Vickery Holman was instructed to prepare a Financial Viability Assessment (FVA) for a proposed mixed-use development in St Austell, assessing its ability to meet Cornwall Council’s planning policy requirements.
The proposed market-led development comprised 78 dwellings and approximately 700 sq m of commercial space. It was subject to a policy requirement for 25% affordable housing. The assessment needed to establish whether this level of provision was financially viable.
We prepared an FVA examining the proposed development’s values, costs and resulting viability. This provided the evidence to support subsequent negotiations with the Local Planning Authority over the level of affordable housing the scheme could deliver.
We demonstrated that the development could not viably support affordable housing provision and secured agreement for the 25% affordable housing requirement to be removed in full, helping to address the scheme’s viability constraints.
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