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How we appraise
A worked example: six units, West London
Every deal we present is built on the same appraisal discipline. Here is that process applied to a hypothetical West London scheme, so you can see how we arrive at a number — and how the fee calculation works.
Illustrative example. A full residual appraisal and sensitivity analysis are included in the deal pack for development and commercial-to-residential projects.
The brief
Assume a portfolio builder is looking for a West London commercial-to-residential scheme, targeting a minimum 25% return on cost, with capital in place and a twelve-month horizon.
The site
Assume a tired retail unit with vacant upper floors on a W3 side street, with poor frontage and a dated layout. The concept is six flats and a modest rear extension, subject to planning, design and technical checks. No planning entitlement is assumed to be confirmed.
| Unit mix | Units | Value each | Total |
|---|---|---|---|
| 1-bedroom | 4 | £360,000 | £1,440,000 |
| 2-bedroom | 2 | £475,000 | £950,000 |
| GDV | 6 | £2,390,000 |
| Line item | Assumed basis | Cost |
|---|---|---|
| Land / purchase price | Assumed price | £680,000 |
| Acquisition costs | Allowance for SDLT, legals, survey and due diligence | £45,000 |
| Build costs | 5,000 sq ft GIA at £185/sq ft | £925,000 |
| Professional fees | 10% of build | £92,500 |
| Kestrel sourcing fee | 4% of the £680,000 purchase price; includes reservation fee | £27,200 |
| Contingency | 5% of build | £46,250 |
| Finance costs | Allowance for a 12-month senior debt term | £110,000 |
| Total Development Cost, including Kestrel’s fee | £1,925,950 | |
Profit after development costs, including Kestrel’s fee£464,050
Profit on cost, including Kestrel’s fee24.1%
Profit on GDV, including Kestrel’s fee19.4%
What our fee would be
Kestrel’s £27,200 sourcing fee is included in the development cost table above, alongside professional fees and the other scheme costs. The profit figures shown above are calculated after deducting it.
Finder’s fee: £27,200
The £1,000 non-refundable reservation fee forms part of that fee, leaving £26,200 payable on exchange for a private investor, or on completion for a corporate investor, under the sourcing agreement.
How the returns are calculated: £2,390,000 GDV − £1,925,950 total development cost = £464,050 profit. Profit on cost is £464,050 ÷ £1,925,950 = 24.1%. Profit on GDV is £464,050 ÷ £2,390,000 = 19.4%.
The illustrated return falls below the brief’s 25% target and would need to be addressed before proceeding.
Fee assumption for this illustration: the 4% rate is based on the 25.9% return on cost before the sourcing fee. The returns reported above include the fee. The ROI definition and fee basis are agreed in writing before sourcing; this example does not set those terms for your deal.
This simplified illustration is not a complete investment appraisal. Selling costs and any additional tax or VAT treatment are not modelled; these would need to be established and included where applicable. Values, costs, finance, timing and planning are assumptions, not independently verified evidence for this example.
How we would evidence a live appraisal
- Sold comparables — completed sales of equivalent units within a defined radius, adjusted for size, floor and condition.
- Build costs — rates benchmarked against current local tender returns, with the specification and scope made clear.
- Conservative assumptions — values at the lower end of the supported range and costs tested against downside scenarios.
- Contingency held, not spent — an allowance retained against the unknowns that conversions can produce, sized to the actual scheme’s risk.
Every figure that sets our fee is evidenced in the deal pack before you commit.
Understand the numbers
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