Scenario
Site in Woodrolfe Road, Tollesbury, Essex
Background
After careful consideration of your site use recommendations, Aprilla Developments have now
purchased the site at a price of £0.8m. They have decided to proceed with a luxury housing
development on this site. A plan of the proposed development is provided in Appendix 1. A schedule
of accommodation is summarised in the table below:
Plot
No.
Description Size sq ft per
unit
Size sq m
approx.
1 and 2 Four bedroomed semidetached
2400 223 All units are luxury homes
and include ground source
heat pumps, solar panels,
triple glazing, recyclable
water, car charging points,
and other sustainable
features making them zero
carbon homes.
Each home benefits from two
car parking spaces, or double
garages, and there are a
further 10 visitor car parking
spaces around the
roundabout in the centre of
the site.
3 to 7 Three bedroomed
terraced
1088 101
8 and 9 Three bedroomed
bungalow
1180 110
10 to
15
Four bedroomed semidetached
2400 223
16 to
20
Three bedroomed
terraced
1088 101
21 and
22
Three bedroomed semidetached
1188 110
23 and
24
Two bedroomed semidetached bungalows
1020 95
Aprilla Developments now require advice from you to check on the financial viability of the scheme
before going for planning consent. Your report should address the three specific tasks set out below.
© University College of Estate Management 2021 Page 3 of 9
Task 1
Using the details on the plan provided in Appendix 1 and the schedule of accommodation provided in
the scenario, you are required to produce a residual calculation to establish the profit that Aprilla
Developments might achieve from the scheme. Calculations should be prepared either on a
spreadsheet such as Microsoft Excel or presented in a Word (or similar) document where calculations
have been undertaken manually.
It is anticipated that the scheme will take one year to build, and that finance is available at 8% for the
entire cost of the scheme although they will be funding the scheme themselves with cash.
Carry out research, in respect of building costs, ancillary costs, and house prices and making any
necessary assumptions prepare a residual appraisal which should include, as a minimum, the
following information:
• full details of the input figures you are using in the appraisal including comparable properties,
building costs, and other costs likely to be involved in the scheme;
• the extent of social housing likely to be required on a site of this size;
• all of your calculations of the individual input elements in the appraisal; and
• full justification of the assumptions, costings and input figures that you use.
Task 2
Using the profit (or loss) established in Task 1, provide two separate sensitivity analyses that
models the impact of the following changes to the input variables in the scheme. Include a brief
critical evaluation for your clients of the limitations of market data used in these appraisals and
highlight how they might maximise the profitability of this site.
Scenario a)
• House prices increase by 10% before start on site;
• Building cost inflation is 4% per annum;
Scenario b)
• House prices fall by 5% before start on site;
• The local authority impose a CIL of £100/sq.m. with immediate effect.
Task 3
The Directors of Aprilla Developments have now found a further site that they want to purchase. This
means they are no longer able to fund this development from their cash holdings. They still want to
carry out the development but need some basic guidance on funding options.
Prepare a Briefing Note that outlines and evaluates various potential sources of finance that might be
available to them.

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