Service: Asset Valuation & Advisory | Sector: Residential
We were instructed by Lodha Group to provide financial viability advice in support of a planning application to redevelop Macdonald House, formerly the Canadian Embassy in Grosvenor Square in the City of Westminster.
The scheme proposed the retention of the existing façade with demolition of the existing building and redevelopment to provide a seven-storey building with new basement levels and 43 residential units.
Our report tested whether it would be viable to deliver a policy compliant amount of on-site affordable housing at 1-3 Grosvenor Square, and if not, whether a lesser amount of affordable housing should be provided on-site or through the provision of an offsite or financial solution to meet part of the affordable housing requirements. Through detailed financial analysis of the proposed scheme in comparison to a number of alternative scenarios, Gerald Eve concluded that the scheme could not feasibly or practically deliver on-site affordable housing.
Our report was used to justify that an improved affordable housing solution could be provided via an off-site provision of 12 affordable rent units to be delivered at Dorset Close in Marylebone together with a financial contribution to affordable housing elsewhere in the City.