Financial Viability Assessment on a brownfield redevelopment, York
British Sugar PLC
Prepared a detailed FVA for a residential led scheme on the site of a former factory
Financial Viability Assessments
Expert Evidence Witness
Rapleys was instructed by British Sugar PLC (the applicant) to prepare and submit a detailed Financial Viability Assessment (FVA) for the site with supporting information located to the north west of York.
The scheme demonstrated a major regeneration of a former British Sugar factory into a residential led scheme. The scheme consisted of 1,100 residential units (C3), community uses (D1/D2) and new public space with details to access and demolition of the former buildings. The residential element consists of 826 x 2-bedroom houses, 213 x 3- bedroom houses, 50 x 4-bedroom houses and 11 x 5-bedroom houses.
Rapleys provided detailed development advice and worked with the project team to confirm an affordable housing strategy with the client. Within the assessment we considered residential sales values, build costs and the correct assessment of the Benchmark Land Value.
Once the affordable housing strategy was prepared with the client and project team we prepared and submitted a full viability assessment to the local authority. We engaged with the Local Authority’s viability consultant throughout the negotiations to ensure the client’s expectations were met. Upon agreeing the viability positions, Rapleys continued negotiations of review clauses across a complex scheme involving many phases.
We achieved an affordable housing position in line with the client’s expectations. We provided expert evidence at Public Inquiry in support of our viability position which was upheld by the Inspector. On behalf of the client we agreed a review mechanism with the Local Authority and their consultants with minimum and maximum thresholds of affordable housing provision across the lifetime of the regeneration project.
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