JLL Residential

Tribeca Square - Valuation

Tribeca Square - Valuation

situation

Major regeneration project in heart of Elephant & Castle. Planning permission for a mixed use development including residential, student housing and retail and leisure.
Residential proposal for major PRS scheme of up to 373 one, two and three bed units, within 3 interlinked towers via 2 storey podium.

brief

To provide our opinion of residual land value, gross development value on the basis of rental model (stabilised and pre-stabilised) and gross development value on the basis of break up. Valuations provided for development finance for loan security purposes. Consideration of operator’s PRS model in line with JLL model and input assumptions. Consideration of net operating income and required investment returns, considering rental and capital growth over the life of model. Consideration of tenant demand and underlying demographics. Review of proposed student accommodation, likely operator demand and required returns, net operating income relevant to this sector. Consideration of leisure and retail floor space, likely tenant demand and investment return. Property due diligence including full review of legal and project monitors documentation.

outcome

  • Assembled a team from the following disciplines: Residential Valuation, Investment/PRS, sales, letting, Student Advisory and Commercial Valuations, with input from capital markets.
  • Worked with a multi-disciplined team covering residential, student housing and commercial markets.
  • Submitted valuation report and supporting commentary, incorporating advice on strategy and comment on the proposals.