Development Consultancy / Residential

Development land valuation advice for 105 mixed affordable tenure flats

Client:

Network Homes

Property:

Previously purchased site with planning permission for a scheme proposing for the clearance of the existing industrial warehouse buildings and the construction of 3 blocks comprising 105 mixed affordable tenure flats in a mix of 1,2- and 3-bedroom types

Address:

4 Bilton Road, Perivale, Middlesex UB6

We provided RICS Red Book valuation advice ahead of a proposed acquisition of the site that the client intended to redevelop.

At the time of the original valuation, the property was arranged as a circa 1930’s warehouse building of about 50,000 sq ft. We advised on the existing use value and appraised various development options to provide 100 residential units in a mix of private and affordable tenures.

We were instructed to carry out valuations of the property in its existing use and consider development valuations to provide values and rents for both the private and affordable residential units. We provided the initial valuation reports on the undeveloped site and the Gross Development Value of various schemes and also appraised the value of the undeveloped site in relation to the purchase of the site.

Network Homes purchased the site and later secured planning permission for a scheme proposing for the clearance of the existing industrial warehouse buildings, and the construction of three blocks (Blocks A, B and C) comprising 105 mixed affordable tenure flats in a mix of 1, 2 and 3 bedroom types.

We continue to advise on the scheme, including the Market Values (100% equity share) of 42 shared ownership flats within the completed scheme.