Added value of sites suitable for sustainable office development

GDV	Certified property		Non-certified property
Unit value	3,581 €		2,949 €
Lettable area	15,000		15,000
GDV	53,715,000 €		44,235,000 €

Development costs
CC	Certified property		Non-certified property
	Unit costs	Total costs	Unit costs	Total costs
Hard costs + fitouts	1,300 €	19,500,000 €	1,000 €	15,000,000 €

SC	Certified property		Non-certified property
Professional fees	7% of CC	1,365,000 €	7% of CC	750,000 €
Project management	7.5% of CC	1,462,500 €	7% of CC	1,050,000 €
Marketing	2% of CC	390,000 €	2% of CC	300,000 €
Disposal fees	2.5% of GDV	1,342,875 €	2.5% of GDV	1,105,875 €
Total SC		4,560,375 €		3,205,875 €

Financial costs	Certified property		Non-certified property
Interest during building permit process	3.0%	1,077,105 €	3.5%	1,113,540 €
Interest during construction period	3.0%	1,355,667 €	3.5%	1,330,463 €
Interest over void	3.0%	317,251 €	3.5%	304,295 €
Total financial costs		2,750,023 €		2,748,298 €

Development profit	Certified property		Non-certified property
Profit on total costs	20% of total costs	8,952,429 €	20% of total costs	7,372,377 €

Residual value		17,952,173 €		15,908,450 €

No.	Object	Date built (refurbished)	Price per unit	Adjustment			Final adjustment	Adjusted price per unit

				Locality	Age	Transaction date
1	BB Centrum Villas	2002	2,000 €	1.10	1.10	1.07	1.30	2,590 €
2	Oregon House	2005	1,929 €	1.20	1.10	1.07	1.41	2,725 €
3	Metronom	2015	2,735 €	1.10	1.00	1.02	1.13	3,077 €
4	Visionary	2018	3,009 €	1.00	1.00	1.02	1.02	3,077 €
5	Explora Business centre	2012	2,512 €	1.10	1.05	1.02	1.18	2,967 €
6	Hadovka	1999	2,000 €	1.10	1.20	1.02	1.35	2,700 €
7	Polygon	2004	2,512 €	1.00	1.10	1.02	1.13	2,826 €
8	Nestle	2006	2,500 €	1.20	1.10	1.02	1.35	3,375 €
9	Rosmarin Business Centre	2012	1,702 €	1.00	1.20	1.02	1.23	2,089 €
10	Prague Marina	2009	2,426 €	1.00	1.10	1.02	1.13	2,730 €
11	Forum Karlín	2014	2,524 €	1.00	1.05	1.00	1.05	2,650 €
12	Florenc Office centre	2018	4,636 €	1.00	1.00	1.00	1.00	4,636 €
13	Palác Karlín	1999	3,396 €	1.00	1.20	1.00	1.20	4,075 €
14	City West B1	2009	2,828 €	1.20	1.10	1.00	1.32	3,733 €
15	Trimaran/City Element	2018	4,365 €	1.00	1.00	0.98	0.98	4,270 €
16	Waltrovka	2018	3,125 €	1.10	1.00	0.98	1.08	3,363 €
17	Rustonka	2019	4,459 €	1.00	1.00	0.98	0.98	4,363 €
18	Crystal	2015	3,472 €	1.00	1.00	0.91	0.91	3,173 €
19	Main point Pankrác	2018	4,453 €	1.00	1.00	0.91	0.91	4,070 €
20	Palmovka Open Park	2018	3,077 €	1.00	1.00	0.91	0.91	2,812 €

Uncertified property average adjusted unit price								2,949 €
LEED or BREEAM certified property average adjusted unit price								3,581 €

No.	Property	Locality	Sustainable certificate	Date built (refurbished)	Transaction date	Transaction price [mio. €]
1	BB Centrum Villas	Prague 4	None	2002	1Q/2018	16
2	Oregon House	Prague 5	None	2005	1Q/2018	27
3	Metronom	Prague 5	BREEAM	2015	2Q/2018	93
4	Visionary	Prague 7	LEED	2018	2Q/2018	68
5	Explora Business Centre	Prague 5	LEED	2012	2Q/2018	53
6	Hadovka	Prague 6	None	1999	2Q/2018	50
7	Polygon	Prague 4	None	2004	3Q/2018	26.5
8	Nestle	Prague 4	None	2006	3Q/2018	25.5
9	Rosmarin B. Centre	Prague 7	None	2012	3Q/2018	40
10	Prague Marina	Prague 7	None	2009	3Q/2018	33
11	Forum Karlín	Prague 8	None	2014	4Q/2018	53
12	Florenc Office centre	Prague 8	BREEAM	2018	4Q/2018	51
13	Palác Karlín	Prague 8	None	1999	4Q/2018	54
14	City West B1	Prague 13	None	2009	4Q/2018	69
15	Trimaran/City Element	Prague 4	LEED	2018	1Q/2019	110
16	Waltrovka	Prague 5	LEED	2018	1Q/2019	250
17	Rustonka	Prague 8	LEED	2019	1Q/2019	165
18	Crystal	Prague 3	BREEAM	2015	2Q/2019	50
19	Main point Pankrác	Prague 4	LEED	2018	2Q/2019	118
20	Palmovka Open Park	Prague 4	BREEAM	2018	2Q/2019	80