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Forth Banks PRS scheme

Client Panacea Property Development
Turley office Manchester
Status Planning permission granted
LPA Newcastle City Council

Unlocking the potential of PRS at Forth Banks, Newcastle-upon-Tyne

Our role

  • Working as part of a multi-disciplinary consultancy team, undertaking a critical role in securing planning consent through the provision of development consultancy and market assessment advice.
  • Leading the preparation of a detailed financial viability assessment to ensure the deliverability of the proposed scheme and the security of the emerging deal with the institutional fund.
  • Clearly demonstrating the financial case for a reduced package of Section 106 planning obligations and leading subsequent negotiations with the council’s property services department.

Results

  • 280 residential apartments in three blocks, built specifically for the private rental market.
  • 279 sq m of flexible retail space, providing an active frontage.
  • A deliverable scheme for the fund, whilst providing a competitive return to Panacea as both developer and landowner in accordance with the National Planning Policy Framework.
  • Subsequent preparation of Section 106 Heads of Terms, including agreement of an overage mechanism, enabling the council to recoup a share of any uplift in capital transaction, up to the maximum planning obligations, upon sale of the completed scheme to the fund.

Image courtesy of Leach Rhodes Walker

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