DEVELOPMENT VIABILITY REPORT FOR RESIDENTIAL EXTENSION AT ROSA, MULBERRY BUSINESS PARK, WOKINGHAM, RG41 2GY - On behalf of Watercrown Ltd By ...
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DEVELOPMENT VIABILITY REPORT
FOR RESIDENTIAL EXTENSION AT ROSA, MULBERRY
BUSINESS PARK, WOKINGHAM, RG41 2GY.
On behalf of Watercrown Ltd
By Simon Corp BSc (Hons)
22nd April 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- Existing use value evidence D- Sales value evidence
1.0 Introduction and Instructions
1.1 S106 Affordable Housing (Hampshire) Ltd has been instructed by Watercrown
Ltd to prepare a development viability assessment to determine the viable
level of affordable housing provision which can be funded from the proposed
extension to the PDR development at Rosa, Mulberry Business Park providing
11no 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, most of this time was spent
working for Registered Providers developing affordable housing projects
including Aldwyck Housing Group, Raglan Housing Group now Stonewater
and Origin Housing Group. I am a Director of S106 Affordable Housing
(Hampshire) Ltd a specialist practice 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 prepare a residual valuation for the proposed scheme and compare the
resultant value with the benchmark existing use land value, if the residual
land value is above the benchmark land value the development is considered
to be viable.
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 The updated NPPF and Planning Practice Guidance (Viability) states that an
applicant must make a case why a viability assessment is required and a
viability assessment should refer back to the viability assumptions adopted at
plan making stage. The council instructed GL Hearn in December 2012 to
provide a viability assessment forming part of the evidence base for the
Delivery Development Plan and we assume this viability evidence will
underpin the affordable housing requirements in the borough. In common
with all borough wide viability assessments the appraisals are based on a
range of development typologies and appraisal assumptions and therefore a
scheme specific viability assessment is required to compare the site specific
circumstances with the assumptions adopted in the Local Plan viability
assessment.
1.6 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 existing property is a two storey office building with a gross floor area of
1731m2 granted planning consent for conversion into 34no residential
dwellings under permitted development rights in July 2019. The current
proposal is to add an additional floor to the building to provide an additional
11no apartments.
2.2 The Wokingham Core Strategy was adopted in 2010 and policy CP5 states
that sites providing 5 or more net dwellings should where viable provide up
to 50% affordable housing. The PDR element of the development was
granted consent without an affordable housing requirement but the
extension scheme will be subject to the requirement. A policy compliant level
of provision will equate to 5.5 units which we have rounded down to 5no
dwellings, although we note the minimum level of provision for a
development on previously developed land is set out in the policy at 30%. We
have assumed the maximum policy level of affordable housing would need to
be delivered as 3no affordable rent and 2no shared ownership dwellings.
2.3 To assess the viability of the development the standard practice will be to
appraise the proposed scheme on a residual valuation basis and compare the
resultant land value with the benchmark existing land value on either an
existing use plus premium or alternative use basis. The PDR and newbuild
elements of the scheme will effectively be implemented as one overall
development and so the appropriate methodology will to include both the
conversion and newbuild elements of the scheme in a single combined
appraisal to reflect how the site would be developed and benchmark the
viability against the existing use value of the building as offices. We provided
the viability evidence for the planning appeal on the nearby scheme at Ilex
which was assessed on the same basis and the methodology was accepted as
common ground in the appeal and the approach is in line with the Planning
Practice Guidance.
2.4 The results of the assessment are set out below:
Appraisal Residual land Benchmark land Surplus/deficit (£)
Scenario value (£) value (£)
Open market 2,522,043 4,271,475 -1,749,432
Policy compliant 2,474,281 4,271,475 -1,797,194
2.5 The viability assessment on all open market basis with no affordable housing
shows a viability deficit at £1,749,432 and therefore no surplus is generated
to support any affordable housing provision. The appraisal has been
constructed with a developers profit at 17.5% of GDV on the open market
dwellings 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 other similar
assessments we have agreed across the region, but if we account for the
deficit the developer will be returning a profit below the levels in the
guidance and will have to take a commercial view to accept a lower level of
return for the development to come forward. A developer is usually only
required to contribute to affordable housing if the threshold levels of return
have been achieved.
2.6 The NPPF states that a viability assessment should refer back to the
assumptions used at plan making stage. The Wokingham Local Plan policies
are based on a Local Plan Viability Assessment provided by GL Hearn and so
we have summarised below the assumptions used in the GL Hearn
assessment.
Assumption GL Hearn Local Plan Scheme Assessment
Assessment
Build cost Bespoke estimate 2012 BCIS median rate
External works 15% of build cost Nil
Contingency 5% of build cost 5% of build cost
Professional fees 12.5% of build cost 7% of build cost
Finance 7% 6.5%
Sales costs 3% 2.5%
Open market profit 20% cost/17.5% GDV 17.5% GDV
2.7 Where we have used a slightly lower assumption it is based on similar scheme
specific assessments we have agreed across the region.
2.8 In summary the viability assessment on an all open market basis shows a
viability deficit and therefore no surplus is generated by the scheme to
support any affordable housing provision.
3.0 Viability Assessment
3.1 The existing property is a two storey office building with a gross floor area of
1731m2 granted planning consent for conversion into 34no residential
dwellings under permitted development rights in July 2019. The current
proposal is to add an additional floor to the building to provide an additional
11no apartments.
3.2 The Wokingham Core Strategy was adopted in 2010 and policy CP5 states
that sites providing 5 or more net dwellings should where viable provide up
to 50% affordable housing. The PDR element of the development was
granted consent without an affordable housing requirement but the
extension scheme will be subject to the requirement. A policy compliant level
of provision will equate to 5.5 units which we have rounded down to 5no
dwellings, although we note the minimum level of provision for a
development on previously developed land is set out in the policy at 30%. We
have assumed the maximum policy level of affordable housing would need to
be delivered as 3no affordable rent and 2no shared ownership dwellings.
3.3 We have been instructed to assess the viability of the development and to
establish if the policy level of affordable housing can be viably delivered. To
assess the viability of the scheme in line with the Planning Practice Guidance
we have compared the residual land value derived by the proposed scheme
with the benchmark existing land value based on an existing use plus
premium or alternative use valuation. The surplus residual land value over
the benchmark land value provides the subsidy to support affordable housing
or other planning obligations. The PDR and newbuild elements of the scheme
will effectively be implemented as one overall development and so the
appropriate methodology will to include both the conversion and newbuild
elements of the scheme in a single combined appraisal to reflect how the
development would be built out and benchmark the viability against the
existing use value of the building as offices. We provided the viability
evidence for the planning appeal on the nearby scheme at Ilex which was
assessed on the same basis and the methodology was accepted as common
ground in the appeal and the approach is in line with the Planning Practice
Guidance.
3.4 A DAT appraisal as all open market housing constructed on a residual
valuation basis shows a residual value at £2,522,043 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.
3.5 To fully assess the viability of the scheme we need to compare the resultant
level of residual value derived from the proposed scheme with the existing
benchmark 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. An existing use value is the level of
value that can be derived from the current planning use with an additional
landowners premium to provide an incentive for the landowner to bring the
site forward for development. A benchmark land value can also be based on a
reasonable alternative use value if the proposed use accords with planning
policy but an AUV is deemed to already include a landowners premium.
3.6 The existing use of the building was offices and we understand the existing
building has a gross floor area at 1731m2. To assess the existing use value as
offices we have looked at comparable offices available to let within 0.25 miles
and have identified two comparable offices on the Mulberry Business Park at
£18.50/ft2. We have set out the EUV assessment in section 5 of this report
but in summary we have adopted a rental level based on this market
evidence, capitalised on a 6.5% yield which is at the lower end of the range in
the February 2021 Knight Frank Yield Guide and made allowances for
cosmetic refurbishment and fitting out of the space and buyers costs
resulting in an existing use value at £3,714,326.
3.7 It is standard viability practice and an integral part of the EUV plus premium
valuation method to allow for an additional landowners premium to provide
an incentive for the landowner to bring the site forward for development. It
should be at a level which provides sufficient incentive but the usual range is
15-30% in this case we consider a 15% premium should result in sufficient
incentive providing a benchmark land value at £4,271,475.
3.8 We have noted from Land Registry records the applicants paid £5,600,000 for
the property in 2016 but the Planning Practice Guidance is very clear that a
benchmark land value should not be based on purchase price but rather an
existing use plus premium valuation of the site. We have therefore adopted
the lower EUV plus premium value for the benchmark land value in line with
the guidance.
3.9 In summary the appraisal results are set out below:
Appraisal Residual land Benchmark land Surplus/deficit (£)
Scenario value (£) value (£)
Open market 2,522,043 4,271,475 -1,749,432
Policy compliant 2,474,281 4,271,475 -1,797,194
3.10 The viability assessment on all open market basis with no affordable housing
shows a viability deficit at -£1,749,432 and therefore no surplus is generated
to support any affordable housing provision. If we account for the viability
deficit the developer is returning a profit level below the range set out in the
Planning Practice Guidance at 15-20% of GDV and the developer will need to
take a commercial view to accept a lower level of return for the development
to come forward.
3.11 For comparative purposes we have also run a version of the appraisal with
the required 5no affordable housing units delivered as 3no affordable rent
and 2no shared ownership and this shows an increased deficit at -£1,797,194.
Introducing affordable housing will therefore just compound the viability
pressure and could prevent the scheme from coming forward.
3.12 In line with the guidance we have also looked at the sensitivity of the results
to changes In the inputs, the largest impact will be generated by a change to
the residential sales revenue and so we have modelled a version of the
appraisal with the sales revenues increased by 5%. This shows an improved
residual land value at £2,864,342 but this is still showing a deficit outcome at
-£1,407,133, so even on the most optimistic assumptions the development is
unable to viably support any affordable housing provision.
3.13 The scheme is on the limits of viability but if the developer takes a
commercial view to accept a much lower level of return and develop the site
out for cash flow the scheme can come forward as development costs are
funded.
3.14 The assessment has been constructed with sales values based on local
comparable evidence within 0.25 miles of the site, construction costs have
been informed by the BCIS median rates and all other assumptions are either
in line with the assumptions in the GL Hearn Local Plan viability review or
standard market assumptions we have agreed on other viability assessments.
We have allowed for CIL but we have not factored in any other s106 costs so
we can observe the total surplus which is available to fund all planning
obligations.
3.15 In summary the viability assessment on an all open market basis shows a
viability deficit and so no surplus is generated to support any affordable
housing provision. It should be noted in response to the Covid 19 crisis the
RICS has issued material uncertainty provisions to valuation guidance, if the
crisis continues to cause increases in unemployment this could have a
negative effect on market confidence when government support measures
are withdrawn potentially leading to falling houseprices and sales rates and
construction costs could increase due to requirements of social distancing on
site increasing preliminary costs. The market conditions will need to be kept
under review as the development proceeds.
4. Policy Background
Local Plan Policies
4.1 The Wokingham Core Strategy was adopted in January 2010 and policy CS5
sets out the policy requirement for affordable housing which states that on
sites providing 5 or more dwellings or with a site area of at least 0.16ha up to
50% of the net dwellings should be affordable. The policy goes on to set out
minimum levels of provision for different locations ranging from 20-40% and
a target of 30% would apply to the subject site.
4.2 The targets are subject to viability and the supporting text of the policy states
the requirement will be negotiated on a site by site basis taking into account
housing needs, site specifics and other factors.
4.3 The policy supporting text also states that a tenure mix of 70% affordable rent
and 30% shared ownership will be required.
4.4 The council also adopted an Affordable Housing SPD in 2013 which sets out
the policy background for the affordable housing requirement and guidance
for applicants on how the policy requirement should be implemented.
National Planning Policy Framework June 2019
4.5 Following a consultation period the revised NPPF was issued on the 19th June
2019 and 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 previous versions the 2019 framework states 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 Section 63 states that affordable housing should not be sought from schemes
which are not major developments, this is defined at 10 units or less.
Planning Practice Guidance
4.10 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.
4.11 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.
4.12 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.
4.13 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.
4.14 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.
4.15 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
4.16 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. Cost and Value Assumptions
Benchmark Land Value
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. An existing use value is the level of value that can be derived
from the current planning use with an additional landowners premium to
provide an incentive for the landowner to bring the site forward for
development. A benchmark land value can also be based on a reasonable
alternative use value if the proposed use accords with planning policy but an
AUV is deemed to already include a landowners premium.
5.2 The existing use of the building is an office and we understand the building
has a gross floor area at 1731m2. To assess the existing use value as offices
we have looked at comparable offices available to let within 0.25 miles and
have identified two comparable offices on the Mulberry Business:
Rubra Two 8,435f-17,255t2 guide rent £18.50/ft2
Alba House 4,505ft2 guide rent £18.50/ft2
If the building underwent cosmetic updating and fitting out in our opinion
the same level of rental income should be achievable. The rental income has
been capitalised on an anticipated investment yield of 6.5% which is at the
lower end of the range set out in the Knight Frank Yield Guide February 2021
which sets out a range between 5-6.5% for office space in south east towns
and is therefore a fairly conservative estimate. The cost of refurbishing the
space has been estimated at £750/m2 in line with the BCIS rates and other
similar assessments we have agreed and we have allowed for 5% for contract
administration and buyers costs at 5.75% as set out below:
Rental income at £18.50/ft2 £344,766pa
Capitalise on 6.5% yield £5,304,092
Refurbishment costs £750/m2 £1,298,250
Professional fees 5% £64,913
Sub total £3,940,929
Acquisition costs £226,603
EUV £3,714,326
5.3 It is standard viability practice and an integral part of the EUV plus premium
valuation method to allow for an additional landowners premium to provide
an incentive for the landowner to bring the site forward for development. It
should be at a level which provides sufficient incentive but the usual range is15-30% in this case we consider a 15% premium should result in sufficient
incentive providing a benchmark land value at £4,271,475.
5.4 We have noted from Land Registry records the applicants paid £5,600,000 for
the property in 2016 but the Planning Practice Guidance is very clear that a
benchmark land value should not be based on purchase price but rather an
existing use plus premium valuation of the site. We have therefore adopted
the lower EUV plus premium value for the benchmark land value in line with
the guidance.
Sales values
5.5 To inform the sales value we have undertaken an internet based market
research assessment of achievable values within a half mile radius of the site,
looking at properties on the market, sale agreed and recently completed. The
best evidence will be provided by new homes which reflect the newbuild
premium these dwellings should command, the most comparable new
development is a PDR scheme being released shortly at Parkview House on
Reeves Way which is on the edge of the Mulberry Business Park. On this
scheme two bedroom apartments are being released at £285,000-295,000
and one bedroom apartments at £200,000-220,000.
5.6 These values should however be treated with caution as they are marketing
prices and are likely to be subject to discounts and sales incentives. We also
identified a range of second hand two bedroom apartments on Ashville Way
with sales values ranging from £235,000-250,000. The best evidence will
however be provided by sold transactions taken from Land Registry records,
concentrating on comparables in and around the Mulberry Business Park
location to reflect a comparable setting we have identified the following
transactions:
32 Reeves Way 62m2 sold £254,000 March 2020 (£4,066/m2)
16 Bellamy House, Ashville Way 66m2 sold £240,000 Feb 2020 (£3,636/m2)
7 Bellamy House, Ashville Way 60m2 sold £250,000 October 2020 (£4,166/m2)
32 Imogen Way, Ashville Way 57m2 sold £240,000 September 2020
(£4,210/m2)
10 Willmott House, Ashville Way 56m2 sold £230,000 November 2020
(£4,107/m2)
20 Tanhouse Lane 72m2 sold £215,000 November 2020 (£2,986/m2)
4 Tanhouse Lane 71m2 sold £259,150 August 2020 (£3,650/m2)
5.7 A typical market value is around £4,000/m2 with only relatively small two
bedroom apartment with a floor area at less than 65m2 achieving more than
£4,000/m2. These are however second hand values and we do need to reflect
a new premium so we have adopted a 10% premium resulting in an average
sales value at £4,400/m2 subject to a minimum value of £185,000 for the onebedroom apartments (£175,000 for the smallest 25m2 studio) and a ceiling
value at £295,000 for the largest two bedroom apartment in line with the
market evidence. This makes the typical one bedroom apartment at 40m2
with a sales value at £185,000 equate to £4,625/m2 and the largest two
bedroom apartments at 70m2 based on a sales value at £295,000 equates to
£4,214/m2.
5.8 The sales values will therefore be in the range set out below:
Studio apartment £175,000
One bedroom £185,000-259,600
Two bedroom £255,200-295,000
5.9 The overall GDV is £9,727,240 which equates to an average value across all
units on the site to £4,515/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. We will need to keep market conditions under
review as at the time of writing we don’t know how the market will respond
to the Covid 19 crisis with increased risk of business failure and rising
unemployment affecting market confidence.
Construction Costs
5.11 In line with standard practice and the Planning Practice Guidance on
standardised inputs we have used the BCIS rates rebased to Wokingham to
inform the construction costs. For the PDR element of the scheme we have
used the 1-2 storey median conversion rate at £1,406/m2 and for the
newbuild element the 3-5 storey newbuild rate at £1,524/m2.
5.12 The BCIS rates exclude allowances in connection with external works and the
usual default assumption is 10-15% of the base build costs to fund the estate
road, footpaths, services infrastructure and hard and soft landscaping. The GL
Hearn local Plan viability assessments uses a 15% allowance but as a PDR
extension scheme we have assumed the externals works are existing and so
we have not allowed for any additional external works costs.
5.13 The gross floor area of the PDR scheme is 1731m2 and so the communal areas
equate to 12.7% on the net floor area of the scheme and we have applied the
same communal area allowance to the extension scheme.
5.14 The use of the BCIS median rate to inform the construction costs is in line
with Planning Practice Guidance Standardised Inputs and the same
methodology was agreed on the Ilex appeal.5.15 We have separately allowed for design and professional fees at 7% and
contingency at 5%, both of which are in line with the assumptions in the GL
Hearn Local Plan assessment and standard assumptions we have agreed
across the region.
Developers Profit
5.16 The revised Planning Practice Guidance recommends a developers profit
allowance in the range of 15-20% of GDV and the developer’s profit should
reflect the development risk profile. The GL Hearn Local Plan Viability
Assessment uses an assumption at 20% of cost which usually equates back to
17.5% of GDV for open market housing and 6% for affordable housing.
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,
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 when government intervention is pulled back 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 return could be justified to offset the increased
risk we have maintained the developers profit at 17.5% of GDV for
compliance with the Local Plan evidence base which is in line with the
assumption adopted on the Ilex appeal.
Affordable Housing Assumptions
5.19 We don’t have the benefit of any offers available from Registered Providers
for the affordable housing so we have used the functionality of the DAT
model to calculate the value of the affordable housing from first principles.
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. The average one bedroom market
rent within 0.25 miles of the site is £850pcm and two bedroom apartments
are £1,000pcm resulting in affordable rents at £156.32pw for a one bedroom
and £184pw for a two bedroom which are below the LHA levels.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 Homes England 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 housing revenue has been capitalised at 4.75% for the
rented units and 5.5% for the shared ownership which is a sector average.6. Other Model Assumptions and Inputs
6.1 The basis for assumptions on sales values, construction costs and profit are
set out in section 5.
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 18 months with a sales period of 12 months.
S106 and CIL Contributions
6.3 We have allowed for CIL on the net increase in floor area using the CIL rate
index linked in line with the BCIS All In Tender Price Index but we have not
made any allowance for any additional s106 costs so we can observe the total
surplus that is generated to support all s106 costs.
Interest Rates
6.4 The GL Hearn Local Plan viability assessment uses a finance rate at 7%, but
we typically agree finance rates with the DVS at 6.5-7% and so we have
adopted a rate at 6.5% which is inclusive of arrangement and exit fees.
Sales and marketing costs
6.5 We have adopted an allowance at 2.5% of GDV to fund a show apartment,
production of marketing material, agents costs and marketing and
promotion. We note the GL Hearn Local Plan Viability Assessment uses a
slightly higher allowance at 3% of GDV.
Ground Rent Value
6.6 There is currently a policy drive from central government to reduce and cap
ground rent levels so we don’t think a prudent developer would now build
any capitalised ground rent value into their purchase appraisal. For this
reason we have excluded any ground rent value from the assessment.7 Conclusion
7.1 The proposed development will provide 11no dwellings as an extension to a
consented PDR scheme providing an overall development of 45no dwellings.
The Wokingham Local Plan policy CP5 will require 5no affordable housing
units to be provided by the scheme
7.2 We have been instructed to assess the viability of the development and if
the policy level of affordable housing can be viably delivered. To assess the
viability of the development we have undertaken a residual valuation of the
scheme and compared the resultant residual land value with the benchmark
land value assessed on an existing use plus premium basis.
7.3 The appraisal with no allowance for any affordable housing shows a viability
deficit of -£1,749,432 and therefore no surplus is generated by the scheme
to deliver any affordable housing delivery. For the development to come
forward the developer will need to take a commercial view to accept a
reduced level of return and develop the site for cash flow. It is clearly
evident the scheme is unable to viably support any affordable housing
provision.
7.4 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
when government intervention in the form of SDLT relief is withdrawn with a
resultant effect on sales values and sales rates. The viability will need to be
kept under review as the development moves forward.HCA Development Apprasial Tool Printed 22/04/21
Surplus (Deficit) from Input land valuation at 22/4/2021 £0
HCA DEVELOPMENT APPRAISAL TOOL
SCHEME
Site Address Rosa Mulberry Business Park Wokingham Date of appraisal 22/04/21
Site Reference Net Residential Site Area (hectares)
File Source 34 units PDR and extension scheme 11 units 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 45 units
Total Number of Open Market Units 45 units
Total Number of Affordable Units 0 units
Total Net Internal Area (sq m) 2,154 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 £200,538 £215,200 £0 £0 £0
2 Bed Flat Low rise £255,200 £287,273 £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 £ £6,927,600 £2,799,640 £0 £0 £0 £9,727,240
Net Area (sq m) 1,511 643 - - - 2,154
Revenue (£ / sq m) £4,585 £4,355 - - -
CAPITAL VALUE OF OPEN MARKET SALES £9,727,240
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 £9,727,240 £ 3,943 psqm
BUILD COST OF OPEN MARKET HOUSING inc Contingency £3,733,445 £ 1,513 psqm
CONTRIBUTION TO SCHEME COSTS FROM OPEN MARKET HOUSING £5,993,795
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 22/04/21
Shared Ownership £0
Affordable Rent £0
Open market (all phases) £0
Capitalised Annual Ground Rents £0
TOTAL CAPITAL VALUE OF RESIDENTIAL SCHEME £9,727,240
TOTAL BUILD COST OF RESIDENTIAL SCHEME £3,733,445
TOTAL CONTRIBUTION OF RESIDENTIAL SCHEME £5,993,795
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 £9,727,240
TOTAL BUILD COSTS £3,733,445
TOTAL CONTRIBUTION TO SCHEME COSTS £5,993,795
External Works & Infrastructure Costs (£) Per unit % of GDV per Hectare
Demolition £0
£0 £0
£0 £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
£0
Other site costs
Fees and certification 7.0% £248,896 5,531 2.6%
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 £248,896 5,531
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 £326,250 7,250
S106 £0
Other 3 £0
Other 4 £0
£0
Statutory 106 costs £326,250 7,250
Marketing (Open Market Housing ONLY) per OM unit
Sales/letting Fees 2.5% £243,181 5,404
Legal Fees (per Open Market unit): £1,000 £45,000 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 £288,181
Total Direct Costs £4,596,773
Finance and acquisition costs
Land Payment £2,522,043 56,045 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 £25,220
Legal Fees £12,610
Stamp Duty £115,602
Total Interest Paid £752,725
Total Finance and Acquisition Costs £3,428,201
Developer's return for risk and profit
ResidentialHCA Development Apprasial Tool Printed 22/04/21 Market Housing Return (inc OH) on Value 17.5% £1,702,267 37,828 per OM unit Affordable Housing Return on Cost 6.0% £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 £1,702,267 (i.e. profit after deducting sales and site specific finance costs but before deducting developer overheads and taxation) TOTAL COST £9,727,240 Surplus/(Deficit) at completion 1/4/2024 (£) Present Value of Surplus (Deficit) at 22/4/2021 (£) Scheme Investment MIRR 14.1% (before Developer's returns and interest to avoid double counting returns) Site Value as a Percentage of Total Scheme Value 25.9% Peak Cash Requirement -£7,323,586 Site Value (PV) per hectare No area input per hectare No area input per acre
HCA Development Apprasial Tool Printed 22/04/21
Surplus (Deficit) from Input land valuation at 22/4/2021 £0
HCA DEVELOPMENT APPRAISAL TOOL
SCHEME
Site Address Rosa Mulberry Business Park Wokingham Date of appraisal 22/04/21
Site Reference Net Residential Site Area (hectares)
File Source 34 units PDR and extension scheme 11 units inc 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 45 units
Total Number of Open Market Units 40 units
Total Number of Affordable Units 5 units
Total Net Internal Area (sq m) 2,154 sq m
% Affordable by Unit 11.1%
% Affordable by Area 12.8%
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 £200,538 £225,500 £0 £0 £0
2 Bed Flat Low rise £255,200 £284,010 £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 £ £6,927,600 £1,587,040 £0 £0 £0 £8,514,640
Net Area (sq m) 1,511 367 - - - 1,878
Revenue (£ / sq m) £4,585 £4,329 - - -
CAPITAL VALUE OF OPEN MARKET SALES £8,514,640
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 £8,514,640 £ 3,959 psqm
BUILD COST OF OPEN MARKET HOUSING inc Contingency £3,227,174 £ 1,500 psqm
CONTRIBUTION TO SCHEME COSTS FROM OPEN MARKET HOUSING £5,287,466
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 £148,500 £271,320 £419,820
2 Bed Flat Low rise £199,125 £159,682 £358,807
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 £347,625 £431,002 £778,627
£ psqm of CV (phase 1) - 2,692 2,759
CAPITAL VALUE OF ALL AFFORDABLE HOUSING (EXCLUDING OTHER FUNDING) £778,627
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) £778,627
BUILD COST OF AFFORDABLE HOUSING inc Contingency £506,272 £ 1,600 psqm
CONTRIBUTION TO SCHEME COSTS FROM AFFORDABLE HOUSING £272,355
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 22/04/21
Shared Ownership £0
Affordable Rent £0
Open market (all phases) £0
Capitalised Annual Ground Rents £0
TOTAL CAPITAL VALUE OF RESIDENTIAL SCHEME £9,293,267
TOTAL BUILD COST OF RESIDENTIAL SCHEME £3,733,445
TOTAL CONTRIBUTION OF RESIDENTIAL SCHEME £5,559,822
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 £9,293,267
TOTAL BUILD COSTS £3,733,445
TOTAL CONTRIBUTION TO SCHEME COSTS £5,559,822
External Works & Infrastructure Costs (£) Per unit % of GDV per Hectare
Demolition £0
£0 £0
£0 £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
£0
Other site costs
Fees and certification 7.0% £248,896 5,531 2.7%
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 £248,896 5,531
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 £186,124 4,136
S106 £0
Other 3 £0
Other 4 £0
£0
Statutory 106 costs £186,124 4,136
Marketing (Open Market Housing ONLY) per OM unit
Sales/letting Fees 2.5% £212,866 5,322
Legal Fees (per Open Market unit): £1,000 £40,000 1,000
Marketing (Affordable Housing) per affordable unit
Developer cost of sale to RP (£) £10,000 2,000
RP purchase costs (£) £39,600 7,920
Intermediate Housing Sales and Marketing (£) £0
Total Marketing Costs £302,466
Total Direct Costs £4,470,932
Finance and acquisition costs
Land Payment £2,474,281 61,857 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 £24,743
Legal Fees £12,371
Stamp Duty £113,214
Total Interest Paid £678,734
Total Finance and Acquisition Costs £3,303,344
Developer's return for risk and profit
ResidentialHCA Development Apprasial Tool Printed 22/04/21 Market Housing Return (inc OH) on Value 17.5% £1,490,062 37,252 per OM unit Affordable Housing Return on Cost 6.0% £28,930 5,786 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 £1,518,992 (i.e. profit after deducting sales and site specific finance costs but before deducting developer overheads and taxation) TOTAL COST £9,293,267 Surplus/(Deficit) at completion 1/4/2024 (£) Present Value of Surplus (Deficit) at 22/4/2021 (£) Scheme Investment MIRR 14.2% (before Developer's returns and interest to avoid double counting returns) Site Value as a Percentage of Total Scheme Value 26.6% Peak Cash Requirement -£6,401,402 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: 10Apr2021 00:37
Rebased to Wokingham ( 108; sample 14 )
Maximum age of results: Default period
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 (15) 1,611 798 1,339 1,535 1,817 5,538 878
12 storey (15) 1,524 943 1,298 1,457 1,691 2,721 207
35 storey (15) 1,587 798 1,336 1,524 1,801 3,366 571
6 storey or above (15) 1,937 1,183 1,577 1,810 2,092 5,538 97
Rehabilitation/Conversion
816. Flats (apartments)
Generally (15) 1,688 491 1,006 1,316 1,740 5,793 81
12 storey (15) 2,186 717 1,116 1,406 2,519 5,793 17
35 storey (15) 1,435 491 1,042 1,295 1,554 5,361 47
6 storey or above (15) 1,952 565 919 1,449 2,372 4,856 16
22Apr2021 08:11 © RICS 2021 Page 1 of 10118 909 7400
vailwilliams.com
High quality office space with fitted ground floor suite.
Rubra Two • Recently refurbished fully fitted
office suite
Rubra Two, Mulberry Business Park,
Wokingham, RG41 2GY • Impressive reception with dual
staircase
Office • Excellent parking ratio - 1:200
sqft
TO LET
8,435 to 17,255 sq ft
(783.64 to 1,603.04 sq m)
Expert property advice delivering competitive advantageRubra Two, Mulberry Business Park, Wokingham, RG41 2GY
Summary
Available Size 8,435 to 17,255 sq ft
Rent £18.50 per sq ft
Rates Payable £6.97 per sq ft
Service Charge £5.60 per sq ft
£5.60 per sq ft estimate for the year to 31/12/2021
EPC Rating C (63)
Description
Contemporary offices with an impressive reception area. The ground floor
has recently been refurbished to a high standard and is presented as a
mixture of open plan space together with high quality meeting/training rooms
and a large kitchen break out area. The building comes with a total of 84
parking spaces at an exceptional ratio of 1:205 sq.ft.
Location
The property is located on Fishponds Road, in the core of Wokingham’s
commercial district.
The office is a short walk to local amenities such as Tescos, Lidl and the new
Peach Street Re-Development.
Strategically located between Reading (Paddington 23 mins) and Bracknell
(Waterloo 55 mins) and the M3 (junction 3) and M4 (junction 10) motorways,
via the A329M (M4) and A332 (M3).
Accommodation
The accommodation comprises of the following
Name Sq ft Sq m Availability
Ground 8,435 783.64 Available
1st 8,820 819.40 Coming Soon
Total 17,255 1,603.04
RG41 2GY
Viewings
Strictly via the joint sole agents.
Viewing & Further Information
Terms Andrew Baillie
New flexible lease terms to be agreed. 07502 233 770
ABaillie@vailwilliams.com
Charlie Nicholson
0118 909 7419 | 07769 675680
cnicholson@vailwilliams.com
More properties at vailwilliams.com
Vail Williams give notice that: a. the particulars are set out as a general outline for guidance and do not constitute an offer or contract; b. all descriptions, dimensions and other details are believed to be correct, but any
intending purchasers, tenants or third parties should not rely on them as statements or representations of fact c. All properties are measured in accordance with the RICS property measurement, 1st Edition May 2015
(incorporating IPMS) unless designated NIA/GIA/GEA, in which case properties are measured in accordance with the RICS Code of Measuring Practice (6th Edition); d. Any images may be computer generated. Any photographs
show only certain parts of the property as they appeared at the time they were taken. Generated on 11/03/20210118 909 7400
vailwilliams.com
WELL-SITUATED, REFURBISHED OFFICES.
Refurbished two storey office building with impressive atrium arrival experience. Final
suite on first floor remaining.
Alba House • 3 pipe VRF comfort cooling A/C
Mulberry Business Park, Wokingham, • Attractive reception and arrival
RG41 2GY • 21 parking spaces (Ratio of
1:214 sq.ft.)
Office • Refurbished WCS
• 3 New Showers
TO LET • Well established office park
• 5 person passenger lift with
4,505 sq ft 385kg rating
(418.53 sq m)
Expert property advice delivering competitive advantageAlba House, Mulberry Business Park, Wokingham, RG41 2GY
Summary
Available Size 4,505 sq ft
Rent £18.50 per sq ft
Rates Payable £6.93 per sq ft
Rateable Value £61,000
Service Charge £5.20 per sq ft
EPC Rating C (65)
Description
The property offers occupiers quality office accommodation with a feature
glazed atrium reception. There is space for open plan desks and ability to
partition for private offices and meeting rooms. The suite is accessed via a 5
person passenger lift with 385kg rating The building was constructed in the
1980s and has recently been refurbished.
Location
The property is located on Fishponds Road, in the core of Wokingham’s
commercial district.
The office is a short walk to local amenities such as Tescos, Lidl and the new
Peach Street Re-Development.
Strategically located between Reading (Paddington 23 mins) and Bracknell
(Waterloo 55 mins) and the M3 (junction 3) and M4 (junction 10) motorways,
via the A329M (M4) and A332 (M3).
Accommodation
The accommodation comprises of the following
Name Sq ft Sq m Availability
1st - Part First Floor 4,505 418.53 Available
Total 4,505 418.53
Viewings RG41 2GY
Strictly via the joint sole agents.
Viewing & Further Information
Terms
New flexible lease terms to be agreed. Charlie Nicholson
0118 909 7419 | 07769 675680
cnicholson@vailwilliams.com
Andrew Baillie
07502 233 770
ABaillie@vailwilliams.com
More properties at vailwilliams.com
Vail Williams give notice that: a. the particulars are set out as a general outline for guidance and do not constitute an offer or contract; b. all descriptions, dimensions and other details are believed to be correct, but any
intending purchasers, tenants or third parties should not rely on them as statements or representations of fact c. All properties are measured in accordance with the RICS property measurement, 1st Edition May 2015
(incorporating IPMS) unless designated NIA/GIA/GEA, in which case properties are measured in accordance with the RICS Code of Measuring Practice (6th Edition); d. Any images may be computer generated. Any photographs
show only certain parts of the property as they appeared at the time they were taken. Generated on 15/03/2021Buy Rent Find Agent House Prices Commercial Inspire Overseas Sign In
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NEW HOME
MARKETED BY
Parkview House, Wokingham, Berkshire, RG41 See map
Prospect Estate
Agency, New Homes
£200,000
12-14 Broad Street,
Monthly mortgage payments Added on 01/04/2021 Wokingham, RG40 1AB
More properties from this agent
PROPERTY TYPE BEDROOMS BATHROOMS
Apartment x1 x1
Call agent: 0118 453 0294
Request details
3
Key features
Help To Buy 1 Mile To Station & Town Centre
Quite No-Through Road Parking & Electric Car Charging Points
Zanussi Integrated Applicanes Good Rental Yields for BTL Purchases
Property description
Tenure: Leasehold
Spotted an error with this listing?
* LAUNCHING 24TH APRIL * BRAND NEW 1 & 2 BEDROOM APARTMENTS * HELP TO BUY * CONTACT US
TO BOOK AN APPOINTMENT *
Parkview House is an exciting development of 25
bespoke apartments located just under 1 mile from Wokingham Town Centre and railway station.
Set over three floors, these stunning apartments side onto Leslie Sears playing fields with many boasting
views across the fields and all residents having direct access.
Read more
Parkview House, Wokingham, Berkshire, RG41
Open map Street View
Stations Schools
NEAREST STATIONS
Wokingham Station 0.8 miles
Winnersh Station 2.4 miles
Crowthorne Station 2.7 miles
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Prospect Estate Agency, New Homes
12-14 Broad Street, Wokingham, RG40 1AB
Prospect Homes of Distinction Wokingham
When it comes to the finer end of the property market
Prospect Homes of Distinction, or PhD as we like to call it, is a specialist service designed to celebrate
prestigious properties within the Home Counties.
PhD is the next step to the outstanding service already provided by Prospect and provides you with
everything you'd expect when selling your home and more. By combining the best of traditional estate
agency with ever e
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advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any
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RG41 2GY (+ 0.25 miles)
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