Instructed by the purchaser of a former retail unit and upper maisonette in East Molesey, we provided an economic viability assessment to assist in negotiations with Elmbridge Borough Council and their required affordable housing contribution under Policy CS21 of the Core Strategy, adopted in July 2011.
The developer was proposing to convert the existing dwelling into 4 flats, comprising three two-bed flats and 1 studio. In accordance with policy, such a development was to provide a financial contribution equivalent to the cost of 20% of the gross number of dwellings, which rendered the development unviable.
Using Argus Developer and our tried and tested Economic Viability Assessment report template, we presented a robust case to justify the removal of the financial contribution.
Elmbridge Borough Council has confirmed that the development would be unviable with any financial contribution and has removed this obligation from the project.