Affordable Housing valuation for a mixed use scheme, Garratt Lane, Wandsworth
Financial Viability Assessments
Market Demand Analysis
Rapleys was instructed by Higgins Homes to provide development consultancy and valuation advice to support a planning application for a proposed scheme on Garratt Lane, Wandsworth.
The scheme comprises the demolition of existing buildings and the erection of a mixed use development. Within the proposal, a total of 193 residential units would be provided, a new health centre (Class D1 use), a pharmacy (Class A1 use) and two commercial units (flexible Class A1/A2/A3 or B1 use). The construction is proposed in two phases which comprises a mix of private sale, shared ownership and London Affordable Rent units.
We provided Higgins with detailed valuation advice in respect of the proposed scheme. We undertook a detailed development appraisal to consider the viable level of affordable housing that the scheme could deliver. We engaged with the Local Authority and the GLA at pre-app stage prior to the submission of a formal Financial Viability Assessment. Post submission, we engaged in negotiations with the Local Authority, their Viability Consultant and the GLA in order to agree the appropriate quantum of affordable housing, the tenure mix and the phasing of delivery.
We also assisted the client and their solicitor in the drafting of the affordable housing provisions within the s106 agreement including the construction of the viability review mechanism.
We were able to work with the client, the Local Authority and the GLA to deliver an affordable housing package that met all parties requirements. This included renegotiating the tenure mix to enable a policy compliant level of affordable housing to be delivered and allowed negotiations to take place with registered providers for the inclusion of grant funding. As a result the scheme secured both Local Authority and GLA approval and was granted planning permission.
Our track record
Stadium Holdings Ltd
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Appointed as Employer’s Agent on new build commercial project.
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Assessed the financial viability of the scheme for a planning appeal
Orchard Street Investment Management
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Secured planning permission via a Section 78 appeal