Advising Case Officers on Scheme Viability

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.