Viable Placemaking are pleased to announce that, following the independent review of a Viability Assessment submitted with a major scheme, our client was saved millions in unviable Section 106 contributions.
At the end of 2023, Viable Placemaking prepared a Viability Assessment for a major development for new build flats to be constructed in West Berkshire. This followed several years of previous applications, viability negotiations, and took extensive consideration of the local housing market conditions.
Viable Placemaking's Viability Assessment particularly considered the flux in property prices and build costs over time, which were greatly impacting the viability of the development. Additionally, it was important to remember that the Council's affordable housing policy was significantly dated and, therefore, the evidence pertaining to the thresholds and requirements was out of date.
The Viability Assessment was then submitted to the Council for consideration within the planning application.
Following an independent review by the Council's independent assessor, it was confirmed that the scheme was unviable and no Section 106 contributions should be required as part of the proposed development.
The applicant described this as a huge win as, without the viability assessment, this would have cost millions of pounds in unviable funds.
Viable Placemaking are a town planning consultancy with a specialism in development economics and viability. We are committed to provided all housing, including affordable housing, where it is viable and deliverable. However, unfortunately some Council policies, land constraints, and development costs (among other reasons) make development unviable and it is important to consider this as part of a planning application. We have extensive experience navigating viability within the town planning process and frequently support applicants and developers in navigating these issues within a wider submission.
For more information on how Viable Placemaking may be able to support your scheme, please don't hesitate to get in touch.
