APPENDIX A & B
BCG HONG KONG FACTS AND ASSUMPTIONS
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GFA is 16,500 sqm assume 15,500 sqm GLA.
RFO 1.7.96. Rent savings to commence 1.10.96 in full.
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41 office/residential car park spaces @ HK$ 36,600 pa. or £3,000 per annum per space.
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Cost £28.45 million includes fees and furniture.
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PTG Premium HK $1,000 p.a. to 30.6.97 rising to 3% of rateable value wef 1.7.97 say £137,880 p.a. (includes parking and flats).
Assume Rating Valuation based on 1993 rentals market.
Rental value alternative Class A offices in Admiralty District say HK $25 per sq ft p.m. overall (payable monthly).
14,500 sq m (156,020 ft2) @ HK $25÷ 11.50 x 12 = £4,070,000
p.a.
Value of supply and installation of furniture Res/office £900,000.
Office service charge in Option A includes estimated cost of common services such as security electrical and building engineers, maintenance and air-conditioning charges.
No allowance for contingencies in Option A.
ROE HK$ 11.50 = £1.
Cost of Ingoings in rented alternative say £300 per sq m.inc.
7 x DS9 Flats @ £30,000 approximately per unit ERV included in new build.
TDR 6%.
Liability to rates on buildings cannot be assessed at this stage but is common to both options.
Option A assumes a residual value of zero in year 2047.
PJADS1.116
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