Track record

Financial Viability Assessment, Kings Meadow, Reading

Lochailort

Prepared and submitted a detailed FVA for a Build to Rent residential tower

Kings Meadow, Reading

Financial Viability Assessments

Affordable Housing

Build to Rent

Service

Residential

Industry

Nick Fell

Nick Fell

The project

Rapleys was instructed by Lochailort Reading Limited (the applicant) to prepare and submit a detailed Financial Viability Assessment (FVA) for the site with supporting information located within the centre of Reading.

The scheme consists of a part 12 and part 22 storey residential development to provide 315 residential units. The development had been specifically designed in a bespoke manner for the Build to Rent market to include both high quality residential accommodation with exemplary levels of on-site amenities for the use of the residents. The amenities on-site include resident lounges, tech-hub, dinning rooms, cinema rooms and various external terraces.

Our solution

We provided detailed development advice and worked within the project team to confirm an affordable housing strategy with the client. We considered the impact of costs and sales values on the viability of the scheme and considered various scenarios for the Benchmark Land Value.

Upon agreeing an affordable housing strategy with the project team, we prepared and submitted a full viability assessment including all supporting data to the Local Authority. We engaged with the local authority and their in-house viability consultant throughout the negotiations in relation to affordable housing contribution. Upon agreeing the viability position, we then negotiated the units to be provided off-site.

We achieved an affordable housing position in line with the client’s expectations. On this site, the agreed contribution was an off-site provision of affordable housing.

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Partner & Head of Residential – Residential

Nick Fell

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