Site Assembly and Development

Site Assembly and Development
COURSEWORK TWO
PROP010W
GROUP 9
1
CONTENTS
1. Introduction p.2
2. Crittique of group work p.2
2.1 Presentation: What went well and what did not? p.2
2.2 Changes to arrive at a more viable development p.3
3. Second development option: Residential p.4
3.1 The residual land valuation
3.2 Marketing particulars / information p.8
3.3 Office residual (comparison) p.11
4. Obtaining possession p.13
4.1 Statute
4.2 Case law p.15
4.3 Compensation payment
Conclusion p.16
Appendices p.17
References p.18
2
1. INTRODUCTION
This report aims to re-evaluate the least profitable options dealt within the group report
and to make it more suitable and profitable for the proposed site located in St. James’s
Park, London. The report investigates a residential scheme with marketing particulars
and strategies have been prepared for residential property. Case Law and Statute
have been applied to determine how possession of the site can be obtained, and if
compensation is payable to the tenants occupying the existing buildings. The
produced report is a result of the work being divided between the group members, with
each group member focusing on one particular section. The work produced has been
discussed and altered in a collaborative way through frequent meetings and
communication. Thus, this report includes a section on what went well during the
group presentation and what things could have been done differently in order to arrive
at a different land value for the residential scheme while referencing the commercial
property option.
2. Critique of group work
2.1. Presentation: What went well and what did not?
The produced presentation as well as the group report is a result of the work being
divided between the group members. My role in the group was to ensure how
possession of the site can be obtained, indeed focusing on case law and statute.
Myself and another group member dealt with the law section and I believe that working
in pairs was effective given that both Landlord and Tenant Act can apply, myself
researching on the 1927 Act while my colleague was busy researching on the 1954
Act. Regarding the presentation, I believe that it went well even though we had to
manage the stress to presenting in front of 3 supervisors. As a group, we tried to
explain our part well but might have been slightly quiet sometimes and we will try in
the future to project our voice more or perhaps use the mic.
2.2. Changes to arrive at a more viable development
In order to arrive at a more viable development for both shemes, some points should have
been answered differently:
3
– As a group, we included affordable housing for the residential scheme but in my opinion due
to its located area it wouldn’t be feasible therefore perhaps assumed 100% private.
– Marketing costs for residential: £1,437,849.00 does seem a little to much even though fairs
and one pager might be very expensive. In my opinion, we should have picked one fair if the
cost is high.
– Website way too expensive: we perhaps focused too much on marketing strategy and not
discussed marketing particulars with caveats and small print enough
– Also, CGI’s of 105k might be too high
– Overall I think our choice to have office space was wrong given the location and its
attractiveness, even though some variables make the choice of residential risky after the 2019
election, with the tories proposing a scheme that would mean foreign buyers pay up to 18% in
stamp duty.
3. SECOND DEVELOPMENT OPTION: RESIDENTIAL
3.1. RESIDUAL LAND VALUE
The residual land valuation for the residential option is detailed in the table below with
corresponding notes providing an explanation to the figures used:
4
Estimation of Residential site value
£ £ £ Note
Net Gross Internal Area of
7,015sqm
– a
35% of affordable housing
discount @ 25% off OMV
– b
3 x Studio Units @ 40sqm £2,016,000
5 x Two bedroom units @ 60sqm £2,016,000
6 x Three bedroom units @
90sqm
£9,072,000 £15,120,000
Private Proportion @ 5,500sqm
GIA
– c
11 x Three bedroom units @
200sqm
£66,000,000
9 x Two bedroom units @
155sqm
£41,850,000
12 x Studio units @ 50sqm £18,000,000 £125,850,000
Total Gross Development Value £142,314,000 d
Demolition cost @ £120 per sqm
for 2,830sqm
£339,600 e
900sqm of affordable units @
highest quartiles
£3,920,400
5,500sqm of private units @
highest quartiles
£23,958,000
500sqm of Leisure facilities @
highest quartiles
£1,709,000
5
100sqm of reception area @
highest quartiles Pro
£435,600 £30,643,500

Short term finance @ 8% on half
cost for 2 years
£2,449,808 i
CIL for private units @ £550 per
sqm
£3,355,000 j

Deduct site acquisition cost at
6.8%
£4,185,915 q
Net payable for land £57,311,656 r
6
a) The gross internal area of the site is 7,015sqm, residential sales are calculated
based upon GIA (Valuation of development land, 2008).
b) 25% of open market value (OMV) is discounted towards affordable housing, St
James’s Park is within Westminster’s prime location; the average cost per sqm is
£22,400. (Westminster City Council: Local Plan policies: Viability Review, 2019)
(25% of £22,400 = £16,800) (900sqm x £16,800 = £15,120,000)
(payment in lieu of £18,491 x 900sqm = £16,641,900)
Alternatively a payment in lieu would have been made, St James is within a prime
location therefore a payment of £18,491 per sqm would have been made towards the
35% affordable housing requirement. (Westminster City Council: Local Plan policies:
Viability Review, 2019) As a result the payment in lieu would have been more costly,
market cost and number of sales will also have benefited.
c) The private market will have a gross internal area of 5,500sqm, this excludes an
additional 600sqm which will be for leisure facilities, communal area and reception.The
price per unit has been concluded through comparable properties within close
proximity of site. Sale prices within the area fluctuate greatly, this is due to many
reasons; location, view, volume, facilities/features and design. The target market for
the area is clear; occupiers of the units may be wealthy politicians, investors & other
wealthy professionals
The private units vary from studio to three bedroom luxury apartments with
exceptional of the St James park. (Planning Policy Work Programme Local
Development Scheme, 2019) Unit sizes vary between a minimum of 50sqm and
maximum 200sqm, residential units cannot exceed 200sqm.
d) Total gross development value (GDV) is calculated by adding all unit costs
£15,120,000 + £125,850,000 = £142,314,000
e) The construction cost per sqm have been derived from BCIS averages
(Westminster.ac.uk, 2019). The build cost for all units is calculated at £4,356 per sqm
(highest quartile). Further 100sqm is dedicated for reception, communal area &
500sqm for residents leisure facilities.
(£4,356 x 900sqm = £3,920,400) + (£4,356 x 5,500sqm = £23,958,000)
(£4,569 x 500sqm +£2,329,500) + (£4,356 x 100sqm = £435,600)
= £30,643,500
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f) A budget for professional fees has been allowed for totalling 10% of the construction
costs as this is a large development in a prime central London location to cover
consultants such as architects and surveyors.
g) A budget for construction contingency has been allowed for totalling 3% of the
construction cost for any potential uncertainties during the build phase.
h) Marketing cost is factored highly to increase the number of sales and to avoid void
periods.
i) Half of the required cost is financed based on a 7% rate for 2 years, the other half
will be obtained through the sale of units. The project according to BCIS will take 2
years including a 3 month void period.
j) Community Levy Infrastructure (CIL) costs for residential property within the City of
Westminster are not required for affordable housing, but are charged at £550/sqm for
private units as St James’ Park falls within the ‘prime’ area (City of Westminster,
2016).
(£550 x 6,100 sqm = £3,355,000)
k) A compensation payment of £290,000 will be paid to the current tenants to move
out
l) Agent Fees has been assumed at 2% of the construction costs, prime agents will
contribute to the sale of units.
m) Total of gross development costs including all construction costs, contingency and
professional fees.
n) Developers risk and profit has been arrived at by taking 15% of the GDV.
(0.15 x £142,314,000 = £21,347,100)
This sum is added to the development costs, financing costs and other fees to
determine the gross development cost
o) The purchase value in factored into the residual as the value of £1 per annum
changes, the project including a void period should take 2 years.
(1/(1+0.07)n2 = 0.961) (0.961 x GDV) = £61,278,852
p) This figures displays the gross site value of £61,278,852.
8
q) Site acquisition are deducted from the net sum to generate maximum available for
the land purchase. The inverse multiplier formula determines the fees of 6.8%.
(6.8% of £61,278,852 = £4,166,926) (£4,166,962 – £61,278,852 = £57,111,890)
r) This is the maximum figure available for the purchase of the land. Therefore the net
payable value for the land is £57,111,890.
3.2. MARKETING PARTICULARS/INFORMATION
3.2.1 Target market
This marketing strategy aims to target wealthy buyers looking to invest in this highend new development situated in Central London overlooking St James’s Park. The
apartments will incorporate high specification and amenities including 24/7 security, a
24/7 concierge, fully equipped gym, swimming pool, private cinema, maintenance
team and underground parking. The demand for high-end apartments on prime
locations in London have risen significantly in the last decade with homes valued at
more than £5,000,000 rising the fastest in London compared to other major cities. This
makes properties in prime locations of London a safer and desired investment
(Galliard Homes, sd) (Vernon Research Group, sd).
3.2.2 Launch event
To launch this luxurious development a secret launch event will be held at the Ritz
Carlton Hotel London whilst construction is underway. Key identified customers and
investors will be identified through local agents such as Harrods Estate and Savills
along with customers of the Ritz Carlton Hotel. A total of 750 guests will be invited to
attend this event to be introduced to the development. Guests will be provided with
promotional documents and encourage register interest or reserve plots off plan. This
will be the first event for the development and will aim to create a prestige atmosphere
around the apartments and building desirability. The total cost of this event is
estimated at £90,000, this includes the rental of the ballroom at the Ritz Carlton
London, the drinks and food, gift bags etc. (Martin, 2019)
3.2.3 Website and Show Home
Further information regarding the apartments will be available available on a bespoke
website for the development under the branded marketing name or through local
estate agents. Additionally a show home will be in place for potential buyers to view
9
an example of the apartments whilst construction is still underway. The open days are
organised to show potential buyers the status of the development and an example of
the product they will receive. Brochures will be produced to provide information for
those who enquire on an apartment, these brochures will also be available at
exclusive venues such as the Ritz Carlton hotel.
The cost of the website would cost approximately £60,000 including the purchase of
the domain name. The open days every first Saturday of the month would cost
approximately £3.000, with 36 open days as the development will take approximately
3 years including construction and sales period, the total cost is estimated at
£108,000. The designing and printing of 10,000 brochures would cost approximately
£31,000. (Savills , sd) (Editorial Team , 2019) (Harrods Estates, sd) (One Hyde Park,
sd).
3.2.4 Real estate fairs
The development will be market at several real estate fairs such as The Luxury
Property Show, known for its luxurious five star residential developments, and The
Property Investor Show, known for targeting the high end property market. These fairs
have been selected as they attract guests who fit in the target market of the
development. They are typically investors with capital who want to invest in low level
risk. Moreover, the fairs have a period of just about eight months between them which
spreads exposure over the development period. The total cost for the fairs would be
approximately £400,000, includes the space on the fair plus the stand decoration and
marketing material used (The Luxury Property Show, sd) (Property Investor Show, sd).
3.2.5 One page advertisement
Within every edition of Property Week, The Property Hub Magazine, London Property
magazine and Harrods Estate Magazine a one pager will be published. All magazines
are read by investors who are interested in investing in London’s real estate market.
The one pager will be published every edition of the named magazines for 52 weeks
long. In total this will cost approximately £509,340.00. (Property Week, sd) (Property
Hub, sd).
3.2.6 Development branding and Google target advertisement.
Development branding will surround the construction work on the site including
computer generated images (CGI) which will give potential buyers a visual
representation of what the building will look like. Once in place this branding will help
to build a presence for the development providing consistent marketing. A CGI plan
would cost approximately £105,000.The panels standing around to the site while
10
development would cost approximately £14,500.00. (Born Digital, sd) (Shewan, 2019)
(Reclame Online, sd).
Google targeted advertisement will be linked to the development so that the
development sits at the top of the search results when key terms are searched for,
including terms such as “prestigious development London” or “luxurious apartment
London”. The cost for the Google target advertisement is estimated at £120,000 for 3
years.
3.2.7 After sales service
The proposal includes an after sales service instruct an interior designer to decorate
your apartment ready to move into, a list of high end designers will be provided
including David Collins Studio, Elicyon, Jo Hamilton and Obumex.
3.2.8 Marketing cost
The table below shows an expected marketing cost for the development.

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3.3. OFFICE RESIDUAL
The residual land valuation for the commercial office option is detailed in the table
below with corresponding notes providing an explanation to the figures used::
Estimation of office site value
£ £ £ Note
Estimated rental value 6,039sqm
@ £1,035 per sqm
6,250,365 a
Years purchase in perpetuity @
3.25%
30.7692 b

Gross development costs
Gross area of lettable space
6,039sqm @ £3,143/sqm
18,980,577 f
Internal communal area 976sqm
@ £6,071/sqm
5,925,296 g

29,812,330 j
Short term finance @ 9% for 1.2
years
k
On construction costs (average
50%)
1,423,931 l
12
On fees (average 75%) 299,025 m
On total cost + finance over
void period (9 months)
2,106,557 n
3,829,513 o
Agency fees
Fees at 15% of rents + 2% GDV 4,783,930 p

Surplus available for land
purchase
110,010,750 v
Present value £1 for 1.7 years
@ 9%
0.8453 w
Gross site value 92,992,087 x
Deduct site acquisition cost at
6.8%
5,923,596 y
13
Max available for land purchase
– Net
87,068,491 z
Land offer to be made £87,000,000
4. OBTAINING POSSESSION
4.1. Statute
Part II of the Landlord and Tenant Act 1954 (LTAct 1954) gives protection to tenants
occupying property for the purposes of their business. It has changed in several
important respects on 1 June 2004. The Act only protects tenants who are occupying
for business purposes.
4.1.3 Tenant A
Let’s assume that the Tenant letting started on April 1st, 1996 and is meant to expire
on 31st March 2021. For the Landlord to obtain possession of the building, he must:
– Establish if the reason for ending existing tenancy is due to the fault of the
tenant. If not, then the Tenant is entitled to compensation.
The tenant still has 1 year and 4 months of tenancy (1 December 2019-31 March
2021). For that reason, he is entitled to compensation if the Landlord serves Section
25 of the 1954 Act: A section 25 notice must state a date between 6 and 12 months
later when the lease is to come to an end, which is meant to expire by March 31,
2021. Section 25 prescription must be back with Section 30(1)(f): “…termination of the
current tenancy the landlord intends to demolish or reconstruct the premises …” For
the court to grant the request, the Landlord will have to prove that his intention is real
by providing necessary documents such as : site drawing, planning permission
(consent or full). Also, Section 37 LTAct 1954 stipulates that the tenant is to be
compensated for losing value of his business premises. Thus, if the landlord decided
to start construction works, the tenant is entitled to compensation for ‘losing value of
his business premises’.
Compensation for tenant A falls under the LTAct 1954 as amended and brought into
force in June 2004.
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4.1.4 Tenant B
According to the brief, it has been reported that Tenant B has recently vacated the
property. It could be assumed that he did vacate the premises two weeks before the
termination of his tenancy. According to Bacciocchi v Academic Agency Ltd (1998)
case, Tenant B is entitled to compensation because there was no change of use to the
premises.
After being served section 25&30(1)(f) of LTAct 1954, notice of ‘no fault ground’. For
that reason, they are entitled to compensation on disturbance, because his lease falls
within the LTAct 1954 – renewal provision. Yet, with the improvement of the property
with the installation of air conditioning, Tenant is not entitled to compensation for the
following reasons:
! There was no account of them making a formal request to the landlord for their
consent. As it is mentioned in Section 3(1) LTAct 1927: Before any
improvement is to be added to a property by a tenant, he must first serve a
notice of intention to the landlord notifying him of his intention. According to the
brief, it is assumed that notice (notice of intention) was not served to the
landlord, making the improvement unauthorised. As a result, such improvement
is not entitled to compensation.
! The lease obligation include Full Repairs and Insurance (FRI). According to
Ortelan (2016), “compensation rarely arises in business leases because most
leases have an obligation for the tenant to yield up the premises in the same
condition as at the start of the tenancy”.
! With FRI obligation, at the end of a lease, the lease-holder must equally put
back the state of the property to its default condition. That means that any
alteration/improvement is carried out at a risk and the landlord is not obliged to
compensate for such improvement
4.2. Case Law
Bacciocchi v Academic Agency Ltd (1998)
The case of Bacciocchi v Academic Agency Ltd (1998) dealt with the issue of whether
the tenant is entitled to statutory compensation under section 37 of the 1954 Act, after
they had vacated the premises 12 days before the end of the lease. Overturning the
judgement in the Court of Appeal, Lord Simon Brown held that the cessation of
business activities by the tenant shortly before the termination date of the lease was
incidental to the ordinary cycle of business life, provided that the premises were
occupied by no other business occupier and were not used for any non-business
15
purpose. The tenant was entitled to compensation even though it vacated the
premises 12 days before the termination date.
Sight and Sound Education Ltd v Books Etc Ltd (1999)
The case of Sight and Sound Education Ltd v Books Etc Ltd (1999) is a similar case to
Bacciocchi v Academic Agency Ltd (1998). However, the court held that the tenant
was not entitled to compensation because he left the premises prior to the end of his
tenancy specified in the section 25 notice and therefore had not occupied the premises
for the purpose of its business during the whole of the 14 years immediately prior to
the end of the current tenancy.
Inclusive Technology v Williamson (2009)
The case of Inclusive Technology v Williamson (2009) dealt with an issue of
misrepresentation. Indeed, the landlord told the tenant in a letter accompanying a
Section 25 notice that he intended to redevelop but subsequently changed his mind.
The landlord had to compensate the tenant because he failed to inform him that he
had decided not to proceed with the redevelopment work which was the main reason
for the landlord to refuse to grant a new lease. He has held liable to the tenant for
damages under Section 37 of the 1954 Act.
4.3. Compensation Payment
Compensation for disturbance: Under Section 37(1c)(a) tenants are entitled to
compensation for disturbance for the following reasons:
! Tenant A: According to Section 37 (3)(a), Since Tenant A has been in occupation
for the purpose of business for more than 14 years, his entitlement will be
calculated by doubling the rateable property value to arrive at a figure.
Rateable value: £77,500 x 2= £155,000
Tenant B
After spending 10 years as a leaseholder, the calculation for compensation would be:
1 x rateable value of the property, ie: 1 x £135,000= £135,000
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5. Conclusion
The findings in the report suggest that the office proposal still achieve higher profit
versus the residential scheme, with £28.8M and £21.3M in profit respectively. Notable
factors that contribute to the results are the greater expenditures for a residential
development, these include construction costs, CIL contributions and marketing costs.
Additionally, the requirement for 35% affordable housing impacts the profitability of a
residential scheme, resulting in a lower profit than the office proposal. The residual
calculations for both schemes suggest a difference of £26M in Gross Development
Value and a difference of £29.7M available for land purchase concluding the office
proposal to be more advantageous.
17
APPENDICES
Appendix 1- Comparable house prices (zoopla, 2019) ( savills, 2019)
Property Address Floor
GIA
sqm n/bed
Lease
years Sale price £
St James’s Street, London, SW1A 1LE 5th 51 1 32 695,000
Rose And Crown Yard, St james London
SW1Y 2nd 62 1 981 1,200,000
Rose And Crown Yard, st james London
SW1Y 4th & 5th 119 2 SoF 1,300,000
King Street, London SW1Y 2nd 182 2 977 4,850,000
Arlington street, st james London SW1A 3rd & 4th 147.7 3 63 3,950,000
Arlington street, st james London SW1A 4th 231 3 136 9,300,000
Queen Annes Gate, London SW1H
-0 & 0 169,3 2 999 3,625,000
Queen Annes Gate, London SW1H
4th 169,3 3 999 5,500,000
Queen Annes Gate, London SW1H
4th 276 3 999 8,750,000
Buckingham Gate, London SW1E 3rd & 4th 482 3 SoF 16,500,000
Buckingham Gate, London SW1E 2nd 246 2 SoF 8,000,000
Spring Gardens, St James’s, London
SW1A
3rd & 4th 86 2 SoF 2,000,000
SoF = Share of freehold
18
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https://www.westminster.gov.uk/sites/default/files/viability_evidence_june_2019.pdf
[Accessed 5 Dec. 2019].
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