Service: Viability in Planning
Sector: Residential
Client: Trafford Metropolitan Borough Council
Size: 526 Residential Dwellings
Trafford Council instructed Continuum to undertake an Independent Assessment of the Financial Viability Appraisal (FVA) submitted in support of the major residential planning application at Pomona Island. The independent assessment provided advice on the planning obligations the proposal was viably able to support.
The planning application proposed the erection of a mix of 526 studio, 1, 2 and 3 bedroom apartments and associated works.
The applicant’s initial offer of planning obligations equated to a £192,000 contribution towards affordable housing and S106 costs. The reduced contribution was argued on the grounds of financial viability.
Services Provided
Continuum undertook an independent viability assessment of the submitted FVA which included the reviewing of costs, values (both land and houses), applicants methodology, and planning policy (local and national) as well as a detailed analysis of the local and regional market.
Outputs
A detailed report was written which was followed by discussions with both Trafford Council and the applicant. A conclusion was then reached, working closely with the case officer on how to proceed with regards to a recommendation. Continuum recommended that the scheme should be capable of funding a greater contribution towards planning obligations.
The application agreed to provide a commuted sum of £1,353,906 in lieu of the provision of on-site affordable housing. This was equivalent to 24 shared equity units.
As a direct result of Continuum’s involvement in the application at Pomona Island Trafford Council achieved an additional £1,161,906 to be invested in the public interest.