Development Appraisal & Financial Modelling
Public Sector Funding
Centre of Excellence Phase II
Yorkshire Forward ERDF Appraisal
AspinallVerdi were appointed by Yorkshire Forward to provide independent external advice and support in respect of this application for Priority 2 Objective 3 funding - to promote the development of new and high technology clusters and sectors through investments in infrastructure. We were specifically instructed to provide:
- An independent review of the funding gap and whether this has been completed in accordance with Article 55 of EU Regulation 1083/2006 i.e. using the Article 55 Methodology;
- A review of the demand and need for the project having regard to the justification provided within the full business plan;
- A cost appraisal – i.e. a review of the capital costs of the proposed development – which Turner & Townsend completed as subconsultants.
Centre of Excellence
The Lighthouse Group (TLG) is a charity that works with young people who have been excluded from school, at risk of exclusion or are at crisis point in their education. The Centre of Excellence Phase II is located adjacent to Phase I in West Bowling in Bradford (BD5). The project comprises an extension to the existing building to provide 18,008 sqft (1,673 sqm) of managed workspace / offices targeting ICT start-up companies. Capital and revenue funding of £1.1 million was sought by TLG to deliver the project.
AspinallVerdi added considerable value by reconciling the various capital cost and value items (e.g. site value and cashflow exit investment value) and revenue items (e.g. net/gross rental income and building revenue costs). Particular emphasis was placed on the service charge budget. Our analysis ensured the cashflow appraisal was explicit which enabled the award of ERDF funding in accordance with Article 55.Download PDF