High Street, Tonbridge, Kent
Alder King was initially instructed by McCarthy Stone, the UK’s leading developer and manager of retirement communities, to provide a Financial Viability Report (FVA) to accompany a new planning application for the development of a new retirement living scheme in the centre of Tonbridge in Kent.
The Financial Viability Report was provided to the client for submission that confirmed that the site was unable to meet all planning obligations. The report followed PPG and RICS Guidance and was scrutinised independently by the LPA.
Following a refusal of planning permission, the client appealed the refusal and a Public Inquiry determined the application.
Alder King provided the initial viability assessment and subsequently provided expert evidence at the Public Inquiry. The Appeal was allowed and planning permission granted for the development of a 100% private retirement scheme proving 36 apartments.
Alder King provided very reliable and clear viability advice, as it has for a great many of our schemes, this case however standing out with the complexity of issues and the expectations of the contract as well as the Local Authority concerned. As ever, James and his team were on hand to provide the advice needed in a way which was understandable to all concerned.
Alex Child, McCarthy Stone