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19 March 2020 more...
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How, with an innovative approach to risk sharing, an ambitious housing association-led joint venture can transform large scale derelict industrial sites into a new neighbourhood for Basingstoke.
Chapel Hill is newly formed VIVID’s most ambitious development to date and an example of how partnerships can unlock development capacity. With a plan for almost 600 new homes, this project transforms disused brownfield sites into a new neighbourhood, centred around a community park.
With a history of failed planning applications, this 26-acre site in Basingstoke had a chequered history including its last developer going into receivership. Despite this, the site’s close proximity to transport links and the town centre made it ideal for residential use.
VIVID acquired the two adjoining commercial and industrial sites, knowing that there was a strong desire among local residents and stakeholders for the site to be used for housing and was subsequently successful in achieving outline planning consent. As this is one of the largest projects taken on to date, VIVID sought a joint venture partner in order to share risk and partner on the market sale homes. Following the successful appointment of a partner, the two organisations worked together to secure detailed planning permission in May 2016.
The joint venture is secured via a contractual arrangement rather than a separate commercial entity, meaning that VIVID retains land ownership throughout. Development costs and profits on private sales are shared, with VIVID recovering its land value as sales progress. The Development Partner is building out the affordable housing at a fixed price, sheltering the association from risk on this element. Since marketing began, there has been strong demand for all the tenures being delivered on site, with the first 40 homes being sold off-plan. The project has received HCA funding and benefitted from a loan from Enterprise M3 Local Enterprise Partnership – recognising the role that this site makes to housing, employment and the delivery of infrastructure.