Southwark Financial Viability Assessment

Viable Placemaking are pleased to have supported with a planning application for the redevelopment of a large dwelling to create 3 flats in Southwark.

The planning application proposed the redevelopment of a large dwelling, which had been significantly extended over many years, but which was underutilised. The proposal was to have 3 flats at the property, which would make a more efficient use of the building and improve affordability.

Southwark Council have a strict affordable housing policy, which requires contributions towards affordable housing on schemes proposing even 1 new dwelling. As such, for some projects, this can cause viability constraints which would inhibit delivery. For more information on the Council's affordable housing policy, click the link to our dedicated Insight, here.

The applicant contacted Viable Placemaking to prepare a Financial Viability Assessment. The report reviewed the costs and values associated with the development, to provide an independent opinion on the development's viability.

The Assessment found that the development margins were tight and the development could not provide a policy compliant contribution towards affordable housing.

Viable Placemaking is committed to providing all types of housing, including open market and affordable housing, where it is viable and deliverable at a site, to meet the needs of the community. In this case, to allow the development to come forward, it was necessary to remove the affordable housing contribution.

For more information about our viability services, including viability assessments, please don't hesitate to get in touch.