Page 1 of 30 Salford University School of Built Environment BSc Property Management and Investment

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Property Development

2009

Candice Garnett CJG Consultants 12/18/2009

A Development Proposal on St Patrick’s Court

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A Development Proposal on St Patrick’s Court
Table of Contents
10 Executive Summary………………………………………………………………………….... Page 3 20 Site Selection……………………………………………………………………………… …….. Page 4 2.1 Site Brief…………………………………………………………………………... Page 5 2.2 Planning…………………………………………………………………………… Page 6 2.3 Location of Site………………………………………………………………… Page 6 30 Site Appraisal……………………………………………………………………………… …… Page 7 3.1Liverpool Background……………………………………………………………. Page 7 3.2Demographics………………………………………………………………… …… Page 8 3.3Infrastructure…………………………………………………………………… … Page 9 3.4Alternative Uses and Proposals for the Development……………. Page 10 3.5Liverpool City Council Local Development Framework…………… Page 12 3.6Local Property Market Research…………………………………………… Page 12 3.7Development Financial Appraisal…………………………………………… Page 15 40 Development Program and Financing…………………………………………… Page 16 4.1 Funding……………………………………………………………………………………. Page 17 4.2 Cash Flow…………………………………………………………………………………. Page 18

Page 4 of 30 5.0 Marketing…………………………………………………………………………………… …. Page 19 50 Critical Reflection…………………………………………………………………………… Page 21 Appendix 1 Liverpool City Council Local Development Framework Appendix 2 RIBA Plan of Works Appendix 3 House Market Information Bibliography

1.0 Summary

CJG Development Consultants has been instructed to prepare a proposal for a development for a selected site in the North West region of the UK. The site location is in Liverpool, located in near proximity to the city centre, the plot measures 0.32 hectares and consists of an existing grade 2 listed building with planning for conversion to 9 apartments and a plot with permission to erect a block with 46 apartments and 2 ground floor retail units with associated parking etc CJG Consultants purpose is to provide a proposal and to determine the feasibility of a chosen development. This proposal comprises from the inception through to the necessary research studies of costs involved, demand in the area through to the design and marketing to establish to the client whether it is feasibly, functionally, technically and financially viable.

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2.0 Site Selection

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Offers in the Region of £1,000,000

2.1 Site Brief

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Site Address: Land and Buildings 55-63 Great Crosshall St Liverpool United Kingdom L3 2AP The plot comprises of an ornate 3 storey listed building set within a rectangular site with good road frontage to Great Crosshall Street and a return frontage to Fonteroy Street from which vehicular access can be gained. The plot extends to 0.32 hectares. The existing buildings extends to approx 406 sq m (4,370 ft sq) over three floors, the measurements are on a gross internal basis. The property is in predominately shell condition. The remainder of the land has been cleared. The plot has the additional advantage of full planning permission to convert the existing building into 9 apartments and the erection of a mixed-use building to be constructed adjoining the existing building; the new block extends to approx 4,800m² over 6 storey’s to be erected with associated parking.

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2.2 Planning- Application Number: 06F/0933
The site has the benefit of a planning permission granted by Liverpool City Council on June 26 2006 as follows: “To convert existing buildings to create 9 no. Apartments and carry out associated alterations and to develop adjoining site by the erection of a building providing 41 no apartments together with 2 no. Ground floor units for uses in Class A1 or Class B1 and associated parking and site works.”

2.3 Location

The subject plot is located on Great Crosshall Street (A5046) close to its junction with Byron Street less than half a mile north of Liverpool Town Hall. The site is close proximity to Liverpool John Moore’s University campus and benefits from excellent communication links to access to and from the City centre and beyond.

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3.0 Site Appraisal Economic Research 3.1 Liverpool Background

Liverpool is one of the most exciting and thriving economic regions in the UK. It has the fastest growing regional economy. The city is home to a diverse business base, making it an ideal investment location. It has commercial strengths across a wide range of sectors, including business and financial services, creative and digital industries and automotive. Liverpool is also a world-famous port city. As European Capital of Culture 2008, it is successfully establishing itself as a thoroughly modern international city. Over £4-5 billion of major developments are planned over the next five years. These include the largest city centre retail regeneration project in Europe, confirmation that this dynamic region is proactively building a brighter future. “Liverpool - Key Facts • Europe's leading location for bio manufacturing The UK's fastest growing Metropolitan City Named ‘IT and Telecommunications Capital of Europe’ in Foreign Direct Investment magazine's European City of the Future awards 2004/05 Liverpool John Lennon Airport is one the fastest growing airports in Europe, with almost four million people passing through the airport each year.” (Wikipedia 2009).

• •

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3.2 Demographics
L3 Population Average Age % Retirees % Unemployed % Education Degree Level Full Time Students % Full Time Students Total Migrants % Migrants 7,748 30 15.23% 4.75% 22.11% 1,235 15.95% 2,466 31.83% L 843,581 38 36.74 20.65% 5.41% 14.99% 41,1547 9 4.88% 90,993 1 10.79% 12.18% 3.40% 6,336,12 39.05 21.96% 3.22% 19.77% 1,766,46 National 52,024.1

Who lives in L3
• • • •

Total population in this area is 7748 The average age in this area is 30 Single people make up 62% of the population in this postcode district. Average working hours in this area for men are 40 and for women are 33.

Page 11 of 30 •

This area has 11.9 people per square kilometer. The largest source of work in this area is Wholesale & Retail (15.2% of workers), followed by Construction (15.1%)”.(Mouse price 2009)

3.3 Infrastructure Liverpool is one of the best connected locations in the UK. An excellent transport infrastructure provides access to all UK, European and international markets. Liverpool John Lennon Airport connects to more than 70 destinations, including a daily service to New York. There are regular, direct rail services to London and other major cities, while two thirds of the UK's population lives within a 2 hour drive. Moorefield’s Station is 7mins walk from the proposed site and is situated both on the northern and Wirral lines, the trains are every 15mins and is a 5 min journey to the City centre which has connections to all over the country.

City centre is a 7 min walk

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Regular bus service. Nearest motorway is the M62 which is 6.5 miles and 15 miles to the M6 motorway. 10 Mile to John Lennon’s Airport

3.4 Alternative Uses and Proposals for the Development Identifying which would be most appropriate use of the development an examination of the surrounding area would establish potentially the most viable proposition and to determine what would have the most demand

The proposed site could potentially; subject to planning consent have a range of different facilities. Alternative uses; • • • • • • Mixed use Residential Retail Commercial and industrial Office Leisure

The location of the proposed site is primarily a residential area, with John Moore’s University in near proximity and a small selection of retail units serving the community which consists of local post office, coffee shop, music and interior shop, bargain booze and Premier Inn Hotel. There is office space local and high rise apartment blocks neighboring providing student accommodation as well as residential houses. Considering what amenities are within the area, commercial and industrial would not be preferable as the area is primarily

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residential, having the development as office use would not be financially viable as office rents within the area are only achieving £80m² rather than other prime locations closer to the city centre, Leisure facilities wouldn’t be appropriate as John Moore’s University provides leisure facilities and it would be not viable to compete with such a large competitor. Having considered all the facts the development of mixed use residential and retail would be the most viable and potentially the most demand, the development would attribute to the economic and social enhancement of the local neighborhood. The examination of the area concluded that presently there isn’t adequate shopping to serve the needs of the local residents and providing retail units would fulfill this gap. Development schemes are increasingly seeing a mix of uses, new retail development for example is now often allied with residential. “Retail-led mixed use is seen as key to the creation of a diverse and sustainable urban economy, creating a critical mass of activity, raising property values, increasing employment opportunities and introducing a local population to sustain services and create vibrant, lived-in public spaces.”(Building 2005)

Preferred Development Option
○ ○

To convert the existing building to provide 9 apartments as planning permission permits. To erect a 7 storey building to supply 76 apartments. (Subject to planning consent to increase the size of the new building)

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○ 3 Retail units to the ground floor, A1 and A2 use (Subject to planning consent)

Planning consents would be required to increase the size of the new development, after financial examination of the potential development the current size of which planning permits would not achieve profitability and the development would not be viable.

3.5 Liverpool City Council Local Development Framework The proposed development of St Patrick’s court addresses all five objectives of Liverpool’s City Council Development Framework (See appendix 1) 1. Supporting and accelerating the physical regeneration of the city of Liverpool.
2. The development comprises of a mixed use building. The

retail units will provide facilities to the community which is one of the key objectives in sustainability measures to provide amenities for the community. 3. Improving the quality of the existing building and improving the space. 4. A key factor to sustainability credentials, the redevelopment of Brownfield land relieves the pressure on the countryside and protects Greenfield areas and contributes to the community well being by tackling visual and economic issues. 5. One character to sustainability of a development is the location and its accessibility, which in turn affects the people whom operate within them and people visiting. Regulatory transport policies make it crucial to its environmental, social and economic performance. Sustainable transport measures will allow people to seek alternatives to the car as attractive and viable choices.

3.6 Local Property Market Research The postcode district L3 has been experiencing annual growth of 15.5% over the last 5 years excluding the effect of inflation. This growth rate tends to indicate dynamic local economy and housing market. Property price growth in this area has significantly exceeded growth in earnings and the national average house price

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growth, and so the likelihood of it continuing will be dependent upon price earnings ratio, as well as investment by developers and local authorities in continually upgrading local infrastructure, schools, in addition to the continued strength of the local and national economies and any other economies upon which the area depends.

Housing Stock

Over half of the properties in the area are Flats. Detached Houses account for the lowest percentage. The property in this area caters for;

52.6% of the total housing stock Only 3.2%. Of the total housing stock Retirees and young couples that do not have large families. Is socially rented. This suggests that there is a very healthy rental market.

A high proportion of property in the area A lower than average proportion of property in this area is owner occupied. The average price of a twobed property in this area is higher than the national average. Housing Stock Summary

£187894 at £236759

-Over half of the properties in the area are Flats, at 52.6% of the total housing stock. -Detached Houses account for the lowest percentage of the housing stock in this district, at only 3.2%. -The property in this area caters well for retirees and young couples who do not have large families.

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-A high proportion of property in this area is socially rented. -A lower than average proportion of property in this area is owner occupied. This suggests that there is a very healthy rental market. -The average price of a two-bed property in this area is higher than the national average of £187894 at £236759. Price Earnings Ratio “Price to earnings ratios are effective measures of the relative affordability of property in a given area. The data below for L3 the average current value of property in L3 (Price), divided by the average annual household income for L3 (Earnings). The result is displayed below. For example, if the average price of property in L3 was two hundred thousand and the average earnings were twenty thousand, the price earnings ratio would be displayed as 10.00x. In other words, the average property was worth ten times the average household income.” (Mouse prices 2009)
L3 Average Current Value Average Earnings Price / Earnings £164,30 0 £27,797 5.91x L £137,40 0 £20,857 6.59x National £203,40 0 £24,478 8.31x

Examining rental returns in the development's area, investment growth potential and rent ability. Having investigated current market climate “UK commercial property capital values plummeted in November 2008, falling 6.6%, retail being one of the biggest drops” (M Bret 2008) I have took this into consideration and as the area is experiencing an economic growth and with no vacant retail units available, I feel confident that an 8% yield is achievable. Retail

Average current values L3
1 Bedroom properties 2 Bedroom properties 3 Bedroom properties 4 Bedroom properties 5+ Bedroom properties 0 0 0 0 £128,40 £169,70 £142,60 £186,40 £0 0 0 0 0 0

L
£100,00 £103,70 £118,80 £187,20 £267,30

Nationa l
£135,900 £149,600 £169,800 £279,900 £457,100

property generally benefits from higher guaranteed income with a fair and steady growth in value.

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Examining the local property market values the comparison method of valuation has been applied to value the proposed development comparing the capital values and rents achieved of properties that have recently been sold or let. (See Appendix 3) ○ 1 Bedroom apartment £95,000 ○ 2 Bedroom apartment £125,000 ○ 3 Bedroom apartment £145,000 ○ Retail units £150m2

3.7 Development Financial Appraisal
GROSS DEVELOPMENT VALUE Retail Gross Letting area (sq m) Net Letting Area (sq m) –10% Rent (£ per sq m) Yield (%) Full rental value Capital Value Less Purchasers Costs 5.76% Residential 1 Bed Apartments 2 Bed Apartments 3 Bed Apartments GDV Total Less Disposal Costs Sales/letting fees etc at 3% Agents £370,359 941 0 406m² £778 9 56 20 £ 1000m² 900m² 150m² 8.00% £135,000 £1,687,50 £97,200 00 £1,590,3 £ £

0

£95,000 £125,000 £145,000

00 00 00

£855,0 £7,000.0 £2,900.0

£12,345.300 £11,974,

TOTAL CONSTRUCTION COSTS Demolition Refurbish of Existing Building Gross internal area (sq m) Construction costs (£ per sq m)

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Total construction cost New Build of Retail and Apartments Above Gross Internal Area (sq m) Construction Costs (£ per sq m) Total Construction Costs Car Parking Net Area Construction Costs (£ per sq m) Total Construction Costs Total Ancillary Costs (5%) Total Build Costs Professional fees (15% of Construction Costs) Contingencies @ 5% Total Construction Costs Land Costs Land Price Acquisition Total land costs Total Land and Build Costs INTEREST (COMPOUNDED EVERY 3 MONTHS) Interest rate PER ANNUM Over 24 Months (See Chart) Total Costs PROFIT Amount of profit 0 5.76% £1,054.80 £404,340 £315,000

7000m² £884 0 1500m² £130m²

£6,188.00

0 £334,900 0 0 0 4

£195,000 £6,698.00

£7,032.00 £8,086.80 £8,087.20 04 £8,087.2

£1,000.00 £57.600 00 04

£1,057.6 £9,144,8

£337,45 9.61 10% £9,482,263.60

£2,492,678

Developer's profit as % of GDV

20%

4.0 Development Programming and Financing
The development cycle starts at the inception through to the completion of the project. . (See Appendix 1 RIBA Plan of Works) The proposed development is estimated to commence 2010 over a 24-month period. The existing building is listed so the appearance of the façade will remain the same, the new building will be attached to the existing building and will have mostly glass and red brick façade to allow as much light into the building to contribute to the occupant health and well being, in retail areas natural light have demonstrated increases in financial performances The new development sustainability will be incorporated where as possible seeking local resources and site waste management processes. Sustainable behaviors add value to commercial endeavor and make good business sense. Buildings that do not exhibit good sustainable

Page 19 of 30 characteristics may have lesser occupational demand, which in effect could be a higher investment risk in return lower value and desirability of the building.

Examining the research of the locality there are existing high rise buildings adjacent to the proposed development and therefore don’t foresee there any problems in achieving planning consents to construct a larger development that has already been consented to by the local planning authority and further more I foresee that the proposed new development would not have an environmental impact on the surrounding area, on the contrary the building will be aesthetically pleasing vastly improving the site which currently is a visual eye sore and foresee that it will improve and enhance and regenerate the area.

4.1 Funding
This scheme will require 80% direct short term development financing. (100% finance was used in the cash flow and financial appraisal) The rate of interest charged is usually 10%. The financing facility would include site acquisition to all building works and fees necessary to complete the project, with regular releases of funds at stages within the lifespan of the development until to the point when the development becomes self funding through its own cash generation. “80% of all Costs, the facility

Page 20 of 30 will provide funding to cover all the usual costs such as: site acquisition, stamp duty, architects fees, quantity surveyors fees, materials costs, finance broker fees, road construction, and all building works in addition to loan interest, estate agency and any other fees necessary to make the new home ready for your purchaser's occupation.” (Development Finance 2009) The nature of a development means costs can fluctuate over time as the project develops. The S Curve in a building proposal scheme shows at the early stages of a development that building works carried out and finance are minimal due to the planning of the project, involving applying for planning, architects, clearance of sites etc and as time progresses more costs are involved as construction proceeds, this is considered in cash flows projections.

(Figure S Curve)

Land Purchase Price Build Costs Total Costs Selling Price Profit

Price m² £142m² £1,188m² £1,330m² £1,666m £336m²

Financial Summary

4.2 Cash Flow

Page 21 of 30 Qtr 1
Opening Debt Build Costs Over 24 Mths Borrowing at End Interest 2.5% Qtr Debt Carried Forward Revenue from Sales Disposal Fees 3% Total Debt Carried Forward Developers Profit
£1,057,6 00 £350,00 0 £1,407,6 00 £35,190 £1,442,7 90

Qtr 2
£1,442,790 £350,000

Qtr 3
£1,422,934 .70 £1,000,000

Qtr 4
£856,333 £2,000,000

Qtr 5
£1,011,991 .30 £2,000,000

Qtr 6
£444,041 £1,500,0 00 £1,944,0 41 £48,601. 02 £1,992,6 42 £2,505,1 00 £75,153 £2,429,9 47 £437,305

Qtr 7
£437,305 £500,000

Qtr 8
£2,365,684 .70 £387,204

£1,792,790 £44,819.75 £1,837,609 .70 £427,500 £12,825 £414,675 £1,422,934 .70

£1,422,934 .70 £60,573.37 £2,483,508 £1,677,500 £50,325 £1,627,175 £856,333

£2,856,333 £71,408.32 £2,927,741 £1,975,000 £59,250 £1,915,750 £1,011,991 .30

£3,011,991 .30 £75,299.78 £3,087,291 £2,725,000 £81,750 £2,643,250 £444,041

£62,695 £1,567.37 £64,262.37 £2,505,100 £75,153 £2,429,947 £2,365,684 .70 £1,978,480 .70 £530,100 £15,903 £514,197 £2,492,678 20%

Sensitivity Analysis
A sensitivity test analysis movements in costs and returns in a development scheme and provides for a what if situation. In the chart below I have done a sensitivity test on the yields, build costs and the gross development value. Yield is a measure of investment return on property that relates rental return to capital purchase. The greater the rental growth forecast the lower the yield the investor will accept as the investment is more secure. Less secure investments in, for example, less profitable locations will typically have a higher yield to make up the greater risk the investor is making (Allmedinger et al., 2000). As you can see changing different variables can alter the final profit figures. Variable GDV 20% Variation + 10% - 10% Build Costs + 10% - 10% Profit £3,172,4 36 £1,261,4 38 £1,650,2 12 £3,705,5 03 Developer s Profit % 28% 11% 13% 30% Variation in Profit £679,75 8 £1,231,2 40 £842,46 6 £1,212,8 25 Variation in Profit % +8% - 9% -7% +10%

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Yield 8%

7% 9%

£2,702,4 70 £2,319,4 93

22% 19%

£209,79 2 £173,18 5

+2% -1%

5.0 Marketing
The key factor to marketing is to identify what your target market is, after carrying out the research in the area it was established that the majority of residents are young and single or retirees and the majority of the properties are not owner occupied which suggests that there is a healthy rental market therefore, it is established that our target market is investors, young single market and the retirement market. “One-bedroom apartments (but not studios) have the best rental prospects in cities (where most renters are singles), while large houses are best in country areas.” (Building 2005) To Understand the Competition in the Industry. Analyzing the competition will give the company a competitive advantage to establish the strengths and weakness of its competitors and therefore will determine in what directions the company can focus on, this can be achieved by a SWOT analysis as shown below.

Internal

External

Strengths

Opportunities
• • • • • • A Competitive Advantage. No New Developments in the Area. Lack of Competition in the Area. Current Trend in Apartments in the Area. High Demand. Economic Growth in the Area.

Positi ve

• • • • • • • • •

Competitive Price. Value for Money. Quality Product. Geographically Excellent Location. Brand New. Vacant Possession. Buy of Plan Choice of Finishing's. Provision of Excellent Parking Facilities. Regeneration of Derelict Land

Weaknesses

Threats
• • Global Economic Conditions Increase on Financial Risk. Risk of Additional Contingency Costs Such as Further Land Remediation i.e. Pile Foundations and Levelling.

Nega tive

• • •

Reliability on sale off plan for Viable Profits. Timescale's Pressure to Meet Deadlines. High Initial Cost of Land Purchase Makes Development

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Scheme Financially Risky. Timescale Potential Purchaser Could Possibly Prefer to buy Completed Property's. • • • • • Failing Gross Development Value Due to Slackening Yields in the Present Market. Increase Interest Rates. Decrease in Market Demand. Stamp Duty Threshold. Delays in Development Timescale Resulting in Higher Holding and Finance Costs

The direction that we are going to focus on is to price our product 10% under the current market values of our competitors to achieve maximum sales, the goal is to sell off plan and to give our customers the added bonus of a choice of finishing’s which will obtain a competitive edge. To achieve these goals the company needs to exploit on all marketing tools as possible. Advertising Advertising is an important component of the promotion element of the market mix along with direct marketing, show room exhibitions and a website. The aim of each of these is to promote the company and relay the information to the attended audience. “We define marketing as the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.” (Kotler, P and Armstrong, G 2006) • • • • The use of site boards, Paper advertising local and national, Websites High Street estate agents shop window advertising.

Recruit and hire self- motivated, successful oriented and hard working sales team. Hiring experienced people will give the company more structure and the outcome will become a more professional image with a quality product. The use of larger networked estate agents will further the customer network to achieve maximum sales.

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6.0 Critical Reflection

As a property development consultant working for CJG Consultants, I was instructed to prepare a proposal of a development in the North West region in the UK. After collective research of the Northwest region, I discovered that the City of Liverpool was an up and coming City and is experience economic growth compared to other regions of the country, it was established that a lot of investment was entering the city and the regeneration of the city is now in progress establishing that this area was a good place to choose a viable development site. After examining the region of Liverpool viewing potential sites, I identified that the site on Crosshall Street obtained the most prospects; it occupied an excellent location offering easy access to public transport and a short distance to John Moore’s University and the City Centre and appeared potentially to be a good viable development. It was concluded after critically evaluating the potential site after completing financial appraisals, in depth research of demographics, infrastructure and current housing market values and trends etc it was soon recognized that a mixed use development, retail and residential would potentially be the best viable plan direction. It was established that the site location is situated in a primarily residential area, with a small number of retail. The area is populated by mainly single average aged 30 year olds and retirees; with a majority of the properties not owner occupied which suggested a healthy rental market, ideal for investors which further more established that apartments would be the best option of development and providing retail units to service the community.

Page 25 of 30 As a property consultant it became increasingly apparent that the most important part of the development process is at the very beginning, the proposal, which identifies from initial research whether the project is feasible and viable and to assess whether to proceed.

Appendix 1
Liverpool City Council Local Development Framework The planning system in the UK is primarily indented to regulate land use and guide development. It is the role of the planning system to guide development in the public interest. “Liverpool City Council LDF has five key objectives. 1. To strengthen Liverpool’s economy and improve the city’s image. LPF emerging core strategy is to make provision for an increase in the population, as required by the newly adopted Regional Spartial Strategy which nearly doubles the average number of new homes to be built in the city each year. Therefore the LDF provides a significant amount of new housing both for the city’s existing population and also for people attracted to the city in recent years 2. To build and support strong and inclusive communities. The LPD under pin policy is for the creation of strong community and clearly signals the creation of local shopping facilities needed to serve local community. The key objective of the city is to achieve a better balance and mix of development.

Page 26 of 30 3. To improve the quality of buildings and spaces to foster local identity 4. To protect the environment and minimize resource use. A significant issue to the LDF is sustainability, additionally policies relating to renewable energy. 5. Maximize accessibility. Liverpool benefits from good transport system which enables the vast majority of the city to be highly accessibility by most means of transport. The LDF will continue to ensure that the most accessible locations are the focus for all new residential development. There is a very heavy reliance on cars as the primary means of transportation, and as such the LDF will encourage people to shift from using the car to more sustainable means of transport. The LDF will continue to ensure that development and in particular new residential developments are either located in the most accessible locations or that they are closely linked to the public transport network.”(Liverpool City Council 2009)

Appendix 2
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Appendix 3

Bottom of Form

The average price column shows the average for the selected date range - which defaults to showing all data from 1999 onwards. When you use the Date of Sale filter to narrow your search, the average is recalculated for that period only. Close X

Sold Prices for your search at a street level Averag Street Town e Leeds Street, Liverpool Mariners Wharf, Liverpool Marlborough Street, Liverpool Pall Mall Princes Parade, Liverpool Riding Street Rumford Place, Liverpool St Pauls Square, Liverpool William Jessop Way (Mouse prices 2009) Market Characterist ics Market size Indicator: no. of transactions Market size Indicator: total no. of properties Liverpool Liverpool Liverpool Liverpool Liverpool Liverpool Liverpool Liverpool Liverpool £170,00 0 £245,00 0 £200,00 0 £140,22 3 £185,39 5 £102,45 8 £180,12 5 £112,50 0 £131,70 6

Sale s 4 1 1 6 3 6 4 5 5

L3

L

Nationa l
15,535,0 06 26,982,6 23

5,980 8,259

187,4 66 382,2 21

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Market liquidity Indicator: transactions / properties Market growth indicator: new homes built Market growth indicator: new builds / transactions

72.41 % 3,297 55.13 %

49.05 % 25,86 1 13.80 %

57.57% 1,614,58 2 10.39%

(

Bibliography

Allmendinger, P., Prior, A. (2000) Introduction to Planning Practice: John Wiley and Sons Ltd: Chichester. Architecture.com (2007) RIBA Outline of Plan of Work [Online] [Cited on 07/12/09] Available from the World Wide Web< www.architecture.com> Building (2005 issue 49) Mixed Use, City Centre Schemes [Online] [Cited on 22/11/09] Available on the World Wide Web< www.building.co.uk> Bret, M (2008) Property and Money, Estate Gazette, London Development finance (2009) Development Funding [Online] [Cited on 29/11/09] Available on the World Wide Web <www.finance-1.com> Google (2009) Google Maps [On line] [Cited on 29/11/09] Available on the World Wide Web <www.google.com> Invest in England North West (2009) Liverpool [Online] [Cited on 29/11/09] Available on the World Wide Web <www.englandnorthwest.com>

Page 30 of 30 Isaac, D. (2002) Property Valuation Principles: Palgarve Macmillan: New York. Kotlar, P., Armstrong, G. (2006) Principles of Marketing: Pearsons Education Ltd: New Jersey. Liverpool City Council (2009) Annual Monitoring Report [On Line] [Cited on 29/11/09] Available on the World Wide Web www.liverpool.gov.uk Mouse Price (2009) L3 Area Guide [Online] [Cited on 15/11/09] Available on the World Wide Web www.mouseprice.com/areaguide/L3/Liverpool> Right move (2009) Sold Prices [Online] [Cited on 09/12/09] Available on the World Wide Web<www.rightmove.com> Regent’s mead (2008) Press and News, Suzie Mayes [On line] [Cited on 02/12/09] Available on the World Wide Web< www.regentsmead.com> Wikipedia (2009) Liverpool Economy [On line] [Cited on 01/12/09] Available on the World Wide Web <www.wikipedia.org/wki/liverpool>

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