Land Value. The underlying real property owned by the State shall be auctioned at public oral auction and sold for not less than the appraised value of the land, which shall be the minimum opening bid at the auction: Appraised Value of the Land: $ Any amount bid in excess of the above appraised value of the land shall only be attributed to the amount to be paid for the land.
Land Value. Following various appeal cases it is well established that viability assessments are carried out in order to calculate the residual land value that the scheme can afford which is then compared to the existing use value (EUV) of the site plus an incentive to bring forward land for development taking account of the latest NPPF guidance and the RICS Guidance note, Financial Viability in Planning, 1st edition (Benchmark Land Value). The site is currently occupied by an existing 3 storey building extending to approximately 860m2. It has been run as a public house and premises for more than 20 years and is still operational, and therefore assumed to be structurally sound and in reasonable condition internally. Our office records show that the property was acquired by the applicant on 2nd August 2013 for the sum of £420,000. This is believed to be an open market transaction bought by the developer for potential redevelopment, and it is therefore our opinion that the price paid reflected any seller incentive. At this point no comparable sales evidence for the existing property has been provided by the applicant’s agent and they have adopted the purchase price of £420,000 within their appraisal. Whilst we have not been provided with recent trading figures, it is understood to be a popular venue with regular rock and metal music events taking place. Therefore we have adopted £420,000 as a benchmark land value for the purpose of viability testing within our appraisal in line with the applicant. In addition, we have included for SDLT fees at the current rate together with agents and legal fees at 1.8%. Overall assessment: Following our desktop research and assessment we are of the opinion that a 100% private scheme incorporating a site value of £420,000 with CIL contributions totalling £218,265 is not viable and cannot provide any contribution towards affordable housing. Our appraisal shows a deficit figure of -£143,131 (see Appendix 1). The applicant’s submitted viability report is reasonably well evidenced and we broadly agree with many of their figures. The minor differences between our figures are as follows: Gross Development Value (ground rents only) Construction costs (build contingency only) Developer profit Our appraisal indicates that the scheme will achieve a profit level of approximately 15.5% on GDV which is at the lower end of the range generally required for the purpose of debt finance. On this basis we consider that the scheme can provide full CI...
Land Value. “Land Value” is determined by the City annually based upon the appraised market value of raw acreage that has imminent development potential.
Land Value. The value of the land to be purchased by Xxxxxx-Xxxxx has been determined by the Appraisal Report of Xxxxx & Company, dated February 24, 2023 (the “Appraisal,” Attachment B). The value is appraised at $24.62 per square foot or $118,510. The balance due from Xxxxxx-Xxxxx to CBJ is $118,510 (One Hundred- Eighteen Thousand, Five Hundred Ten Dollars).
Land Value. 14.1 The Master Developers have a business case for taking forward land for development based on an anticipated target land value receipt. The target land value receipt is required to cover existing land values and costs incurred or to be incurred to bring the site forward for development (“Master Developers Allowable Costs”). In the Collaboration Agreement between the Master Developers there is a mechanism to distribute future land receipts based on mechanisms for pro-rata shares.
Land Value. Following various appeal cases it is well established that viability assessments are carried out in order to calculate the residual land value that the scheme can afford which is then compared to the existing use value, or alternative use value of the site. The applicant has included a figure of £75,000 which is based on the existing use value of the site as grazing/scrub land plus a seller incentive as follows: - Existing use value = £62,500 (based on £50,000 per acre) - Plus 20% seller incentive of £12,500 Total = £75,000 They have provided evidence of grazing land sales within the New Forest location which indicate a value in the region of £40,000 per acre for a small parcel of equestrian use grazing land. They have increased this to £50,000 per acre for the subject site due to its close proximity to Southampton. As an existing use value, taking account of the quality of land and lack of any equestrian facilities such as water supply, stables or sand school area we consider the existing use value to be at the higher end of the range but accept that being within convenient reach to a large city could make it a more attractive proposition. Overall, taking account of potential hope value for development we consider that in the current market a prospective developer would pay up to £75,000 for this site even as a speculative purchase for development in the medium – long term future. Therefore, for the purposes of viability testing we have included the same in our appraisal. In addition agent/legal fees have been included at a standard rate of 1.75%. Overall assessment: Following our desktop assessment we are of the opinion that the proposed scheme, with no affordable housing and a developer profit of 17.5% is borderline in terms of being viable. Our appraisal shows that a small potential surplus of up to £76,846 is available for an off-site affordable housing contribution (See Appendix 1). We broadly agree with the figures put forward by the applicant with the exception of the following (as highlighted in bold above): - Professional fees - CIL/S.106 contributions - Developer profit - Development programme (lead-in, and sales periods) The biggest difference between our figures is with the developer profit. With no affordable housing contribution our appraisal indicates that the scheme would achieve a profit level of approximately 20% on GDV but due to the relatively small scale nature of this scheme and short timeframe, we consider 17.5% to be a reasonable l...
Land Value. Land value per square foot Land value per FAR square foot Purchase price (if applicable) payable to WMATA The analysis must be presented in current dollars with an annual escalation rate or present value discount, if applicable, of three percent (3%). All financial models must be submitted to WMATA on disk as well as hard copy. All financial information must be linked in a single spreadsheet, and all files must be in Microsoft Excel and retain all cell relationships.
Land Value. The term “
Land Value the land edged red on the plan attached at Appendix 2 will be valued by the [District Valuer/independent valuer] and the share of revenue/capital receipts will reflect the both the capital contribution and value of land contributed by WG.
Land Value. Following various appeal cases it is well established that viability assessments are carried out in order to calculate the residual land value that the scheme can afford which is then compared to the market value of the site (Benchmark) taking account of The RICS Guidance note, Financial viability in planning, 1st edition. The applicant has provided a Benchmark Land Value of £9,294,000 This includes for the following:
