Vickery Holman was instructed to prepare a Financial Viability Assessment (FVA) for a proposed residential development in Newquay, assessing its ability to meet Cornwall Council’s planning policy requirements.
The proposed market-led development comprised 46 dwellings and was subject to a policy requirement for 35% affordable housing, with a tenure split of 60% rented and 40% shared ownership. The assessment needed to establish whether this level and mix of provision were financially viable.
The proposed market-led development comprised 46 dwellings and was subject to a policy requirement for 35% affordable housing, with a tenure split of 60% rented and 40% shared ownership. The assessment needed to establish whether this level and mix of provision were financially viable.
We demonstrated that the development could not viably support the required tenure split and secured agreement to convert all rented affordable homes to shared ownership. This retained the overall 35% affordable housing provision while helping to address the scheme’s viability constraints.
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