Track record

Development of luxury flats, Bush Hill Park, Enfield

Argall Properties Ltd

Provided detailed development advice and an affordable housing strategy

Affordable Housing

Financial Viability Assessments

Service

£10m

Project value

Residential

Industry

Nick Fell

The project

We were instructed to provide an assessment of the economic viability of Argall Properties Ltd’s proposed redevelopment of a site currently occupied by three residential dwellings immediately adjacent to the entrance to Bush Hill Park golf club. The client was seeking to commute the affordable housing obligation off site.

The scheme involved the demolition of the existing buildings and development of 4 x 3 storey blocks of 20 self contained flats, with basement car park and landscaped gardens.

Our solution

We provided detailed development advice and worked with the project team to confirm an affordable housing strategy with the client. We considered appropriate sales values, build costs and benchmark land value. Upon agreeing the affordable housing strategy, we prepared and submitted a full viability report to the local authority.

We engaged with the Local Authority and their appointed viability consultant to negotiate the affordable housing and s.106 financial contributions. Upon agreeing the viability position, we then negotiated the conversion of the on-site units to a commuted off-site payment.

We achieved an affordable housing position in line with the client’s expectations and below that which the Local Authority originally sought.

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