UNITE – Project Review – Jim Pike

 

Edinburgh

 

 

Chalmers Street, The Meadows

251 bed new build development, to be completed in 2009

 

Total Development Cost - £24.25m

Completed Valuation (2008) - £27.5m

 

Site identification; appraisal and leading bid at closing date; securing opportunity through financial restructuring of bid; conclusion of purchase contract; negotiating the holding over of the contract and final price adjustments; managing sensitive and complex planning process and overcoming proceedural errors by the Council; development management of pre-construction phase; completion of due diligence and financing.

 

Direct Let scheme.

 

To be sold into UNITE UK Student Accommodation Fund on completion.

 

McDonald Road

135 bed new build development, completed in 2008

 

Total Development Cost - £10m

Completed Valuation (2008) - £12m

2008 Occupancy – 100%

 

Site identification; negotiation of off market purchase contract; negotiation of complex tax efficient Development Agreement to facilitate the construction of a replacement Kwikfit unit handed back on completion; management of planning process to deliver the first residential over industrial use in Scotland; development management of construction phase; completion of due diligence; financing and refinancing. Also management of risk associated with build contract delays and a complex disputes and claim post completion. Also lead negotiations with University of Edinburgh for a one year deal over part of the development to achieve 100% occupancy in the first year of stabilisation.

 

Direct Let scheme.

 

Sold into UNITE UK Student Accommodation Fund.

 

Lady Nicolson, Potterrow

45 bed new build studio development, completed in 2008

 

Total Development Cost - £5.5m

Completed Valuation (2008) - £7.6m

2008 Occupancy – 100%

 

Conclusion of off market purchase contract; resolution of neighbour issues; management of planning process; development management of construction phase; completion of due diligence; financing; refinancing and letting of commercial space to Shafqet Maqbool. Also management of risk associated with build contract delays and disputes and claim post completion.

 

Direct Let scheme, with exceptional summer letting business.

 

Held in Joint Venture with GIC RE.

 

Panmure Court, Calton Road

59 bed new build studio development, completed in 2007

 

Total Development Cost - £7.5m

Completed Valuation (2008) - £8.6m

2008 Occupancy – 100%

 

Conclusion of off market purchase contract; resolution of complex title issues; management of planning process; development management of construction phase; completion of due diligence; financing; refinancing and letting of ground floor commercial space to Shaw Design. Also management of risk associated with build contract delays and disputes and claim post completion.

 

Direct Let scheme, with exceptional summer letting business.

 

Held in Joint Venture with GIC RE.

Baxters Place

Unconditional acquisition with onward profitable disposal

 

Total Acquisition Cost - £7m

Disposal Value (2008) - £7.9m

 

Site identification; negotiation of off market unconditional purchase; completion of pre-construction due diligence; financing of acquisition; securing a profitable temporary banner advertising opportunity; and negotiation of unconditional sale as an alternative exit to derisk the development route.

 

Portsburgh Court, Lady Lawson Street

230 bed new build development, completed in 2005

 

Total Development Cost - £14m

Completed Valuation (2007) - £18.3m

2008 Occupancy – 100%

 

Development management of construction phase; resolution of neighbour boundary and construction issues;  completion of due diligence; financing; refinancing and marketing of commercial space.

 

Direct Let scheme, but with benefit of a short term Nominations Agreement negotiated post completion with Edinburgh College of Art.

 

Held in Joint Venture with GIC RE.

 

James Craig Court

106 bed refurbishment of listed building - completed Sept 2004

 

Total Development Cost - £4.5m

Completed Valuation (2004) - £6.25m

2008 Occupancy – 100%

 

Negotiation of conditional purchase contract from the Scottish Ministers in tight run up to December 2003 year end; development management of refurbishment process; completion of due diligence; financing & refinancing.

 

Direct Let scheme, recently with benefit of a short term Nominations Agreement over 50 beds negotiated post completion with Telford College.

 

Held in Joint Venture with GIC RE.

 

Shrubhill, Leith Walk

260 bed new build site acquired with planning consent secured

 

Total Development Cost - £24.5m

Completed Valuation (2008) - £28.75m

 

Site identification; appraisal and leading bid at closing date; conclusion of purchase contract with City of Edinburgh Council; managing sensitive and complex planning process; completion of pre-construction due diligence; financing of acquisition; negotiation with adjoining owner over sale of access rights; and arranging site clearance to re-rate the site. On acquisition lead a strategic review of alternative exit options, whilst managing the short term temporary income opportunity.

 

Direct Let scheme – under strategic review.

 

Murano Place, Leith Walk

282 bed new build site acquired with planning consent secured

 

Total Development Cost - £24m

Completed Valuation (2008) - £27.25m

 

Site identification; negotiation of off market purchase; conclusion of purchase contract; managing sensitive and complex planning process; completion of pre-construction due diligence; financing of acquisition; and negotiating price adjustment on completion of the purchase. On acquisition secured an extension to the lease of the sitting tenant, settled the dilapidations process, and lead the strategic review of alternative exit options, whilst managing the short term temporary income opportunity.

 

 

Direct Let scheme – under strategic review.

130 McDonald Road

295 bed new build site acquired and subject to a planning appeal

 

Total Development Cost - £20m

Completed Valuation (2008) - £27m

 

Site identification; negotiation of off market unconditional purchase; conclusion of purchase contract; managing sensitive and complex planning process through appeal; completion of pre-construction due diligence; financing of acquisition; and arranging site clearance to re-rate the site. On acquisition lead a strategic review of alternative exit options, whilst managing the short term temporary income opportunity.

 

Direct Let scheme – under strategic review.

Glasgow

 

Gibson Street

93 bed new build development, completed in 2008

 

Total Development Cost - £7.25m

Completed Valuation (2008) - £8.5m

 

Site identification; appraisal and securing off market opportunity; conclusion of purchase contract; managing planning process; development management of construction phase to exceptionally tight timescales; completion of due diligence and financing.

 

Direct Let scheme.

 

To be sold into UNITE UK Student Accommodation Fund.

 

Blackfriars, High Street

520 bed new build development, completed in 2005

 

Total Development Cost - £28.5m

Completed Valuation (2005) - £36.5m

2008 Occupancy – 100%

 

Development management of construction phase; resolution of some complex legacy issues involved with third party commercial space at ground floor; and completion of due diligence for refinancing.

 

Blocks A&B sold to Buy-to-Let investor, remaining 520 beds operated as Direct Let scheme.

 

Sold into UNITE UK Student Accommodation Fund in 2008.

 

Buchanan View

660 bed new build development, completed in 2003

 

Total Development Cost - £20.9m

Completed Valuation (2003) - £25m

2008 Occupancy – 100%

 

Development management of construction phase; completion of due diligence; financing & refinancing.

 

Direct Let scheme.

 

Sold into UNITE UK Student Accommodation Fund.

 

Cooperage

416 bed operational property

 

Completed Valuation (2008) - £17m

2008 Occupancy – 100%

 

Estate management, including resolution of outstanding historic build contract legacy, VAT, and retention issues. Completion of due diligence for refinancing and sale into UNITE UK Student Accommodation Fund in 2008.

 

Aberdeen

 

Hillhead

520 bed new build development, completed in 2008

 

Total Development Cost - £22.8m

Completed Valuation (2008) - £29.5m

2008 Occupancy – 100%

 

Lengthy OJEC process involving winning on an alternative site; securing planning at appeal; then negotiating a switch of site (off market) to Hillhead on the basis of a preferential 25 year Nomination deal with the university of Aberdeen. Conclusion of purchase contract and Nominations Agreement; managing planning process; development management of construction phase; completion of due diligence; financing and leading the stakeholder relationship with the University. Following completion lead the negotiation and positioning for subsequent phases of development and prepared details for sale of the phase one investment.

 

95% Nominations scheme with University of Aberdeen.

 

Mealmarket

360 bed new build development, completed in 2003

 

Total Development Cost - £9.9m

Completed Valuation (2003) - £13m

2008 Occupancy – 100%

 

Completion of S90 agreement for development of air rights from the Council; development management of construction phase; project management of final stages of construction; completion of due diligence; project management of final months of construction; financing and refinancing.

 

Direct Let scheme.

 

Sold into UNITE UK Student Accommodation Fund.

 

King Street Exchange

178 bed new build development, completed in 2003

 

Total Development Cost - £5.25m

Completed Valuation (2003) - £6.5m

2008 Occupancy – 100%

 

Acquired site in JV with owner prior to joining UNITE. Sold the site to UNITE on a subject to planning basis. After joining UNITE managed the development management of construction phase; completion of due diligence; project management of final months of construction; financing and refinancing.

 

Direct Let scheme.

 

Sold into UNITE UK Student Accommodation Fund.

           

Spring Garden

489 bed operational acquisition, completed in 2003

 

Total Development Cost - £11.5m

Completed Valuation (2003) - £16.1m

2008 Occupancy – 100%

 

Conclusion of off market purchase contract under tight timescales for Half Year reporting; development management of phased refurbishment; completion of due diligence; financing and refinancing.

 

Direct Let scheme.

 

To be sold into UNITE UK Student Accommodation Fund.