File 400408Viability Analysis Regarding the Proposed Development at Grove Farm, Stradbroke

As at 20th December 2014

Viability Appraisal

Freeholders

Mr Peter Hilien, Mrs Jean Keeling and Mrs Sue Webster

As at 20th December 2014

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Regarding the Proposed Development at Grove Farm, Stradbroke to include the Grove Farmand Hall Farm Barns

Durrants Chartered Surveyors32-34 Thoroughfare

HarlestonNorfolk

11320 9AU

File 400408Viability Analysis Regarding the Proposed Development at Grove Farm, Stradbroke

As at 2 e December 2014

1.0 Instruct ions

1.1 D u r r a n t s have been instructed to undertake a Viability Appraisal to accompany a proposedplanning application for residential development at Grove Farm.

1.2 T h e development is visually described in the concept Master Plan diagram in Appendix 2 viz

1.2.1 T w o market houses (shaded mauve)

1 2 2 2 3 market houses (shaded pink)

1 2 3 Grove Farm Barn (Barn 1) Market house (shaded dark brown)

1.2.4 1 5 Affordable Homes (shaded purple)

1.2.5 1 2 Local Needs Houses (shaded light blue)

1.2.6 Ha l l Barn (Barn 2) Market house (shaded light brown)

1 3 A s part of the application the land shaded green will be provided as a green space.

2.0 T h e Site

2.1 T h e freehold interest in the land in the site overall is held by the applicants (the owners) ofGrove Farm under Land Registry Title SK331934 and as amended by titles SK339093 andSK339097.

2.2 Possess ion : The land and agricultural buildings are for the purposes of this appraisal vacant.Only the applicants have any interest in possession.

2.3 T h e current use of the land is principally for agriculture.

2.4 S o i l type: Becc les Series 1. No special foundation provisions are envisaged.

2.5 Agr icu l tu ra l Land Grade 3 (good to moderate). Meadow land used for grazing livestock.

2.6 B u i l d i n g s listed on the site.

2.6.1 G r o v e Farm Barn Is not listed in its own right but is in the proximity of the Grade II listedGrove Farmhouse.

2.6.2 Ha l l Farm Barn Is not listed in its own right but is in the proximity of the Grade II listedStradbroke Hall.

3.0 V i a b i l i t y Appraisal

In undertaking the appraisal the following plans have been considered:-

3.1 S i t e Layout Plan 300384/30/01 Revision G

3.2 T h e layout plans for Barn 1 (Grove Farm Barn) drawings 300631/20/01 and 20/02

3.3 T h e layout plans for Barn 2 (Hall Farm Barn) drawings 301090/20/24/20/25

3.6 S i t e Area

Unit Type Internal Floor Area sci m Internal Floor Area sq ft

Market Led Housing 3,029 32,561

Affordable and Local NeedsHousing

1,710 18,382

Grove Farm Barn 320 3,440

Hall Farm Barn 390 4,203

Double Garages (15) 480 5,600

Single Garages (10) 160 1,720

Unit Type No of dwellings Ha Ac

Market Houses (purple) 2 0.0597 0.15

Market Houses (pink) 23 1.4904 3.68

Barn 1 (pink) 1 0.1283 0.32

Affordable Housing (purple) 15 0.300 0.74

Local Needs Housing (blue) 12 0.281 0.69

Barn 2 (orange) 1 0.163 0.40

Green Space (green) 0 0.708 1.75

Total 54 3.077 7.73

5.0 E c o l o g y

File 400408Viability Analysis Regarding the Proposed Development at Grove Farm, Stradbroke

As at 20th December 2014

3,4 A series of drawings regarding the floor plan elevations to the market led housing, and boththe affordable a n d loca l needs housing under drawing N o 300384 house typesHillen/2N2B/314/5/617/8/9/10/11/12/13/14

3.5 F r o m the above drawings we have calculated the following areas.

4.0 A c c e s s Roads

4.1 T h e various adopted highway areas are indicated on the site layout plan (see Appendix 1) withadequate visability splays recorded and all in the control of the applicants.

5.1 M i t i g a t i o n measures will be integrated in to the site design generally. Reports are submittedwith the planning application. We are not aware of any significant cost implications under thisheading.

File 400408Viability Analysis Regarding the Proposed Development at Grove Farm, Stradbroke

As at 20th December 2014

6.0 Archaeo logy

6.1 W e believe an archaeological dig will be required and a quote has been received from SuffolkCounty Council in the sum of E9,480 plus VAT under this heading.

7.0 F l o o d Risk Assessment

7.1 T h e design will take into account surface water attenuation. There is a suitable outfall on theeastern side of the site where the drainage swales are located. O n site surface drainagenetwork and attenuation facilities costs are estimated at E82,500.

8.0 U t i l i t i e s

Various reports have been secured and accompany the planning application.

8.1 F o u l Drainage

8 1 1 A public foul sewer adjoins the local needs housing on the eastern side and this will be utilisedfor disposal of drainage from the Grove Farm site. Estimated foul drainage network costs atE55,000.

8.1.2 T h e foul drainage from Barn 2 could either be led to a biological filtration unit or we understandthe mains adopted foul drainage system.

8.1.3 Drinking Water

The following costs have been estimated: -

Infrastructure Charge - E l 8,975Connection Charges - E 2 3 , 8 1 5Meter Charges - E l 1,495On-site Mains Services - E55,000

8.2 E lec t r i c i t y

8 2 1 A new electricity supply including diversion of the overhead line is estimated to cost E110,000.

8.3 G a s

8.3.1 N o n e available.

8.4 Te l e c o m s

8.4.1 I t has been assumed there will be a net financial benefit by the introduction of the telecomsThis benefit is assessed at E7,700.

9.0 L a n d Contamination Report

9.1 A Stage 1 report is presented with the planning application. There are no significant issues.All existing buildings will be demolished with the exception of Barns 1 and 2.

File 400408Viability Analysis Regarding the Proposed Development at Grove Farm, Stradbroke

As at 20th December 2014

10 0 Community Infrastructure Levy (CIL) and Section 106 Matters - E432,000 has beenallocated to these elements

10.1 Deta i led discussions have been undertaken with the Hastoe Housing Association and an offerin excess of E2.3 million is likely to be forthcoming for the purchase of the 27 affordable andlocal needs houses.

11.0 Viabil i ty Analysis

11.1 W e have undertaken an appraisal of comparable sales and are of the opinion that the marketvalue of the development (le the 54 dwellings) is in excess of E9,115,000.

11.2 W e have assumed that a developers return will be in the region of 18 to 20% on the capitalemployed.

11.3 T h e landowner should receive a land value on sale in line with market expectations.

12.0 Conclusion

12.4 I n our opinion the development is economically viable as the developer will receive a suitablereturn on their capital and the land owner a suitable return on the land sale.

11.5 T h e figures on which the analysis is based can be made available on a confidential basis. Allcost estimates are prepared within the time and cost restraints inevitably imposed at this stageof the proposal.

13.0 Declaration

12.1 T h e owners have confirmed their intention to sell the site once planning permission has beensecured.

12.2 I t has been demonstrated with the information available at this time that the owners have theability to develop the land from an economic and practical viewpoint.

Durrants Chartered SurveyorsHarleston, Norfolk

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