Ownership (all Affordable Rent (all
Type of Unit Social Rented Total
phases) phases)
1 Bed Flat Low rise
2 Bed Flat Low rise
3 Bed Flat Low rise
4 Bed + Flat Low rise
1 Bed Flat High rise
2 Bed Flat High rise
3 Bed Flat High rise
4 Bed + Flat High rise
2 Bed House
3 Bed House
4 Bed + House
£0 £0 £0 £0
£ psqm of CV (phase 1) - - -
CAPITAL VALUE OF ALL AFFORDABLE HOUSING (EXCLUDING OTHER FUNDING) £0
RP Cross Subsidy (use of own assets) £0
LA s106 commuted in lieu £0
RP Re-cycled SHG £0
Use of AR rent conversion income £0
Other source of AH funding £0
OTHER SOURCES OF AFFORDABLE HOUSING FUNDING £0
CAPITAL VALUE OF ALL AFFORDABLE HOUSING (INCLUDING OTHER FUNDING) £0
BUILD COST OF AFFORDABLE HOUSING inc Contingency £0 #DIV/0!
CONTRIBUTION TO SCHEME COSTS FROM AFFORDABLE HOUSING £0
Car Parking
No. of Spaces Price per Space (£) Value
- - £0
Value of Residential Car Parking £0
Car Parking Build Costs £0
Ground rent
Capitalised annual
ground rent
Social Rented £0HCA Development Apprasial Tool Printed 12/05/21
Shared Ownership £0
Affordable Rent £0
Open market (all phases) £0
Capitalised Annual Ground Rents £0
TOTAL CAPITAL VALUE OF RESIDENTIAL SCHEME £2,255,000
TOTAL BUILD COST OF RESIDENTIAL SCHEME £1,136,621
TOTAL CONTRIBUTION OF RESIDENTIAL SCHEME £1,118,379
Non-Residential
Cost Values
Office £0 £0
Retail £0 £0
Industrial £0 £0
Leisure £0 £0
Community Use £0 £0
Community Infrastructure Levy £0
CAPITAL VALUE OF NON-RESIDENTIAL SCHEME £0
COSTS OF NON-RESIDENTIAL SCHEME £0
CONTRIBUTION TO SCHEME COSTS FROM NON-RESIDENTIAL £0
GROSS DEVELOPMENT VALUE OF SCHEME £2,255,000
TOTAL BUILD COSTS £1,136,621
TOTAL CONTRIBUTION TO SCHEME COSTS £1,118,379
External Works & Infrastructure Costs (£) Per unit % of GDV per Hectare
Demolition costs £30,000 2,500 1.3%
cycle stores £10,000 833 0.4%
Sub-station £0
£0 £0
Off Site Works £0
Public Open Space £0
Site Specific Sustainability Initiatives £0
Plot specific external works £0
Other 1 £0
Other 2 £0
£40,000 1.8%
Other site costs
Fees and certification 7.0% £75,775 6,315 3.4%
Other Acquisition Costs (£) £0
Site Abnormals (£)
Access rights £0
Decontamination £0
Other £0
Other 2 £0
Other 3 £0
Other 4 £0
Other 5 £0
£0
Total Site Costs inc Fees £115,775 9,648
Statutory 106 Costs (£)
Education £0
Sport & Recreation £0
Social Infrastructure £0
Public Realm £0
Affordable Housing £0
Transport £0
Highway £0
Health £0
Public Art £0
Flood work £0
Community Infrastructure Levy £0
Other Tariff £0
CIL £46,313 3,859
Other 2 £0
Other 3 £0
Other 4 £0
£0
Statutory 106 costs £46,313 3,859
Marketing (Open Market Housing ONLY) per OM unit
Sales/letting Fees 2.5% £56,375 4,698
Legal Fees (per Open Market unit): £1,000 £12,000 1,000
Marketing (Affordable Housing) per affordable unit
Developer cost of sale to RP (£) £0
RP purchase costs (£) £0
Intermediate Housing Sales and Marketing (£) £0
Total Marketing Costs £68,375
Total Direct Costs £1,367,083
Finance and acquisition costs
Land Payment £383,253 31,938 per OM home #DIV/0! #DIV/0!
Arrangement Fee £0 0.0% of interest
Misc Fees (Surveyors etc) £0 0.00% of scheme value
Agents Fees £3,833
Legal Fees £1,916
Stamp Duty £8,663
Total Interest Paid £95,627
Total Finance and Acquisition Costs £493,292
Developer's return for risk and profit
ResidentialHCA Development Apprasial Tool Printed 12/05/21 Market Housing Return (inc OH) on Value 17.5% £394,625 32,885 per OM unit Affordable Housing Return on Cost 0.0% £0 per affordable unit Return on sale of Private Rent 0.0% £0 #DIV/0! per PR unit Non-residential Office £0 Retail £0 Industrial £0 Leisure £0 Community-use £0 £0 Total Operating Profit £394,625 (i.e. profit after deducting sales and site specific finance costs but before deducting developer overheads and taxation) TOTAL COST £2,255,000 Surplus/(Deficit) at completion 1/4/2023 (£) Present Value of Surplus (Deficit) at 12/5/2021 (£) Scheme Investment MIRR 18.7% (before Developer's returns and interest to avoid double counting returns) Site Value as a Percentage of Total Scheme Value 17.0% Peak Cash Requirement -£1,682,748 Site Value (PV) per hectare No area input per hectare No area input per acre
HCA Development Apprasial Tool Printed 12/05/21
Surplus (Deficit) from Input land valuation at 12/5/2021 £0
HCA DEVELOPMENT APPRAISAL TOOL
SCHEME
Site Address 95-97 Wimborne Road Poole Date of appraisal 12/05/21
Site Reference Net Residential Site Area (hectares)
File Source 12 apartments with AH Author & Organisation Simon Corp S106 Affordable Housing Hampshire Ltd
Scheme Description Registered Provider (where applicable)
0
Housing Mix (Affordable + Open Market)
Total Number of Units 12 units
Total Number of Open Market Units 7 units
Total Number of Affordable Units 5 units
Total Net Internal Area (sq m) 586 sq m
% Affordable by Unit 41.7%
% Affordable by Area 37.7%
Density No Area input units/ hectare
Total Number of A/H Persons 0 Persons
Total Number of Open Market Persons 0 Persons
Total Number of Persons 0 Persons
Gross site Area 0.00 hectares
Net Site Area 0.00 hectares
Net Internal Housing Area / Hectare - sq m / hectare
Open Market Open Market Phase
Average value (£ per unit) Open Market Phase 1: Open Market Phase 2: Open Market Phase 3: Phase 4: 5: Total
1 Bed Flat Low rise £177,000 £0 £0 £0 £0
2 Bed Flat Low rise £250,000 £0 £0 £0 £0
3 Bed Flat Low rise £0 £0 £0 £0 £0
4 Bed + Flat Low rise £0 £0 £0 £0 £0
1 Bed Flat High rise £0 £0 £0 £0 £0
2 Bed Flat High rise £0 £0 £0 £0 £0
3 Bed Flat High rise £0 £0 £0 £0 £0
4 Bed + Flat High rise £0 £0 £0 £0 £0
2 Bed House £0 £0 £0 £0 £0
3 Bed House £0 £0 £0 £0 £0
4 Bed + House £0 £0 £0 £0 £0
Total Revenue £ £1,385,000 £0 £0 £0 £0 £1,385,000
Net Area (sq m) 365 - - - - 365
Revenue (£ / sq m) £3,792 - - - -
CAPITAL VALUE OF OPEN MARKET SALES £1,385,000
Capital Value of Private Rental
Phase 1 £0
Phase 2 £0
Phase 3 £0
Phase 4 £0
Phase 5 £0
Total PR £0
CAPITAL VALUE OF OPEN MARKET HOUSING £1,385,000 £ 2,991 psqm
BUILD COST OF OPEN MARKET HOUSING inc Contingency £708,472 £ 1,530 psqm
CONTRIBUTION TO SCHEME COSTS FROM OPEN MARKET HOUSING £676,528
AH Residential Values
AH & RENTAL VALUES BASED ON NET RENTS
Shared Ownership (all Affordable Rent (all
Type of Unit Social Rented Total
phases) phases)
1 Bed Flat Low rise £239,625 £358,597 £598,222
2 Bed Flat Low rise
3 Bed Flat Low rise
4 Bed + Flat Low rise
1 Bed Flat High rise
2 Bed Flat High rise
3 Bed Flat High rise
4 Bed + Flat High rise
2 Bed House
3 Bed House
4 Bed + House
£0 £239,625 £358,597 £598,222
£ psqm of CV (phase 1) - 2,453 2,791
CAPITAL VALUE OF ALL AFFORDABLE HOUSING (EXCLUDING OTHER FUNDING) £598,222
RP Cross Subsidy (use of own assets) £0
LA s106 commuted in lieu £0
RP Re-cycled SHG £0
Use of AR rent conversion income £0
Other source of AH funding £0
OTHER SOURCES OF AFFORDABLE HOUSING FUNDING £0
CAPITAL VALUE OF ALL AFFORDABLE HOUSING (INCLUDING OTHER FUNDING) £598,222
BUILD COST OF AFFORDABLE HOUSING inc Contingency £428,148 £ 1,530 psqm
CONTRIBUTION TO SCHEME COSTS FROM AFFORDABLE HOUSING £170,073
Car Parking
No. of Spaces Price per Space (£) Value
- - £0
Value of Residential Car Parking £0
Car Parking Build Costs £0
Ground rent
Capitalised annual
ground rent
Social Rented £0HCA Development Apprasial Tool Printed 12/05/21
Shared Ownership £0
Affordable Rent £0
Open market (all phases) £0
Capitalised Annual Ground Rents £0
TOTAL CAPITAL VALUE OF RESIDENTIAL SCHEME £1,983,222
TOTAL BUILD COST OF RESIDENTIAL SCHEME £1,136,621
TOTAL CONTRIBUTION OF RESIDENTIAL SCHEME £846,601
Non-Residential
Cost Values
Office £0 £0
Retail £0 £0
Industrial £0 £0
Leisure £0 £0
Community Use £0 £0
Community Infrastructure Levy £0
CAPITAL VALUE OF NON-RESIDENTIAL SCHEME £0
COSTS OF NON-RESIDENTIAL SCHEME £0
CONTRIBUTION TO SCHEME COSTS FROM NON-RESIDENTIAL £0
GROSS DEVELOPMENT VALUE OF SCHEME £1,983,222
TOTAL BUILD COSTS £1,136,621
TOTAL CONTRIBUTION TO SCHEME COSTS £846,601
External Works & Infrastructure Costs (£) Per unit % of GDV per Hectare
Demolition costs £30,000 2,500 1.5%
cycle stores £10,000 833 0.5%
Sub-station £0
£0 £0
Off Site Works £0
Public Open Space £0
Site Specific Sustainability Initiatives £0
Plot specific external works £0
Other 1 £0
Other 2 £0
£40,000 2.0%
Other site costs
Fees and certification 7.0% £75,775 6,315 3.8%
Other Acquisition Costs (£) £0
Site Abnormals (£)
Access rights £0
Decontamination £0
Other £0
Other 2 £0
Other 3 £0
Other 4 £0
Other 5 £0
£0
Total Site Costs inc Fees £115,775 9,648
Statutory 106 Costs (£)
Education £0
Sport & Recreation £0
Social Infrastructure £0
Public Realm £0
Affordable Housing £0
Transport £0
Highway £0
Health £0
Public Art £0
Flood work £0
Community Infrastructure Levy £0
Other Tariff £0
CIL £27,787 2,316
Other 2 £0
Other 3 £0
Other 4 £0
£0
Statutory 106 costs £27,787 2,316
Marketing (Open Market Housing ONLY) per OM unit
Sales/letting Fees 2.5% £34,625 4,946
Legal Fees (per Open Market unit): £1,000 £7,000 1,000
Marketing (Affordable Housing) per affordable unit
Developer cost of sale to RP (£) £10,000 2,000
RP purchase costs (£) £0
Intermediate Housing Sales and Marketing (£) £0
Total Marketing Costs £51,625
Total Direct Costs £1,331,807
Finance and acquisition costs
Land Payment £311,636 44,519 per OM home #DIV/0! #DIV/0!
Arrangement Fee £0 0.0% of interest
Misc Fees (Surveyors etc) £0 0.00% of scheme value
Agents Fees £3,116
Legal Fees £1,558
Stamp Duty £5,082
Total Interest Paid £63,182
Total Finance and Acquisition Costs £384,574
Developer's return for risk and profit
ResidentialHCA Development Apprasial Tool Printed 12/05/21 Market Housing Return (inc OH) on Value 17.5% £242,375 34,625 per OM unit Affordable Housing Return on Cost 6.0% £24,466 4,893 per affordable unit Return on sale of Private Rent 0.0% £0 #DIV/0! per PR unit Non-residential Office £0 Retail £0 Industrial £0 Leisure £0 Community-use £0 £0 Total Operating Profit £266,841 (i.e. profit after deducting sales and site specific finance costs but before deducting developer overheads and taxation) TOTAL COST £1,983,222 Surplus/(Deficit) at completion 1/4/2023 (£) Present Value of Surplus (Deficit) at 12/5/2021 (£) Scheme Investment MIRR 20.0% (before Developer's returns and interest to avoid double counting returns) Site Value as a Percentage of Total Scheme Value 15.7% Peak Cash Requirement -£1,020,852 Site Value (PV) per hectare No area input per hectare No area input per acre
£/m2 study
Description: Rate per m2 gross internal floor area for the building Cost including prelims.
Last updated: 08May2021 00:48
Rebased to Poole ( 103; sample 25 )
Maximum age of results: 5 years
Building function £/m² gross internal floor area
Sample
(Maximum age of projects) Mean Lowest Lower quartiles Median Upper quartiles Highest
New build
816. Flats (apartments)
Generally (5) 1,456 819 1,210 1,366 1,650 3,210 220
12 storey (5) 1,440 1,050 1,170 1,338 1,700 2,072 50
35 storey (5) 1,440 819 1,211 1,355 1,619 3,210 143
6 storey or above (5) 1,576 1,128 1,334 1,569 1,733 2,261 27
12May2021 13:33 © RICS 2021 Page 1 of 1Buy Rent Find Agent House Prices Commercial Inspire Overseas Sign In
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1/11
NEW HOME
MARKETED BY
Canaway Court, Wimborne Road, Poole, Dorset See map
Embarq, Poole
£180,000 42 Wimborne Road, Poole,
Dorset, BH15 2FL
Monthly mortgage payments Added on 13/11/2020
More properties from this agent
PROPERTY TYPE BEDROOMS BATHROOMS
Flat x1 x1
Call agent: 01202 066013
Request details
+6
2
Key features
AVAILABLE ON HELP TO BUY LUXURY INTERIORS
BALCONY FLATS 5 MINS FROM TRAIN STATION
IDEAL INVESTMENT YIELDS FROM CIRCA 7%!
TOWN CENTRE LOCATION
my-furniture.com
My-Furniture
Property description
Tenure: Leasehold
Spotted an error with this listing?
Description:
EMBARQ are delighted to launch PHASE 1, the first early release of these luxury apartments situated in
Poole Town Centre.
HELP-TO-BUY:
If required, buyers are able to utilise the governments Help-To-Buy Equity Loan Scheme at Canaway Court.
This is not to be confused with shared ownership schemes. This is where the government lend you up to
20%
Readto put towards your purchase deposit. For more information, contact Help-To-Buy registered agents
more
Canaway Court, Wimborne Road, Poole, Dorset
Approximate location
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Stations Schools
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Parkstone Station 1.3 miles
Hamworthy Station 1.8 miles
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About the agent
Embarq, Poole
42 Wimborne Road, Poole, Dorset, BH15 2FL
EMBARQ was established due to the lack of knowledge, expertise & professionalism in the UK estate
agency industry. In other parts of the world; such as America and Australia, realtors (estate agents) are well
respected and require a license to be selling & letting properties. The entry level into UK estate agency is
about as low as it gets, which is why the public have little to no respect for agents in this country. Read on to
discover how EMBARQ is creating a positive change to the sector.<
Read more
Industry affiliations
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1/12
NEW HOME
MARKETED BY
Canaway Court, 10-12 Wimborne Road, Poole See map
Embarq, Poole
£230,000 42 Wimborne Road, Poole,
Dorset, BH15 2FL
Monthly mortgage payments Added on 26/06/2020
More properties from this agent
PROPERTY TYPE BEDROOMS BATHROOMS
Apartment x2 x2
Call agent: 01202 066013
Request details
+7
3
Key features
Luxury living Cosmopolitan town-centre lifestyle
Great connectivity Excellent transport links
Balcony Parking
LED downlights Sky & Freeview
Bedrooms carpeted in a warm neutral colour
tone
Property description Spotted an error with this listing?
Tenure: Leasehold
Two bedroom apartments from £230,000.
The developer of Canaway Court is like no other we've met before. Aside from the desire to provide luxury
interior at affordable prices, there's an unprecedented focus on fire safety, with a significant investment
being made above and beyond the required safety standard levels.
We are delighted to introduce 16 two-bedroom apartments to the market, in a block of 50 apartments.
These two-bedroom apartments provide an enhanced layout, with the benefit of two well-proportioned
Read more
Canaway Court, 10-12 Wimborne Road, Poole
Approximate location
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Stations Schools
NEAREST STATIONS
Poole Station 0.2 miles
Parkstone Station 1.3 miles
Hamworthy Station 1.8 miles
Mortgages
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About the agent
Embarq, Poole
42 Wimborne Road, Poole, Dorset, BH15 2FL
EMBARQ was established due to the lack of knowledge, expertise & professionalism in the UK estate
agency industry. In other parts of the world; such as America and Australia, realtors (estate agents) are well
respected and require a license to be selling & letting properties. The entry level into UK estate agency is
about as low as it gets, which is why the public have little to no respect for agents in this country. Read on to
discover how EMBARQ is creating a positive change to the sector.<
Read more
Industry affiliations
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I am ... Property price
Select £ 230000 Calculate
Rightmove mortgage repayment calculator Advertisement
Property price
£ 230000
Deposit
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10% deposit at this time, consider increasing
£ 23000 your savings goal
Annual interest ? Repayment period
2.4 % 25 years
Monthly repayments: £0
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These results are for a repayment mortgage and are only intended as a guide. Make sure you obtain accurate figures from your lender
before committing to any mortgage. Your home may be repossessed if you do not keep up repayments on a mortgage.
Rightmove receives a fixed monthly fee from Nationwide for introductions made via the Rightmove platforms. It's up to you if you
choose Nationwide or a different lender to suit your mortgage needs and circumstances.
Notes
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advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any
linked or associated information, and Rightmove has no control over the content. This property advertisement does not
constitute property particulars. The information is provided and maintained by Embarq, Poole. Please contact the selling
agent or developer directly to obtain any information which may be available under the terms of The Energy Performance
of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a
residential property in Scotland.
* Average speeds are based on the download speeds of at least 50% of customers at peak time (8pm to 10pm) from
packages available on comparethemarket.com. Speed can be affected by a range of technical and environmental factors.
The speed you receive where you live may be lower than that listed above. You can check the estimated speed to your
property prior to purchasing. Fibre/cable services at your postcode are subject to availability. You can confirm availability
on the provider's website. Providers may increase charges. You should have the right to exit your contract without
penalty if this happens. The information is provided and maintained by Decision Technologies Limited.
Map data ©OpenStreetMap contributors.
Your search history
BH15 2BP (+ 0.5 miles)
For Sale – 2 bed, Flats & Houses
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For Sale – 1 – 2 bed, Flats & Houses
BH15 2BP (+ 0.5 miles)
For Sale – 1 bed, Flats & Houses
CR8 2BJ (+ 0.25 miles)
For Sale – 2 bed, Flats
PR1 7JN (+ 1 miles)
For Sale – 1 bed, Flats & Houses
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