Assessment title Development appraisal report for land at Dantzic Street, Manchester
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A local property agent, WT Gunson have been appointed by one of their retained clients to act on their behalf as sole agents to dispose of a potential development opportunity site. The price that is being asked is £9.5 million and the agent has confirmed that Vat will not apply to this transaction. You have been advising a local developer who is now actively seeking a new project in the city centre and have brought this site to their intention. Whilst they have confirmed that in principle it is of interest, they would now like you to prepare a development appraisal report to advise on your opinion of the value of the land and the strategy that should be adopted if they intend to make an offer to purchase. The marketing brochure, as duly prepared by WT Gunson includes the following information: Site: North View, Dantzic Street, Manchester M4 4JE Area: 0.8HA (2 acres) Tenure: Freehold Planning Permission: Application No 114860/FO/2016 – Manchester City Council have approved the construction of 130 one-bedroom apartments, 262 two-bedroom/ two-bathroom apartments and 23 three-bedroom, three-bathroom apartments. There is also consent for 268m2 of commercial space, 153 car parking spaces and amenity space, including a resident’s gym. A Section 106 Agreement has already been completed. Scheme: Construction of a single apartment building arranged around a central communal courtyard which varies from 5-24 storeys in height. Areas: These have been measured based on NIA, the residential element extends to 27,643m2 (297,549 sq ft). The overall GIA is 41,511 m2 (446,824 sq ft). The report for your client should include the following: 1. Description of the site and a detailed analysis of the relevant cost/ income factors which would impact on the value of the land 2. A fully costed development appraisal to calculate the land value based on the information that has already been provided by the property agent. This should include a clear explanation of any assumptions which have been made to derive this figure. 3. Reasoned advice to your client on the value of the land, in the context of the asking price of £9.5m and your opinion of the GDV 4. Identification of the key benefits and risks for your client of proceeding with this purchase Whilst the land comprises a real development opportunity, there is a large amount of information which is easily accessible and will not require you to contact the property agent, WT Gunson or Manchester City Council for any reason. It is reasonable for you to make assumptions on factors such as developers profit and debt funding, as long as these are clearly stated in your report. It is assumed that the client has already signed the terms of engagement, undertaken any relevant conflict checks and all due diligence requirements have been completed. The date of your valuation report will be the date of the submission of this assessment. Please support all work using appropriate references. You should also use the APA 6th Harvard Style in your submission. For the word count 1,500 words plus the cost-analysis development appraisal
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