Clare Jones BSc MRICS Registered Valuer

Clare advised the London Borough of Hammersmith and Fulham on the financial viability of this landmark development. The element of the scheme within the Council’s boundary comprises c.2,000 new residential dwellings including 35% affordable housing, c.124,000 sqm of commercial floorspace, and c.700 bed purpose-built student accommodation.

The application was part detailed and part outline, allowing for some flexibility in regard to quantum, uses and tenures to be delivered in latter phases. As a result, Clare appraised a number of schemes relevant to scheme viability. The scheme was acknowledged by the Council to be compliant with the GLA Fast Track Route, and our efforts were therefore concentrated on challenging the benchmark land value and target profit assumptions put forward by the applicant team. Once this had been successfully achieved, Clare further advised the Council regarding the drafting of the s106 Agreement.

Clare advised the London Borough of Hounslow on this enabling development of 300 new residential homes and the refurbishment and conversion of the historic, Grade II listed Hanworth Park House. Hanworth Park House had fallen into disrepair, requiring substantial restoration works. The application sought to deliver new residential development to enable the restoration of the property, bringing it into community use to be let predominantly to the Council at a nil rent into perpetuity.

We provided advice to the Council over a number of years as the application evolved. Clare ensured crucially that the approach taken to assessing viability continued to follow that set out in guidance by Historic England, which requires a different methodology to the more conventional approach to viability assessments. She assessed the heritage deficit and funding generated from the residential led enabling development to ensure that the heritage deficit was not only met but that, on balance, the enabling development was of the appropriate size required to cover the deficit.

This is a major mixed-use application, and following BPS’ involvement at application stage, Clare advised the Council on the viability aspects of a s73 application, which sought to remove the affordable housing contribution from the scheme. Clare presented flaws in the methodology adopted by the applicant team, chiefly relating to the appropriate appraisal date.

Following refusal of consent, Clare continued to provide support to Andrew, who advised the Council at the subsequent appeal. The council were supportive of our approach, which could close part of the current s73 ‘loophole’ currently being used by some developers to offset scheme risk post consent.

We await the result of this appeal with interest, as it may have nationwide impact upon the viability of schemes under construction, and a potential knock-on impact on developer target profit rates accepted in viability assessments.

BPS have provided advice regarding several different iterations of a scheme on this site, which includes an ‘enabling’ aspect to provide funding towards a new (or refurbished) football stadium. Proposals include c.1,000 residential units and c.10,000 sq ft commercial floorspace.

Clare advised the council on the latest two versions of the scheme, identifying both appraisal inputs and methodological approaches in dispute. Clare continues to provide the Council with advice regarding the s106 agreement.