Various Planning Applications - London Borough of Bromley
Urban Delivery has been appointed by LB Bromley to undertake a number of financial viability assessments for planning applications to assist the Council in ensuring it is receiving a maximum number of affordable homes from developers.
One project in particular relates to a former NHS Campus which had become surplus to requirements and was to be sold for redevelopment. The proposal was to develop c.100 new homes including the conversion of a Grade II Listed building into flats.
Urban Delivery undertook a review of the proposed development including a review of local house prices and anticipated demand for new homes in the area. In recent years there has been very limited new development in the area and it was anticipated that demand for new family homes would be strong. Matters were made more complicated by the introduction of the Vacant Building Credit (VBC) which allows developers to off-set existing floor space against future residential development and the overall number of affordable homes that would therefore be required.
Taking into account potential sales values, build costs and the implications of the VBC it was possible to prove that the proposed development was able to support a policy compliant proportion of affordable homes.