Inputs

Project Gullane

Base Case

Site Acquistion

Site Costs

Start Dates

CEC East Market Street Sites

29568000 *

Phase 1

May-06

Site SDLT

4.00%

** 1182720 *

1182720 *

Phase 2

May-07

Site Legal Fees

1.00%

** 295680 *

295680 *

Phase 3

Aug-07

Site Cost

** 31046400 *

31046400 *

Phase 4

May-07

Phase 5

May-07

Phase 6

Mar-08

Cannongate - Site

Site Purchase

5000000 *

Site Legal Fees

1.00%

0 *

Note:

All Jones Lang LaSalle figures are indicated in Grey.

Site SDLT

4.00%

0 *

All hardcore numbers are indicated in Blue

Agents

0.75%

0 *

Cost figures included in £5m site purchase

Total Site Costs and Fees

** 31046400 *

Professional Fees/Cost

Proffesional Fees

Architects

4.70%

** $-5,187,291

5187291 *

Demolition Costs/Site preparation

Quantity Surveyor

1.00%

** $-1,103,679

1103679 *

Calton Gate Demolition (P1)

800000 *

Engineer

1.08%

** $-1,191,973

191973 *

Market Street Demolition (P6)

350000 *

Mech/elec Engineer

1.00%

** $-1,103,679

1103679 *

Calton Gate Infrastructure (P1)

2500000 *

Project Manager

1.00%

** $-1,103,679

1103679 *

Market Street Infrastructure (P6)

750000 *

** $4,400,000

750000 *

** 4400000 *

Traffic Engineer

0.15%

** $-165,552

165552 *

Environment Audit

$-100,000

100000 *

Planning Supervisor

$-100,000

100000 *

** $10,055,853

10055853 *

Construction Costs

Calton Gate Offices (P4)

23574100 *

23,574,100

Calton Gate Residential Ph1 (P2)

11000000 *

11,000,000

Marketing, letting and disposal costs

Calton Gate Residential Ph2 (P3)

10367500 *

10,367,500

Letting Agents Fee

12.00%

** $-821,136

821136 *

Calton Gate Retail (P4)

1365700 *

1,365,700

Letting Legal Fee

5.00%

** $-342,140

342140 *

Hotel (P5)

24952940 *

Inv.sale Agents Fee

1.20%

$-1,219,388

1219388 *

Inv.sale Legal Fee

0.50%

$-508,078

508078 *

Market Street Offices (P6)

8259300 *

Market Street Residential (P6)

5126250 *

Dir.sale Agents Fee

1.00%

$-1,130,528

1130528 *

Market Street Retail (P6)

1912400 *

Dir.sale Legal Fee

0.50%

$-565,264

565264 *

Market Street Leisure (P6)

573300 *

** $4,586,534

** 4586534 *

Social Housing (P3)

2000000 *

Contributions

Calton Gate Office Tenant Contribution

$4,500,000

4500000 *

Calton Gate Parking/Plant (P1)

10186400 *

** 99317890 *

10186400 *

** 99,317,890

Market Street Office Tenant Contribution

$1,500,000

1500000 *

Public Contribution

$100,000

100000 *

Section 75 (P1)

400000 *

Retail/Leisure Contribution

$750,000

750000 *

Ark Trust (P1)

500000 *

Planning Costs

750000 *

** 1650000 *

750000 *

** 1650000 *

Promotion

$-400,000

400000 *

Total Construction Costs

** 110367890 *

Revenue

Commercial Revenue

Areas (sq ft )

Rent per sq ft

Rent p.a.

Total

JLL Figures

Yield

Gross Value

Costs

Net Value

JLL Figures

Calton Gate Offices

6.30%

** 71002222.2222222 *

** 3860640.92461257 *

** 67141581.2976097 *

67141581 *

Calton Gate Offices

Market Street Offices

6.50%

** 23684000 *

** 1287782.50591017 *

** 22396217.4940898 *

22396217 *

New Offices

151660 *

29 *

** 4398140 *

Calton Gate Public Cars

6.50%

** 1329230.76923077 *

** 72274.9590834698 *

** 1256955.8101473 *

1256956 *

Car parking Spaces

30 *

2500 *

** 75000 *

Market Street Retail/Leisure

6.50%

** 4989230.76923077 *

** 271282.051282052 *

** 4717948.71794872 *

4717949 *

** 4473140 *

4473140 *

Calton Gate Retail

6.50%

** 6453846.15384615 *

** 350918.34879069 *

** 6102927.80505546 *

6102928 *

** 107458529.91453 *

** 5842898.78967895 *

** 101615631.124851 *

** 101615631 *

Market Street Offices

New Offices

55980 *

27 *

** 1511460 *

Car parking Spaces

14 *

2000 *

** 28000 *

** 1539460 *

1539460 *

Calton Gate Public Cars

72 *

1200 *

** 86400 *

86400 *

Residential

Units

Size sq ft

price per unit psf

Per Unit

Revenue

JLL Figures

Market Street Retail/Leisure

Calton Gate Studio (P2)

450

305 *

** 137250 *

** 2882250 *

2882250 *

New Offices

20370 *

15 *

** 305550 *

Calton Gate - 1 Bed (P2)

550

305 *

** 167750 *

** 2684000 *

2684000 *

Market Street Retail/Leisure Arches

2500 *

7.5 *

** 18750 *

Calton Gate - 1 Bed/Study (P2)

650

305 *

** 198250 *

** 4163250 *

4163250 *

** 324300 *

324300 *

Calton Gate - 2 Bed (P2)

800

325 *

** 260000 *

** 9620000 *

9620000 *

Calton Gate - 3 Bed (P2)

950

325 *

** 308750 *

** 1543750 *

1543750 *

Calton Gate Retail

Calton Gate - Townhouse (P2)

1,700

270 *

** 459000 *

** 918000 *

918000 *

New Offices

17100 *

20 *

** 342000 *

Calton Gate - Penthouse (P2)

1,500

355 *

** 532500 *

** 2662500 *

2662500 *

Calton Gate Retail 50%

7750 *

10 *

** 77500 *

** 419500 *

419500 *

Calton Gate - Studio (P3)

450

310 *

** 139500 *

** 2929500 *

2929500 *

Total Rent

** 6842800 *

Calton Gate - 1 Bed (P3)

550

310 *

** 170500 *

** 2728000 *

2728000 *

Calton Gate - 1 Bed/Study (P3)

650

310 *

** 201500 *

** 4231500 *

4231500 *

Calton Gate - 2 Bed (P3)

800

330 *

** 264000 *

** 9768000 *

9768000 *

Calton Gate - 3 Bed (P3)

950

330 *

** 313500 *

** 1567500 *

1567500 *

Calton Gate - Townhouse (P3)

1,700

275 *

** 467500 *

** 935000 *

935000 *

Hotel

200

259,614

** 51922800 *

51922800 *

Calton Gate - Penthouse (P3)

1,500

360 *

** 540000 *

** 2700000 *

2700000 *

Market Street - Studio (P6)

450

305 *

** 137250 *

** 2058750 *

2058750 *

Market Street - 1 Bed (P6)

550

305 *

** 167750 *

** 1342000 *

1342000 *

Market Street - 1 Bed/Study (P6)

650

305 *

** 198250 *

** 1586000 *

1586000 *

Market Street - 2 Bed (P6)

750

325 *

** 243750 *

** 1950000 *

1950000 *

Market Street - 2 Bed/Large (P6)

850

325 *

** 276250 *

** 1105000 *

1105000 *

Market Street - Penthouse (P6)

1,500

355 *

** 532500 *

** 2130000 *

2130000 *

Market Street - 3 Bed (P6)

1,000

325 *

** 325000 *

** 1625000 *

1625000 *

** 61130000 *

Phases

Last updated

** 38568 *

Ref: TJSO/DAD

Project Gullane

Phase 1

Phase 2

Phase 3

Phase 4

Phase 5

Phase 6

Month 14-28

Month 26-40

Month 29-43

Month 26-49

Month 36-51

T Zero

May 06-Jul 07

May 07-Jul 08

Aug 07-Oct 08

May 07-Apr 09

Mar 08- Jun 09

Additional Costs

Site Costs (Apr-05)

$-31,046,400

Cannongate Acquistion

$-5,000,000

Calton Gate Demolition (P1)

** $-800,000

Calton Gate Infrastructure (P1)

** $-350,000

Calton Gate Parking/Plant (P1)

** $-10,186,400

Section 75 (P1)

** $-400,000

Ark Trust (P1)

** $-500,000

Calton Gate Residential Ph2 (P3)

** $-11,000,000

Calton Gate - Studio (P2)

** $2,882,250

Calton Gate - 1 Bed (P2)

** $2,684,000

Calton Gate - 1 Bed/Study (P2)

** $4,163,250

Calton Gate - 2 Bed (P2)

** $9,620,000

Calton Gate - 3 Bed (P2)

** $1,543,750

Calton Gate - Townhouse (P2)

** $918,000

Calton Gate - Penthouse (P2)

** $2,662,500

Calton Gate Residential Ph1 (P2)

** $-10,367,500

Calton Gate - Studio (P3)

** $2,929,500

Calton Gate - 1 Bed (P3)

** $2,728,000

Calton Gate - 1 Bed/Study (P3)

** $4,231,500

Calton Gate - 2 Bed (P3)

** $9,768,000

Calton Gate - 3 Bed (P3)

** $1,567,500

Calton Gate - Townhouse (P3)

** $935,000

Calton Gate - Penthouse (P3)

** $2,700,000

Calton Gate Offices (P4)

** $-23,574,100

Calton Gate Retail (P4)

** $-1,365,700

Calton Gate Office Tenant Contribution (P4)

** $-4,500,000

Inv. Value -A (P4)

** $67,141,581

Inv. Value -C (P4)

** $1,256,956

Inv. Value -E (P4)

** $6,102,928

Hotel (P5)

** $-24,952,940

Hotel (P5)

** $51,922,800

Market Street Demolition (P6)

** $-350,000

Market Street Infrastructure (P6)

** $-750,000

Market Street Office Tenant Contribution (P4)

** $-1,500,000

Market Street Offices (P6)

** $8,259,300

Market Street Residential (P6)

** $5,126,250

Market Street Retail (P6)

** $1,912,400

Market Street Leisure (P6)

** $573,300

Market Street - Studio (P6)

** $2,058,750

Market Street - 1 Bed (P6)

** $1,586,000

Market Street - 2 Bed (P6)

** $1,950,000

Market Street - 1 Bed/Study (P6)

** $1,586,000

Market Street - 2 Bed/Large (P6)

** $1,105,000

Market Street - Penthouse (P6)

** $2,130,000

Market Street - 3 Bed (P6)

** $1,625,000

Inv.Value-B (P6)

** $22,396,217

Inv.Value-D (P6)

** $4,717,949

Promotion

$-400,000

Retail/leisure Tenant Contirbution

$-750,000

Public Car park Tenant Contirbution

$-100,000

Letting Agents Fee

$-821,136

Letting Legal Fee

$-342,140

Inv.sale Agents Fee

$-1,219,388

Inv.sale Legal Fee

$-508,078

Dir.sale Agents Fee

$-1,130,528

Dir.sale Legal Fee

$-565,264

Architects

$-4,874,741

Quantity Surveyor

$-1,037,179

Engineer

$-1,120,153

Mech/elec Engineer

$-1,037,179

Traffic Engineer

$-155,577

Environment Audit

$-100,000

Planning Supervisor

$-100,000

Planning Costs

$-750,000

Total Cost Per Period

** $-36,046,400

** $-27,247,762

** $13,473,750

** $14,492,000

** $45,061,665

** $26,969,860

** $52,426,166

** $89,129,279

Fiance Costs

Site Purchase

** $-3,027,024

Demolition/Roads

** $-214,500

Construction

** $-5,380,435

Prof Fees

** $-490,223

Marketing Costs

** $-223,594

Total Interest Payments

$-23,355,373

Arrangement / legal fees

** $-300,000

Cash Flow

** $-36,046,400

** $-50,903,135

** $13,473,750

** $14,492,000

** $45,061,665

** $26,969,860

** $52,426,166

IRR

** 24.57%

IRR with Interest

** 39.36%

$186,662,049

$28,006,382

** 15.00%

Time

Project Gullane

Last updated

** 39952 *

Ref: TJSO

Phase ONE - Month 14-28

** 15

Phase Two - Month 36-40

** 15

Phase THREE - Month 28-43

** 15

Phase Four - Month 26-49

** 24

Phase FIVE - Month 26-49

** 24

Phase SIX Month 35-51

** 17

T Zero

D/Down 1

D/Down 2

D/Down 3

D/Down 4

D/Down 5

D/Down 6

D/Down 7

D/Down 8

D/Down 9

D/Down 10

D/Down 11

D/Down 12

D/Down 13

D/Down 14

D/Down 15

D/Down 16

D/Down 17

D/Down 18

D/Down 19

D/Down 20

D/Down 21

D/Down 22

D/Down 23

D/Down 24

D/Down 25

D/Down 26

D/Down 27

D/Down 28

D/Down 29

D/Down 30

D/Down 31

D/Down 32

D/Down 33

D/Down 34

D/Down 35

D/Down 36

D/Down 37

D/Down 38

D/Down 39

Data

May-06

June-06

** July-06

** Aug-06

** Sep-06

** Oct-06

** Nov-06

** Dec-06

** Jan-07

** Feb-07

** Mar-07

** Apr-07

** May-07

** June-07

** July-07

** Aug-07

** Sep-07

** Oct-07

** Nov-07

** Dec-07

** Jan-08

** Feb-08

** Mar-08

** Apr-08

** May-08

** June-08

** July-08

** Aug-08

** Sep-08

** Oct-08

** Nov-08

** Dec-08

** Jan-09

** Feb-09

** Mar-09

** Apr-09

** May-09

** June-09

** July-09

** Aug-09

Misc

Site Costs (Apr-05)

$-31,046,400

** $-31,046,400

Cannongate Acquistion

$-5,000,000

** $-5,000,000

Calton Gate Demolition (P1)

$-800,000

** $-53,333

Calton Gate Infrastructure (P1)

$-2,500,000

** $-166,667

Calton Gate Office Tenant Contribution (P4)

$-4,500,000

** $-187,500

Market Street Demolition (P6)

$-350,000

** $-20,588

Market Street Infrastructure (P6)

$-750,000

** $-44,118

Market Street Office Tenant Contribution (P4)

$-1,500,000

** $-62,500

Calton Gate Parking/Plant (P1)

$-10,186,400

** $-679,093

Section 75 (P1)

$-400,000

** $-400,000

Ark Trust (P1)

$-500,000

** $-500,000

Architects

** $-5,187,291

** $-1,296,823

Quantity Surveyor

** $-1,103,679

** $-275,920

Engineer

** $-1,191,973

** $-297,993

Mech/elec Engineer

** $-1,103,679

** $-275,920

Project Manager

** $-1,103,679

** $-275,920

Traffic Engineer

** $-165,552

** $-41,388

Environment Audit

** $-100,000

Planning Supervisor

** $-100,000

Letting Agents Fee

** $-821,136

Letting Legal Fee

** $-342,140

Inv.sale Agents Fee

** $-1,219,388

Inv.sale Legal Fee

** $-508,078

Dir.sale Agents Fee

** $-1,130,528

Dir.sale Legal Fee

** $-565,264

Promotion

** $-400,000

Retail/Leisure Contribution

** $-750,000

Public Contribution

** $-100,000

Planning Costs

$-750,000

** $-750,000

Social Housing

$-2,000,000

** $-2,000,000

Finance

Costs

** $0

Interest @6.5%

** $0

Office 1

Calton Gate Offices (P4)

$-23,574,100

** $-982,254

Calton Gate Retail (P4)

$-1,365,700

** $-56,904

Office 2

Market Street (P6)

$-8,259,300

** $-485,841

** $0

Hotel

Hotel (P5)

$-24,952,940

** $-1,039,706

Hotel (P5)

51922800 *

** $51,922,800

Resi 1

Calton Gate Residential Ph2 (P3)

$-10,367,500

** $-691,167

Calton Gate Residential Ph1 (P2)

$-11,000,000

** $-733,333

Calton Gate - Studio (P2)

$2,882,250

** $2,882,250

Calton Gate - 1 Bed (P2)

$2,684,000

** $2,684,000

Calton Gate - 1 Bed/Study (P2)

$4,163,250

** $4,163,250

Calton Gate - 2 Bed (P2)

$9,620,000

** $9,620,000

Calton Gate - 3 Bed (P2)

$1,543,750

** $1,543,750

Calton Gate - Townhouse (P2)

$918,000

** $918,000

Calton Gate - Penthouse (P2)

$2,662,500

** $2,662,500

Calton Gate - Studio (P3)

$2,929,500

** $2,929,500

Calton Gate - 1 Bed (P3)

$2,728,000

** $2,728,000

Calton Gate - 1 Bed/Study (P3)

$4,231,500

** $4,231,500

Calton Gate - 2 Bed (P3)

$9,768,000

** $9,768,000

Calton Gate - 3 Bed (P3)

$1,567,500

** $1,567,500

Calton Gate - Townhouse (P3)

$935,000

** $935,000

Calton Gate - Penthouse (P3)

$2,700,000

** $2,700,000

Resi 2

Market Street Residential (P6)

$-5,126,250

** $-301,544

Market Street Retail (P6)

$-1,912,400

** $-1,912,400

Market Street Leisure (P6)

$-573,300

** $-573,300

Market Street - Studio (P6)

$2,058,750

** $2,058,750

Market Street - 1 Bed (P6)

$1,342,000

** $1,342,000

Market Street - 1 Bed/Study (P6)

$1,586,000

** $1,586,000

Market Street - 2 Bed (P6)

$1,950,000

** $1,950,000

Market Street - 2 Bed/Large (P6)

$1,105,000

** $1,105,000

Market Street - Penthouse (P6)

$2,130,000

** $2,130,000

Market Street - 3 Bed (P6)

$1,625,000

** $1,625,000

Inv

Inv.Value-B (P6)

** $22,396,217

Inv.Value-D (P6)

** $4,717,949

Inv. Value -A (P4)

** $67,141,581

Inv. Value -C (P4)

** $1,256,956

Inv. Value -E (P4)

** $6,102,928

Total Costs

** $51,361,755

** $-40,509,456

** $-899,093

** $-6,425,254

** $-3,961,291

** $-3,753,364

** $-4,605,455

** $-7,069,418

** $-4,605,455

** $20,601,628

** $-3,872,122

** $21,678,545

** $-3,180,955

** $123,108,211

** $-852,091

** $-9,438,625

** $36,425,216

Notional Interest

Total

** $-40,509,456

** $-899,093

** $-6,425,254

** $-3,961,291

** $-3,753,364

** $-4,605,455

** $-7,069,418

** $-4,605,455

** $20,601,628

** $-3,872,122

** $21,678,545

** $-3,180,955

** $123,108,211

** $-852,091

** $-9,438,625

** $36,425,216

IRR

MISC

MISC

T Zero

** May-06

** #NAME?

Site Costs (Apr-05)

** $-31,046,400

** $0

Cannongate Acquistion

** $-5,000,000

** $0

Calton Gate Demolition (P1)

** $-800,000

** $-53,333

** $0

Calton Gate Infrastructure (P1)

** $-2,500,000

** $-166,667

** $0

Calton Gate Office Tenant Contribution (P4)

** $-4,500,000

** $0

** $-187,500

** $0

Market Street Demolition (P6)

** $-350,000

** $0

** $-20,588

** $0

Market Street Infrastructure (P6)

** $-750,000

** $0

** $-44,118

** $0

Market Street Office Tenant Contribution (P4)

** $-1,500,000

** $0

** $-62,500

** $0

Calton Gate Parking/Plant (P1)

** $-10,186,400

** $-679,093

** $0

Section 75 (P1)

** $-400,000

** $0

Ark Trust (P1)

** $-500,000

** $0

Architects

** $-5,187,291

** $-1,296,823

** $0

** $-1,296,823

** $0

** $-1,296,823

** $0

** $-1,296,823

** $0

Quantity Surveyor

** $-1,103,679

** $-275,920

** $0

** $-275,920

** $0

** $-275,920

** $0

** $-275,920

** $0

Engineer

** $-1,191,973

** $-297,993

** $0

** $-297,993

** $0

** $-297,993

** $0

** $-297,993

** $0

Mech/elec Engineer

** $-1,103,679

** $-275,920

** $0

** $-275,920

** $0

** $-275,920

** $0

** $-275,920

** $0

Project Manager

** $-1,103,679

** $-275,920

** $0

** $-275,920

** $0

** $-275,920

** $0

** $-275,920

** $0

Traffic Engineer

** $-165,552

** $-41,388

** $0

** $-41,388

** $0

** $-41,388

** $0

** $-41,388

** $0

Environment Audit

** $-100,000

** $0

Planning Supervisor

** $-100,000

** $0

Letting Agents Fee

** $-821,136

** $0

** $-821,136

** $0

Letting Legal Fee

** $-342,140

** $0

** $-342,140

** $0

Inv.sale Agents Fee

** $-1,219,388

** $0

** $-1,219,388

** $0

Inv.sale Legal Fee

** $-508,078

** $0

** $-508,078

** $0

Dir.sale Agents Fee

** $-1,130,528

** $0

** $-1,130,528

** $0

Dir.sale Legal Fee

** $-565,264

** $0

** $-565,264

** $0

Promotion

** $-400,000

** $0

** $-400,000

** $0

Retail/Leisure Contribution

** $-750,000

** $0

** $-750,000

** $0

Public Contribution

** $-100,000

** $0

** $-100,000

** $0

Planning Costs

** $-750,000

** $0

** $-750,000

** $0

Social Housing

** $-2,000,000

** $0

** $-2,000,000

** $0

Interest @6.5%

** $0

** $-40,509,456

** $-899,093

** $-3,613,056

** $-1,149,093

** $-250,000

** $-314,706

** $-2,778,669

** $-314,706

** $-2,528,669

** $-64,706

** $-8,651,240

** $0

** $-76,175,186

Office

Commercial

Areas (sq ft )

Rent per sq ft

Rent

Total

Yield

Gross Value

Costs

Net Value

Calton Gate Offices

New Offices

** 151660 *

** 29 *

** 4398140 *

Car parking Spaces

** 30 *

** 2500 *

** 75000 *

** 4473140 *

Capitalised @

6.30%

Gross Development Value

** 71002222.2222222 *

Less Purchasers Costs @

5.75%

** 3860640.92461257 *

** 67141581.2976097 *

Calton Gate Public Cars

** 72 *

** 1200 *

** 86400 *

** 86400 *

Capitalised @

** 6.50%

Gross Development Value

** 1329230.76923077 *

Less Purchasers Costs @

5.75%

** 72274.9590834698 *

** 1256955.8101473 *

Calton Gate Retail

New Offices

** 17100 *

** 20 *

** 342000 *

Calton Gate Retail 50%

** 7750 *

** 10 *

** 77500 *

** 419500 *

Capitalised @

** 6.50%

Gross Development Value

** 6453846.15384615 *

Less Purchasers Costs @

5.75%

** 350918.34879069 *

** 6102927.80505546 *

Total

** 4979040 *

** 78785299.1452992 *

** 74501464.9128124 *

Office 1

Data

** May-07

** #NAME?

Calton Gate Offices (P4)

** $-23,574,100

** $-982,254

Calton Gate Retail (P4)

** $-1,365,700

** $-56,904

Inv. Value -A (P4)

** $67,141,581

** $0

** $67,141,581

** $0

Inv. Value -C (P4)

** $1,256,956

** $0

** $1,256,956

** $0

Inv. Value -E (P4)

** $6,102,928

** $0

** $6,102,928

** $0

** $-1,039,158

** $74,501,465

** $0

IRR

** 7.96%

Costs for this development

Calton Gate Demolition (P1)

Section 75 (P1)

Calton Gate Infrastructure (P1)

Ark Trust (P1)

Calton Gate Office Tenant Contribution (P4)

Architects

Calton Gate Parking/Plant (P1)

Quantity Surveyor

Engineer

Promotion

Mech/elec Engineer

Retail/Leisure Contribution

Project Manager

Public Car Park Contribution

Traffic Engineer

Planning Costs

Environment Audit

Planning Supervisor

Letting Agents Fee

Letting Legal Fee

Inv.sale Agents Fee

Inv.sale Legal Fee

Office2

Commercial

Areas (sq ft )

Rent per sq ft

Rent

Total

Yield

Gross Value

Costs

Net Value

Market Street Offices

New Offices

** 55980 *

** 27 *

** 1511460 *

Car parking Spaces

** 14 *

** 2000 *

** 28000 *

** 1539460 *

Capitalised @

** 6.50%

Gross Development Value

** 23684000 *

Less Purchasers Costs @

5.75%

** 1287782.50591017 *

** 22396217.4940898 *

Market Street Retail/Leisure

New Offices

** 20370 *

** 15 *

** 305550 *

Market Street Retail/Leisure Arches

** 2500 *

** 7.5 *

** 18750 *

** 324300 *

Capitalised @

** 6.50%

Gross Development Value

** 4989230.76923077 *

Less Purchasers Costs @

5.75%

** 271282.051282052 *

** 4717948.71794872 *

Total

** 1863760 *

** 28673230.7692308 *

** 27114166.2120385 *

Office 2

Data

** Mar-08

** #NAME?

Market Street (P6)

** $-8,259,300

** $-485,841

** $0

Inv.Value-B (P6)

** $22,396,217

** $0

** $22,396,217

** $0

Inv.Value-D (P6)

** $4,717,949

** $0

** $4,717,949

** $0

** $-485,841

** $27,114,166

** $0

IRR

** 12.19%

Costs for this development

Market Street Demolition (P6)

Section 75 (P1)

Market Street Infrastructure (P6)

Ark Trust (P1)

Market Street Office Tenant Contribution (P4)

Architects

Quantity Surveyor

Promotion

Engineer

Retail/Leisure Contribution

Mech/elec Engineer

Public Car Park Contribution

Project Manager

Planning Costs

Traffic Engineer

Environment Audit

Letting Agents Fee

Planning Supervisor

Letting Legal Fee

Inv.sale Agents Fee

Inv.sale Legal Fee

Hotel

Hotel

Data

** May-07

** #NAME?

Hotel (P5)

** $-24,952,940

** $-1,039,706

** $0

Hotel (P5)

** $51,922,800

** $0

** $51,922,800

** $0

** $-1,039,706

** $51,922,800

** $0

IRR

** 5.47%

Costs for this development

Letting Agents Fee

Section 75 (P1)

Letting Legal Fee

Ark Trust (P1)

Architects

Inv.sale Agents Fee

Quantity Surveyor

Inv.sale Legal Fee

Engineer

Mech/elec Engineer

Project Manager

Public Car Park Contribution

Traffic Engineer

Planning Costs

Environment Audit

Promotion

Planning Supervisor

Calton Gate Demolition (P1)

Calton Gate Infrastructure (P1)

Market Street Demolition (P6)

Market Street Infrastructure (P6)

Calton Gate Parking/Plant (P1)

Resi1

Resi 1

Data

** June-07

** #NAME?

Calton Gate Residential Ph2 (P3)

** $-10,367,500

** $0

** $-691,167

** $0

Calton Gate Residential Ph1 (P2)

** $-11,000,000

** $-733,333

** $0

Calton Gate - Studio (P2)

** $2,882,250

** $0

** $2,882,250

** $0

Calton Gate - 1 Bed (P2)

** $2,684,000

** $0

** $2,684,000

** $0

Calton Gate - 1 Bed/Study (P2)

** $4,163,250

** $0

** $4,163,250

** $0

Calton Gate - 2 Bed (P2)

** $9,620,000

** $0

** $9,620,000

** $0

Calton Gate - 3 Bed (P2)

** $1,543,750

** $0

** $1,543,750

** $0

Calton Gate - Townhouse (P2)

** $918,000

** $0

** $918,000

** $0

Calton Gate - Penthouse (P2)

** $2,662,500

** $0

** $2,662,500

** $0

Calton Gate - Studio (P3)

** $2,929,500

** $0

** $2,929,500

** $0

Calton Gate - 1 Bed (P3)

** $2,728,000

** $0

** $2,728,000

** $0

Calton Gate - 1 Bed/Study (P3)

** $4,231,500

** $0

** $4,231,500

** $0

Calton Gate - 2 Bed (P3)

** $9,768,000

** $0

** $9,768,000

** $0

Calton Gate - 3 Bed (P3)

** $1,567,500

** $0

** $1,567,500

** $0

Calton Gate - Townhouse (P3)

** $935,000

** $0

** $935,000

** $0

Calton Gate - Penthouse (P3)

** $2,700,000

** $0

** $2,700,000

** $0

** $-733,333

** $-1,424,500

** $23,782,583

** $-691,167

** $24,859,500

** $0

IRR

** 9.84%

Costs for this development

Calton Gate Demolition (P1)

Section 75 (P1)

Calton Gate Infrastructure (P1)

Ark Trust (P1)

Calton Gate Parking/Plant (P1)

Architects

Quantity Surveyor

Promotion

Engineer

Social Housing

Mech/elec Engineer

Public Car Park Contribution

Project Manager

Planning Costs

Traffic Engineer

Environment Audit

Dir.sale Agents Fee

Planning Supervisor

Dir.sale Legal Fee

Resi2

Resi 2

Data

** Mar-08

** #NAME?

Market Street Residential (P6)

** $-5,126,250

** $-301,544

** $0

Market Street Retail (P6)

** $-1,912,400

** $0

** $-1,912,400

** $0

Market Street Leisure (P6)

** $-573,300

** $0

** $-573,300

** $0

Market Street - Studio (P6)

** $2,058,750

** $0

** $2,058,750

** $0

Market Street - 1 Bed (P6)

** $1,342,000

** $0

** $1,342,000

** $0

Market Street - 1 Bed/Study (P6)

** $1,586,000

** $0

** $1,586,000

** $0

Market Street - 2 Bed (P6)

** $1,950,000

** $0

** $1,950,000

** $0

Market Street - 2 Bed/Large (P6)

** $1,105,000

** $0

** $1,105,000

** $0

Market Street - Penthouse (P6)

** $2,130,000

** $0

** $2,130,000

** $0

Market Street - 3 Bed (P6)

** $1,625,000

** $0

** $1,625,000

** $0

** $-301,544

** $9,311,050

** $0

IRR

** 6.33%

Costs for this development

Market Street Demolition (P6)

Section 75 (P1)

Market Street Infrastructure (P6)

Ark Trust (P1)

Architects

Quantity Surveyor

Promotion

Engineer

Social Housing

Mech/elec Engineer

Public Car Park Contribution

Project Manager

Planning Costs

Traffic Engineer

Environment Audit

Dir.sale Agents Fee

Planning Supervisor

Dir.sale Legal Fee

Output

Project Gullane

Last updated

** 39952 *

** 2

** 3

** 4

** 5

** 6

** 7

** 8

** 9

** 10

** 11

** 12

** 13

** 14

** 15

** 16

** 17

** 18

** 19

** 20

** 21

** 22

** 23

** 24

** 25

** 26

** 27

** 28

** 29

** 30

** 31

** 32

** 33

** 34

** 35

** 36

** 37

** 38

** 39

** 40

** 41

** 42

Ref: TJSO

Phase ONE - Month 14-28

** 15

Phase Two - Month 36-40

** 15

Phase THREE - Month 28-43

** 15

Phase Four - Month 26-49

** 24

Phase FIVE - Month 26-49

** 24

Phase SIX Month 35-51

** 17

D/Down 1

D/Down 2

D/Down 3

D/Down 4

D/Down 5

D/Down 6

D/Down 7

D/Down 8

D/Down 9

D/Down 10

D/Down 11

D/Down 12

D/Down 13

D/Down 14

D/Down 15

D/Down 16

D/Down 17

D/Down 18

D/Down 19

D/Down 20

D/Down 21

D/Down 22

D/Down 23

D/Down 24

D/Down 25

D/Down 26

D/Down 27

D/Down 28

D/Down 29

D/Down 30

D/Down 31

D/Down 32

D/Down 33

D/Down 34

D/Down 35

D/Down 36

D/Down 37

D/Down 38

D/Down 39

JLL Figures

T Zero

May-06

June-06

** July-06

** Aug-06

** Sep-06

** Oct-06

** Nov-06

** Dec-06

** Jan-07

** Feb-07

** Mar-07

** Apr-07

** May-07

** June-07

** July-07

** Aug-07

** Sep-07

** Oct-07

** Nov-07

** Dec-07

** Jan-08

** Feb-08

** Mar-08

** Apr-08

** May-08

** June-08

** July-08

** Aug-08

** Sep-08

** Oct-08

** Nov-08

** Dec-08

** Jan-09

** Feb-09

** Mar-09

** Apr-09

** May-09

** June-09

** July-09

** Aug-09

** Sep-09

** Oct-09

** Nov-09

** Dec-09

** Jan-10

** Feb-10

** Mar-10

** Apr-10

** May-10

** June-10

** July-10

** Aug-10

** Sep-10

** Oct-10

** Nov-10

** Dec-10

** Jan-11

** Feb-11

** Mar-11

** Apr-11

** May-11

** June-11

** July-11

** Aug-11

** Sep-11

** Oct-11

** Nov-11

** Dec-11

** Jan-12

** Feb-12

** Mar-12

** Apr-12

** May-12

** June-12

** July-12

** Aug-12

** Sep-12

** Oct-12

** Nov-12

Misc

Site Costs (Apr-05)

$-31,046,400

** #NAME?

** $-31,046,400

** #NAME?

** $-31,046,400

Cannongate Acquistion

$-5,000,000

** #NAME?

** $-5,000,000

** #NAME?

** $-5,000,000

Calton Gate Demolition (P1)

$-800,000

** #NAME?

** $-53,333

** #NAME?

** $-53,333

Calton Gate Infrastructure (P1)

$-2,500,000

** #NAME?

** $-166,667

** #NAME?

** $-166,667

Calton Gate Office Tenant Contribution (P4)

$-4,500,000

** #NAME?

** $0

** #NAME?

** $0

Market Street Demolition (P6)

$-350,000

** #NAME?

** $0

** #NAME?

** $0

Market Street Infrastructure (P6)

$-750,000

** #NAME?

** $0

** #NAME?

** $0

Market Street Office Tenant Contribution (P4)

$-1,500,000

** #NAME?

** $0

** #NAME?

** $0

Calton Gate Parking/Plant (P1)

$-10,186,400

** #NAME?

** $-679,093

** #NAME?

** $-679,093

Section 75 (P1)

$-400,000

** #NAME?

** $-400,000

** #NAME?

** $-400,000

Ark Trust (P1)

$-500,000

** #NAME?

** $-500,000

** #NAME?

** $-500,000

Architects

$-5,187,291

** #NAME?

** $-1,296,823

** #NAME?

** $-1,296,823

Quantity Surveyor

$-1,103,679

** #NAME?

** $-275,920

** #NAME?

** $-275,920

Engineer

$-1,191,973

** #NAME?

** $-297,993

** #NAME?

** $-297,993

Mech/elec Engineer

$-1,103,679

** #NAME?

** $-275,920

** #NAME?

** $-275,920

Project Manager

$-1,103,679

** #NAME?

** $-275,920

** #NAME?

** $-275,920

Traffic Engineer

$-165,552

** #NAME?

** $-41,388

** #NAME?

** $-41,388

Environment Audit

$-100,000

** #NAME?

** $-100,000

** #NAME?

** $-100,000

Planning Supervisor

$-100,000

** #NAME?

** $-100,000

** #NAME?

** $-100,000

Letting Agents Fee

$-821,136

** #NAME?

** $0

** #NAME?

** $0

Letting Legal Fee

$-342,140

** #NAME?

** $0

** #NAME?

** $0

Inv.sale Agents Fee

$-1,219,388

** #NAME?

** $0

** #NAME?

** $0

Inv.sale Legal Fee

$-508,078

** #NAME?

** $0

** #NAME?

** $0

Dir.sale Agents Fee

$-1,130,528

** #NAME?

** $0

** #NAME?

** $0

Dir.sale Legal Fee

$-565,264

** #NAME?

** $0

** #NAME?

** $0

Promotion

$-400,000

** #NAME?

** $0

** #NAME?

** $0

Retail/Leisure Contribution

$-750,000

** #NAME?

** $0

** #NAME?

** $0

Public Contribution

$-100,000

** #NAME?

** $0

** #NAME?

** $0

Planning Costs

$-750,000

** #NAME?

** $0

** #NAME?

** $0

Social Housing

$-2,000,000

** #NAME?

** $0

** #NAME?

** $0

Finance

** $0

** #NAME?

** $0

** #NAME?

** $0

Costs

** $0

** #NAME?

** $0

** #NAME?

** $0

** #NAME?

** $0

** #NAME?

** $0

** #NAME?

** $0

** #NAME?

** $0

** #NAME?

** $0

** #NAME?

** $0

** #NAME?

** $0

** #NAME?

** $0

Interest @6.5%

** #NAME?

** $0

** #NAME?

** $0

Office 1

Calton Gate Offices (P4)

$-23,574,100

** $-65,811,029

** $0

** $-982,254

Calton Gate Retail (P4)

$-1,365,700

** $-3,812,579

** $0

** $-56,904

Inv. Value -A (P4)

$67,141,581

** $0

Inv. Value -C (P4)

$1,256,956

** $0

Inv. Value -E (P4)

$6,102,928

** $0

Office 2

Market Street (P6)

$-8,259,300

** $-27,692,947

** $0

** $-485,841

Inv. Value -B (P6)

$22,396,217

** $0

Inv. Value-D (P6)

$4,717,949

** $0

Hotel

Hotel (P5)

$-24,952,940

** $-69,660,291

** $0

** $-1,039,706

Hotel (P5)

$51,922,800

** $0

Resi 1

Calton Gate Residential Ph2 (P3)

$-10,367,500

** $0

Calton Gate Residential Ph1 (P2)

$-11,000,000

** $-48,400,000

** $0

** $-733,333

Calton Gate - Studio (P2)

$2,882,250

** $0

Calton Gate - 1 Bed (P2)

$2,684,000

** $0

Calton Gate - 1 Bed/Study (P2)

$4,163,250

** $0

Calton Gate - 2 Bed (P2)

$9,620,000

** $0

Calton Gate - 3 Bed (P2)

$1,543,750

** $0

Calton Gate - Townhouse (P2)

$918,000

** $0

Calton Gate - Penthouse (P2)

$2,662,500

** $0

Calton Gate - Studio (P3)

$2,929,500

** $0

Calton Gate - 1 Bed (P3)

$2,728,000

** $0

Calton Gate - 1 Bed/Study (P3)

$4,231,500

** $0

Calton Gate - 2 Bed (P3)

$9,768,000

** $0

Calton Gate - 3 Bed (P3)

$1,567,500

** $0

Calton Gate - Townhouse (P3)

$935,000

** $0

Calton Gate - Penthouse (P3)

$2,700,000

** $0

Resi 2

Market Street Residential (P6)

$-5,126,250

** $-17,188,015

** $0

** $-301,544

Market Street Retail (P6)

$-1,912,400

** $0

Market Street Leisure (P6)

$-573,300

** $0

Market Street - Studio (P6)

$2,058,750

** $0

Market Street - 1 Bed (P6)

$1,342,000

** $0

Market Street - 1 Bed/Study (P6)

$1,586,000

** $0

Market Street - 2 Bed (P6)

$1,950,000

** $0

Market Street - 2 Bed/Large (P6)

$1,105,000

** $0

Market Street - Penthouse (P6)

$2,130,000

** $0

Market Street - 3 Bed (P6)

$1,625,000

** $0

Cash Flow

** $51,361,754

** #NAME?

** $-40,509,456

** #NAME?

** $-44,109,039

Revenue

** $214,668,431

** $0

Total Costs

** $-163,306,677

** #NAME?

** $-40,509,456

** #NAME?

** $-44,109,039

Opening Balance

** #NAME?

Debt Drawdown

** $40,509,456

** #NAME?

** $44,109,039

Interest

$23,355,373

** #NAME?

Amortisation

** $0

64%

Net Sale Proceeds

** $0

Closing Debt

** $40,509,456

** #NAME?

Profit

** $28,006,381

** #NAME?

check

** #NAME?

** 15.00%

** #NAME?

Results

Project Gullane

Base Case

Revenue Costs

Commercial Revenue

Areas (sq ft )

Rent per sq ft

Rent p.a.

Total

JLL Figures

Yield

Gross Value

Costs

Net Value

JLL Figures

Calton Gate Offices

** 6.30%

** 71002222.2222222 *

** 3860640.92461257 *

** 67141581.2976097 *

67141581 *

Calton Gate Offices

Market Street Offices

** 6.50%

** 23684000 *

** 1287782.50591017 *

** 22396217.4940898 *

22396217 *

New Offices

151660 *

** 29 *

** 4398140 *

Calton Gate Public Cars

** 6.50%

** 1329230.76923077 *

** 72274.9590834698 *

** 1256955.8101473 *

1256956 *

Car parking Spaces

30 *

** 2500 *

** 75000 *

Market Street Retail/Leisure

** 6.50%

** 4989230.76923077 *

** 271282.051282052 *

** 4717948.71794872 *

4717949 *

** 4473140 *

4473140 *

Calton Gate Retail

** 6.50%

** 6453846.15384615 *

** 350918.34879069 *

** 6102927.80505546 *

6102928 *

** 107458529.91453 *

** 5842898.78967895 *

** 101615631.124851 *

** 101615631 *

Market Street Offices

New Offices

55980 *

** 27 *

** 1511460 *

Car parking Spaces

14 *

** 2000 *

** 28000 *

** 1539460 *

1539460 *

Calton Gate Public Cars

72 *

** 1200 *

** 86400 *

86400 *

Residential

Units

Size sq ft

price per unit psf

Per Unit

Revenue

JLL Figures

Market Street Retail/Leisure

Calton Gate Studio (P2)

450

305 *

** 137250 *

** 2882250 *

2882250 *

New Offices

20370 *

** 15 *

** 305550 *

Calton Gate - 1 Bed (P2)

550

305 *

** 167750 *

** 2684000 *

2684000 *

Market Street Retail/Leisure Arches

2500 *

** 7.5 *

** 18750 *

Calton Gate - 1 Bed/Study (P2)

650

305 *

** 198250 *

** 4163250 *

4163250 *

** 324300 *

324300 *

Calton Gate - 2 Bed (P2)

800

325 *

** 260000 *

** 9620000 *

9620000 *

Calton Gate - 3 Bed (P2)

950

325 *

** 308750 *

** 1543750 *

1543750 *

Calton Gate Retail

Calton Gate - Townhouse (P2)

1,700

270 *

** 459000 *

** 918000 *

918000 *

New Offices

17100 *

** 20 *

** 342000 *

Calton Gate - Penthouse (P2)

1,500

355 *

** 532500 *

** 2662500 *

2662500 *

Calton Gate Retail 50%

7750 *

** 10 *

** 77500 *

** 419500 *

419500 *

Calton Gate - Studio (P3)

450

310 *

** 139500 *

** 2929500 *

2929500 *

Total Rent

** 6842800 *

Calton Gate - 1 Bed (P3)

550

310 *

** 170500 *

** 2728000 *

2728000 *

Calton Gate - 1 Bed/Study (P3)

650

310 *

** 201500 *

** 4231500 *

4231500 *

Calton Gate - 2 Bed (P3)

800

330 *

** 264000 *

** 9768000 *

9768000 *

Calton Gate - 3 Bed (P3)

950

330 *

** 313500 *

** 1567500 *

1567500 *

Calton Gate - Townhouse (P3)

1,700

275 *

** 467500 *

** 935000 *

935000 *

Hotel

200

259,614

** 51922800 *

51922800 *

Calton Gate - Penthouse (P3)

1,500

360 *

** 540000 *

** 2700000 *

2700000 *

Market Street - Studio (P6)

450

305 *

** 137250 *

** 2058750 *

2058750 *

Market Street - 1 Bed (P6)

550

305 *

** 167750 *

** 1342000 *

1342000 *

Market Street - 1 Bed/Study (P6)

650

305 *

** 198250 *

** 1586000 *

1586000 *

Market Street - 2 Bed (P6)

750

325 *

** 243750 *

** 1950000 *

1950000 *

Market Street - 2 Bed/Large (P6)

850

325 *

** 276250 *

** 1105000 *

1105000 *

Market Street - Penthouse (P6)

1,500

355 *

** 532500 *

** 2130000 *

2130000 *

Market Street - 3 Bed (P6)

1,000

325 *

** 325000 *

** 1625000 *

1625000 *

** 61130000 *

Finance Costs

Interest Calculation

Interest

Interest

Annually

Quaterly

Montly

** #NAME?

Initial LTV

8.50%

** 2.12%

** 0.71%

Excit LTV

65.00%

Payments

60.00%

Debt Finance

Disposition

Mezzaine Borrowing

Debt Financing

Exit Month

60%

** #NAME?

6.50%

Initial Amount

100%

** #NAME?

Exit Cap Rate

6.25%

20%

** #NAME?

8.60%

Arrangement Fee

** #NAME?

Sales Agents Fee

1.00%

10%

** #NAME?

9.40%

Interest Reserve

** $0

Sales Legal Fees

0.50%

10%

** #NAME?

9.50%

Swap Rate

4.75%

Purchasers Costs

5.75%

** 8.50%

Spread

1.75%

Total Rate

** 6.50%

Fund Improvements

Results

Total Development Costs

Profit

Ungeared Profit

JLL Figures

** #NAME?

Profit

** #NAME?

28006382 *

All Costs

** #NAME?

Profit/Sale

** #NAME?

13.05%

Finance Cost

** #NAME?

CEC Profit

Profit/Costs

** #NAME?

15.00%

Net Development Value

** $0

** #NAME?

Profit on Sale

** #NAME?

Sensitivity

Project Gullane - Option 5

Profit Sensitivity Matrix

First Profit tranche

20.00%

( 20%/80% split up )

Ref : DAD 06/09/05

2nd Profit tranche

20.00%

Cost

186662049 *

Check total

Profit

** #NAME?

Profit

** #NAME?

Return on cost

** #NAME?

Profit Tranches

Total £

Share

CEC £

Share

Mountgrange £

First Tranche

Day one site price

2500000 *

100.00%

** 2500000 *

0.00%

** 0.00

Second Tranche

Payment on reciept of plannning

2000000 *

100.00%

** 2000000 *

0.00%

** 0.00

Develpores Fee

3 payments of £2 miilion

6000000 *

0.00%

** 0 *

100.00%

** 6000000 *

Council Monitoring Costs

500000 *

100.00%

** 500000 *

0.00%

** 0 *

Third Tranche

Profit split of balance 20%/80%

** #NAME?

** 20.00%

** #NAME?

** 80.00%

** #NAME?

Fourth Tranche

Balance

0 *

** 20.00%

** 0 *

** 80.00%

** 0 *

Final Tranche

0 *

0.00%

** 0 *

0.00%

** 0 *

Total for distribution

** #NAME?

Scenario Summary

Current Values:

Profit 1

Profit 2

Profit 3

Profit 4

Profit 5

Profit 6

Profit 7

CWHB Modified by IT Department on 06/09/2005

CWHB

CWHB Modified by IT Department on 06/09/2005

Changing Cells:

40000000 *

10000000 *

15000000 *

20000000 *

25000000 *

30000000 *

35000000 *

40000000 *

Result Cells:

28006382 *

10000000 *

15000000 *

20000000 *

25000000 *

30000000 *

35000000 *

40000000 *

15.00%

5.36%

8.04%

10.71%

13.39%

16.07%

18.75%

21.43%

9301276 *

5700000 *

6700000 *

7700000 *

8700000 *

9700000 *

10700000 *

11700000 *

Spreadsheet's Author: Graham Tully
Last Updated with Excel 97

* This cell's format is not supported.

** This cell's data may not be accurate.

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