The Gross Internal Area ( Gia )

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a The gross internal area (GIA) of the development is 2520 sq.m. 20% has been taken off the GIA to arrive at a net internal area (NIA) of 2016 sq.m The NIA was multiplied by the average price per sq.m for rental offices in the area, which is 680.1. b 3.5% yield, in line with the average yield in Fitzrovia per Knight Frank (2016). The Years Purchase in Perpetuity was calculated as 100/3.5 to arrive at 28.57. c The GDV or capital value of the development was calculated by multiplying the estimated rental value by the years purchase in perpetuity @ 3.5% d Build costs were calculated using the Build Cost Information Service (BICS) provided by RICS. The build cost was estimated between £1,148 and £1,545. We have increased the build cost per sq.m to £1,727 per sq.m to include demolition works, excavation and contamination issues. e A contingency of 5% on the build cost has been taken to take into account for any unexpected issues that may arise. f Professional fees include fees for architects, quantity surveyor, engineers, consultants, and planners. An increase of 15% of the build cost accounts for professional fees. g Costs to obtain the possession of the buildings currently on site (2 x £135,000). It is most likely that compensation will not need to be paid to Unit 2 (see Section 4.0 for further information) however this is included as part of the GDC just in case. h A Community Infrastructure Levy (CIL) is a planning charge that came into force with the Community

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