Page 92 - All files for Planning Inspectorate update

Crucially, the review appears to accept the existing use valuation (EUV) of the EDF
building based on hypothetical future rentals. These are unrealistic.

The AHCL spreadsheets that are critical to the review can be summarised as follows:

AHCL 7 Loose Folios DSP Report
Topic Viability Report 27 Page Attributed to Dixon
Searle

Dated February 2019 4 July 2019 27 June 2019
th
th
Received 3 March 2019
rd
Added to Portal 3 March 2019 3rd July 2019 8 July 2019
th
rd
MSDC EXTIME letter 8 July 2019
th
Pages 27
Total pages on portal 129 129
Narrative + SS Yes No
SS Only Yes
Valuation Martin Campbell No Referred to without
comment
54 inc 30% 6/2/19 54 inc 29% 54 inc 29%
4/7/19 27/6/19
Number of affordable 17 16 16
Ground rent 266,000 266,000
GDV 13,474,839 14,108,818 14,108,818
Build costs 7,567,170 7,567,170 7,567,170
Total direct costs 8,981,530 8,981,539 8,981,539
Finance & Acquisition 3,951,183 3,848,380 3,848,380
Operating profit 2,395,641 2,111,361 2,111,361
Total cost 15,328,354 14,941,270 14,941,270
Surplus - 1,851,515 - 832,453 - 832,453
Surplus Present value - 1,556,281 - 698,959 - 698,959
Site value % of tota 21.5% 20.6% 20.6%
l
MIRR 9.6% 12.9% 12.9%
Other revenue streams ? ? ?
No affordable 8/2/19 4/7/19 27/6/19
Ground rent 378,000 378,000
GDV 15,808,426 15,808,426 16,186,426
Build costs 7,567,179 7,567,179 7,567,179
Total direct costs 9,083,074 9,083,074 9,083,074
Finance & Acquisition 3,859,007 3,761,334 3,761,334
Operating profit 3,161,685 2,766.476 2,766,476
Total cost 16,103,766 15,610,882 15,610,882
Surplus - 295,340 575,544 575,544
Surplus Present value - 247,978 483,248 483,248
Site value % of total 18.3% 17.9% 17.9%
MIRR 19.3% 21.8% 21.8%
Other revenue streams ? ? ?

The open market scheme was unviable