Affordable Housing (S106) – Valuation

Overview

Trewhiddle Farm, St Austell, Cornwall

Vickery Holman were instructed by a Housing Association to carry out a valuation of 115 residential units forming the S106 (affordable) housing component of a larger residential scheme.

Situation

The valuation was required to support the proposed portfolio acquisition comprising a mix of rented and shared ownership affordable housing.

Solution

Undertaking a Red Book valuation which included providing the following advice:

  • The Market Value for each unit
  • The Market Value as of January 1999 for each unit (for Social Rent setting purposes)
  • The Market Rent for each unit
  • The Market Value of the land (for Golden Brick purposes)
  • Confirmation that the agreed purchase price is good value for money

We were instructed to provide our valuations on the special assumption that the properties had been satisfactorily completed in accordance with the approved plans.

Outcome

We were able to provide the valuation which supported the agreed purchase price enabling the Housing Association to proceed with the acquisition.

Key Contact

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