168 Affordable Tenure Flats
Strettons provided RICS Red Book valuation advice ahead of a proposed acquisition under a ‘package price’ agreement. This was under the delivery of the Section 106 affordable tenure housing, in the form 168 flats (94 shared ownership tenure & 74 affordable rent tenure) within the completed development.
We were instructed to carry out development valuations for the scheme to provide out-turn values and rents for the residential units. Then we provided a detailed valuation including appraising the EUV-SH of the affordable housing of the developed and undeveloped flats.
Our detailed research and expert analysis of the agreement assisted in the successful purchase of the flats. We continue to provide valuation advice.
The 168 affordable tenure flats formed part of a larger residential-led development of 440 residential units in a mix of private and affordable tenure housing. Approximately 3,250 sq m of retail food store to be occupied by Sainsbury and 450 sq m of other retail floor space.
Berkeley Homes are marketing the private tenure flats as ‘Smithfield Square’.
The acquisition of the affordable tenure housing represented a good opportunity to obtain a large number units in a location. This would benefit from the usual ‘Berkeley Homes’ touch of producing new level of values on a then fridge location.
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