We supported Grainger’s planning application by providing a financial viability assessment. Our evidence illustrated the financial constraints of their scheme, securing a lower level of affordable housing.
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Financial viability assessment |
London, Waterloo |
187x Build to Rent units plus commercial |
£154m GDV |
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Ambition
JLL were instructed to support Grainger’s planning application, providing a financial viability assessment (FVA) to illustrate the viable amount of affordable housing that could be provided (17%) for their Build to Rent scheme in Lambeth. The scheme forms part of the OCCC Estate regeneration program, Grainger purchased the 1930s housing estate as part of a deal with the Church Commissioners and became sole owner in 2011.
Added value
Our evidence illustrated the financial constraints securing a lower level of affordable housing. Our input at and in advance of the appeal hearing resulted in agreements on multiple points. As a result, Lambeth changed their position and supported our appeal significantly reducing the risks and costs to our client.
Challenges
The appeal required fast past discussions on multiple technical viability points that often veered into planning policy. We worked closely with JLL Planning colleagues and the wider team to achieve a successful outcome.
Achieved
The appeal was allowed by the Planning Inspector in favour of Grainger plc. Located close to the Old Vic theatre and Waterloo station, the scheme includes the re-provision of 33 new homes for existing long-term residents and 36 affordable homes available at discounted market rent and London Living Rent levels.
JLL’s appraisal and report was swiftly re-focused within a short timescale, to enable Urbanest’s planning consultants to promptly incorporate the appraisal within its viability assessment, in order to meet tight planning submission deadlines.