Track record
Financial Viability Assessment, East Street, Southampton
Prepared and submitted a detailed Financial Viability Assessment (FVA)
Financial Viability Assessments
Service
£3.7M
Project value
Residential
Industry
Simon Corp
The project
The site has planning consent granted in 2019 for 16no apartments with a s106 requirement to provide 6no apartments for affordable housing. The site was part built by a previous developer who went into receivership and has been left unfinished for a number of years. Part of the reason it has become a stalled site were viability issues generated in part by the affordable housing requirement.
Reflect Homes Ltd reached agreement to acquire the site and instructed Rapleys to prepare a viability assessment to make a case to remove the s106 requirement on viability grounds.
Our solution
- We prepared a viability assessment report to make a case where the s106 requirement would need to be removed to create a viability development that could come forward.
- The assessment was reviewed by BNP Paribas for the council, and we responded to the review on behalf of the clients negotiating on key appraisal assumptions
- The key area of disagreement was around construction costs, and we worked with the clients QS to build an argument to support the construction cost assumption.
- The outcome of the negotiation was the s106 was varied to remove the affordable housing subject to a late stage review to capture any changes in viability and the project is now moving forward.
Get in touch
Key contacts
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
104-106 East Street, Southampton
Delivery of commercial and market-led viability advice to support the successful completion of a stalled development.
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