1 Philbeach Gardens
Development Appraisal & Financial Modelling
Site Specific S106/Affordable Housing Economic Viability Appraisals
AspinallVerdi advised Karrada on an Economic Viability Assessment as part of a change of use application for a site at 1 Philbeach Gardens, LB Kensington & Chelsea. There were two scenarios proposed by the developer:
- Retain as residential
- Refurbish existing building to provide 17 studio & 1 one-bedroom serviced apartment
- Convert to an Hotel
- Refurbish existing building to provide 19 double rooms & 1 single room
AspinallVerdi provided the following services:
- Completed in depth market assessment from online sources and local agents.
- Worked with client team to establish a reasonable ongoing management costs for both scenarios.
- Established robust assumptions to be applied in the development appraisals including, build costs and land value.
- Used Argus Developer to run a number of appraisals to understand the best viable use for the refurbishment of the building. Advised the client on the most viable scenario.
- Advised the client on the most viable scenario.
Our study provided the developer with evidence to support a change of use application. Our report was used as evidence that a hotel was the most viable scenario for the site.
1801 Philbeach Gardens Eva Change Of Use Karrada