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Home » Case Studies » Advising Case Officers on Scheme Viability

Advising Case Officers on Scheme Viability

Hackney Free School, E8


Client

Property

Site of a former fire station in Haggerston. Purchased by the Education Funding Agency for £16m

Project Summary

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.

Gary Powis

020 7614 0905
gary.powis@strettons.co.uk

James Carney

020 7614 0908
james.carney@strettons.co.uk