Financial Viability Assessment, Hastings, East Sussex
Baptist Union Great Britain
Prepared and submitted a detailed FVA for a site in Hastings
Financial Viability Assessments
We were instructed by Baptist Union Great Britain (the applicant) to prepare and submit a detailed Financial Viability Assessment (FVA) for the site with supporting information. The site is located on the periphery of the town of Hastings on the south coast of England.
The proposed scheme consisted of 50 units comprising of 12 flats and 38 terraced, semi- detached and detached houses.
We provided detailed development advice including viability appraisal work to the project team to confirm an affordable housing strategy with the client team. We considered residential values as part of our advice and provided detailed valuation advice relating to the Benchmark Land Value. The existing use of the site is greenfield and so careful consideration was necessary in the valuation of the Benchmark Land Value in order to appropriately assess the affordable housing contribution.
We engaged with the Local Authority’s consultant to ensure timescales were achievable and reached. Upon agreeing the viability position, we continued to assist the client in drawing up the relevant sections of the S106 agreement.
We achieved a negotiated settlement with the local authority’s viability consultant and ensured that the drafting of the affordable housing provisions within the s106 did not have an adverse impact on the marketing and sale of the site.
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