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									            GVA GRIMLEY &
       BESPOKE PROPERTY GROUP


THE HOUSING CORPORATION ECONOMIC
          APPRAISAL TOOL


           Click here to proceed


           Version 1.3 (October 2007)
Version 1.3 (October 2007)                                                                                  Date Printed: 3/30/2012




         GVA GRIMLEY & BESPOKE PROPERTY GROUP
         THE HOUSING CORPORATION ECONOMIC APPRAISAL TOOL

         INPUT SHEET 1 - RESIDENTIAL MIX ASSUMPTIONS


         Basic Site Details

         Site Address                   Bewbush Crawley
         Site Reference                 Core Phase 1 600 Units Low economic cycle
         Scheme Description


         Date                           11/14/2008
         Site Area (hectares)           11.33
         Author & Organisation          Terry Tedder
         Housing Corporation Officer

         Residential Mix Assumptions

         Affordable Housing Tenure 1:   Social Rented

                                         Studio         1 Bed     2 Bed   3 Bed   4 Bed     2 bed H     Other
         Unit Size (sq m) - NIA                          46.4      60.3    83.6   111.48      72.4
         Habitable Rooms per Unit                          2         3       5      6           4
         Persons per Unit                                  2         3       5      6           4
         Total Number of Units                            42        34      42      8          42



         Affordable Housing Tenure 2:   Intermediate - Shared Ownership

                                         Studio         1 Bed     2 Bed   3 Bed   4 Bed     2 bed H     Other
         Unit Size (sq m) - NIA                          46.4      60.3    83.6   111.48       72
         Habitable Rooms per Unit                          2         3       5      6           4
         Persons per Unit                                  2         3       5      6           4
         Total Number of Units                            18        14      18      4          18



         Affordable Housing Tenure 3:   Intermediate - Discounted Market Sale

                                         Studio         1 Bed     2 Bed   3 Bed     4 Bed   Other       Other
         Unit Size (sq m) - NIA
         Habitable Rooms per Unit
         Persons per Unit
         Total Number of Units



         Affordable Housing Tenure 4:   Intermediate - Other Type of Shared Ownership / Shared Equity

                                         Studio         1 Bed     2 Bed   3 Bed     4 Bed   Other       Other
         Unit Size (sq m) - NIA
         Habitable Rooms per Unit
         Persons per Unit
         Total Number of Units




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         Affordable Housing Tenure 5:           Intermediate - Discounted Market Rented

                                                  Studio     1 Bed      2 Bed      3 Bed       4 Bed          Other   Other
         Unit Size (sq m) - NIA
         Habitable Rooms per Unit
         Persons per Unit
         Total Number of Units

         * Other = User-defined


         Open Market Housing Type 1:

                                                  Studio     1 Bed      2 Bed      3 Bed      4 Bed      2 bed H
         Unit Size (sq m) - NIA                               46.5       60.3      83.61      111.48      72.46
         Habitable Rooms per Unit                              2          3          5          6           3
         Persons per Unit
         Total Number of Units                                 6          24         150        108            72



         Open Market Housing Type 2:

                                                  Studio     1 Bed      2 Bed      3 Bed       4 Bed          Other
         Unit Size (sq m) - NIA
         Habitable Rooms per Unit
         Persons per Unit
         Total Number of Units



         Open Market Housing Type 3:

                                                  Studio     1 Bed      2 Bed      3 Bed       4 Bed          Other
         Unit Size (sq m) - NIA
         Habitable Rooms per Unit
         Persons per Unit
         Total Number of Units



         Open Market Housing Type 4:

                                                  Studio     1 Bed      2 Bed      3 Bed       4 Bed          Other
         Unit Size (sq m) - NIA
         Habitable Rooms per Unit
         Persons per Unit
         Total Number of Units



         Open Market Housing Type 5:

                                                  Studio     1 Bed      2 Bed      3 Bed       4 Bed          Other
         Unit Size (sq m) - NIA
         Habitable Rooms per Unit
         Persons per Unit
         Total Number of Units



         Total number of residential car parking spaces               (Open Market and Affordable)
         Value of each residential car parking space                  (Average value of all parking spaces)




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                             Back (to Front Page)   Forward (to Residential Value & Cost Assumptions)




         SITE VALUE TODAY                                                                               ##########




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GVA GRIMLEY & BESPOKE PROPERTY GROUP
THE HOUSING CORPORATION ECONOMIC APPRAISAL TOOL

INPUT SHEET 2 - RESIDENTIAL VALUE & COST ASSUMPTIONS


RESIDENTIAL VALUE ASSUMPTIONS

Base Value

Affordable Housing Tenure 1:       Social Rented

              Type of Unit                           Rent per Unit per Week (£)                         Rent per Unit per Annum (£)
                 Studio
                 1 Bed                                          £83.85                                              £4,360
                 2 Bed                                          £94.99                                              £4,939
                 3 Bed                                         £113.90                                              £5,923
                 4 Bed                                         £125.04                                              £6,502
                2 bed H                                        £102.76                                              £5,344
                 Other

Management Costs (% of rent)                                   12.00%                                 (% of gross rent per annum)

Voids / bad debts (% of rent)                                   4.50%                                 (% of gross rent per annum)

Repairs Fund (% of rent)                                       12.00%                                 (% of gross rent per annum)

Yield (%)                                                       6.25%                                 (to capitalise the net rent)


                                                             Start Month                                           End Month
Timing of Affordable Housing
                                                                  6                                                    36              (whole number, minimum of 0, maximum of 60)
Tenure 1 Purchase Payment



Affordable Housing Tenure 2:       Intermediate - Shared Ownership

                                                             Total Unit                                      Rent per Unit per
              Type of Unit                           Capital Value (£ psm, NIA)                           week of rented share (£)
                 Studio                                                                                              £0
                 1 Bed                                         £2,093                                               £39
                 2 Bed                                         £2,093                                               £50
                 3 Bed                                         £2,093                                               £69
                 4 Bed                                         £2,093                                               £93
                2 bed H                                        £2,093                                               £60
                 Other                                         £2,093                                                £0

Owner-occupied share (%)                                        25.0%

Unsold Equity Rent Per Annum (%)                                2.75%                                 (Housing Corporation Limit of 2.75%)

Management Costs (% of rent)                                                                                         6.00%             (% of gross rent per annum)

Voids / bad debts (% of rent)                                                                                        1.00%             (% of gross rent per annum)

Repairs Fund (% of rent)                                                                                                               (% of gross rent per annum)

Yield (%)                                                                                                            5.50%             (to capitalise the net rent)

                                                             Start Month                                           End Month
Timing of Affordable Housing
                                                                  6                                                    36              (whole number, minimum of 0, maximum of 60)
Tenure 2 Purchase Payment



Affordable Housing Tenure 3:       Intermediate - Discounted Market Sale

                                                           Capital Value
              Type of Unit                           pre-discount (£ psm, NIA)
                 Studio
                 1 Bed
                 2 Bed
                 3 Bed
                 4 Bed
                 Other
                 Other

        % of Open Market Value


                                                             Start Month                                           End Month
Timing of Affordable Housing
                                                                                                                                       (whole number, minimum of 0, maximum of 60)
Tenure 3 Purchase Payment



Affordable Housing Tenure 4:       Intermediate - Other Type of Shared Ownership / Shared Equity


                                                             Total Unit                                      Rent per Unit per
              Type of Unit                           Capital Value (£ psm, NIA)                           week of rented share (£)
                 Studio                                                                                              £0
                 1 Bed                                                                                               £0
                 2 Bed                                                                                               £0
                 3 Bed                                                                                               £0
                 4 Bed                                                                                               £0
                 Other                                                                                               £0
                 Other                                                                                               £0

Owner-occupied share (%)

Unsold Equity Rent Per Annum (%)

Management Costs (% of rent)                                                                                                           (% of gross rent per annum)




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Voids / bad debts (% of rent)                                                                                                                        (% of gross rent per annum)

Repairs Fund (% of rent)                                                                                                                             (% of gross rent per annum)

Yield (%)                                                                                                                                            (to capitalise the net rent)


                                                                        Start Month                                           End Month
Timing of Affordable Housing
                                                                                                                                                     (whole number, minimum of 0, maximum of 60)
Tenure 4 Purchase Payment



Affordable Housing Tenure 5:                Intermediate - Discounted Market Rented

               Type of Unit                                      Rent per Unit per Week (£)                         Rent per Unit per Annum (£)
                  Studio
                  1 Bed
                  2 Bed
                  3 Bed
                  4 Bed
                  Other
                  Other

Management Costs (% of rent)                                                                                     (% of gross rent per annum)

Voids / bad debts (% of rent)                                                                                    (% of gross rent per annum)

Repairs Fund (% of rent)                                                                                         (% of gross rent per annum)

Yield (%)                                                                                                        (to capitalise the net rent)


                                                                        Start Month                                           End Month
Timing of Affordable Housing
                                                                                                                                                     (whole number, minimum of 0, maximum of 60)
Tenure 5 Purchase Payment



Open Market Values

                                                                                                                       Capital Value (£ psm)
Open Market Housing Type 1:                 -                                                                                  £2,093
Open Market Housing Type 2:                 -                                                                                  £2,093
Open Market Housing Type 3:                 -                                                                                  £2,093
Open Market Housing Type 4:                 -                                                                                  £2,093
Open Market Housing Type 5:                 -                                                                                  £2,093

                                                                                                                               Month
Timing of First Open Market Housing Sale                                                                                        12                   (whole number, minimum of 0, maximum of 60)
Timing of Last Open Market Housing Sale                                                                                         39                   (whole number, minimum of 0, maximum of 60)



Overall Scheme End Date (this must be completed)
                                                                                                                               Month
Final End Date of Scheme - scheme built and fully let/sold                                                                      39                   (whole number, minimum of 0, maximum of 60)



Social Housing Grant & Other Funding
                                                                                                                         Grant per unit (£)
Affordable Housing Tenure 1:                Social Rented                                                                    £70,000
Affordable Housing Tenure 2:                Intermediate - Shared Ownership                                                  £25,000
Affordable Housing Tenure 3:                Intermediate - Discounted Market Sale
Affordable Housing Tenure 4:                Intermediate - Other Type of Shared Ownership / Shared Equity
Affordable Housing Tenure 5:                Intermediate - Discounted Market Rented


                                                                                                                      Timing of 1st Payment          Timing of 2nd Payment
Timing Social Housing Grant Paid                                                                                                 6                             36          (whole number, minimum of 0, maximum of 60)


                                                                          Value (£)                                   Timing of Payment
Other Sources of Funding for A/H (£)                                     £1,674,222                                           15
(could include RSL cross-subsidy from reserves)                                                           (whole number, minimum of 0, maximum of 60)



BUILDING COST, MARKETING COST & SECTION 106 ASSUMPTIONS

                                                                                                                      Building Costs - Gross          Net to Gross Ratio for
                                                                                                                             (£ / sq m)                Building Costs (%)*
Affordable Housing Tenure 1:                Social Rented                                                                      £1,110                         100%
Affordable Housing Tenure 2:                Intermediate - Shared Ownership                                                    £1,110                         100%
Affordable Housing Tenure 3:                Intermediate - Discounted Market Sale
Affordable Housing Tenure 4:                Intermediate - Other Type of Shared Ownership / Shared Equity
Affordable Housing Tenure 5:                Intermediate - Discounted Market Rented

Open Market Housing Type 1:                 -                                                                                  £1,110                           100%
Open Market Housing Type 2:                 -
Open Market Housing Type 3:                 -
Open Market Housing Type 4:                 -
Open Market Housing Type 5:                 -

* The ratio is typically 70% - 85% in blocks of flats to reflect the difference between GIA & NIA (ie common parts such as lifts, stairs, corridors etc) and 100% in houses
which have no common parts

                                                                                                                           Building Costs
                                                                                                                      (£ / car parking space)
Residential Car Parking Building Costs (£ / car parking space)

                                                                                                                        % of Building Costs
Building Cost Fees % (Architects, QS etc)                                                                                     10.00%                 (typically around 10%)
Building Contingencies (% of Building Costs)                                                                                  5.00%                  (typically around 5% for new-build and 10% for refurbishments)




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Section 106 Payments (£) *                                                                             Cost (£)             Month of Payment
Infrastructure / Public Transport                                                                      £866,384                    12                (whole number, minimum of 0, maximum of 60)
Community Facilities                                                                                                                                 (whole number, minimum of 0, maximum of 60)
Public Realm / Environment                                                                                                                           (whole number, minimum of 0, maximum of 60)
Sustainability Issues                                                                                                                   0            (whole number, minimum of 0, maximum of 60)
Others                                                                                                 £3,990,462                       0            (whole number, minimum of 0, maximum of 60)

* This section excludes Affordable Housing section 106 payments
Site Abnormals (£)                                                                                    Cost (£)              Month of Payment
Infrastructure Costs                                                                                £12,920,282                                      (whole number, minimum of 0, maximum of 60)
Contamination Costs                                                                                 £3,990,462                                       (whole number, minimum of 0, maximum of 60)
Demolition Costs                                                                                                                                     (whole number, minimum of 0, maximum of 60)
Other Costs                                                                                             £611,565                                     (whole number, minimum of 0, maximum of 60)
Site Specific Sustainability Initiatives**                                EITHER                       £3,057,826                                    (whole number, minimum of 0, maximum of 60)


Building Cost Percentage Increase (if any)                                                                 %
Site Specific Sustainability Initiatives (%)**                                 OR
Wheelchair provision (%)
Code for Sustainable Homes (%)
Other (%)

** Only one sustainability initiatives box should have a value / percentage.

 Subsidies (possibly EP Gap Funding)
                                                                                                       Amount (£)           Month of Payment
Subsidies for infrastructure, remediation etc.                                                                                                       (whole number, minimum of 0, maximum of 60)




OTHER COSTS

SITE ACQUISITION COSTS
                                                                                                           %
Agents Fees (% of site value)                                                                            2.00%           (typically around 1%)
Legal Fees (% of site value)                                                                             1.00%           (typically around 0.75%)
Stamp Duty (% of site value)                                                                             4.75%

                                                                                                        Cost (£)            Month of Payment
Other Acquisition Costs (£)                                                                                                         0                (whole number, minimum of 0, maximum of 60)


FINANCE COSTS

Arrangement Fee (£)
Interest Rate (%)                                                                                        7.00%           (typically around 1.5% to 3% above the Base Rate)
Misc Fees - Surveyors etc (£)


Marketing Costs

Affordable Housing Marketing Costs
                                                                                                       Cost (£)               Timing (month)
Developer cost of sale to RSL (£)                                                                      £250,000                      6               (whole number, minimum of 0, maximum of 60)
RSL on-costs (£)                                                                                                                                     (whole number, minimum of 0, maximum of 60)
Intermediate Housing Sales and Marketing (£)                                                                                                         (whole number, minimum of 0, maximum of 60)


Open Market Housing Marketing Costs

Sales Fees (agents fees & marketing fees) - %                                                            6.00%           (typically around 6%)
Legal Fees (per Open Market unit) - £                                                                    £600            (typically around £600 per unit)


BUILDING PERIOD

                                                                           Timing
                                                                          (month)
Construction Start                                                            1           (whole number, minimum of 0, maximum of 60)
Construction End                                                             36           (whole number, minimum of 0, maximum of 60)


DEVELOPER'S 'PROFIT' (before taxation)

                                                                       % of Housing
                                                                       Capital Value
Open Market Housing (%)                                                   20.00%          (typically around 15%)
Affordable Housing (%)                                                    12.00%          (typically around 6%)




                                                                        Front Page


      Back (to Residential Mix Assumptions)                                            Forward (to Commercial Assumptions)




SITE VALUE TODAY                                                                                                              -£10,967,738




                                                                                       Page 68 of 80
Version 1.3 (October 2007)                                                                                          Date Printed: 3/30/2012




         GVA GRIMLEY & BESPOKE PROPERTY GROUP
         THE HOUSING CORPORATION ECONOMIC APPRAISAL TOOL

         INPUT SHEET 3 - COMMERCIAL & NON-RESIDENTIAL


         OFFICE ASSUMPTIONS

         Size of office scheme (gross sq m)
         Size of office scheme (net lettable sq m)

         Values
         Rent (£ psm)
         Yield (%)
         Purchaser's costs (% of value)                                                      (typically around 5.75% assuming a 4% stamp duty)

         Building Costs
         Office Building Costs (Gross, £ psm)
         Office Building Professional Fees (% of building costs)                             (typically around 10% - 15%)
         Building Contingencies (% of building costs)                                        (typically around 5%)

                                                                                    Timing
         Timing                                                                    (month)
         Start of Building Period (month)                                                    (whole number, minimum of 0, maximum of 60)
         End of Building Period (month)                                                      (whole number, minimum of 0, maximum of 60)
         Timing of Letting / Sale (month)                                                    (whole number, minimum of 0, maximum of 60)

         Letting, Advertising & Sale fees
         Letting fees (% of annual income)                                                   (typically around 10% for sole agent and 15% for joint agents)
         Advertising fees (% of annual income)                                               (typically around 1%)
         Sale fees (% of sale price)                                                         (typically around 1.75%)

         Return for risk / profit (% of value)                                               (typically around 17.5%)




         RETAIL ASSUMPTIONS

         Size of retail scheme (gross sq m)
         Size of retail scheme (net lettable sq m)

         Values
         Rent (£ psm)
         Yield (%)
         Purchaser's costs (% of value)                                                      (typically around 5.75% assuming a 4% stamp duty)

         Building Costs
         Retail Building Costs (Gross, £ psm)
         Retail Building Professional Fees (% of building costs)                             (typically around 10% - 15%)
         Building Contingencies (% of building costs)                                        (typically around 5%)

                                                                                    Timing
         Timing                                                                    (month)
         Start of Building Period (month)                                                    (whole number, minimum of 0, maximum of 60)
         End of Building Period (month)                                                      (whole number, minimum of 0, maximum of 60)
         Timing of Letting / Sale (month)                                                    (whole number, minimum of 0, maximum of 60)

         Letting / sale fees
         Letting (% of income)                                                               (typically around 10% for sole agent and 15% for joint agents)
         Advertising (% of annual income)                                                    (typically around 1%)
         Sale (% of sale price)                                                              (typically around 1.75%)

         Return for risk / profit (% of value)                                     25.00%    (typically around 17.5%)




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         INDUSTRIAL ASSUMPTIONS

         Size of industrial scheme (gross sq m)

         Values
         Rent (£ psm)
         Yield (%)
         Purchaser's costs (% of value)                                                          (typically around 5.75% assuming a 4% stamp duty)

         Building Costs
         Industrial Building Costs (Gross, £ psm)
         Industrial Building Professional Fees (% of building costs)                             (typically around 10% - 15%)
         Building Contingencies (% of building costs)                                            (typically around 5%)

                                                                                        Timing
         Timing                                                                        (month)
         Start of Building Period (month)                                                  0     (whole number, minimum of 0, maximum of 60)
         End of Building Period (month)                                                          (whole number, minimum of 0, maximum of 60)
         Timing of Letting / Sale (month)                                                        (whole number, minimum of 0, maximum of 60)

         Letting / sale fees
         Letting (% of income)                                                                   (typically around 10% for sole agent and 15% for joint agents)
         Advertising (% of annual income)                                                        (typically around 1%)
         Sale (% of sale price)                                                                  (typically around 1.75%)

         Return for risk / profit (% of value)                                                   (typically around 17.5%)




         LEISURE ASSUMPTIONS

         Size of Leisure scheme (gross sq m)
         Size of Leisure scheme (net lettable sq m)

         Values
         Rent (£ psm)
         Yield (%)
         Purchaser's costs (% of value)                                                          (typically around 5.75% assuming a 4% stamp duty)

         Building Costs
         Leisure Building Costs (Gross, £ psm)
         Leisure Building Professional Fees (% of building costs)                                (typically around 10% - 15%)
         Building Contingencies (% of building costs)                                            (typically around 5%)

                                                                                        Timing
         Timing                                                                        (month)
         Start of Building Period (month)                                                        (whole number, minimum of 0, maximum of 60)
         End of Building Period (month)                                                          (whole number, minimum of 0, maximum of 60)
         Timing of Letting / Sale (month)                                                        (whole number, minimum of 0, maximum of 60)

         Letting / sale fees
         Letting (% of income)                                                                   (typically around 10% for sole agent and 15% for joint agents)
         Advertising (% of annual income)                                                        (typically around 1%)
         Sale (% of sale price)                                                                  (typically around 1.75%)

         Return for risk / profit (% of value)                                                   (typically around 17.5%)




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         COMMUNITY USE ASSUMPTIONS

         Size of Community-use scheme (gross sq m)
         Size of Community-use scheme (net lettable sq m)

         Values
         Rent (£ psm)
         Yield (%)
         Purchaser's costs (% of value)                                                                      (typically around 5.75% assuming a 4% stamp duty)

         Building Costs
         Community-use Building Costs (Gross, £ psm)
         Community-use Building Professional Fees (% of building costs)                                      (typically around 10% - 15%)
         Building Contingencies (% of building costs)                                                        (typically around 5%)

                                                                                             Timing
         Timing                                                                             (month)
         Start of Building Period (month)                                                                    (whole number, minimum of 0, maximum of 60)
         End of Building Period (month)                                                                      (whole number, minimum of 0, maximum of 60)
         Timing of Letting / Sale (month)                                                                    (whole number, minimum of 0, maximum of 60)

         Letting / sale fees
         Letting (% of income)                                                                               (typically around 10% for sole agent and 15% for joint agents)
         Advertising (% of annual income)                                                                    (typically around 1%)
         Sale (% of sale price)                                                                              (typically around 1.75%)

         Return for risk / profit (% of value)                                                               (typically around 17.5%)




                                                                          Front Page


         Back (to Residential Value & Cost Assumptions)                                               Forward (to Executive Summary)




         SITE VALUE TODAY                                                                 -£10,967,738




                                                                          Page 71 of 80
                 Version 1.3 (October 2007)                                   Date Printed: 3/30/2012




pically around 5.75% assuming a 4% stamp duty)




hole number, minimum of 0, maximum of 60)
hole number, minimum of 0, maximum of 60)
hole number, minimum of 0, maximum of 60)


pically around 10% for sole agent and 15% for joint agents)




pically around 5.75% assuming a 4% stamp duty)




hole number, minimum of 0, maximum of 60)
hole number, minimum of 0, maximum of 60)
hole number, minimum of 0, maximum of 60)


pically around 10% for sole agent and 15% for joint agents)




                                                              Page 72 of 80
                 Version 1.3 (October 2007)                                   Date Printed: 3/30/2012




pically around 5.75% assuming a 4% stamp duty)




hole number, minimum of 0, maximum of 60)
hole number, minimum of 0, maximum of 60)
hole number, minimum of 0, maximum of 60)


pically around 10% for sole agent and 15% for joint agents)




pically around 5.75% assuming a 4% stamp duty)




hole number, minimum of 0, maximum of 60)
hole number, minimum of 0, maximum of 60)
hole number, minimum of 0, maximum of 60)


pically around 10% for sole agent and 15% for joint agents)




                                                              Page 73 of 80
                 Version 1.3 (October 2007)                                   Date Printed: 3/30/2012




pically around 5.75% assuming a 4% stamp duty)




hole number, minimum of 0, maximum of 60)
hole number, minimum of 0, maximum of 60)
hole number, minimum of 0, maximum of 60)


pically around 10% for sole agent and 15% for joint agents)




                                                              Page 74 of 80
Version 1.3 (October 2007)                                                                                                   Date Printed: 3/30/2012




           GVA GRIMLEY & BESPOKE PROPERTY GROUP
           THE HOUSING CORPORATION ECONOMIC APPRAISAL TOOL

           SUMMARY


           Site Address                                    Bewbush Crawley
           Site Reference                                  Core Phase 1 600 Units Low economic cycle

           Scheme Description

           Date                                            11/14/2008
           Site Area (hectares)                            11.33
           Author & Organisation                           Terry Tedder
           Housing Corporation Officer

           Housing Mix (Affordable + Open Market)
           Total Number of Units                                      600            units
           Total Number of Open Market Units                          360            units
           Total Number of Affordable Units                           240            units
           Total Net Internal Area (sq m)                           47,894           sq m
           Total Habitable Rooms                                     2,574           habitable rooms
           % Affordable by Unit                                     40.0%
           % Affordable by Area                                     34.2%
           % Affordable by Habitable Rooms                          34.0%
           % Social Rented within the Affordable Housing            69.9%            by number of units
           % Social Rented within the Affordable Housing            69.9%            by area
           % Social Rented within the Affordable Housing            69.9%            by habitable rooms

           Total Number of A/H Persons                                876            Persons
           Total Number of Social Rented Persons                      612            Persons
           Total Number of Intermediate Persons                       264            Persons
           Total Number of Open Market Persons                         0             Persons
           Total Number of Persons                                    876            Persons

           Site Area                                                 11.33           hectares
           Net Internal Housing Area / Hectare                       4,227           sq m / hectare



           Residential Values
           Affordable Housing Tenure 1:                    Social Rented

                                                                  Total Rent                                 Capital Value
           Type of Unit                                                                        Yield (%)
                                                                     pa (£)                                       (£)
           Studio                                                      -                           -               -
           1 Bed                                                   £130,937                     6.25%         £2,094,989
           2 Bed                                                   £120,079                     6.25%         £1,921,260
           3 Bed                                                   £177,862                     6.25%         £2,845,787
           4 Bed                                                    £37,192                     6.25%          £595,070
           2 bed H                                                 £160,466                     6.25%         £2,567,454
           Other                                                       -                           -               -
           Total                                                   £626,535                        -          £10,024,561

           Total Capital Value of Affordable Housing Tenure 1                                                £10,024,561


           Affordable Housing Tenure 2:                    Intermediate - Shared Ownership

                                                                 Capital Value            Total Floorspace   Total Capital
           Type of Unit
                                                                   (£ psm)                     (sq m)          Value (£)
           Studio                                                      -                           -               -
           1 Bed                                                    £2,093                      835.2         £1,748,074
           2 Bed                                                    £2,093                      844.2         £1,766,911
           3 Bed                                                    £2,093                     1504.8         £3,149,546
           4 Bed                                                    £2,093                     445.92          £933,311
           2 bed H                                                  £2,093                      1296          £2,712,528
           Other                                                    £2,093                         -               -
           Total                                                       -                      4926.12        £10,310,369

           Owner-occupied / rented % share                            25%




                                                                                      Page 75 of 80
Version 1.3 (October 2007)                                                                                                      Date Printed: 3/30/2012




           Capital Value of owner-occupied part                                                                  £2,577,592

                                                                 Total Rent                                     Capital Value
           Type of Unit                                                                   Yield (%)
                                                                    pa (£)                                           (£)
           Studio                                                     -                        -                      -
           1 Bed                                                   £33,530                  5.50%                 £609,641
           2 Bed                                                   £33,892                  5.50%                 £616,210
           3 Bed                                                   £60,412                  5.50%                £1,098,404
           4 Bed                                                   £17,902                  5.50%                 £325,492
           2 bed H                                                 £52,030                  5.50%                 £945,994
           Other                                                      -                        -                      -
           Total                                                  £197,766                     -                 £3,595,741

           Total Capital Value of Affordable Housing Tenure 2                                                    £6,173,334


           Affordable Housing Tenure 3:                 Intermediate - Discounted Market Sale

                                                                Capital Value         Total Floorspace          Total Capital
           Type of Unit
                                                                  (£ psm)                  (sq m)                Value (£)
           Studio                                                     -                        -                      -
           1 Bed                                                      -                        -                      -
           2 Bed                                                      -                        -                      -
           3 Bed                                                      -                        -                      -
           4 Bed                                                      -                        -                      -
           Other                                                      -                        -                      -
           Other                                                      -                        -                      -
           Total                                                      -                        -                      -

           % of Open Market Value                                     -

           Total Capital Value of Affordable Housing Tenure 3                                                           £0


           Affordable Housing Tenure 4:                 Intermediate - Other Type of Shared Ownership / Shared Equity

                                                                Capital Value         Total Floorspace          Total Capital
           Type of Unit
                                                                  (£ psm)                  (sq m)                Value (£)
           Studio                                                     -                        -                      -
           1 Bed                                                      -                        -                      -
           2 Bed                                                      -                        -                      -
           3 Bed                                                      -                        -                      -
           4 Bed                                                      -                        -                      -
           Other                                                      -                        -                      -
           Other                                                      -                        -                      -
           Total                                                      -                        -                      -

           Owner-occupied / rented % share                            -

           Capital Value of owner-occupied part                                                                         -

                                                                 Total Rent                                     Capital Value
           Type of Unit                                                                   Yield (%)
                                                                   pa (£)                                            (£)
           Studio                                                     -                         -                     -
           1 Bed                                                      -                         -                     -
           2 Bed                                                      -                         -                     -
           3 Bed                                                      -                         -                     -
           4 Bed                                                      -                         -                     -
           Other                                                      -                         -                     -
           Other                                                      -                         -                     -
           Total                                                      -                         -                     -

           Total Capital Value of Affordable Housing Tenure 4                                                           £0




                                                                                   Page 76 of 80
Version 1.3 (October 2007)                                                                                                Date Printed: 3/30/2012




           Affordable Housing Tenure 5:                  Intermediate - Discounted Market Rented

                                                                    Total Rent                            Capital Value
           Type of Unit                                                                      Yield (%)
                                                                      pa (£)                                   (£)
           Studio                                                        -                        -             -
           1 Bed                                                         -                        -             -
           2 Bed                                                         -                        -             -
           3 Bed                                                         -                        -             -
           4 Bed                                                         -                        -             -
           Other                                                         -                        -             -
           Other                                                         -                        -             -
           Total                                                         -                        -             -

           Total Capital Value of Affordable Housing Tenure 5                                                  £0

           TOTAL CAPITAL VALUE OF ALL AFFORDABLE HOUSING (EXCLUDING SHG & OTHER FUNDING)                   £16,197,894



           Social Housing Grant

                                                                                             Number of
                                                                Grant per unit (£)                          Grant (£)
                                                                                               Units
           Social Rented                                           £70,000                      168        £11,760,000
           Intermediate - Shared Ownership                         £25,000                       72        £1,800,000
           Intermediate - Discounted Market Sale                       £0                        0             £0
                                                                       £
           Intermediate - Other Type of Shared Ownership / Shared Equity0                        0             £0
           Intermediate - Discounted Market Rented                     £0                        0             £0
           SHG Total                                                    -                       240        £13,560,000

           Social Housing Grant per Affordable Housing Person                                                £15,479
           Social Housing Grant per Social Rented Person                                                     £19,216
           Social Housing Grant per Intermediate Person                                                      £6,818


           TOTAL VALUE OF SOCIAL HOUSING GRANT                                                             £13,560,000

           OTHER SOURCES OF AFFORDABLE HOUSING FUNDING                                                     £1,674,222

           OTHER SUBSIDIES SUCH AS EP GAP FUNDING                                                              £0

           TOTAL CAPITAL VALUE OF ALL AFFORDABLE HOUSING (INCLUDING SHG & OTHER FUNDING)                   £31,432,116


           Open Market Housing

                                                                     Net Area                Revenue      Total Revenue
           Type of Open Market Housing                                (sq m)                 (£ / sq m)         (£)
           -                                                          31,525                   £2,093      £65,981,113
           -                                                             -                     £2,093            -
           -                                                             -                     £2,093            -
           -                                                             -                     £2,093            -
           -                                                             -                     £2,093            -
           Total                                                      31,525                       -       £65,981,113


           TOTAL CAPITAL VALUE OF OPEN MARKET HOUSING                                                      £65,981,113



           Car Parking
                             No. of Spaces                      Price per Space (£)            Value
                                    -                                    -                       -


           TOTAL VALUE OF CAR PARKING                                                                          £0




           TOTAL CAPITAL VALUE OF RESIDENTIAL SCHEME                                                      £97,413,230




                                                                                      Page 77 of 80
Version 1.3 (October 2007)                                                                                  Date Printed: 3/30/2012




           Non-Residential Values
           Office                                                                    £0
           Retail                                                                    £0
           Industrial                                                                £0
           Leisure                                                                   £0
           Community-use                                                             £0           £0

           TOTAL CAPITAL VALUE OF NON-RESIDENTIAL SCHEME                                          £0



           TOTAL VALUE OF SCHEME                                                              £97,413,230


           Residential Building, Marketing & Section 106 Costs
           Affordable Housing Build Costs                   £18,169,546
           Open Market Housing Build Costs                  £34,992,373         £53,161,918

           Cost Multipliers
           Site Specific Sustainability Initiatives (%)**      0.0%                  £0
           Wheelchair provision (%)                            0.0%                  £0
           Code for Sustainable Homes (%)                      0.0%                  £0
           Other (%)                                           0.0%                  £0

           Residential Car Parking Build Costs                                       £0

           Total Building Costs                                                 £53,161,918


           OTHER SITE COSTS

           Building Contingencies                             5.0%               £2,658,096
           Building Cost Fees (Architects, QS etc):           10.0%              £5,582,001
           Other Acquisition Costs (£)                                               £0

           Section 106 Costs (£)
           Infrastructure / Public Transport                                      £866,384
           Community Facilities                                                      £0
           Public Realm / Environment                                                £0
           Sustainability Issues                                                     £0
           Others                                                                £3,990,462

           Site Abnormals
           Infrastructure Costs                                                 £12,920,282
           Contamination Costs                                                   £3,990,462
           Demolition Costs                                                          £0
           Other Costs                                                            £611,565
           Sustainability Initiatives                                            £3,057,826

           Total Other Site Costs                                               £33,677,078

           Marketing (Open Market Housing ONLY)
           Sales Fees:                                         6.0%              £3,958,867
           Legal Fees (per Open Market unit):                  £600               £216,000

           Marketing (Affordable Housing)
           Developer cost of sale to RSL (£)                                     £250,000
           RSL on-costs (£)                                                         £0
           Intermediate Housing Sales and Marketing (£)                             £0

           Total Marketing Costs                                                 £4,424,867




                                                                          Page 78 of 80
Version 1.3 (October 2007)                                                                               Date Printed: 3/30/2012




           Non-Residential Building & Marketing Costs
           Building Costs
           Office                                                 £0
           Retail                                                 £0
           Industrial                                             £0
           Leisure                                                £0
           Community-use                                          £0                  £0

           Professional Fees (Building, Letting & Sales)
           Office                                                 £0
           Retail                                                 £0
           Industrial                                             £0
           Leisure                                                £0
           Community-use                                          £0                  £0

           Total Non-Residential Costs                                                £0


           TOTAL DIRECT COSTS:                                                £91,263,863.32


           Finance (finance costs are only displayed if there is a positive residual site value)
           Arrangement Fee                                                             -
           Misc Fees (Surveyors etc)                                                   -
           Agents Fees                                                                 -
           Legal Fees                                                                  -
           Stamp Duty                                                                  -
           Total Interest Paid                                                         -

           Total Finance Costs                                                         -



           Developer 'Profit'
           Residential
           Open Market Housing Operating 'Profit'                                £13,196,223
           Affordable Housing 'Profit'                                            £1,943,747

           Non-residential
           Office                                                 £0
           Retail                                                 £0
           Industrial                                             £0
           Leisure                                                £0
           Community-use                                          £0                  £0

           Total Operating Profit                                                £15,139,970




           Residual Site Value

           SITE VALUE TODAY                                                  -£10,967,738

           EXISTING USE VALUE                                                     £167,000

           DIFFERENCE BETWEEN SITE VALUE AND EXISTING USE VALUE                  -£11,134,738




           Checks:

           Site Value as a Percentage of Total Scheme Value                         -11.3%

           Site Value per hectare                                                 -£968,026




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                       Back (to Assumptions)                               Back (to Executive Summary)




                                                                           Page 79 of 80
Version 1.2 (September 2007)                       Date Printed: 3/30/2012




       Notes & Calculation Sheet




                                   Page 80 of 80

								
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