Circle Housing Group
52 Affordable Tenure Flats
Strettons provided RICS Red Book valuation advice ahead of a proposed acquisition under a ‘package price’ agreement for the delivery of the Section 106 affordable tenure housing, in the form 52 flats (27 shared ownership & 25 affordable rent tenures) within the completed development.
We were instructed to carry out development valuations for the scheme to provide outturn values and rents for the residential units and then carry out a detailed valuation including appraising the EUV-SH of the developed affordable tenure housing.
Our detailed research and expert analysis of the agreement assisted in the successful purchase of the flats that were still to be built. We continue to provide valuation advice through the development programme.
The 52 affordable tenure flats formed part of the larger Phase 2 of the major regeneration scheme by Lovells within Ponders End.
The proposed scheme involved mainly the demolition of the old University Campus, and the development of a range of buildings from 3 to 7 storeys to create a scheme of 167 new residential units in a mix of 115 private tenure units. Also it included 52 affordable tenure units in this phase. In addition, there is to be 498 sq m of library space, 570 sq m of commercial space, 271 sq m nursery space and additional on-site parking for cycles and cars.
The acquisition of the affordable tenure housing represented a good opportunity to obtain a large number units in a location that would benefit from the regeneration and most likely rising values over the development period.
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