Track record
104-106 East Street, Southampton
Delivery of commercial and market-led viability advice to support the successful completion of a stalled development.
Affordable Housing
Financial Viability Assessments
Service
3600000
Project value
Residential
Industry
Simon Corp
The project
The development at East Street, Southampton, received planning consent in 2019 to provide 16no one- and two-bedroom apartments, with a requirement to provide 6no affordable housing units. The development was started but the previous developer went into liquidation and the site has remained stalled half constructed since.
Reflect Group has acquired the site but due to the recent increases in construction cost and finance rates, the s106 requirement in the consent was no longer viable and was preventing the development from being completed.
Reflect Group instructed Rapleys to assess the viability of the scheme and make a case for a reduction in the s106 requirement.
Our solution
Rapleys provided a viability assessment report which was reviewed for Southampton City Council by BNP Paribas. Using our expertise in negotiation and the collation and provision of further build cost evidence it was agreed by the Council that the scheme was at the current time unable to viably provide any affordable housing.
This will allow a stalled half-built site to come forward contributing to the ongoing regeneration of the East Street/Back of the Walls area of the city.
Image courtesy of Reflect Group
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Gain national and local expertise through our multidisciplinary teams of experts.
Our track record
Stadium Holdings Ltd
1 Olympic Way, Wembley
Neighbourly Matters advice for a 7-storey extension to provide student accommodation
Yorkshire Housing
12,000 Stock Condition Surveys – Yorkshire Housing
Appointed by Yorkshire Housing via the Fusion21 Framework to complete 12,000 stock condition surveys over a 3-year period
Private Client
33 Beach Road West, Portishead, Bristol
Acting for the Building Owner to enable the redevelopment of a dilapidated residential site
37-42 Tenby Street and 30-31 Albion Street, Birmingham
Expert Party Wall advice to protect adjoining owners’ interests
Kruton No. 2
9-12 Middle Street, Brighton
Appointed as Employer’s Agent on new build commercial project.
Kwik Fit
Acquisition for Kwik Fit, Atex Business Park, Stowmarket
Instructed by Kwik Fit as national retained acquisition agents
Bernard Construction
Affordable housing provisions for a mixed-use scheme, Balham
Provided a detailed FVA, development advice and affordable housing strategy
Higgins Homes
Affordable Housing valuation for a mixed use scheme, Garratt Lane, Wandsworth
Development Consultancy advice to support a planning application for a mixed use scheme
London and Regional
Albert Island Redevelopment
Providing Cost Management & Quantity Surveying services on an exemplar industrial intensification project
Aldersbrook Baptist Church
Aldersbrook Baptist Church, Wanstead
Sale of church hall and provision of cost advice regarding development and refurbishment of church.