| In light of considerable interest from potential investors Ziggurat Student Living (Wellgate) LLP has been asked to update the FM cost budgets based upon the experience of the first period of trading.
Following the half yearly analysis ZSL have reduced FM cost budgets by implementing a number of cost saving initiatives, and can now confirm an FM budget cost of £1,449 per bed per annum (2011/12) for the current 59 bedrooms. This equates to a cost of £85,504 per annum.
Furthermore, on the assumption that the 6 bedrooms on the Ground Floor are re-developed by July 2012 following the receipt of planning permission an estimated (2011/12) FM cost budget analysis has been revised as follows:- |
| | |
|
|
| | Type | Existing FM Costs | Proposed (i.e. plus 6 beds) | Commentary on changes in Costs | | On Site Management | £9,000 | £9,000 | Shared management cost | | Outsourced Reactive Maintenance | £6,000 | £6,000 | Benefit of actual repairs to newly completed building | | Cleaning | £3,900 | £3,900 | Assumes new PT cleaning contract £75 per week | | Marketing | £1,000 | £1,000 | Leaflets and web sites | | Planned lift maintenance | £1,150 | £1,150 |
| | 24 Hour Call Out | £6,900 | £6,900 | Reduced actual call-out incidence | | Utilities | £31,162 | £34,331 |
| | Office Costs | £1,500 | £1,500 |
| | TV Licences | £3,492 | £3,783 |
| | HIMO charges | £1,975 | £2,560 | £33 pbpa costs of licensing in Edinburgh | | Building Insurance | £8,800 | £8,800 |
| | Endsleigh Insurance | £876 | £965 |
|
|
|
|
| | Internet | £9,749 | £10,575 |
| | Overheads and Margin |
|
| No third party overheads & profit allowed for |
| £85,504 | £90,464 |
|
| £1,449 | £1,392 |
|
| £83,529 | £87,904 | Excluding HIMO License |
| £1,416 | £1,352 | Excluding HIMO License |
|
| All costs are inclusive of VAT where applicable - Ziggurat Student Living (Wellgate) LLP is currently registering for VAT. Ziggurat Student Living (Wellgate) LLP is willing to discuss entering into a fixed price FM and Service Level Agreement with a purchaser if that were of assistance to a purchaser without their own FM platform or partner. |
| Planning permission for conversion of the ground floor commercial unit into a 5 bed cluster flat and 1 bed studio (Planning Reference No. 11/03660/FUL) was granted on 11 January 2011. Full details are available in the downloads tab. |
|
|
|
