Business Cases / Public Sector Funding

Property Market Analysis

Fareham Borough Council

Outline

AspinallVerdi were engaged by Fareham Borough Council to assess the viability of a planning application submitted for a site close to the M27. 

The proposal site was beyond the settlement boundary in an area of protected open space. The development included 12, 4-bedroom townhouses and supporting infrastructure.

AspinallVerdi undertook a detailed policy review and engaged with the Council’s case officers to establish the policy position in relation to the site. This knowledge was essential as the Benchmark Land Value adopted in viability appraisals for the purposes of planning must reflect relevant policy. 

Analysis of property data and consultation with local agents was then undertaken to help determine what sales values the proposed homes were likely to achieve and establish an appropriate land value. This information was then used to test the viability of the development. 

AspinallVerdi prepared a report for the Council, setting out the position in terms of viability. We also negotiated with the Applicant, in an effort to establish a reasonable outcome for the LPA.

Services Provided

AspinallVerdi provided the following services: 

• Property market research.
• Consultation with agents and occupiers.
• Development/viability appraisals.
• Preparation of a viability report.
• Negotiation with the Applicant.  

Outcome

This planning application has since been refused on grounds that it would lead to loss of open space without providing a better quality replacement, and would harm the character and function of the countryside.

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