The document proposes redeveloping the Dolphin Square site in Weston Super Mare. It provides background on the town, describes the site and ownership structure. The proposal includes luxury and affordable housing, retail, parking, and leisure facilities. Financial analysis shows the redevelopment would have a profit of over 20% of net development value. Due to economic uncertainty, a phased or joint venture approach is recommended.

1. Weston Super Mare: Dolphin Square Development Proposal By- Kevin Nealis Adam Forster Mothusi Lekgowe

8. Dolphin Square Residential Flats Car park and bowling alley Dolpin Square Retail Listed church building Retail Anchor Tenant Exit to High Street

9. Weston-Super Mare LDF The Core Strategy sets out North Somerset Council's spatial vision and strategic objectives for the development of Weston Super Mare in the future. Key areas outlined: Issue’s, problems & challenges Demand for housing, in particular affordable housing. The preservation of Weston Super Mare's ecology is essential, therefore this must be considered when new developments are being introduced. Specific parts of the town centre requires redevelopment to meet modern standards. Spatial Vision & Strategic Objectives Environmental Objective- To ensure sustainable development and enhance the quality of life and improve environmental, social and economic opportunities Social Objective- create a range of housing developments, both affordable and special needs housing. Economic Objective- promoting development that would provide job opportunities.

12. Potential Site Usage Potential Uses Proposed Uses Luxury Apartments Affordable Housing Affordable Housing Leisure Leisure Retail Retail Multi-Storey Car Parking Underground parking/Street Parking Offices Offices Cafes/Restaurants Cafes/Restaurants Gallery/Museum Gallery/Museum Library Library Children's Play Park Open Spaces Pedestrianised Access Landscaping Revised Children's Play Area Roundabouts to ease Traffic

13. Revised Site Layout Open Space Roundabout Focal Point Apartments Residential Car Parking Multi-Storey Office Museum car space Multi-Storey Car-Park Museum Tree’s/Landscaping Restaurants/Cafes Roadways Library Play Area Museum over-ground car parking Cinema

14. Swot Analysis of Revised Site Layout S trengths W eaknesses O pportunities T hreats New Town Focal Point. Overcrowding during summer months. Future Investment Competition from nearby towns Benefit to local Economy: Increase town centre footfall. Increased levels of road traffic. Market opportunities Locals repelling planning consent Increased Parking. Threat to local businesses. Improve Transport Links Competition for footfall from established retail centres, e.g. Flower Down Retail Park and Weston Retail Park Access Improvement. Two way road system. Seaside Location Increased Anti-Social Behaviour Increased Evening-Time Entertainment. Employment-led Regeneration. Acquisition difficulties from private owners with interest in the site. Primary focus for tourists Increase Tourism

17. Planning Policy Statements Planning Policy Statements Prepared by government to give Local Authorities guidance on planning policy and the planning system. Three main PPS- Planning Policy Statement 1: Delivering Sustainable Development LPA’s should promote outcomes in which economical, social and environmental objectives are achieved together overtime. Development plans must contribute to global sustainability, reduction of energy consumption, climate change should be considered in Location & Design of Development. Planning Policy Statement 3: Housing Greater opportunities for home ownership. Improved affordability by increasing the s supply of housing. Also the creation of sustainable and mixed communities. Planning Policy Statement 4: Promoting Economic Growth. Local planning authorities should, through the core strategy development plan document, set out spatial vision and strategy for the network and hierarchy of centres, including local centres.

19. Development Appraisal Total Rental Income £5,562,000 yp perp@10% 10 £55,620,000 Total Sales 45 Units (34 afffordable) £4,445,000 Gross Development Value £60,065,000 less purchasers costs @ 5.4% £3,243,510 Net Development Value £56,821,490

20. Development Appraisal Expenditure Purchase Price £ 11,750,000 Aquisition Costs @ 5.75% £ 675,625 Cost of Sands Nightclub £ 1,100,000 Cost of Oxford Cafe £ 170,000 Aquisition Costs @ 5.75% £ 73,025 Total Site Cost £ 13,768,650 Development Cost Construction Cost 21914 @ 924 per m2 £ 20,256,863 plus 5% piling foundations £ 1,012,843 Contingency @ 7% £ 1,417,980 Section 278 Works £ 75,000 Section 106 contributions £ 1,950,000 Preliminary Site Surveys £ 10,000 Total Construction Costs £ 24,722,687

21. Development Appraisal Expenditure Purchase Price £ 11,750,000 Aquisition Costs @ 5.75% £ 675,625 Cost of Sands Nightclub £ 1,100,000 Cost of Oxford Cafe £ 170,000 Aquisition Costs @ 5.75% £ 73,025 Total Site Cost £ 13,768,650 Development Cost Construction Cost 21914 @ 924 per m2 £ 20,256,863 plus 5% piling foundations £ 1,012,843 Contingency @ 7% £ 1,417,980 Section 278 Works £ 75,000 Section 106 contributions £ 1,950,000 Preliminary Site Surveys £ 10,000 Total Construction Costs £ 24,722,687 Cost of Construction finance 18 months @ 5% £ 927,101 Professional Fees (12.5% build costs) £ 3,206,223 Letting, Sales & Legals Letting @ 10% £ 556,200 Sales @ 1.5% £ 66,675 Legals @ £750 per unit sold £ 33,750 Total £ 656,625 Finance on Fees 18 months @ 5% £ 53,437.06 Contingency 7% including interest £ 2,065,884.53

22. Profitability Calculation & Analysis GDV £60,065,000 NDV £56,821,490 Total Cost £45,400,608 Profit £11,420,882 Analysis Profit on Cost 25.16% Profit on NDV 20.10% Development Yield 12.25% Profit on GDV 19.01%