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Strategic Land

 — 

Barnwell

9k+
new homes
Low
project risk
£6.4m
amount invested
£78.2m
investor returns
£113.5m
current site value
£3.9bn+
project GDV
£516m
residual land value
37mths
planing period

We seek consent for a new town, 3 miles Northeast from New Roads the centre of Bicester. Bicester is itself a growing town 15 miles NE of central Oxford.

Planners have discussed our proposals and see Barnwell as a satellite to Bicester, rather than another new suburb. It will have a railway station with services to Oxford (22 minutes), London (55 minutes) and in 10 years’ time to Milton Keynes and Cambridge. It will deliver circa 9,800 homes. The proposals include a centre focused on delivering the needs of the new community and of neighbouring villages in a sustainable way by ensuring everyone can access daily needs within a 10 minute walk and a sports academy for the benefit of Barnwell and Bicester residents.

We hope to get an allocation in Cherwell District’s new Local Plan by early 2022. A planning consent could be achieved by late 2023. The planners agree that this is the first stage of what could ultimately be a major new settlement.

Our proposal uses 50% of the 1,200 acres for development and density set at 20 dwellings per gross hectare. Our scheme is focused on creating future-looking public transport provision through integration of bus and rail services that themselves also integrate well with Bicester’s good transport infrastructure - M40, A41 and A34 and Chiltern Rail.

From an investor perspective, a key aspect is that the land cost to us is only 22% of the exit value. The principles of this project are supported by David Peckford, Director of Planning at Cherwell District Council. He asked us to submit our scheme to the County Council’s team working on a Countywide Joint Strategic Spacial Plan (JSSP) to 2050. This has been done.

Investor financials

GDV
GEA
Constr. PSF
Constr. Cost
Fees
Interest
Builders
Marketing
Sales
Comm. Levy
Dev. Profit
Residual value

Site valuation
Current site price
Stamp duty
Legal
Tenure
Secured Options

Total site costs
Plan months
Plan uplift

£3,877,800,000
11.2m
£171
£2.08bn
£38.3m
£62.5m
£343.6m
£8.3m
£46.2m
Exempt
£776m
£515.5m

£515,500,000
£113.5m
£5.67m
£198k
Freehold

£119,373,000
37
£393m

Key data

Homes
Acres
Homes/Acre
Homes/Hectacre
Area
Hectare Density
Value/Acre
Plan gain (M)
Plot Cost
Average Home
Plot/Sales Value
Cost Gross Acre
Margin Per Acre
Buy In % Exit
House PSF
Size ft sq.
Affordable

9,800
1,195
8
20
51%
40
£430k
£393m
£52,602
£501k
10%
£95k
£332,300
22%
380
1,220
35%

Masterplan

Site view

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