Case Studies

1 Philbeach Gardens

Development Appraisal & Financial Modelling
Development Management
Public Sector Funding

LB Kensington & Chelsea EVA - Karrada

Outline

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:

Scenario 1

  • Retain as residential
  • Refurbish existing building to provide 17 studio & 1 one-bedroom serviced apartment

Scenario 2

  • Convert to an Hotel
  • Refurbish existing building to provide 19 double rooms & 1 single room

Services Provided

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.

Outcome

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
1 Philbeach Gardens