Financial Viability Assessments (FVA’s) are central in the development process being the tool that judges the financial ability of a proposed development to fulfil Local Plan policies including provision of affordable Housing and other community services.
The assessment is carried out in the form of an independent appraisal and recommendations report to the Local Planning Authority (LPA) and is used to inform negotiations with the LPA. The appraisal takes into consideration the specifics of each site and Plan policy requirements to determine a balance between development profit and community infrastructure that facilitates development.
Vickery Holman have a long history and strong track record of finding the balance and creating viable deliverable developments. We have experience of dealing with sites ranging from small rural exception schemes to larger volume housing sites and have agreed dozens of s106 terms with different LPA’s across the region. The support provided by our Agency and Building Surveyors on values and costs, and our practical development experience provide all the necessary knowledge to deliver a high quality and reliable service. For more information on s106, please click here.
Our experience and integrity are widely acknowledged and consequently we frequently provide independent expert third party reviews on FVA’s prepared by others.
Seeking professional advice from a local expert early on in the process is important not only in ensuring a scheme is viable but will help avoid delays and untenable planning agreements that threaten the deliverability and success of projects.
Please get in touch for a free consultation.
“As chartered town planners we use Vickey Holman’s development consultancy to assist us with our some of our planning projects. Vickey Holman have supported us with a number of viability appraisals for development schemes and have an excellent understanding of the local market. They provide quick, clear, sound advice and are a pleasure to deal with.”
Bell Cornwell
Financial Viability Assessment
Cranbrook Local Plan
On the instructions of East Devon District Council, Greg Oldrieve, prepared an Expert Witness report as a critique of Financial Viability Appraisals submitted to the Secretary of States Inspector as part of her Examination of the Local Plan covering the expansion of the Cranbrook settlement.
The expansion is intended to include c. 4,000 new dwellings, community facilities, employment space and amenity land.
Following the submission and the Inspectors examination the Plan was endorsed and approved.
James Brown, Cranbrook New Community Officer, said ‘I really appreciate Greg’s support in the Plan making process and for the report provided – thank you’.
Financial Viability Assessment
St Giles on the Heath
Vickery Holman has recently undertaken a Financial Viability Assessment to support a proposed planning application to develop an edge of settlement site in St Giles on the Heath in West Devon.
Following extensive negotiations with the District Valuer who were acting on behalf of the Local Planning Authority, we agreed a 50% affordable housing provision (down from 100%), enabling the development to come forward and deliver much needed affordable housing for the local community.
The s106 terms have now been agreed and the planning application approved.
Financial Viability Assessment
Goonhavern
Vickery Holman has recently undertaken a Financial Viability Assessment to support a proposed planning application to develop 12 park homes in Goonhavern in Cornwall.
Following extensive negotiations with the Local Planning Authority, we agreed a £75,000 contribution towards off-site affordable housing, reduced from £367,000, thus enabling the development to come forward.
The s106 terms have now been agreed and the planning application approved.
Financial Viability Assessment
Bradworthy
Vickery Holman has recently undertaken a Financial Viability Assessment to support an application for a Deed of Variation to a s106 attached to a planning consent for 10 dwellings in Bradworthy in West Devon.
Following extensive negotiations with the District Valuer who were acting on behalf of the Local Planning Authority, we agreed a £250,000 contribution towards off-site affordable housing, reduced from £350,000, thus enabling the development to come forward.
The Deed of Variation has now been approved.
Any questions? Call us
Our experienced team is ready to assist with unparalleled regional advice
TRURO
Tel: 01872 245600
PLYMOUTH
Tel: 01752 261811
EXETER
Tel: 01392 203010
BRISTOL
Tel: 0117 428 6555
The Team for Financial Viability Assessments
Case studies for Financial Viability Assessments
When Does Section 106 Apply? Development usually comes at a cost to the wider community within which it sits. This can be at a greater demand and therefore cost for public services or damaging impact on the greater community good. Planning approvals always come with conditions controlling the development itself and where appropriate legal (s106) […]
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What Is The Purpose Of Conducting A Feasibility Study? If you are a land or property owner, whether that be residential, commercial or agricultural and think your land or property has development potential then a feasibility study can be undertaken at the earliest stage of the project to outline the land/properties development potential. What Is […]
Valuation advice provided on exclusive single new build project with build cost of £1.1 million and estimated GDV of £1.8 million. Acting on behalf of Aspire Commercial Finance in connection with a financing arrangement for a four storey, 4 bedroom, 523 sq m luxury dwelling with swimming pool, gym and integral double garage. The development […]
