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Viability Appraisal or Planning for Housing - Coursework Example

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Summary
The coursework under the title "Viability Appraisal or Planning for Housing" is an analysis appraisal of a housing project that would constitute 1, 2, 3 and 4-bed room apartments, located in the East London line, an area currently occupied by a warehouse…
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Viability Appraisal or Planning for Housing
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The report then presents the expected revenues from the housing project, the viability of the project, while the last section provides the conclusion, which summarises the main development viability appraisal. According to the findings of the report, implementing the proposal is a great idea. Because of the high demand for housing, and the accessibility of the location, implementing the project will generate high profits.

2.0 Description
2.1 The demand for accommodation in this place shows that space of schedule of 6,040 sq. m. (all net internal areas) of saleable space is required to accommodate … residential flats. and 1010 sq.m for affordable housing, In addition to that, 745 sq. m. (8,021 sq. ft.) of commercial and 5,219 sq. m. of ‘home- office’ have also been proposed. I understand that there will be 98 home-office, including 11commercial which will provide a total of 9 spaces for the offices, 1 for the garbage and 88 for the residential flats would be constructed.

3.0 Revenues
3.1 The first step in implementing this project is seeking permission to develop the project from the authorities. This will happen through an application, explaining the reason for the project, its benefit to the people, its environmental accessibility, and the expected revenues. Additionally, it will include the expected costs and the sources of the funds. After acquiring a permit, the s106 agreement will be ready for commencement. Comprising of 30-49 one-bedroom, 50-79 two-bedroom, and 80-119 three-bedroom flats, the project is likely to take 36 months to complete. The proposed one-bedroom flats will measure 30 square meters, while a two-bedroom will measure 56 square meters. A three-bedroom flat will measure 100 square meters and a 4 bedroom flat measure approximately 140 square meters. A similar project constructed in the same area currently sells at £6000.
After completion of the project, payment of the flats will be spread across six quarters, with the first payment expected at the end of Q6. Projected revenues for the sale of the flats indicate that for every quarter, at least eight units will sell, with only 2 units selling in the last quarter. This translates to 26 sales for the entire period. As the project targets both the low and medium-income earners, the pricing of at least 28 will target low-income earners. Subsequently, the design of these 28, in addition to having different finishing, will also have relatively simple finishing catering for the low costs of the units. Further, a reservation of ten of the units will cater for social renting, while nine another nine will target affordable renting pricing. The remaining nine units would take the form of intermediate (shared ownership) tenure. The basis of the sale of these is on registered providers at ratios of the market value of 80% and 60%respectively. The assumption is that among the tenures, three units will sale to a registered provider at the end of Quarter 2.4.5.
residential. 
 
3.1 Site preparation: Preliminaries, demolition, utilities, engineering works, and other site preparation costs are estimated at £1,000,000. This is expected to be completed by the end of the second quarter and spread equally over the first two quarters. According to Hackney-CIL-Viability,2013 assumption. Read More
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