Development Consultancy / Residential

Development land valuation for a new proposed residential scheme

Client:

Optivo

Property:

New proposed scheme providing 44 residential units in a mix of tenures made up of 32 private and 12 affordable tenure units (5 x shared ownership & 7 x London Affordable Rent)

Address:

8-10 Grovelands Road, Purley, London CR8

The property, within the London Borough of Croydon, had a planning application submitted for the demolition of 2 existing houses and the construction of three blocks ranging from 4-5 storeys containing 44 flats (32 x private & 12 x affordable tenures) with undercroft parking.

We were instructed to carry out development valuations for the scheme to provide outturn values and rents for the residential units, plus appraise the value of the undeveloped site.

Our team provided the initial RICS Red Book valuation report on the Gross Development Value and appraised the value of the undeveloped site in relation to the purchase of the site.

The advice focused on the proposed completed development by appraising the various residential values along with a detailed appraisal to determine the undeveloped site value.