...... Housing Delivery Reports Analysis Data Events ...... molior.. london . . . .

Viability a n d Af f o r d a b l e Ho u s i n g De v e l o p m e n t in Lo n d o n

An Expert Market Report from Molior London | www.moliorlondon.com ...... Viability and Affordable Housing Development in London ......

Co n t e n t s

There are 65 sections in the report which is written to offer expert guidance on three key themes:

1. Establishing viability and negotiating s106 agreements 2. Homes and Communities Agency (HCA) funding 3. The activity, plans and desires of London’s developer-RSLs

For a list of all the sections in the report please see Pages 2 and 3.

Au t h o r s

The report has 64 authors, all experts in affordable housing:

.. 23 specialist planning consultants, development consultants and lawyers .. 35 senior Housing Association development staff .. And 6 policy professionals from local, regional and central government

For a list of all the organisations producing the report please see Page 4

To place an order please see Page 5.

If you have any questions whatsoever, please contact Tim Craine: call 07951 742 576 or eMail: [email protected]

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Co n t e n t s

Part 1: Preamble Section 1 Executive summary Section 2 Introduction Section 3 What developers want to know

Part 2: Viability Assessment Section 4 Common terminology and what it means Section 5 Methods of calculating viability; the use and limitations of toolkits Section 6 Valid and invalid viability arguments; significant recent decisions Section 7 Appreciating the local authority’s view - how do different boroughs want to work Section 8 The role of flexible planning agreements Section 9 Mechanisms of claw back and timing agreements Section 10 Avoiding ‘risk-sharing’ mechanisms that load risk onto the developer Section 11 Practical steps to amend existing S106 agreements Section 12 Reconciling competing s106 financial and affordable housing demands Section 13 Viability and the valuer Section 14 Is the s106 affordable housing delivery mechanism dead? If so what else?

Part 3: Public Sector Funding Section 15 What the HCA can and cannot, will and will not do Section 16 The HCA’s funding regime, availability and levels of grant; what is left Section 17 The various current initiatives; areas / project types being prioritised Section 18 The process for engaging with the HCA Section 19 What distinguishes a scheme/developer - how to reach the top of the funding pile? Section 20 Kick start case study - A range of eligible firms Section 21 Kick start case study - A range of scheme types and interventions Section 22 Kick start case study - Mixing equity, debt and gap funding Section 23 How is the affordable housing funding cycle going to affect demand? Section 24 What legislative changes might be expected during the next few years?

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Co n t e n t s Part 4: Affordable Housing Developers Section 25 RSLs and their evolving role Section 26 Who is active where; what deal structures do they prefer/value? Section 27 Determinants of affordable housing value Section 28 How do RSLs seek to maximise affordable housing value Section 29 The practicalities of scheme design and implementation Section 30 A2 Dominion Section 31 Affinity Sutton Section 32 AmicusHorizon Section 33 LHA-ASRA Section 34 Group Section 35 Circle Anglia Section 36 East Thames Group Section 37 Estuary HA Section 38 Family Mosaic Section 39 Gallions HA Section 40 Genesis Housing Group Section 41 Hanover HA Section 42 Hexagon HA Section 43 The Section 44 Islington & Shoreditch HA Section 45 London & Quadrant Section 46 Look Ahead Housing & Care Section 47 Metropolitan Housing Partnership Section 48 Moat Section 49 Network Housing Group Section 50 Newlon Housing Trust Section 51 Notting Hill Housing Group Section 52 Octavia Housing Section 53 Section 54 Origin Group Section 55 Section 56 Homes Section 57 Richmond Churches Paragon Section 58 Sanctuary Housing Section 59 Servite Houses Section 60 Shepherds Bush HA Section 61 Section 62 Swan Housing Group Section 63 Thames Valley Housing . Section 64 The Guinness Trust . Section 65 Wandle HA . molior . london 3 Housing Delivery . Reports.Analysis.Data.Events ...... Viability and Affordable Housing Development in London ......

Au t h o r s Government Housing Associations Greater London Authority A2 Dominion Homes and Communities Agency Affinity Sutton London Borough of Haringey Amicus Horizon LHA-ASRA Catalyst Housing Group Consultants Circle Anglia Affordable Housing Solutions East Thames Group Anthony Green & Spencer Estuary HA BNP Paribas Real Estate Family Mosaic CB Richard Ellis Gallions HA Christopher Marsh and Co. Genesis Housing Group Davies Arnold Cooper Hanover HA Denton Wilde Sapte Hexagon HA Drivers Jonas The Hyde Group DTZ Debenham Tie Leung Islington & Shoreditch HA Gerald Eve LLP London & Quadrant GL Hearn Look Ahead Housing & Care GVA Grimley Metropolitan Housing Partnership HEDC Moat Jones Lang LaSalle Network Housing Association Group King Sturge Notting Hill Housing Group Knight Frank Octavia Housing and Care Savills One Housing Group Site Sales Origin Group Three Dragons Peabody Trust Trowers & Hamlins Places for People Homes Richmond Churches Paragon Sanctuary Housing Others Servite Houses First Base Shepherds Bush HA MacDonald Egan Southern Housing Group MoliorLondon Swan Housing Group Thames Valley Housing The Guinness Trust Wandle HA NB: At 30th June four of these firms have yet to fully confirm their involvement ... molior . london 4 Housing Delivery . Reports.Analysis.Data.Events ...... Viability and Affordable Housing Development in London ......

Ob t a i n i n g a c o p y o f t h e r e p o r t

Delivery The 200-page report is published in September 2009

Print run The report sold out last time and we hope to sell out of this one prior to publication, so first come first served!

Cost The report costs £495 (£Nil VAT).

To place an order We would be delighted if you were to place an order. Please use the accompanying order form or email [email protected]

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Affordable housing provision is a fact of life for organisations progressing residential schemes in London. In this report 64 leading practitioners provide an expert guide to viability assessment, public sector funding and London’s developer- RSLs.

The report is published in September 2009. To order a copy please post or fax this form, or email [email protected]. If you have any questions please call Tim Craine on 07951 742 576.

I would like to buy a copy of the report for £495 (+ £nil VAT)

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There are three ways to pay: 1. By cheque, payable to “Molior London Ltd” 2. Send this form and wait for our invoice 3. By BACS, our details are: Company Name: Molior London Ltd Bank: Abbey Business Banking Bank Account No: 22816861 Sort Code: 09-01-27

Post to: Molior London Ltd 70 Upper Richmond Road . London . SW15 2RP . eMail: [email protected] molior . london Fax: 020 8871 4208 Housing Delivery . Reports.Analysis.Data.Events