Client: Morgan Advanced Ceramics
Morgan Advanced Ceramics is an engineering and manufacturing company based in Worcestershire. Following a review of its assets, seven acres of land was identified as surplus to its requirements, which if sold for residential development would allow the company to secure its future by re-investing in the business.
Alongside our agency team in Birmingham, our planning and development team were appointed to advise on obtaining planning permission before selling the site. We were to advise on the optimal development mix which could meet local planning requirements, integrate an appropriate affordable housing element and generate the necessary capital receipt for our client.
The solution
The grant of planning permission was initially dependent upon providing an affordable contribution in excess of the Council’s usual requirements, because the loss of employment land was contrary to local planning policy.
Having demonstrated the financial viability of the project to the Council, planning permission was granted for a scheme with an affordable contribution of 30% in accordance with policy.
In response to a softening in the residential land market, our team sucessfully renegotiated the tenure mix within the affordable housing element of the scheme, shifting the emphasis from rented accommodation to shared ownership accommodation, which was significantly higher in value. We subsequently also managed to alter the unit mix to further enhance the disposal receipts.
The results
By altering the tenure and unit mix within the affordable housing element of the scheme, our advice generated an additional £1m in income for Morgan Advanced Ceramics.
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