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Lodha Group

Service: Asset Valuation & Advisory | Sector: Residential

The Challenge

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 fa├žade with demolition of the existing building and redevelopment to provide a seven-storey building with new basement levels and 43 residential units.

 

The Solution

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.

 

The Result

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.

Related Services & Sector

Key contact

Alexander Vaughan-Jones

Partner