Valuation by Carter Jonas (30nov22)
| Market Value 1 (MV1) | £7,970,0000 | Freehold Value subject to vacant possession |
| Market Value 2 (MV2) | £7,170,000 | vacant (Consummation of a sale within 60 days period)-Freehold Value subject to the special assumption of 180 days restricted marketing |
| Market Rent (MR) | Market Rent 1 (MR1) |
£839,200 |
The Citadel, Citadel Road, Dover, CT17 9DP
AT PURCHASE
| Summary Description | A former fortress constructed in the early / mid nineteenth century located on the cliffs above Dover. Most recently used as an immigration detention centre. |
| Floor Area | 237,829 sq ft (22,041 sq m) |
| Site Area | c.32.758 acres (c.13.257 hectares) |
| Tenure | Freehold |
| Title1: K816403 |
29.039 acres, |
| Title2: K816466 |
3.719 acres |
| Buildings | 54 |
| Location | 0.8 Miles from A20 & directly onto the M20 0.7 Miles from Dover Priory railway station Direct to London St Pancras (1 hour 6 min) |
Project current status and future Plans
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Individual Buildings Feasibility
SWOT
| Strengths | Weaknesses |
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| Opportunities | Threats |
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Observations
| Nearby Development On neighboring site - App # 12/00440 |
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| Concerns |
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Valuation by Carter Jonas (20Jun24)
| Market Value 1 (MV1) | £4,540,000 | Freehold |
| Market Value 2 (MV2) | £3,630,000 | 90 days by Auction |
| Market Value 3 (MV3) | £4,085,000 | 180 days by Auction |
| Market Value 4 (MV4) | £4,510,000 | Vacant Possession |
| Market Value 5 (MV5) | £3,630,000 | Vacant possession 90 days sale by Auction |
| Market Value 6 (MV6) | £4,085,000 | Vacant possession 180 days sale by Auction |
| Market Rent (MR) | £1,171,438 | On the parts of the Property where a rental value is applicable. |
GDV Valuation by Carter Jonas (20Jun24)
| Property | Rental Income | Valuation | |||||
| Address | Type | sqm | Target | Current | OMV | GDV | |
| 1 | The Casemates | Office / Studio | 1548.2 | £166,650 | £0 | £1,250,000 | |
| 2 | Residential Development Plot | Resi-Homes | 12019.0 | £0 | £0 | £715,000 | £12,995,000 |
| 3 | Leisure Scheme | Hotel | £0 | £0 | £1,930,000 | £10,764,000 | |
| 4 | Admin Block - Hotel Conversion | Hotel | 3627.0 | £0 | £0 | £1,265,000 | £10,620,000 |
| 5 | Accomodation Blocks (Rye, Sandwich & Hastings) | Hotel | £0 | £0 | £1,330,000 | £11,020,000 | |
| 6 | Short Term Income | £50,000 | £0 | £370,000 | |||
| 7 | Remaining Buildings | £670,655 | £670,655 | £1,520,000 | £20,000,000 | ||
| Landscaping & Roads imp | -£681,000 | ||||||
| Total | £887,305 | £670,655 | £7,699,000 | £65,399,000 | |||
Tenancies
| No. | Description | Term | Rent | Occupier | Status | Notes |
| 34 | Kitchen & Dining Room |
10 year lease. 5 year RR and break |
£99,500 pa. 3 months RF each year net @ £74,625 per annum |
HMG | In legals. Change of use application being made |
|
| 20 | Sports building plus car parking |
5 month licence |
£92,004 (pro rata pa) |
HMG | Signed | Nominal |
| 14 | Visitors Reception |
5 yr lease |
£12,000 rising to £24,000 |
Emma Taylor |
Completed | Nominal |
| 44a | Deal House | 5 years annual break |
£170,000 | Smarter Materials Group (SMG) |
Awaiting sign off by SMG. Change of use application to be made. |
Being assessed. Say £300,000 |
| 3 | Rye House | 5 years annual break |
£170,000 | Techfort Innovations Group Ltd (TIG) |
Awaiting sign off by TIG. Change of use application to be made. |
Being assessed Say £300,000 |
| Total | £543,504 |
Construction Appraisal
| Property | Dwellings | Costs | |||||
| Address | Type | sqm | Private | Affordable | S106/CIL | Construction | |
| 1 | The Casemates | Office / Studio | 1548.2 | ||||
| 2 | Residential Development Plot | Resi-Homes | 12019.0 | 32 | 13 | £675,000 | £9,032,259 |
| 3 | Leisure Scheme | Hotel | 21 | 10 | £310,000 | £7,581,920 | |
| 4 | Admin Block - Hotel Conversion | Hotel | 3627.0 | £300,000 | £7,600,731 | ||
| 5 | Accomodation Blocks (Rye, Sandwich & Hastings) | Hotel | £300,000 | £7,800,731 | |||
| 6 | Short Term Income | ||||||
| 7 | Remaining Buildings | £17,000,000 | |||||
| Landscaping & Roads imp | |||||||
| Total | £1,585,000 | £49,015,641 | |||||
Profit (Estimated)
| Gross Developed Value | £65,399,000 | |
| Sales Costs (Agent + Legal) | £1,307,980 | |
| Current Value | £3,630,000 | |
| Development Costs | £49,015,641 | |
| Total Costs: | 53,953,621 | |
| Profit | £9,445,379 |
DEVELOPMENT Loan & Budget
Budget & Appraisal (Construction)
| Development Budget Calculations | |
| Development Costs (Budget) by Chartered Surveyor |
Quotes (Construction)
| Construction Quote by Sleek |
Loan (Construction)
|
Monitoring Survey Initial Report by Chartered Surveyor |
GRAY STRUCTURE (CONSTRUCTION)
Surveys & Reports
| Building Regulations Conditional Approval - TBA |
| Building Regulation Drawings - TBA |
| Building Regulation drawings NOTES - TBA |
| Construction Insurance - TBA |
| Noise or Acoustics Report post Constructions - TBA |
| Structural Survey detailed - TBA |
| Interior Design (Layout) - TBA |
| Schedule of Works |
FINISHING (CONSTRUCTION)
Certificates
|
Final Certificate for Building Regulations Approval - TBA |
| Electric Installation Certificate - TBA |
| Electric Completion Certificate - TBA |
| Plumbing Installation & Completion Certificate - TBA |
| EPC Certificate - TBA |
| Fire Risk Assessment - TBA |
| NHBC Insurance - TBA |
SALE - MARKETING
Apartments / Offices Available
| Floor | Apartment No. | |||||||
| 1st | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
| 2nd | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 |
| 3rd | 17 | 18 | 19 | 20 | 21 | 22 | ||
| Ground | ||||||||
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Sales Schedule & Apartment Details |
Disclaimer
Valuations & Appraisals by Sleek are strictly estimates only and you should use them on that basis. The valuation Model analyses prices for equivalent properties sold or sold in the area. These properties may differ in ways that we do not or cannot consider. Valuations are subjective and based on market forces, which may change. Valuations must not be used for property sale, purchase, mortgage or related purposes. You should seek a professional valuation from a qualified surveyor before deciding whether to buy or sell a property. We shall not be liable for any losses you or anyone else suffer due to relying on the valuations. This includes not being liable for any loss of property, loss of bargain, loss of capital through over-payment or under-sale or for any indirect, special or consequential loss.