Investin Plc, Fraser Range

Challenge

Vail Williams was appointed by Investin Plc, specialists in high end residential development, to carry out a Financial Viability Assessment for a residential development at Fraser Range, Portsmouth.

The complexities of the development, together with the findings of our financial model, saw us conclude that delivery of affordable housing here would not be viable. The local planning authority agreed, and planning permission was granted.

How we helped

• Undertook in-depth Financial Viability Assessment, working with Investin Plc on development viability throughout the planning application process.
• Undertook assessment of proposals to establish whether planning contributions could be delivered viably as part of the residential scheme.
• Produced a detailed financial model based on market research and potential sale values, balanced against the cost of delivering the development.
• Concluded that delivery of affordable housing was not viable.

Result

• Unique complexities, including a requirement for new sea defences amongst other things, made delivery of affordable housing unviable.
• The Local Planning Authority, Portsmouth City Council, endorsed this view.
• Planning approval was subsequently given for 134 new homes, including renovation of existing buildings of merit, new sea defences, a coastal walkway and landscape masterplan.