Land Value. The underlying real property owned by the State shall be auctioned at public oral auction and sold for not less than the appraised value of the land, which shall be the minimum opening bid at the auction: Appraised Value of the Land: $ Any amount bid in excess of the above appraised value of the land shall only be attributed to the amount to be paid for the land.
Land Value. Following various appeal cases it is well established that viability assessments are carried out in order to calculate the residual land value that the scheme can afford which is then compared to the existing use value, or alternative use value of the site. For the purpose of their appraisal, the applicant has based the benchmark land value on the existing building plus a 20% uplift for seller incentive as follows: Existing use value = £353,000 Plus 20% seller incentive: Total = £423,708 The building is structurally sound and constructed to a fair basic standard and metal roof. It appears to be vacant but still in good order internally and could be occupied as an ongoing D1 building with relatively minor modification. The applicant has provided details of a D1 use property in Cosham Portsmouth that is currently being marketed, but we have found a sale of a similar D1 use property in Princess Street Southampton which indicates a lower existing use value. However, the subject site extends to approximately 1 acre, is secluded and sits within a prominent residential area close to local shops and amenities and we therefore consider the alternative use value for residential redevelopment to be higher than the existing use value plus incentive. £423,708 represents approximately 12% of our revised GDV which is within the range we have seen paid in the market for other similar sites without planning consent in place (but with a relatively strong chance of achieving consent for a scheme of similar density to surrounding locality). Therefore we have included a benchmark land value of £423,708 in line with the applicant for the purposes of viability testing. In addition both stamp duty and agent/legal fees need to be allowed. Overall assessment: Following our desktop assessment we are of the opinion that the proposed scheme, with no affordable housing but with CIL and S.106 contributions totalling £123,881 and a developer profit of 17.5% on GDV is borderline in terms of being viable. Our appraisal summary at Appendix 1 shows a small surplus of £9,819 which could potentially be provided as an off- site affordable housing contribution. We are in broad agreement with many of the applicant’s submitted figures but the differences are as follows: Gross Development Value CIL/S. 106 Contributions (we are higher than the applicant) The largest difference between our figures is with the GDV figures. The best comparable evidence available is considered to be the recently com...
Land Value the land edged red on the plan attached at Appendix 2 will be valued by the [District Valuer/independent valuer] and the share of revenue/capital receipts will reflect the both the capital contribution and value of land contributed by WG.
Land Value. The value of the land to be purchased by Xxxxxx-Xxxxx has been determined by the Appraisal Report of Xxxxx & Company, dated February 24, 2023 (the “Appraisal,” Attachment B). The value is appraised at $24.62 per square foot or $118,510. The balance due from Xxxxxx-Xxxxx to CBJ is $118,510 (One Hundred- Eighteen Thousand, Five Hundred Ten Dollars).
Land Value. 14.1 The Master Developers have a business case for taking forward land for development based on an anticipated target land value receipt. The target land value receipt is required to cover existing land values and costs incurred or to be incurred to bring the site forward for development (“Master Developers Allowable Costs”). In the Collaboration Agreement between the Master Developers there is a mechanism to distribute future land receipts based on mechanisms for pro-rata shares.
Land Value. Following submittal of the Financial Plan, Agency and Brookfield shall negotiate and agree upon the land value of the Site for the Residential Improvements in the time set forth in the Schedule of Performance.
Land Value. Brookfield Homes and the Agency shall agree on the value of the land of the residential project. No later than November 1, 2010 No. Provision/Description Schedule/Timing
Land Value. Following various appeal cases it is well established that viability assessments are carried out in order to calculate the residual land value that the scheme can afford which is then compared to the market value of the site (Benchmark) taking account of The RICS Guidance note, Financial viability in planning, 1st edition. The applicant has provided a Benchmark Land Value of £9,294,000 This includes for the following:
Land Value. Land value per square foot Land value per FAR square foot Purchase price (if applicable) payable to WMATA The analysis must be presented in current dollars with an annual escalation rate or present value discount, if applicable, of three percent (3%). All financial models must be submitted to WMATA on disk as well as hard copy. All financial information must be linked in a single spreadsheet, and all files must be in Microsoft Excel and retain all cell relationships.
Land Value. “Land Value” is determined by the City annually based upon the appraised market value of raw acreage that has imminent development potential.
