1
Q
What is a development appraisal?
A
Assesses financial viability of a proposed scheme.
2
Q
What is a development property defined as?
A
Interest where redevelopment is required to achieve the highest and best use
3
Q
Is a development appraisal based on client or market inputs?
A
CLIENT led inputs/assumptions
RLV - market facing assumptions
4
Q
When does a development appraisal measure the viability of a proposed development?
A
One moment in time (date of appraisal)
5
Q
What is an example of a development appraisal?
A
Understand what the projected profit of a development scheme is
6
Q
What is the methodology for a development appraisal?
A
- Calculate GDV
- and usually deduct PC’s - NDV
*Deduct the land price - Deduct TDC
- Deduct finance
=profit on cost
7
Q
What is a GDV?
A
Market value of completed development scheme at date of appraisal
8
Q
How do you calculate GDV?
A
MR / ARY (all risk yield)
9
Q
What yield is used in appraisal?
A
ARY
10
Q
What is used to establish MR/yield/incentives/void?
A
Comparables
11
Q
Why is sensitivity analysis important?
A
- Risk analysis
- Changing inputs impacts value
- model different scenarions
12
Q
What are included within Total Development costs for development appraisals?
A
Site cost
Planning
Construction costs
professional fees
marketing and agent fees
finance
purchasers cost
13
Q
What is included in professional fees?
A
10-15% + VAT total construction cost
Architect (c.4%)
RoL Surveyors
Specialist reports
M& E consiltant
PM (c.2%)
Engineers
14
Q
What does marketing costs involve?
A
- Brochure
- EPC
- Design agency
15
Q
A
16
Q
What makes up purchaser’s costs?
A
6.8%
5% SDLT
1% Agent + VAT
0.5% Legal + VAT
17
Q
What is the RICS document for Development appraisals?
A
RICS Professional Standard: Valuation of Development Property
18
Q
What are the key principles of the valuation of development property 2019?
A
- Basis of Value
- Residual method
- assumptions and special assumptions
- Use of comparables
- Planning Consideration
- Finance assumptions.
- Profit & Risk
- Sensitivity Testing
- Market Conditions: Re
- Residual Method
- Sensitivity analysis
- profit
- development costs
19
Q
What is the RICS Professional Standard Valuation of Development property supplement to?
A
IVS 410 ‘Development property’
20
Q
In the case of valuation of development property any assumptioons or special assumptions should be set out where?
A
Valuation report
21
Q
What cost is there for Highway works?
A
S.278
Developer/Investor pays for them to sort the highway impacted
22
Q
Within total development costs break them down for me?
A
- Site preparation - demo (£6-7psf industrial) / remeidal - contractor cost plan
- Planning costs- S.106/CIL, planning consultant/application, specialist report
- Build costs (source - client info /Cost consultant/BCIS guidance)
- Professional fees (10-15% construction cost + VAT - Architect largest portion)
- Contingency - 5-10% construction
- marketing cost - use quotes /evidence
- Agent fee - (sales c.1% GDV / Letting fee 10% initial annual rent)
- Letting fee c. 0.5% GDV
- Developer profit 15-20%
- Finance
- Profit
23
Q
If you could not cross-check with internal specialists on the build costs - how would you check construction costs?
A
BCIS guidance
Caveat - don’t advise what they are but can check using BCIS
24
Q
Where would you find build costs?
A
- Client
- Cost consultant
- QS/BS/PM estimates or cost plan
- BCIS guidance
- Builder price book
25
What measurement are build costs measured in?
GIA
26
What are typical build costs for offices?
£200 - £450 psf London
27
How long does a planning consent last for?
Generally three years from the date it is granted.
Must start the development within 3 years to keep the permission valid.
28
What Act governs S.106?
Town and Country Planning Act 1990
29
What is S.106?
Legally binding part of the planning obligation - which is a contribution to local authority e.g. affordable housing/infrastructure etc
Negotiation
Site by site basis
30
What is CIL?
Community infrastructure Levy charged from Local authority and Mayoral Borough
CIL - based on sqm of additiional floorspace (GIA)
31
What can you tell me about new government guidance in London regarding planning?
CIL reductions Oct-25
Affordable housing provisions reduced from 35% to 20% subject to certain clauses
32
What is the differene between CIL and S106?
CIL - rate charged for additional floor area. The rate is based on whole area.
S.106 - site specific charge, negotiated, case-by-case basis
33
What is the difference between MCIL & CIL?
CIL - Natioanl levy - based on Local Planning Authority to fund infrastructure
MCIL- London specific levy - fund strategic citywide projects
34
What is the timeframe to pay CIL?
Typically 2 installments
1 - 60 days after starting on-site
2- 240 days from completion
35
What is the difference between Brownfield Site and Greenfield site?
Brownfield site - land which has been previously developed
Greenfield site - never been developed
36
When thinking about development costs in relation to brownfield and greenfield what are the differences?
Brownfield - remedial works/demolition
Greenfield - more environmental studies/surveys & Animal welfare
37
When you input finance into development appraisals where do your assumptions comes from for the rate applied?
* Rate developer can borrow (from client)
* Current SONIA rate + premium (SONIA based on interest rate bank pays to borrow sterling over night)
* BoE base Rate + premium (3.75% + premium) 3-4% dev finance
38
How would you establish finance costs based on SONIA and BoE base rates?
* BoE base rate or SONIA - represnts changes over the development.
* Plus the margin on top of BoE/SONIA - usually c.2% stabilised and 3/4% for development can vary
* Base rate 3.75% so stabilised 5.75%
* Dev - 6.75% - 7.75% for
39
How is finance calculated in a development appraisal?
Calculated on a rolled up basis and compounded over time through development.
Starts low and builds up
40
# Purchase, Construction, Holding
What are the three typical stages of finance rates through a development?
* Site purchase (inc PCs) - compound interest on straight line over length of development period
* Total Construction costs - S Curve to reflect when monies drawn down, typically small upfront and more incurred when project halfway through. Certain projects require cost consultant professional. (Assumption taking half the costs over the lenght of the build programme)
* Holding costs - compound interet on straight line from PC until disposal time (cover rates/SC shortall)
41
What are typical assumptions made in development around finance?
100% debt finance
Finance on land - straight line compounded over development period (rolled up)
Finance post PC- straight line until disposal - compounded over development (rolled up)
Construction - s Curve
Notional finance rate c.6-8%
42
Why is the standard assumption 100% debt finance?
Assumption is made of 100 per cent financing.
Finance is rolled up through development and deducted from development proceeds at end of the development. This allows profit on costs to be identified at the end of the development.
Represents the return as a cost of capital and the return on equity
43
What is the principles of the S curve?
S shaped curve - over development projects - reflect when monies tend to be drawn down
(assumption - halve the interest that would be borrowed for all of the construction cost)
44
In the current market what are typical finance costs you would assume in an appraisal and how has this changed from 12 months ago?
100% financing
Notional rate today 6-8%
Rates have stabilised over last 12 months despite some base-rate cuts.
If base rates continue to come in- then could look if there was evidence to bring finance rates in.
45
What is the difference between debt finance and equity finance and give me examples of both?
* Debt finance lending (bank/lending instution) -
* Equity finance (own money used / selling shares / JV)
46
What is a typical lending term for development?
60% LTV
47
In challenged markets lenders may adopt what in stead of LTV?
LTC
48
What is the difference between senior debt and mezzanine financing?
Senior debt - 1st level of borrowing and has precedence over secondary/mezz
Mezzanine funding - additional funding over LTV
49
What is a SWAP?
Weighted average of SONIA over 5 years or longer
Market interest rate for fixed term loans
50
Apart from debt and equity what other funding mechanisms are there?
JV - two or more parties join to develop
Forward sales - completed scheme is pre-sold to investor/occupier
51
What is an overage (claw back) clause?
Agreement between vendor/ landlord/developer and borrower where extra profit is shared in pre-agreed formula when the property is sold
Usually 50.50 or pro-rated based on proportions of value
52
Is VAT Payable on all professional fees?
Yes
53
What is the generally expected level of developer profit?
Usually 15-20% of total construction cost or GDV
(GDV more used in residential)
54
If the risk is lower what would this mean to the expected returns? and give me examples through a development life cycle when lower returns would be required?
Lower required returns
20% - Start no planning
15% - Planning
12.5% Signed building contract - tier 1 Contractor and started on site
10% Nearly at PC
55
What can de-risk development?
* Planning
* Pre-lets/forward sales
* Locked in costs
* Tier 1 contractor
56
In the current development market what are the required developer returns?
Increased returns as riskier market conditions
57
What is the profit on costs?
Measure of the expected level of profit of development appraisal as a percentage of total cost incurred
58
How do you calculate profit on cost?
Amount of money left after deducting all costs from the GDV as percentage of total cost
59
What is anoher way to measue profit not profit on cost?
Profit on GDV
60
What is a more accurae measure of profit on cost/GDV?
Profit on Cost - more accurate
Profit on GDV - less accurate as costs can be more certain than GDV which is proposed development - where as costs can be from client and procured from cost consultant
61
What is profit a cost a measure of?
Viability and the returns of an investment relative to expenses
62
What can lead to a reduction in the required profit?
Planning approval
Pre-let
63
How do you determine site value?
Deduct TDC fromGDV = site value
cross-check site value with comparables
64
What is profit erosion?
The time it would take for development profit to be eroded by holding costs following PC until profit completely drawn down
65
What is an interest cover ratio and what does it measure?
An interest coverage ratio (ICR) is a financial metric used by lenders to ensure a project’s projected income (rental or sales) can comfortably cover interest payments on debt.
It measures a developer's ability to repay loans.
66
What is Parri Passau principle?
Pari-Passu means two or more parties treated as the same regarding a financial claim. A common example of pari-passu occurs during lending . In these cases, all creditors are treated equally, and the court orders that they be repaid in equal fractional amounts.
67
What are the types of sensitivity analysis?
Simple sensitivity - key variables (build cost/rent/yield)
Scenario analysis - changes scenarios for development (timing/cost/phasing)
Monte Carlo simulation - probability thoery using softwares e.g. Crystal Ball
68
What are the concerns of Development Appraisal?
* importance of accurate information/inputs
* sensitive to small change
* at one moment in time
* Rising borrowing costs and level of inflation
69
What are the planning use classes for commerical, reis, hotel, industrial?
* Class E - Commercial/Business
* Class C - Resi
* Class C1- Hotel
* Class B - Industrial
70
What is required for a permitted development consent?
Not planning application
Prior approval required - to confirm PD meets criteria
71
What is class AB Permitted development rights?
Class AB allow for upto two new storeys of flats on top of exisitng commercial buildings
72
If a property is within what article is it's PD rights restricted?
Article 4
73
What is a listed building?
National Architechtural interest
74
What are the grades of listed buildings in order of architectural interest?
Grade 1
Grade 2*
Grade 2 -
75
What is required for listed buildings to redevelop them?
Listed building consent
76
Can you de-list a listed building?
Yes - if no longer meets statuatory criteria
77
What is a locally listed building and do they require a listed building consent?
Locally listed building - has local architectural, historical importance.
Do not have same statuatory protection as listed building and dont require listed consent.
78
Can a building be of local heritage merit and not locally listed?
YES
79
What is a conservation area?
Area of special architectural / historic interest
80
What is an example of a conservation area in your examples?
South Shoreditch Conservation Area
Clerkenwell Green Conservation Area
81
Can you redevelop in conservation areas?
Yes - but should be in keeping with local area
82
Level 1:
High level what have you learnt from the RICS Professional Standard Valuation of Development Property 2019?
*What a residual valuation is and the inputs which go into one
* Basis of value
* Difference between residual and development appraisal
* Importance of sensitvity analysis
*Must report special assumptions and assumptions in the valaution report
* Best practie avoids reliance on a single valuation approach and should use multiple to cross-check
83
What is marriage value?
Two buildings are worth more than the value of them seperately
84
How do you model finance costs in Argus?
Argus Developer Structured finance enables you to reflect timings/LTV
85
Level 1:
How do you carry out appraisals using Argus Developer - high level?
* Calculate GDV - capitlise MR by cap rate and use comparables
* Less PC- NDV
* Take away land value
* Take away TDC - follow time plans from construction plans
* Assess profitability based on client returns requirements
* Show sensitivity
86
Level 1:
On Argus Developer how do you reflect timings and finance?
* Follow construction cost plan
* S curve for construction costs
* Finance Costs - assumption 100% financed and use a notional finance rate or input specific rate developer can borrow at with specifc terms and timings
87
Level 1:
What are the positives / cons of Argus?
Pros:
* Accounts for timeframes and recognises the time value of money
* Can run phasing
* Checks data and can see if anything has not been inputted
* runs sensitivity analysis
Cons:
* Can't manipulate as fluidly as excel models
* cant see how inputs are calculated
88
Level 1:
Tell me some inputs of an appraisal relatin to construction and delivery as well as planning legislatons?
Construction:
* Demo
* remedial
* Clearance costs
* Build costs
Delivery costs:
* Professional fees
Planning legislations:
* CIL
* S.106
* Planning consultant/planning application
* specialist reports
89
Level 1:
What is the role of sensitivity analysis when advising clients regarding development appraisals?
* Risk assessment
* Informs the valuation/ client opinion of market value
* shows input which have most impact
* risk-adjusted returns
* measure volatility
*Supports informed-decision making
90
Level 1:
What is the difference between residual valaution and deve appraisal?
Residual - works out the market value of land based on market inputs
Dev appraisal - works out the financial viability of the scheme to determine profitability and using client provided inputs
91
Level 2: (Derring Street ,Mayfair)
Talk to me on this high-level?
* Development aquisition opportunity
* Not consented
* Architecht feasibility - with NIA/GIAs
* Comps for GDV (MR/cap rate)
* Cost consultant provided - estimate Build Costs
* Market assumptions for other costs
* Clients finance rate
* Quote price - as land value
* Porfitbaility assessed
* sensitivity reported
92
Level 2: (Derring Street, Mayfair)
How did you collate comparavle leasing and investment evidence?
Leasing:
* Agents
* Recent lettings
* hierarchy of evidence
* adjusted for propsoed development - to get MR
* Looked at lease terms/incentives/void rates
Investment:
- Comparable transactions
- agents
- hierarchy of evidence
- Adjusted for proposed development - to get capitalisation rate for propsed finished scheme as of today
93
Level 2: (Derring Street, Mayfair)
What is GDV?
Market value of completed development scheme at date of appraisal
94
Level 2: (Derring Street, Mayfair)
How did your cost consultancy team provide estimates and what would you have done if they did not?
* Gave them architecht scheme/ floor areas/plans
* Provided timescales/costs etc
If not proviced - Advised client to procure costs from cost consultants / BS etc
- i am comptetent to cross-check using BCIS - not to advise
95
Level 2: (Derring Street, Mayfair)
What are 'standard market assumptions' for contingency, professional fees, marketing, sales and letting fee?
* Contingency - 5-10% construction costs
* Professional fees - 10-15% cnstruction costs
* Marketing - evidence/previous quotes
* Sales - 1% GDV
* Letting - 10% Annual rent
* Legal 0.5% GDV
Consider size, complexity, of the development, context - then made market standard assumptons
96
Level 2: (Derring Street, Mayfair)
How did you apply the finance rate provided by the client?
* Client provided the rates of finance across the development life cycle and the LTV rate
* I modelled the terms in the cash flow - they provided
* inlcuding for land acqusition stage
* construction and developemtn stage
* holding stage
97
Level 2: (Derring Street, Mayfair)
If your client had not provided finance what would you have done?
Standard Assumption of 100% financing of costs/land
Finance rolled up through development
Notional finance rate of 6%
98
Level 2: (Derring Street, Mayfair)
Why did you adopt the quotes sales price as the land cost?
* If the land price is known (which we assumed was the quote price) it becomes cost to development
* Using hierarchy of evidence this was best evidence - open market tranaction in an arm's length between willing buyer/seller
* Market evidence- from subject - direct comparable
* In line with other comparables
99
Level 2: (Derring Street, Mayfair)
What was the resulting profit on cost and what was your client required returns?
PoC - 14%
Client Required 20%- as no existing consents and additonal risk
100
Level 2: (Derring Street, Mayfair)
Why did you run a sensitvity analysis and how did this impact your clients returns?
* Ran and up and downside sensitivity looking at costs, rent yield
* The appraisal required 25bps compression and £2.50 + on MR to get to returns
* Equally showed downside scnearios
* Provide well-informed advice
* Showed secnarios analysis
* Risk analysis and assessment
* Showed which were the most sensitive inputs
101
Level 2: (Derring Street, Mayfair)
Did they sensitivity impact your client?
No - being cautious as not recieved planning
Useful to show variance analysis
102
Level 2:
(Princres Gate, Knightsbridge Office)
High level talk to me about this?
* Dev appraisal for client who just purchased asset
* Full - refurb
* Architechts schme provided - NIA/GIA
* Comps (MR/Cap rate) - to get GDV
* Client recently purchased - use purchase price as land cost
* Client provided Construction costs /professional fees
* Market asusmptions for marketing, letting, sales fees
* Clients finance cost
* Profit on cost - with sensitivity
103
Level 2: (Princes Gate, Knightsbridge Office)
What costs were involved for the full refurbishment of the asset?
* Build costs
* Professional Fees
* Sales
* Marketing
* Legal
* Letting
* Planning costs - require external works
104
Level 2: (Princes Gate, Knightsbridge Office)
Did you also look for measurements on an IPMS basis?
Yes - advised client we should be reporting areas on a dual measurement basis
105
Level 2: (Princes Gate, Knightsbridge Office)
What yield did you use and why?
I used a capitalisation rate to reflect the propsoed development, location, amenity, quality of accomodation, aspect
used comparable evidence
Used an ARY
106
Level 2: (Princes Gate, Knightsbridge Office)
What land price did you use?
Purchased price
- best market facing evidence
- open market transaction / arm's length transaction between willing buyer and seller
107
Level 2: (Princes Gate, Knightsbridge Office)
How did you check the construction and professional fees providd by your client?
Professional fees - were in line with market facing assumptions 10-15%
Construction costs- checked with BCIS guidance
108
Level 2: (Princes Gate, Knightsbridge Office)
How did you input the finance rate provided by the client?
Modelled the terms in the cash flow
Different finance rates applied across different phases
Input their LTV - (value of land they purchased)
109
Level 2: (Princes Gate, Knightsbridge Office)
How do the inputs within the sensitivity analysis impact profit?
When market rent is higher and the capitalisation rate is sharper, GDV increases and profit on cost rises;
when construction costs increase or rents fall/ yields soften, GDV drops and profit on cost reduces.
110
Level 2: (Princes Gate, Knightsbridge Office)
Why did you show a sensitivity analysis to show variance changes?
* Sensitise my clients returns
* risk assessment
* Show which inputs were most sensitive
* What scenarios would it take for development to not meet clients required returns
* Inform thier opinion of development
111
Level 2: (Princes Gate, Knightsbridge Office)
What was the projected level of profit and did it meet client returns required?
Profit - 20.8%
Required - 20%
Demonstrated with build cost 5% higher and MR down £5 psf below retuns impacted heavily
Showed upside variance as well
112
Level 3 (Gate House, Landhold, Farringdon)
Talk to me high-level about this?
* Aqusition opportunity
* No existing consents
*Comps - GDV
* Internal cost consultancy team - gave build costs
* redevelopment scheme higher build costs/ CIL/ longer timeline
* Refurb schme more viable - as timeline shorter/smaller build costs/no CIL
* Quotes sale price - land cost
* Compared scenarios on PoC - with sensitivity
* Both scenarios unviable at my client required returns
113
Level 3: (Gate House, Landhold Farringdon)
As the property did not benefit from existing planning consents what did you have to inlcude in the appraisal related to this?
Planning costs:
Planning consultant
Planning application
CIL
S.106
114
Level 3: (Gate House, Landhold Farringdon)
How did you arrive at your opinion of GDV?
* Market comparables
* hierarchy of evidence
* schedule of evidence
* verified evidence
* analysed and adjusted based on subject
* Analysed evidence for voids, Incentive
MR capitalised by appropriate capitlisation rate - GDV
115
Level 3: (Gate House, Landhold Farringdon)
Why were the construction costs significantly less and project timeline shorter for the refurbishment scheme and how did this drive greater value?
Construction:
* Cost consultants pack - reduced costs
* less structural intervention
* Reduced Groundworks
* Lower Façade Costs
Programme
* Shorter Programme – Less construction time reduces labour time, and site overheads
Viability:
Lower cost shorter programme - cash flow bought forward and income recieved sooner and lower capital expenditure - so improves profitability
116
Level 3: (Gate House, Landhold Farringdon)
Why was the redevelopment scheme and not refubishment scheme liablle for CIL and how did you advise on this cost?
* Additonal floor spae and CIL charged on a rate per SQM (GIA)
Calculated:
* Planning portal on Islington Portal (LPA)
* CIL calculator 2025 multiplied the uplift in floor space by the CIL rate in SQM on GIA
* MCIL - multiplied the uplift in floor space by the CIL rate in SQM on GIA
* CROSS-CHECKED WITH PLANNING TEAM
117
Level 3: (Gate House, Landhold Farringdon)
What was your advice?
* Advised my client that refubishment dorve greatest value as costs were less/timeline shorter
* Advised that redevelopment scheme is liable for CIL
* Produced sensitivity analysis
* I advised that refurbishment was more viable but ultimately both scenarios were rendered unviable
118
Level 3: (Gate House, Landhold Farringdon)
How did you compare both scenarios on a profit on cost basis?
I set out the high-level appraisal of redevelopment and the refurbishment
Demonstrated both PoC levels and the different assumptions used in appraisal
119
Level 3: (Gate House, Landhold Farringdon)
What were the different profit on costs levels and how did the sensitvity impact them?
Refurbishment - 14%
Redevelopment - 12%
Difference was additional programme and build costs and the uplift in rent and yield sharpening was not enough to outweigh the costs
Sensitivty - showed - Refurbishment reached required level of returns with uplift in rent/sharperning of yield
120
Level 3: (Gate House, Landhold Farringdon)
What was your client required returns and why did it not fit the criteria?
Client required return for refubishment was 17.5% and redevelopment was 20%.
Required upwards sensitivity changes - for it be at required returns
121
Level 3: (Farringdon Road, Picton)
This has residential - so what fire safety considerations do you need to have?
* Building Safety Act 2021
* 18m
* Gateway stages approvals
122
Level 3: (Farringdon Road, Picton)
Talk me through high level this?
* Series of appraisals
* Office refurb/ office extension/refurb / resi extension
* Consent - for residential extension
* Existing consent - drove limited value as resi impacts yield/MR
* Commerical extnesiuon - drove best returns and planning team confirmed that given class E use designation commerical extension likley
* client pursued extension scheme
123
Level 3: (Farringdon Road, Picton)
Talk me through high level the three options (refurb/ extension and refurbishment and residential extention) and what they entailed?
Option 1: Refurbishment
* No additional massing. Grade A interior/upgrade MEP/ better amenity, communal upgrades, light touch facade treatment
Option 2: Extension and refurbishment
* As above one storey addition - more NIA and rooftop terrace shared
Option 3: Resi extension
* Consented for one storey resi extension. Shared access for commercial/office. 8 flats. Grade A office refurb
124
Level 3: (Farringdon Road, Picton)
Why would the commerical extention of the property for commerical use require planning?
* Require new application to change the use class of the extension
* material change of use - not covered in existing consent
* LPA must re-assess
125
Level 3: (Farringdon Road, Picton)
What additional professional and planning costs should be factored in?
Professional fees:
* Planning consultant, architect updates, design team, specialist report
Planning costs:
* S.106
* CIL for new scheme
* planning application
* surveys
126
Level 3: (Farringdon Road, Picton)
Why did the residential extension imapct the achievable office rents?
* Evidence showsedoffices with mixed-tenure impacted rental tones - assets of similair location/ specfication with mixed tenure - worse rents
* can lead to restrictions with noise, hours, operation
* Less flexible office space
* Thinner pool of occupiers
* Reduces tenant appeal
* shared cores required
127
Level 3: (Farringdon Road, Picton)
Why did the residential extension imapct the yield/liquidity of the asset?
* Thinner pool of investors
* Complicates tenure
* May lose core capital
* Management complexity
* Risk of longer voids/weaker covenant office occupiers
* Risk of reduced rental growth for office
128
Level 3: (Farringdon Road, Picton)
Why did the commercial extension create the greatest return?
* Location - suited to office use (strong occupational demand for Grade A office space)
* Aligned with occupier demand
* Extension created additional NIA- to be capitalised
* Attract prime rents - new rooftop terrace shared
* Liquidity of asset strong - appeal to core investors
* Yield sharp - reflect Grade A office space in core location
129
Level 3: (Farringdon Road, Picton)
Why was the fact that the exisitng use designation of the building Class E mean that the planning team considered a commercial extension liekly deliverable?
* Already established use class - reduce risk as no change of use
* Height and massing had been established from previous consent
* Planning team advice - compliant with local planning policy objectives - satisfying commerical space goals in local plan
* local precedent supported cmmerical use
Deliverable - as considered strong chance to get planning
INTERNAL PLANNING TEAM ADVISED
130
GS: What is Biodiverisity Net Gain?
Mandatory requirement for developments to leave min 10% biodiversity net gain
Introduced under Environment Act 2021
