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INVESTMENT PLAN

INVESTMENT PLAN. Steven Dickson Director of Facilities 18 May 2011. Aims of Presentation. Update on Investment plan Status of approved projects Campus Phase 2 feasibility studies Residences Strategy Questions . University Estate Investment. Headlines

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INVESTMENT PLAN

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  1. INVESTMENT PLAN Steven Dickson Director of Facilities 18 May 2011

  2. Aims of Presentation • Update on Investment plan • Status of approved projects • Campus Phase 2 feasibility studies • Residences Strategy • Questions

  3. University Estate Investment • Headlines • Council approval in principal to £600m combined Investment across Academic and Residential Estate • Investment assumptions revisited through planning process against Strategic Plan deliverables • Capital funding cut by 68% by HEFCE • Financial planning/affordability modelling ongoing • Carbon Reduction increased to 36% by 2020

  4. Investment Plan Status Update • Phase 1 Approved • Total Investment £110m (excludes Vine Ct) • EIP, CTL, APEX, Building Infrastructure, Student Experience ,CBB, Campus Enhancements/Public Realm, Student experience and Research Excellence • Projects procured 10% below PTE • Spend to date £50m • Phase 2 (£140m) • Planning round captured additional £17m • Plan reprioritised in consultation with Faculties • Affordability • Phase 3 2015-2010 • £100m earmarked

  5. Apex Phase 1 • Phase 1 £30m budget estimate, £27m approved mandate • Provide state-of-art bio sciences support Unit, containment labs and specialised laboratories (6000m² GFA) • Building completion October 2011 • Relocation phase 6 months • On time/budget • Phase 2 delivery subject to financial closure with PFI consortia • Allows relocation of all UoL research activity from RLUH once PFI reaches financial close Phase 1 Phase 2

  6. Central Teaching Laboratories Project Summary • £25 budget estimate, £23m approved mandate • Provides three floors of state of the art highly serviced laboratories (8000m²) • Guaranteed Maximum Price negotiated • 1000 student capacity • Utilisation of 50%+ • Full lab occupation 2nd semester 2012 • Public realm improvements, art work agreed, Dalwood sculpture secured and improved

  7. Public Realm

  8. Leahurst • Refurbish post mortem facilities • £1m Equine Intensive Care Unit - First phase of new Equine Development • Project Feasibility Group established

  9. 2010/2011 Completed Minor Projects • Total c £15m investment • Student Experience - £5.5m • External Fabric Improvements • Roof works Abercrombie Sq, Sherrington, Thomson Yates, EEE • Window replacement Thomson Yates • Central bookable rooms, toilets , south campus, teaching labs life sciences • Research - £1m (energy institute, veterinary science) • DDA - £500k • Sustainability -£3.5m • Wyncote Sports Facilities – £500k • At Risk Infrastructure - £1.5m

  10. 2011/12 Phase 1 Investment • Total Expenditure Identified £60m • Student Experience • PGR Reading Room Senate Drum • Sports Facilities • Improve Teaching Facilities • Student Social Space • Public Realm • Research Excellence • CFBB • Clinical Trials • Stevenson Institute • Business Continuity • At risk Infrastructure • Energy Security • Sustainability • South Campus Phase 1

  11. South Campus • 94% of South Campus built pre-1970 • 18 out of 36 buildings (50%) in poor condition (RICS Grade C & D) • 16 buildings (44%) have no disabled access • 23 buildings (64%) are Grade II listed with limited scope to remodel • 9% of usable space (4,250 sqm) is vacant • Teaching space significantly under-utilised (Frequency 39%, Occupancy 47%) • School staff numbers projected to increase by c.16% (2014/15) • Student numbers projected to increase by c.20% (2014/15)

  12. Aims & Objectives • Enhance the student experience • Upgrade 80% of retained estate to Grade A/B condition (building fabric) • Upgrade the quality of teaching, learning and research facilities • Improve utilisation of teaching space • Co-locate Departments within their Schools as much as possible • Align corporate space policies with the Academic Faculty Plan • Ensure that office space is both efficient and effective • Reduce overall space (GIA) by c.10% in line with Estates Strategy and Space targets • Improve disabled access (DDA) • Reduce building occupancy costs • Improve Sustainability and reduce ‘carbon footprint’

  13. Initial Proposals School of the Arts School of Histories, Languages & Cultures School of Law & Social Justice 23 UoL Management School School of Environmental Sciences 1 School of Psychology General teaching Randal Building 7A Student Support Office 14 Building disposed of 14 Usable Areas indicated 8,326 sqm (excludes Reading Room) 5,667 sqm 2,367 sqm (half of Eleanor R.) 2,873 sqm (+ extension) Space saving: 9.3%

  14. Phase 2 Priorities - Feasibility Studies • £500,000 approved mandate • Feasibility Studies • PFG established • South Campus • Refurbishment of Guild & Reilly building • Management School extension • Veterinary Sciences relocation • Develop design to RIBA Stage C to achieve greater design and cost certainty

  15. Next Steps • To complete Phase 2 feasibility studies • To continue to review financial and affordability model on project by project basis • Further consultations with Faculties on capital investment priorities • Return to P&R and Council for detailed approval of individual investments • Ongoing consultation with Faculties on capital investment priorities

  16. Residences Strategy

  17. Background • A report in 2007 concluded that quality student accommodation is essential to ensure that UoL maintains its competitiveness • The University has always offered accommodation to 1st year under graduates and a limited number, PGT and PGR students • Student residences remain integral to UoL offering • Decliners survey • Browne review impact – students will expect more • Updated review commissioned in 2010

  18. Scope Of Review • Assess the condition of the current accommodation; • Undertake a demand assessment including mix and quality of accommodation and projected increase in students (UK & International) • Identify the investment required to lift the standard of UoL accommodation to that of other Russell Group Universities • Assess and realign the balance of “on” and “off” campus accommodation • Undertake Supply/Demand analysis • Identify optimum development sites • Undertake detailed investment appraisal • Provide Flexible approach

  19. Current Position • The University has 3481 residential beds (2421 off campus and 1060 on campus • Condition Survey – conclusion estate has exceeded its design life • En-suite 9% UoL v 60% Russell Group • £2.70m per annum is only just keeping the ageing estate operational • Without urgent intervention much of the stock will require to be withdrawn within the next 3-5 years • Do nothing is NOT an option

  20. Strategy Ambition • Deliver high quality, affordable fit-for purpose competitively priced accommodation • Quality • Pastoral Care Not a private sector experience • Offering expected of a Russell Group University • Student community • Broad range of accommodation type an pricing from non-en suite to loft apartments • Meet PGR and PGT requirements in a village environment • Cater for our International students • Sustainability • Whole life Cost • Repay finance and service debt • Institutionally affordable • Delivers positive cash flow • Influence rental levels to mitigate pricing risk

  21. Strategy Ambition

  22. Key Strategy - Outputs • Rebalance student accommodation with greater provision on Campus • Undertake a phased new build (3577 Inc. of Vine Court / refurbishment (690) • Mitigate risk using private sector to deliver 900 beds • Meet increased demand requirement by an additional 1100 student lets (Direct for UOL) • Deliver suitable accommodation (95 lets) to deliver pastoral care • Phase 1 Off campus provision at Greenbank delivering a Student Village with ancillary sporting, catering and social facilities • Phase 2 Carnatic - care and maintain existing bed numbers to be reviewed in 2017 • Deliver new financially viable residential estate at a total cost of £233m (inc Vine Ct)

  23. Phase 1 Vine Court Eco - Residences Project Summary • £44m Investment approved • Sets new standards in Quality and Sustainability • West Block designed to hotel standard • Provides a mix 749 en-suite study bedroom rooms, studio apartments and 2 bed loft duplex apartments • 250 seat restaurant, cafe and retail space • Building completion June 2012 • On programme

  24. Strategy – On Campus •  Total 1400 new beds on campus • Brownlow Hill/ Crown Street will deliver circa 1,000 beds plus other uses inc. small hotel. • Mulberry Court rebuild will deliver 350 beds plus retail (Target 237 beds (150 lets). • Alsop will deliver circa 1,000 beds plus other uses inc. small hotel (Target of 1061 beds (1039 lets).

  25. Phase 1 - Off Campus • Total 1870 beds • 1633 New beds • 166 refurbished • Village Environment • Enhanced Sporting and Ancillary Facilities

  26. Financial • The strategy is estimated to cost £191.5m - £233.5m (inc Vine Ct over 5 years) • Strategy proposed to be fully funded by bank debt (mortgage over 40 years) • Detailed investment appraisal undertaken incorporating construction phasing, development and funding costs and recurring income and expenditure • Investment self funding over life of asset • Additional benefits • Includes £12m of additional sports and student experience facilities • Includes £6m of non - income generating accommodation for Tutor and Wardens

  27. Questions

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