JON MILWARD

1
Disposal Strategy RNOH Stanmore
JON MILWARD Head of Development Drivers Jonas
2
Recommendations

• Establish Footprint and Floorspace for Hospital
  and Surplus Land Redevelopment
• Agree Planning Statement with Harrow Council
• Submit Revised Outline Planning Application
• Establish Marketing and Disposal Strategy to
  Optimise Timing and Level of Receipts
• Linkage between Hospital Development and Sales
• Receipts from West End Land Sale 2010 / 2011
• Receipts from East End Land Sale 2014 / 2015

3
Risk Mitigation

• Extent of Work Prior to Disposal
• Creating Certainty vs. Market Risk
• Planning
• Hospital Proposals (timing / footprint / access
  etc)
• Site Information (title, services, contamination
  etc)
• Value
• Timing / Method of Disposal

4
Defence Estates Chelsea Barracks

• 959 million - Unconditional (April 2007)
• Height of the Market
• Inflated Sales Figures
• Halved in Value (if on the market today)?

5
LFEPA HQ - 8 Albert Embankment

• Fire Station Headquarters
• Mixed Use Residential Led
• New Fire Station
• Subject to Planning Deal

6
Founders Place Guys and St Thomas Charity

• Detailed Planning Consent granted on appeal
• Support accommodation for Guys and St Thomass
  Foundation NHS Trust
• 400 Private and key worker units minimal social
  rented housing

7
Surrey Borders / Ashford St Peters NHS Trusts,
Chertsey

• Green Belt
• Hospital Master Plan / Application
• Surplus Land
• Risk Mitigation Strategy

8
Current Market Conditions

• Dont Sell Unless You Have To
• Land Sale Values have Fallen because
• Banking constraints
• Wider Economic Circumstances
• Restricted Access to Mortgages
• Over-Supply in SOME Areas
• Developers Looking for Bargains
• Future Prospects Crystal Ball Gazing
• HBF forecasts 2009 (-2.1) 2010 (1.3) 2011
  (5.2) 2012 (9.2)
• DJ view Land Values are, and will be, Hit
  Harder
• Conclusion HOLD and Prepare for Upturn 2010 /
  2011