Site of a former fire station in Haggerston. Purchased by the Education Funding Agency for £16m
Strettons' Development Consultancy team advised on scheme viability for a site of a former fire station in Haggerston. Purchased by the Education Funding Agency for £16m.
The proposed development included a 350 pupil school and 68 residential unit development.
The applicant claimed it was unviable to make any form of contribution for affordable housing, based off the site purchase price of £16m and the proposed profit margin.
Strettons' argued for and agreed on a site value of £5m, based off a 'EUV plus' approach and advised for a lower profit margin.
This advice saw an agreed final position of £1.5m off-site contribution for affordable housing elsewhere in Hackney.
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