Balancing the books for retirement living at The Lawns
We were appointed to produce a Red Book valuation of a building on council-owned land that had 39 one-bedroom flats and several retail units.
With both the freeholder and the long leaseholder agreeing to the demolition of the existing residential site, Cluttons assessed the financial viability of a proposed development of 72 new private and affordable housing retirement units. This also led to the landowner agreeing to the redevelopment of the existing retail units.
By supporting our client, Anchor Hanover Housing Association, on the financial viability of the site we ensured that the scheme would be financially optimised. This allowed consensus to be reached on the balance of the proposed private vs affordable housing. Planning permission was then obtained for 32 private, 40 affordable and four retail units.
Once the Lawns development was near completion, Cluttons advised on a pricing strategy which resulted in the scheme selling out at asking prices.