Private Residential. The applicant has provided a range of comparable sales evidence of both existing and new build properties within a five mile radius of the site to substantiate their proposed figures. On the basis of open market values, the sales values adopted are based on a sales rate of £3,390.6 per m2 which equates to a range of values from £119,011 for the smallest 1 bedroom studio units to £246,160 for the largest 2 bed units. The average values adopted are as follows: Unit Type Average sales value Average rate per sq.m 1 bed apartment £142,818 £3,390 2 bed apartment £232,905 £3,390 We have undertaken our own research and have utilised our database of land Registry transactions, as well as Rightmove, and consider the overall level of value put forward by the applicant for the units to be within the range we would expect to see considering there will be no car parking spaces for the units. However, it should be noted that no variation of value has been applied for floor level and potential views of higher level units. Also, we do not consider that there would be as large a disparity between the 1 bedroom and 2 bedroom units. However, overall we do not consider the total value of the scheme to be understated.
Private Residential. GLH have based their sales values on the research of recent sales and asking prices of new build 1 and 2 bed apartments in the city centre and have adopted an average of £290 per sq ft (£3,122 per sq m). We have undertaken our own research talking into account sales at Oxford Heights, Guildhall Apartments, Empress Heights etc and conclude that £3,122 per sq m is reasonable in the current market. We have adopted a total residential GDV of £26,981,828 which is only marginally different to £26,982,180 adopted by GLH.
Private Residential. The applicant has adopted the following values compared to ours: Type Developer (Average Value per unit) DVS (Average Value per unit) 2 bed apartment £165,000 £180,000 3 bed terrace house £245,000 £275,000 3 bed end terrace house £250,000 £280,000 The applicant has referred to a development in Mansfield Park Street in the centre of the Harefield area where similar sized 2 bedroom flats are achieving £165,000. No other comparable sales evidence has been provided to substantiate the remaining submitted figures. Whilst Mansfield Park Street is close to the subject site, Harefield is considered to be a slightly lower quality area that where the subject site sits. The subject site also benefits from being more private and well screened from the main access road. We have undertaken research using land registry details and sales from local estate agents and consider the figures put forward to be broadly reflective of similar existing properties and re-sale values in the immediate vicinity, but it is typical that new-build homes can command a premium over existing properties. There is very limited recent nearby sales evidence available for new-build houses but there is the new Radian Homes development in Porchester Road, Xxxxxxxx known as ‘Ashton Walk’. These have all recently been sold or reserved but no actual sales prices are available at the date of this report. 3 bedroom terrace houses with 2 X parking spaces and floor areas of 85.8m2 were recently marketed for £290,000 per unit. The 2 bedroom flats here were marketed for £190,000 each. The units here are of similar size to the proposed units, and the quality and value of location is also very similar to the subject site. It should also be noted that similar existing 3 bedroom houses currently on the market and within close proximity to the subject site have asking prices of between approximately £220,000 and £275,000. Most of these require varying levels of updating and refurbishment, but they are generally all larger properties with larger plots and gardens, and some with garages. Taking account of all of the available evidence, and factoring in a new-build premium, we consider the submitted values to be approximately 7% too low for the flats and 12% too low for the houses and we have instead adopted the figures as set out in the table above.
