Site of a former Mecca Bingo in Hoxton
Strettons Development Viability team were instructed to advise case officers on a residential development of 83 units of a former Mecca Bingo in Hoxton, E2.
The main areas of dispute included a viability report that had concluded it was unviable to provide more than 3 DMS (Discount Market Sale) units and £1.25m offsite contribution. The site value based off AUV of hypothetical office scheme for the site which appeared overvalued.
Strettons advised for a reduction in the site's benchmark land value of approximately £4m.
The result of this advice secured 17 on-site affordable units, including five extra-large social rented townhouses.
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