| 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 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, with 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