Using the information below and an appropriate methodology, calculate how much your client could afford to bid for the site. The scheme to be appraised provides 60 residential units, of which 15 are to be affordable. It is to be built in three phases: Phase 1 will include 15 private units and all the affordable units; Phases 2 and 3 will provide 15 private units each. The average unit size will be 135m. Costs E Build cost Residential 950/m? Parking and roads 120/ m Professional fees 9% Meadow 100,000 Contamination remediation 500,000 Residential sale costs 1.5% Finance rate 7.5% per annum Revenue Sale price Private residential 580,000 per unit (average) Affordable 1,500,000 total Activity Timescale Pre-construction 6 months Construction Phase 1.2 months Phase 2 9 months (beginning on completion of Phase 1) Phase 3 9 months (beginning on completion of Phase 2) Sales for each phase - private 3 months after completion of the build phase Sale of affordable Income received in three equal tranches in Periods 3, 5 and 7 The residual appraisal is to be prepared using an Excel spreadsheet. Results prepared using