estate strategy 2007-2017 - Publication Scheme - University of Stirling

where are we now: the existing estate9.6 Property ValuationsThe University’s Stirling Campus comprises 135.2ha of ground, of which 34.85 ha consists ofthe loch and the dedicated woodland. Whilstthe University continues in existence there is norational need to dispose of the site. Firstly it wouldnot be a viable proposition to dispose of the sitefor a value sufficient to make relocation sensible ordesirable. And secondly, the campus is one of themost beautiful in Europe and is a significant part ofthe University’s brand and a significant attractionto students. The University buildings on campustotal 128,723m 2 gross internal area and the costof rebuilding, with an allowance for a 20% spaceeconomy, would amount to circa £300m plus sitecosts. To recover this from the sale of the campussite would require a sale value in excess of £4mper useable hectare 3 . The planning authority andHistoric Scotland do not favour alternative uses ofthe campus, given its GDL and AGL designationsand its sympathetic development to date, and it istherefore not appropriate to consider relocation.The possibility of selling parts of the estate hasbeen considered in the past and a number of areaswith development potential have been disposedof or leased i.e. the Falcon Foodservices, ScottishEnterprise (Wallace View) and Innovation Parksites. The disposal of the Wallace View site and theland currently owned by Falcon Foodservices wasdriven by financial considerations and while theremay not have been an alternative at the time,the loss of this land within the original campusboundary has been much regretted. The Universitywill continue to consider the disposal of particularbuildings and land if this is appropriate in terms ofits Strategic Plan although these proposals will besubject to detailed scrutiny.In light of the above, the value to be attributedto the Stirling Campus properties is based onthe reinstatement costs required for insurancepurposes. This gives a value for the campus of£212m.In addition to the Stirling Campus site theUniversity owns a variety of off-campus studentresidential properties with an estimated insurancereplacement value of £10m, and the insurancereplacement value of the External Facilitiesresearch and fish farm sites is £3m.Approximate insurance replacement values for allsites are shown in Table 9 below.Table 9: Insurance Replacement ValuationsLocationTenureInsuranceReplacement ValueNotesMain Campus Freehold £212.0m Insurance valuationSt Annes Freehold £0.375m House capable of division into flatsJohn Forty’s Court Freehold £7.606m 41 flats in terraced blocksAlangrange Freehold £2.177m Large Victorian houseFriars Croft Freehold £0.549m Large two storey houseUnion Street, Bridge of Allan Freehold £0.115m 3 bedroom flat. Sale – benefactionconstraintsResearch Field Stations:Milnholm/Sauchiemill Freehold £1.870m Includes Fish Farm and ResidentialbuildingsMachrihanish Freehold £0.830m Planning restrictions on use of siteBuckieburn Freehold £0.315mDunblane Reservoir Freehold N/A3In this calculation the area of the campus is reduced by deducting the woodland areasHermitage +10 ha Loch and SUIP28