Taunton Deane Borough Council
Viability Study – Site Allocations and Development Management Document
Report to Taunton Deane Borough Council
Three Dragons January 2015
January 2015 1
Taunton Deane Borough Council
This report is not a formal land valuation or scheme appraisal. It has been prepared using the Three Dragons toolkit and is based on district level data supplied by Taunton Deane Borough Council, consultation and quoted published data sources. The toolkit provides a review of the development economics of a range of illustrative schemes and the results depend on the data inputs provided. This analysis should not be used for individual scheme appraisal.
No responsibility whatsoever is accepted to any third party who may seek to rely on the content of the report unless previously agreed.
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______Taunton Deane Borough Council
Contents Executive Summary ...... 5 1 Introduction ...... 7 2 Context for the analysis ...... 9 National Policy Context ...... 9 Local Plan Policies ...... 9 3 Residential Development Key Assumptions ...... 11 Introduction ...... 11 Benchmark Land Values for Residential Development ...... 11 2012 CIL Viability Study Residential Land Benchmarks ...... 11 Change in Prices ...... 12 Development Industry Feedback on Land Values...... 12 Land Transactions ...... 12 Other Information ...... 12 Residential Benchmark Land Value Conclusion ...... 13 House prices and house price areas ...... 13 Build Costs ...... 14 Finance Costs ...... 15 4 Allocated Sites ...... 16 Introduction ...... 16 Sites used for testing ...... 16 Comeytrowe, Taunton ...... 17 Staplegrove, Taunton ...... 17 Ford Farm, Taunton ...... 18 Land at Bishops Hull, Taunton ...... 18 Knapp Lane, North Curry ...... 18 South of Croft Way, Wiveliscombe ...... 18 East of Dene Barton, Cotford St Luke ...... 18 Land at Butts Way, Milverton ...... 19 5 Residential Viability Findings ...... 20 Introduction ...... 20 Results for the Case Studies ...... 20
3 December 2014
Taunton Deane Borough Council Commentary – larger sites ...... 20 Commentary – smaller sites ...... 21 Conclusions ...... 22 Appendix 1 – Testing assumptions Appendix 2 – Viability results Appendix 3 – Workshop notes
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Taunton Deane Borough Council
EXECUTIVE SUMMARY
This Study This report was commissioned by Taunton Deane Borough Council (TDBC) in 2014 in order to assess the viability of the emerging Site Allocations and Development Management Plan (SADMP). The viability study focusses on the residential development planned in the SADMP. The research used to inform this study includes: Analysis of Land Registry price paid data for house sales and land titles in Taunton Deane. Review of the TDBC and DCLG proposed minimum space standards for residential development. Use of updated build cost information from RICS’s Building Cost Information Service. Development industry workshop (March 2014) Meetings and email consultation with the promoters of the two largest urban extensions. Consultation with Council Planning officers regarding the other modelled allocations to collect information on the characteristics and costs of development proposed on these sites. Use of the Three Dragons Toolkit to analyse scheme viability for residential development. This report assesses residential viability through the use of a sample of the allocated sites. This includes Comeytrowe, Staplegrove and Ford Farm, as well as a set of smaller sites. The Residential Viability Findings The key findings are that the largest sites – Comeytrowe (2,000 dwellings), Staplegrove (1,500 dwellings) and Ford Farm (400 dwellings) – are viable. This takes into account the costs of complying with the Council’s development policies as well as strategic opening up costs, site specific infrastructure (where known), CIL and residual s106, and the DCLG/Council dwelling space standards. While the majority of the remaining sites are viable, there are some issues: Lower density schemes in Taunton may struggle compared with sites with higher values elsewhere in the Borough, although the case study tested is viable. Sites with a particularly large greenspace requirement may also struggle, although it is noted that good positive residuals can be produced, even if they fall short of the benchmark. Some of this may be addressed through flexibility in the type of dwellings that are developed or sites may have to rely on rising values later on in the plan period for delivery. If it is important to bring these smaller sites forward in the shorter term then delivery may be facilitated through adjustment to the s106 or type/mix of affordable housing.
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Taunton Deane Borough Council Where it is clear from the outset that a site will have to carry a large greenspace requirement then it is likely that this will feature in land price negotiations, thereby allowing the site to come forward.
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Taunton Deane Borough Council
1 INTRODUCTION
1.1 This report was commissioned by Taunton Deane Borough Council (TDBC) in 2014 in order to assess the viability of the emerging Site Allocations and Development Management Plan (SADMP). The viability study focusses on the residential development planned in the SADMP. 1.2 The SADMP supports the adopted Taunton Deane Core Strategy, which provides the overarching framework for the Borough and its long-term development over the period up to 2028. Whilst the Core Strategy establishes the long-term requirements for growth and its broad distribution, barring a number of larger, strategic site allocations and high level policies, it does not set out details of smaller housing and other allocations. The role of the SADMP is: To set out a range of smaller allocations across the Borough consistent with the Core Strategy and in particular, the settlement hierarchy established by Policy SP1 of the Plan; and To define development management policies, where necessary, to ensure that sustainable development is delivered in accordance with the principles of the Taunton Deane Core Strategy and National Planning Policy Framework (The Framework). 1.3 This study is based on the assumptions in the 2012 Three Dragons Community Infrastructure Levy (CIL) study (examined in July 2013), updated to take into account the market trends and policy and guidance changes that have taken place in the interim. 1.4 The original 2012 viability study included the following research: An analysis of publicly available data to identify the range of values and costs needed for the viability assessment; Discussions with Council officers; Analysis of information held by the authority, including the profile of land supply identified in the Strategic Housing Land Availability Assessment and a review of historic planning permissions; A workshop held with developers, land owners, their agents and representatives from a selection of registered providers in the area; Subsequent discussions with estate agents and developers who operate in Taunton Deane to verify the assumptions used in the analysis; A survey of local Registered Providers to seek their views on aspects of costs and revenue that affect affordable housing; Use of the Three Dragons Toolkit, to analyse scheme viability. 1.5 The additional research used to inform this refresh viability study includes: Analysis of Land Registry price paid data for house sales and land titles in Taunton Deane. Review of the TDBC and DCLG proposed minimum space standards for residential development.
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Taunton Deane Borough Council Use of updated build cost information from RICS’s Building Cost Information Service. Development industry workshop (March 2014). Meetings and email consultation with the promoters of the two largest urban extensions. Consultation with Council Planning officers regarding the other modelled allocations to collect information on the characteristics and costs of development proposed on these sites. Use of the Three Dragons Toolkit to analyse scheme viability for residential development. 1.6 This report assesses residential viability through the use of a sample of the allocation sites.
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Taunton Deane Borough Council
2 CONTEXT FOR THE ANALYSIS
National Policy Context 2.1 Since the 2012 study the Planning Practice Guidance1 has been published, providing information on the implementation of the National Planning Policy Framework. This guidance states that viability judgements should be evidence based and stem from a collaborative approach between the local authority, business community, developers and landowners. Evidence should be proportionate with more detail where viability may be an issue, such as with strategic sites. 2.2 The Practice Guidance also states that “Plan makers should not plan to the margin of viability but should allow for a buffer to respond to changing markets and to avoid the need for frequent plan updating. Current costs and values should be considered when assessing the viability of plan policy” and that, “Where any relevant future change to regulation or policy (either national or local) is known, any likely impact on current costs should be considered.”2 2.3 DCLG is currently consulting on minimum space standards for dwellings. This has an impact on smaller dwellings in particular, as in the past the market has tended to provide dwellings below these standards. The SADMP also has space standards which are very similar to the DCLG proposed standards. The testing has increased the dwelling sizes to meet both of these standards. Local Plan Policies 2.4 There will still be s106 contributions in order to make the development acceptable in planning terms. These will have to meet the three tests: Necessary to make the development acceptable in planning terms Directly related to the development Fairly and reasonably related in scale and kind to the development 2.5 This study has used the same base residual allowance for s106/278 as in the 2012 CIL study of £4,250 per dwelling. This figure was an estimate prepared by the council for the 2012 study. We note that research for DCLG3 concluded that the majority of local authorities with an adopted CIL charging schedule or one in draft, assumed a lower rate for the residual s106/278 payments – at £0 to £1,000 per dwelling. The research for DCLG was at a time when CIL was relatively new with a limited number of adopted charging schedules. Three Dragons has carried out its own more recent research and concluded that residual s106 payments of £500 to £1,500 are more typical of the s106 contributions anticipated by local authorities once their CIL is in place. TDBC does not have enough evidence of schemes granted permission since their CIL was adopted to provide a robust local figure. However, if experience in Taunton Deane mirrors the national picture and, say, s106 payments are nearer £1,500 than £4,250 per dwelling, then this
1 DCLG, August 2013 onwards 2 From Guidance section titled, “How should changes in values and costs be treated in plan-making?” 3 DCLG, Section 106 Planning Obligations in England, 2011-12 Report of Study, May 2014
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Taunton Deane Borough Council will provide a further viability cushion – equating to around £80,000 per hectare for a scheme at a density of 30 dph. 2.6 In accordance with the NPPF requirement that viability testing should take into account the costs of any requirements likely to be applied to development (Para 173), this assessment considers the policies in the draft Development Strategy. The viability testing therefore includes the following development standards for all residential development: Lifetime homes £1,000 per dwelling4 Wheelchair access £26,500/dwelling applied to 3% of dwellings on developments of 30 or more SADMP and draft CLG space standards used for minimum dwelling standards Affordable housing at 25%, split 60% social rent and 40% intermediate tenure 2.7 In accordance with the policies of the Local Plan, 25% affordable housing has been tested on all case studies as they all exceed the national 10 dwelling threshold for s106 obligations. The affordable housing provision is split, in accordance with Local Plan policies, as follows:- 60% social rent 40% intermediate tenure (shared ownership, acquired at 70% Market Value, with no rent) 2.8 In accordance with the Council’s adopted Charging Schedule, CIL of £70/ sq m has been allowed for all case studies in the Taunton market value area, and £125/sq m for the case studies in the Rest of Borough market value area. 2.9 There are also specific policies for some of the allocated sites and these are discussed in the following section.
4 Based on the DCLG Housing Standards Review Consultation Impact Assessment 2013 January 2015 10
Taunton Deane Borough Council
3 RESIDENTIAL DEVELOPMENT KEY ASSUMPTIONS
Introduction 3.1 The viability analysis in this report uses a residual development land appraisal, which involves the assessment of the value of the completed development (known as the Gross Development Value or GDV) from which is deducted the development costs (such as build costs as well as professional fees, finance costs and marketing fees) to calculate a residual land value. This is then compared to the benchmark land value (the notional level that willing landowners are theoretically likely to sell land for development at) and if the development value meets or exceeds the benchmark, the development is considered viable. Testing assumptions were discussed in the development industry consultations undertaken as part of the 2012 study and more recently in 2014. 3.2 Details of the range of testing assumptions used are set out in Annex 1. Benchmark Land Values for Residential Development 3.3 The benchmark values reflect the value at which a landowner could reasonably be expected to bring forward their land for development. Benchmark values are not intended to mirror the highest prices for land; instead they are an estimate of the lowest prices that a willing buyer and seller might agree on. Estimates of benchmark values will take into account the impact of policy and will consider current rather than likely future values. This is important as from time to time, land transactions take place on the basis of rising values in the future and purchasers may also take a view on the possibility of negotiating down policy obligations. 3.4 If the residual land value found is higher than the benchmark, development can be reasonably considered as being financially viable at the input values used for the assessment. However, if a resulting residual land value is significantly lower than the established benchmark, then development at the respective input values can be considered to be ‘unviable’ and that type of development to be less likely to be brought forward. 3.5 This study splits land values between smaller urban/edge of urban development sites and land for the strategic urban extensions noted in the emerging Site Allocations and Development Management Plan.
2012 CIL Viability Study Residential Land Benchmarks 3.6 Three Dragons and Roger Tym & Partners undertook a CIL Viability Study in 2012. This study established that the land benchmarks were £0.8m per ha for smaller urban/edge of urban development sites (based on an uplift of 25% over existing use values) and a benchmark of £0.3m-£0.35m per ha for strategic urban extension land (based upon a multiplier of agricultural land values). The 2012 viability study also considered the benchmark of £0.31m per ha for strategic urban extension land set out in the 2011 Affordable Housing Threshold Viability Study. The 2012 CIL Viability Study was examined in July 20135 as part of the process of implementing CIL in Taunton Deane and the evidence was found to be sound.
5 PINS/D3315/429/6 January 2015 11
Taunton Deane Borough Council Change in Prices 3.7 Between the Developer Forum workshop in June 2011 (when benchmark land values were discussed) and August 2014, house prices in Somerset have increased by 5%6. This change in house prices may have influenced landowners’ expectations of greater land values, although this must be placed in the context of an even greater increase in base build costs (The build costs used for this study based on BCIS are over 11% higher than those in the 2012 CIL study). This increase in build costs will have limited what is available to pay for land. Market commentary on residential land prices has noted a strengthening of the market (partly related to an undersupply of permissioned development land in some parts of the UK, which is not a useful comparator for benchmark land values) although this is not universal and prices are considered to remain substantially below the peak values in 2007.
Development Industry Feedback on Land Values 3.8 Benchmark land values were discussed during the Developer Forum in March 2014 and during subsequent feedback. Differing views were expressed, with some members of the development industry suggesting higher values while others suggested that the values used were suitable. No specific evidence was made available.
Land Transactions 3.9 Land titles were obtained data from Land Registry for development land in different parts of Taunton Deane, which has provided an insight into some development land transactions. The terms of these sales are unknown and the spread of values is substantial, and so it is prudent not to attempt to base a benchmark around an arithmetic mean. 3.10 In terms of the values, these varied between £4,700 per ha to £2.4m per ha, plus some buildings and land at almost £5m per ha. However the lowest prices can be discounted as benchmarks as these are sales at agricultural values and some of the small very high price titles may be ransom strips. Some of the high value transactions are linked to adjacent lower value transactions to make up the land parcels for the sites allocated in the Site Allocations and Development Management Plan, often with land purchased at different times. However, taking all of this into account it is possible to conclude from the land titles that significant parcels of land on urban extension sites are transacted at between £80,000-£180,000/ha, taking into account the mix of high and lower value transactions. Some land parcels are considerably cheaper e.g. a 16 ha plot in the middle of an urban extension allocation was £25,000/ha in 2011, and one of the rural allocation sites was purchased in 2010 for £28,000/ha suggesting that this development land was obtained at near agricultural values. 3.11 The highest values (above £1.5m/ha) can also be discounted as all of the available transactions are for land of less than 0.32 ha and most are below 0.1 ha – suggesting that they are either ransom strips or sites suitable for a particularly high value small development.
Other Information 3.12 Market commentary such as Alder King’s Market Monitor suggests that in SW England/Wales, consented, fully serviced sites in good locations may now exceed £1 million per net developable acre (£2.47m/net ha) . This figure is for net developable rather than the gross area benchmarks
6 Land Registry House Price Index June 2011-October 2014 January 2015 12
Taunton Deane Borough Council used for this viability testing (values for net developable will be higher than value per gross area for many sites) and the figure is likely to be dominated by high value locations where economies are able to support higher prices, such as Bristol.
Residential Benchmark Land Value Conclusion 3.13 Based on the range of information available to this viability study there seems little basis for changing most of the land value benchmarks used in 2012: The relationship between costs and values suggests that there is no additional development value to pay more for land. Some (but not all) development industry feedback suggests that the values are suitable; other feedback suggests that the benchmarks should be higher. Evidence of the actual land transactions shows the benchmarks are well above some significant transactions of land within the allocations. 3.14 There is clearly some tension between the developer feedback and the evidence of actual transactions. However the feedback has not been supported by specific evidence – and instead, there is some specific evidence that land has transacted at well below the benchmarks. Given that the existing benchmarks were successfully reviewed at the CIL examination, it is sensible to continue to use these whilst being aware that in some cases the landowners will release land at values above and below these benchmarks. Where land is sold above the benchmark, it is likely that purchasers either have particularly high value schemes, or are counting on rising future values or, possibly, assuming that affordable housing or other policies obligations can be negotiated down. 3.15 Therefore for the purposes of the current Viability Refresh Study the following is proposed: Table 4.1 2014 Viability Study Land Benchmarks Land value per gross ha Urban/edge of urban £0.8m Strategic Greenfield £0.3m-£0.35m
3.16 The benchmark land values are applied per gross ha. The strategic greenfield benchmark is applied to the urban extensions of over 10 ha and the urban/edge of urban benchmark is applied to the smaller sites. House prices and house price areas 3.17 House prices have been assessed using published data and consultation with the development industry as part of the workshop in March 2014. 3.18 Land registry data on prices paid for houses and flats was presented to the workshop, split between Taunton and the rest of the Borough7. This was discussed and some suggestions were made.
7 Wellington was not include as there are no allocations included in the testing. January 2015 13
Taunton Deane Borough Council 3.19 A review of the prices of new build houses currently for sale was undertaken. This provided some further information on values (taking into account the difference between asking and selling prices). 3.20 Revised house prices were then estimated based on the analysis. This resulted in decreases in the values used for some dwelling types (particularly flats but also 3 bed semis in Taunton) and small increases in other dwelling types. 3.21 The house prices used in the viability testing are set out in table 4.2 below. Table 4.2 House prices in Taunton Deane Taunton Rest of Borough 1 bed flat value £123,000 £133,000 2 bed flat value £143,000 £153,000 2 bed terrace value £155,000 £235,000 3 bed terrace value £195,000 £266,000 3 bed semi value £200,000 £276,000 3 bed detached value £246,000 £307,000 4 bed detached value £297,000 £379,000 5 bed detached value £338,000 £409,000 3.22 While the house prices in table 4.2 above are a good representation of the typical values for houses in different parts of the borough, there are circumstances where there will be some variation. As well as specific local factors (such as proximity to busy roads or access to good views) which cannot be factored into this broad viability testing, there is a case for acknowledging better values for sites that provide smaller scale low density development on the outskirts of Taunton. This is likely to provide a premium on values and for these circumstances the testing has applied a 5% uplift over the Taunton values noted in table 4.2. This uplift is still some way short of the differential between Taunton and the Rest of Borough values. 3.23 The standard Taunton house prices are used for the large scale developments at both Comeytrowe and Staplegrove. However, these are considered amongst the higher value locations within Taunton and it is likely that well planned development will achieve better values than average, which will improve viability beyond the figures presented in this report. Build Costs 3.24 Build costs are based on BCIS median build costs (5 year period) downloaded in October 2014. An uplift of 15% has been applied to the BCIS costs to allow for external works and this is included in the figures below. Houses £1,094/sq m Flats (1-2 storeys) £1,228/sq m
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Taunton Deane Borough Council Finance Costs 3.25 The cost of borrowing has been assumed to be 6%, reflecting the changes in the cost of finance including the Funding for Lending initiative; and the credit rate has changed from 1.5% to 2% 8 reflecting recent evidence from other development workshops .
8 e.g. the 2014 GLA SHLAA viability study January 2015 15
Taunton Deane Borough Council
4 ALLOCATED SITES
Introduction 4.1 The SADMP sets out a range of allocations which provide further detail on where the growth planned in the Core Strategy will take place. The residential allocations are listed in table below. Further details are in the SADMP. 4.2 Table 4.1: Site Allocations Allocation Dwellings Comeytrowe/Trull 2,000 Staplegrove 1,500 Pyrland Farm 45 Ford Farm 400 Bishops Hull / Stonegallows 70 The Uppers 60 Cross Keys 30 Hamilton Road Bus Depot 50 Style Road / Burges Lane 120 South of Croft Way 80 East of Dene Barton 60 Hyde Lane 1 35 North of Creech St Michael School 55 Hyde Lane 2 44 Butts Way 20 Overlands 30 Knapp Lane 20 Ford House Farm 20
4.3 In addition to the residential allocations noted above, there are employment allocations at Silk Mills, East of Crown Industrial Estate and south of Taunton Road; mixed use development at Tonedale Mill and Taunton Road / Hithermead; a tourism allocation at Bishops Lydeard Station; and a sewerage allocation at Wellington. These are not part of the viability testing. 4.4 The SADMP also contains greenspace allocations at the former Priorswood landfill site and at Blackbrook. These are also not part of the viability testing. Sites used for testing 4.5 Of the full set of allocations listed above, Taunton Deane Borough Council selected a sample of eight schemes as subjects of the viability testing in this study. These combined the largest allocations and a sample of smaller sites judged to be broadly representative of the range of residential sites in the borough: Comeytrowe, Taunton Staplegrove, Taunton
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Taunton Deane Borough Council Ford Farm, Taunton Land at Bishops Hull, Taunton Knapp Lane, North Curry South of Croft Way, Wiveliscombe East of Dene Barton, Cotford St Luke Land at Butts Way, Milverton 4.6 The site characteristics and the approach taken in the viability testing are summarised below.
Comeytrowe, Taunton 2,000 dwellings plus a local centre, employment land, land for a school, land for a park and ride and greenspace. A north-south link road, which Somerset County Council advise should have frontage development. This is costed accordingly. 4.7 In relation to the land budget the approach is to assume that the residential development will meet the cost of the land for the greenspace and the park and ride. The requirement for green space is specified in the SADMP and 4 ha have been allowed for a park and ride. 4.8 The development of the local centre and the employment, along with the necessary land will fund itself and is therefore outside this testing. The school land is assumed to be paid for by CIL. 4.9 The strategic greenfield site benchmark land value is applied to this site along with an allowance of £175,000 per net ha as strategic opening up costs. Standard Taunton house prices are used.
Staplegrove, Taunton 1,500 dwellings plus a local centre, employment land, a school and greenspace. An east-west link road. The link road is required to be in place by the 500th dwelling and this will require a length of road to be provided to join the eastern and western ends of the site. It is estimated by the developers that the cost of providing the required non- frontage section is £1.66m. Diversion/undergrounding of power lines. Habitat enhancement, particularly relating to bats. The available site planning shows that much of this habitat enhancement is offsite. 4.10 In relation to the land budget the approach is to assume that the residential development will meet the cost of the land for greenspace and some of the habitat enhancement. The development of the local centre and the employment, along with the necessary land will fund itself and is therefore outside this testing. The school construction and its land are assumed to be paid for by CIL. The green space required is calculated using the standard TDBC allowances and this has been used to inform the net and gross developable areas. No decision has yet been made about whether the non-frontage road section will be paid for by the development or through CIL, and so both scenarios are included in the modelling. The presence of the power January 2015 17
Taunton Deane Borough Council lines will have been apparent before the land was optioned/purchased and so it is assumed that the land value will have been adjusted as a result. 4.11 The strategic greenfield site benchmark land value is applied to this site along with an allowance of £175,000 per net ha opening up costs. Standard Taunton house prices are used.
Ford Farm, Taunton 400 dwellings plus employment land, flood defence and the completion of the Norton Fitzwarren bypass. Development is not able to commence until the flood defence is complete. 4.12 It is assumed that the employment space will fund itself and the land budget is adjusted to take account of the space required. It is assumed that the residential development will fund the land required for the flood defense and the bypass, and based on initial masterplanning the land take for the bypass and the flood defense has been estimated and used to adjust the land budget. 4.13 It is unclear whether the flood defense or bypass construction will be paid for by the development or CIL, and no costs are available for either of these works. The viability testing has therefore not attempted to include costs for these two items but instead comments on the viability ‘headroom’ that might be available to pay for these works. 4.14 The strategic greenfield site benchmark land value is applied to this site along with an allowance of £175,000 per net ha opening up costs. Standard Taunton house prices are used.
Land at Bishops Hull, Taunton 70 dwellings at a relatively low density, which is reflected in the modelling. The urban/edge of urban benchmark land value is applied to this site. The site characteristics suggest that this development shares some characteristics with the higher value Rest of Borough development and a 5% uplift in Taunton house prices is used for this case study.
Knapp Lane, North Curry 20 dwellings at a relatively low density, which is reflected in the modelling. The urban/edge of urban benchmark land value is applied to this site. Standard Rest of Borough house prices are used.
South of Croft Way, Wiveliscombe 80 dwellings plus playing fields for Kingsmead School. An allowance for the playing fields has been included in the land budget. The urban/edge of urban benchmark land value is applied to this site. Standard Rest of Borough house prices are used.
East of Dene Barton, Cotford St Luke 60 dwellings plus employment and a significant amount of greenspace. It is assumed that the employment space will fund itself and residential development will pay for the greenspace land required. The land budget has been adjusted to take account of the employment land and the greenspace requirement. The urban/edge of urban
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Taunton Deane Borough Council benchmark land value is applied to this site. Standard Rest of Borough house prices are used.
Land at Butts Way, Milverton 20 dwellings with a significant amount of greenspace. It is assumed that the residential development will pay for the greenspace land required and the land budget has been adjusted accordingly. The urban/edge of urban benchmark land value is applied to this site. Standard Rest of Borough house prices are used.
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Taunton Deane Borough Council
5 RESIDENTIAL VIABILITY FINDINGS
Introduction 5.1 This section of the report sets out the viability assessments for the 8 case studies. Staplegrove (case study 2) has two scenarios, to take into account some of the link road being paid for by CIL or as a cost to the residential development. The residual value of the case studies is calculated using the Three Dragons Toolkit and then compared with the benchmark land values, to estimate whether the residual value meets the benchmark (and therefore viable) or not. Note that these comparisons use the greenfield strategic land benchmark for the larger sites (CS 1 Comeytrowe; CS2 Staplegrove with and without the link road section; and CS 3 Ford Farm) and the urban benchmark for the small sites. Results for the Case Studies 5.2 Figures 5.1 and 5.2 sets out the results, with the case study residual values set against the land value benchmarks. Figure 5.1 Large case study results
Large Case Studies (CS1 - 3) 450,000
400,000
350,000
300,000
250,000
200,000
150,000
ResidualValue pergrossha 100,000
50,000
-
(£1.66m)
CS3, Ford Farm, Taunton
CS1, Comeytrowe,Taunton
CS2, Staplegrove,Taunton Incrd CS2, Staplegrove,Taunton (Exc rd)
Commentary – larger sites 5.3 The larger sites all demonstrate viability, with some headroom. This headroom varies between approximately £40,000 per gross ha for Comeytrowe to £125,000 per gross ha for Ford Farm. This means that all known scheme costs are met, the benchmark land value is paid to the landowner and there is some additional value in the scheme.
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Taunton Deane Borough Council 5.4 Staplegrove is viable including the cost of the road, although the cost of the road at the 500th unit reduces the headroom over the benchmark from £77,000 per gross ha to £55,000 per gross ha. 5.5 The viability headroom for Ford Farm suggests that there is value in the scheme that could be used to pay for the flood defences and/or the bypass, for which no costs are yet known. The £125,000 per gross ha is equivalent to just under £2m for the scheme. In addition, this site is modelled with opening up costs of £175,000 per net ha, which is relatively generous for a site of this size, and this will likely leave a further buffer to pay for site specific infrastructure. Figure 5.2 Small case study results
Small Case Studies (CS4 - 8) 1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000
ResidualValue pergrossha 400,000
200,000
-
Milverton
Taunton
Wiveliscombe
Cotford StLukeCotford
CS8, Landat ButtsWay,
CS6, Southof Croft Way,
CS7,East Dene of Barton, CS4, Landat BishopsHull,
CS5, KnappLane, North Curry Commentary – smaller sites 5.6 Of the five smaller case studies, four are viable and one is not. 5.7 The Bishops Hull site on the edge of Taunton is different from the other small sites in that it has lower house prices than the other small sites, which are in the higher ‘Rest of Borough’ house price value area. It is also a low density scheme, meaning that there is relatively little market floorspace per ha. Overall, the site is just viable. 5.8 The Knapp Lane site is straightforward. Given the scale and type of the development much of the market housing is larger detached units which provide good values and the site does not carry any land costs beyond the actual development parcel. 5.9 The Wiveliscombe site is also viable, although slightly less so because of the need to provide land for school playing fields.
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Taunton Deane Borough Council 5.10 The Cotford St Luke scheme is not viable. In the main this is because under half of the site is available for development, with the rest required for greenspace. However, it does produce an estimated £525,000 value per gross ha and an overall scheme value of £2.8m. Given the variance in land prices noted in the analysis of land titles, it is possible that a land owner might release land for development at a lower value than the benchmark. The Land Registry analysis suggests that this may have been the case in this particular instance9. 5.11 The site at Butts Way is viable. Given the scale and type of the development much of the market housing is larger detached units which provide good values, although because this scheme has to provide significant greenspace the viability is less strong than Knapps Lane. Conclusions 5.12 Based on the case studies tested, the scale of development set out in the SADMP is viable. This takes into account the costs of complying with the Council’s development policies as well as strategic opening up costs, site specific infrastructure (where known), CIL and residual s106, and the DCLG/Council dwelling space standards. Importantly, the largest sites (responsible for much of the housing delivery in the Borough) are viable, with some headroom to pay for additional costs not foreseen at this stage in their planning. As noted earlier in the report, all the viability testing included the same allowance for residual s106/278 as in the CIL Viability Study of 2012. Evidence from elsewhere suggests that this figure may be too high (by about £2,500 to £3,000 per dwelling). A lower s106/278 amount (in line with average values for other authorities) would reduce costs and increase residual values, thus providing a further viability cushion. The council should keep future s106/278 payments under review to establish the scale of this viability cushion. 5.13 There are some issues however: Lower density schemes in Taunton may struggle compared with sites with higher values elsewhere in the Borough, although the case study tested is viable. Sites with a particularly large greenspace requirement may also struggle, although again it is noted that good positive residuals can be produced, even if they fall short of the benchmark. 5.14 Some of this may be addressed through flexibility in the type of dwellings that are developed or sites may have to rely on rising values later on in the plan period for delivery. If it is important to bring these smaller sites forward in the shorter term then delivery may be facilitated through adjustment to the s106 or type or mix of affordable housing. 5.15 Where it is clear from the outset that a site will have to carry a large greenspace requirement then it is likely that this will feature in land price negotiations, thereby allowing the site to come forward.
9 Part of the site already has consent and the remainder is currently being promoted for development which also suggests that there is enough value for development to proceed. January 2015 22
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APPENDIX 1 Testing assumptions
23 December 2014
Taunton Deane Borough Council
Testing Assumptions v3 Case Studies 8 case studies have been tested, ranging in size from 10 units to 2,000 units. Details of the case studies are noted below. Case Study Market Value No of Gross % net to Opening Up Infrastructure No Scheme Area Units Net Area Area gross DPH Costs costs 1 Comeytrowe, Taunton Taunton 2,000 57.10 81.63 70% 35 £175k/net ha
2 Staplegrove, Taunton Taunton 1,500 42.90 61.28 70% 35 £175k/net ha £1.66m - road1 3 Ford Farm, Taunton Taunton 400 10.00 15.50 65% 40 £175k/net ha 4 Land at Bishops Hull, Taunton Taunton 70 3.50 3.50 100% 20 5 Knapp Lane, North Curry Rest of Borough 20 1.00 1.00 100% 20 6 South of Croft Way, Wiveliscombe Rest of Borough 80 2.70 3.50 77% 30 7 East of Dene Barton, Cotford St Luke Rest of Borough 60 2.60 5.37 48% 23
8 Land at Butts way, Milverton Rest of Borough 20 0.60 1.08 56% 33 Note 1 – the provision of the road for Case Study 2 has been tested as an alternative scenario
Dwelling sizes The following range of dwelling sizes has been used for testing. House Type Affordable (sq m) Market (sq m) 1 bed flat 50 (55 inc common 50 (55 inc common areas allowance Note areas allowance Note 1) 1) 2 bed flat 70 (77 inc common 61 (67 inc common areas allowance Note areas allowance Note 1) 1) 2 bed terrace 71 70 3 bed terrace 96 84 3 bed semi 96 100 3 bed detached 101 105 4 bed detached 114 125 5 bed detached 125 167 Note 1: An additional 10% floor area is allowed for the 1 and 2 bed flats to ensure that the construction costs of the common areas (stairs, circulation space etc) are reflected in the build costs.
Dwelling Mix The following range of development mixes has been used for the market element of the case study schemes tested:
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Taunton Deane Borough Council
Comeytrowe Staplegrove Ford Farm Bishops Hull Cotford St Market Housing Taunton Taunton Taunton Taunton North Curry Wiveliscombe Luke Milverton Total Dwellings 2,000 1,500 400 70 20 80 60 20 1 bed flat 2.5% 2.5% 2.5% 2 bed flat 2.5% 2.5% 2.5% 5% 5% 2 bed terrace 10.0% 10.0% 10.0% 25% 40% 40% 3 bed terrace 15.0% 15.0% 15.0% 15% 15% 25% 3 bed semi 20% 20% 3 bed detached 25.0% 25.0% 25.0% 4 bed detached 40.0% 40.0% 40.0% 100.0% 75% 20% 20% 40% 5 bed detached 5.0% 5.0% 5.0% 35%
The following development mix has been used for the affordable housing element of each scheme (excluding North Curry, where the affordable housing comprised 3 no 2 bed terrace for the social rent units and 2 no 2 bed terrace for the shared ownership units):- Affordable Housing 1 bed flat 10.0% 2 bed flat 35.0% 2 bed terrace 30.0% 3 bed terrace 25.0%
Selling Prices Two market areas have been identified covering Taunton and the Rest of the Borough. The prices for each market area are shown in the table below.
Housetype Taunton Rest of Borough 1 bed flat £123,000 £133,000 2 bed flat £143,000 £153,000 2 bed terrace house £155,000 £235,000 3 bed terrace house £195,000 £266,000 3 bed semi detached house £200,000 £276,000 3 bed detached house £246,000 £307,000 4 bed detached house £297,000 £379,000 5 bed detached house £338,000 £409,000
Affordable Housing In accordance with the policies of the Local Plan, 25% affordable housing has been tested on all case studies as they all exceed the threshold for affordable housing provision of 5 units. The affordable housing provision is split, in accordance with Local Plan policies, as follows:- 60% social rent 40% intermediate tenure (shared ownership, acquired at 70% Market Value, with no rent)
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Taunton Deane Borough Council Affordable Housing Rents (£s per week) Taunton Wellington Rest of Borough Housetype Social Affordable Social Affordable Social Affordable 1 bed flat 65 75 65 70 65 80 2 bed flat 75 85 75 75 75 95 2 bed house 87 102 87 92 87 112 3 bed house 97 117 97 107 97 127 4 bed house 107 147 107 132 107 162 The figures in the table above are net of service charges. Service charges allowed are £10/week for flats and £3 per week for houses.
Affordable Housing costs Affordable rent Management and maintenance £900 per annum Void/ bad debts 3% gross rent Repairs reserve £450 per annum Capitalisation 6.00% of net rent Shared Ownership Rental factor 0% of share Capitalisation factor 6.00% of net rent
Build Costs (including 15% uplift for external works) Build costs are based on BCIS Build Costs dated October 2014. An uplift of 15% has been applied to the BCIS costs to allow for external works. Houses £1,094/sq m Flats (1-2 storeys) £1,228/sq m
Other Costs An allowance of £1,000 per dwelling has been made to cover the cost of achieving Lifetime Homes standards. An allowance of £26,500 per dwelling has been applied to 3% of the dwellings on developments of 30 dwellings or more.
Other Development Costs Professional Fees 12% of build costs Finance (market and affordable) 6% of total costs Marketing 3% of revenue (market units) Developer return 20% of revenue (market units) Contractor return 6% of affordable build costs Agents Fees (on acquisition) 1.5% of land purchase price Legal Fees (on acquisition) 0.5% of land purchase price Discounted Cash Flow Annual Debit Interest Rate 6% (as per Finance Costs) Annual Credit Interest Rate 2% Annual Discount Rate (PV/ NPV) 3.5% January 2015 26
Taunton Deane Borough Council Exceptional Development Costs Opening Up costs of £175,000 per net ha have been allowed for Case Studies 1, 2 and 3 (Comeytrowe, Staplegrove and Ford Farm). Two alternative scenarios – one including and the other excluding an exceptional development cost of £1.66m for the provision of a road at completion of 500 units, have been tested on Case Study 2, (Staplegrove). No other exceptional costs have been allowed Community Infrastructure Levy (CIL) A CIL of £70/ sq m has been allowed for all case studies in the Taunton market value area, and £125/sq m for the case studies in the Rest of Borough market value area. Planning Obligations A residual S106 payment of £4,250 per dwelling has been allowed to cover travel plans, children’s’ play areas and immediate site access.
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APPENDIX 2 Testing results
28 December 2014
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Site Details %AH Case Net Gross Net to Afford Opening Residual Study No of area area gross Market able Up Costs CIL/ Value/ gross Benchmark Diff/ gross No MV Area Site Name dwgs ha ha % % % /net ha sq m ha (/gross ha) ha
1 Taunton Comeytrowe, Taunton 2,000 57.10 81.63 70% 75% 25% £175,000 £70 338,098 300,000 38,098
Staplegrove, Taunton – with 2 Taunton 1,500 42.90 61.28 70% 75% 25% £175,000 £70 354,965 300,000 54,965 road
Staplegrove, Taunton – 2 Taunton 1,500 42.90 61.28 70% 75% 25% £175,000 £70 377,174 300,000 77,174 without road
3 Taunton Ford Farm, Taunton 400 10.00 15.50 65% 75% 25% £175,000 £70 425,555 300,000 125,555
Land at Bishops Hull, 4 Taunton 70 3.50 3.50 100% 75% 25% £70 800,428 800,000 428 Taunton
Rest of 5 Knapp Lane, North Curry 20 1.00 1.00 100% 75% 25% £125 1,520,000 800,000 720,000 Borough
Rest of South of Croft Way, 6 80 2.70 3.50 77% 75% 25% £125 1,118,790 800,000 318,790 Borough Wiveliscombe
Rest of East of Dene Barton, Cotford 7 60 2.60 5.37 48% 75% 25% £125 526,443 800,000 -273,557 Borough St Luke
Rest of Land at Butts Way, 8 20 0.60 1.08 56% 75% 25% £125 1,037,037 800,000 237,037 Borough Milverton
29 December 2014
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APPENDIX 3 Workshop Notes
30 December 2014
Taunton Deane Borough Council Taunton Deane Development Industry Meeting Notes of the workshop held on 5th March, Deane House, Taunton Those attending: Judith Gannon, JE Gannon Ltd Wendy Lewis, ARC Homes/Knightstone Caroline Waller, Clarke Willmott Andy Shepley, GL Hearn James Turner, PM Asset Management Richard Mead, Summerfield Developments Shaun Pettitt, Persimmon Homes Dennis Pywell, Stilings Simon Steele-Perkins, SLP Jo Humble, TDBC Nick Bryant, TDBC Phil Bisatt, TDBC Lin Cousins, Three Dragons Dominic Houston, Three Dragons Introduction and timetable for SADMP and CIL NB welcomed everyone to the workshop and attendees introduced themselves. NB then introduced the Site Allocation and Development Management Policy plan which is the last element that provides a comprehensive planning framework for Taunton Deane. The SADMP includes two new urban extensions and additional employment provision. NB explained that finalising the draft SADMP will depend on additional detailed information about the local highway network. Council has made considerable process in short amount of time and will have a full suite of plans in place with completion of SADMP. • Jan-Mar 13 Issues and Options • Oct-Dec 13 Preferred Option • Summer 14 Published Plan • Early 15 Examination • Spring 15 Adoption • Then, Core Strategy and TCAAP Review Community Infrastructure Levy (CIL) NB set out the current position of the council with regards CIL and that CIL will be ‘going live’ in the borough from 1 April. The council recognises that there is important work still to be done in making arrangements for monitoring CIL and the necessary governance arrangements. RS set out arrangements for collection of CIL post 1 April and provided copies of the charging schedule, map of zones, payment schedule and R123 list. CIL process will be run separately from development management process. TDBC will have a dedicated CIL officer for administration of CIL. There is to be a CIL governance board which will have delegated authority to send up to £1m on any project Governance board comprises representatives TDBC, SCC and EA but not developers/landowners. January 2015 31
Taunton Deane Borough Council Questions raised from the workshop about how the development industry would be involved in the process and have information about funding for infrastructure on ‘their’ schemes. What is the process for identifying or making ‘bid’ for funding for a necessary item of infrastructure? NB recognised the issues implied and importance of having good working relationships between the council and those undertaking development. NB indicated the need for a further meeting with development industry to consider this in more detail and identify possible working arrangements for timetabling spend of CIL. NB noted that CIL could be used to forward fund infrastructure if that was necessary to get development going – even if in advance of any collection of CIL from a particular scheme. NB also noted that there are other sources of funding that could also be used for this purpose e.g. New Homes Bonus. There was a further discussion about transitional arrangements for the introduction of CIL and the following points were made (by council officers and/or workshop attendees): – Any scheme without a planning permission (however far advanced it was in the planning process) without planning permission on 1 April will attract CIL; – Date of commencement for CIL payment same as for planning permission; – A phased scheme could attract phased collection of CIL. Phasing needs to be established at outline permission stage – request to council for a standard condition for this. – Affordable housing – applicants must remember to apply for social housing relief; – 7 year claw back rule for AH will not be a problem because RPs will ring fence and re invest in AH. Other points raised by attendees: – What will be included in scaled back s106 costs? Will be on-site play, travel plan and on-site flood mitigation – What is SCCs approach to identifying ‘strategic transport improvements’ (as per R123 list)? NB emphasised importance of development industry discussing any issues about what counts as strategic with the council as well as with the highway authority; – What happens to sale of land with outline planning permission? Scheme won’t have a liability notice at this stage so purchaser of land won’t know exactly for how much CIL it will be liable to pay (very similar to current situation with negotiated planning obligations) but the council will provide an on-line calculator that anyone can use to estimate their potential CIL liability. – How much CIL will the council collect and how will the undoubted funding gap be met? NB recognised the challenge and that the council will need to plan carefully how priority infrastructure will be funded, especially as in the early years of CIL collection as a large % of development will be in schemes that are already committed and from which CIL will not be collected. NB also noted that a % of CIL that will be allocated to local communities. Infrastructure Delivery Plan LC set out the process for preparation of the IDP and acknowledged that it is unrealistic to expect the IDP to identify all infrastructure requirements and likely funding sources through to 2028. LC noted the importance of getting a proper understanding of strategic infrastructure within large-scale sites and asked for information about this from site promoters. Critical Drainage Area – 3D check with EA whether this applies to the borough. Viability Testing for the SADMP DH explained that the viability testing related purely to the SADMP proposed allocations and that the proposal was to test viability across a number of case study sites as shown below.
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Taunton Deane Borough Council
Taunton Taunton Taunton Urban Urban Urban Edge of Taunton Scheme Extension Extension Extension Taunton Infill Rural Rural Rural Total Dwellings 1,500 2,000 450 70 10 80 60 20 • Net to gross – 65% for larger sites, – 85% for mid-sized – 100% for smaller sites • Delivery pace – 1 year to first completions, max 200 completions pa for large sites – Mid-sized sites – 70pa – Smaller sites 30-35pa, complete within one to two years Workshop comments: – No sites identified for Wellington (none shown in SADMP but could be brought forward during the allocation process). LC/NB suggested that could wait and see if any potential sites emerged and then test that. – Question raised about type of affordable housing to be provided. JH explained that AH should broadly replicate the mix of dwelling types on a scheme. 3D to discuss further the type of AH to be tested e.g. in case where there are 4 and 5 bed detached market homes. – The Taunton infill site is understood to be a peripheral and not town centre site but 3D asked to review the mix – considered to be unrealistically low density. More likely to be 3 bed Market values as shown below
Type/location Taunton Rest of Borough
1 bed flat £130,000 £140,000
2 bed flat £150,000 £160,000
2 bed terrace £170,000 £230,000
3 bed terrace £190,000 £260,000
3 bed semi £220,000 £270,000
3 bed det £240,000 £300,000
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Taunton Deane Borough Council
4 bed detached £290,000 £370,000
5 bed detached £330,000 £400,000
Workshop comments: – Market is getting easier but this is not necessarily reflected in increase selling prices – has boosted rate of sales; – Values shown for smaller properties are a bit high and should be more like e.g. 2 bed terrace - £155,000, 3 bed terrace - £180,000 and 3 bed semi - £200,000. Larger properties are about right although sometimes require incentives to generate sales and this is not picked up by Land Registry (LC commented that appears that many semi detached properties are being purchased as low cost sale and 3D will check this with JH) – Flats –acknowledged that a large part of recent supply has been small (‘bedsit’), low price units for the buy to let market. For new quality products – prices will be higher. 3D agreed to include a revised set of values in this note which are reproduced below. These are drawn from 2013 Land Registry data (therefore current values) with developer/estate agent websites used for bedroom numbers etc. Based on the workshop discussion it is assumed that the Site Allocation Plan locations are less likely to include the smallest one bed/studio flats.
Type/location Taunton Rest of Borough
1 bed flat revised values £120,000 £130,000
2 bed flat revised values £140,000 £150,000
Development costs The following development costs were presented.
Type Cost
Flats (1-2 storeys) £1,114 sq m includes 15% for external works
Houses £1,049 sq m includes 15% for external works
Professional fees 12% of build costs
Finance 6% of development costs
Marketing fees 3% of market GDV
Developer return 20% of market GDV
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Contractor return 6% of build costs
for travel plans, immediate site access and children's Residual s106 £4,250 play
£0 sq m Taunton Town Centre, Wellington
CIL £70 sq m Taunton
£125 sq m elsewhere
Strategic infrastructure costs £175,000 net ha for urban extensions
Workshop comments: – BCIS build costs are too low – costs currently at c £1,130 per sq m for houses (Post meeting note – please can workshop attendees provide any background information to advise 3D on alternative to BCIS data) – Other assumptions are generally acceptable – Strategic site infrastructure – further feedback requested by 3D from those dealing with large scale development in the borough. Note that the figure of £175k per net hectare equates to around £58 per sq m build costs for a typical 30 dph scheme (BCIS based) Threshold land values
Land
Small/medium sites £800,000 per gross hectare
Large greenfield Taunton £300,000 per gross hectare
Workshop comments: – Consensus that very few transactions on which to base any update (from values accepted at the CIL examination). – Land Registry data could assist with information price paid for any transactions that have been made. General comment that land prices are going up (despite generally flat market values) but no specific evidence indicated to amend the assumptions presented. It was noted that the ‘Shinfield decision’ provides an alternative approach to assessing threshold land values etc. 3D agreed to review the impact of this but noted that there is no particular logic or guidance that indicates that a 50/50 split in value uplift between a land owner and local community/council is an acceptable approach. SADMP draft policies
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Taunton Deane Borough Council
Sensitivity Test:
Lifetime homes c.£1,000 per dwelling
per dwelling - apply to 3% of dwellings on Wheelchair accessible c.£13,000 developments 30 +
% for Art c. £1,300 per dwelling
Total cost £2,700 per dwelling DH presented draft SADMP policies that may have cost implications (% for art, Lifetime Homes, 3% houses provided at wheelchair standard) and explained that 3D would test the impact of these on scheme viability. SADMP also included a draft dwelling size policy. Dwelling sizes used in the CIL viability testing, draft SADMP and the government’s Residential Standards review were briefly discussed and more detailed feedback requested via this note – the relevant information is shown below. One option will be to test initially with original (CIL viability) assumptions and sensitivity test with draft SADMP standards.
Space Standards – sq m GIA
DCLG Housing Dwelling sizes CIL Affordable CIL Market TDBC SADMP Standards Review*
1 bed flat 48 45 50 47
2 bed flat 70 56 61 60
2 bed terrace 71 65 83 (61 2b/3p) 77
3 bed terrace 96 80 87 81
4 bed terrace 109 95 107 103
3 bed semi 96 95 96 90
3 bed detached 101 105 96 90
4 bed detached 114 125 107 103
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Taunton Deane Borough Council Affordable housing assumptions LC explained that calculation of revenue for affordable housing would be on basis of ‘capitalised net rent’ as indicated by HCA. In the ‘real world’ associations may be prepared to pay considerably in excess of this but correct to work on basis of capitalised net rent. LC presented the following information for more detailed comment from housing associations. LC/JH noted that the data had been discuss with associations in last few months for another purpose
Social rent pw (net of service Affordable rent pw (net of service Property charge) charge)
2 bed flat £83 £95
2 bed house £88 £100
3 bed house £95 £115
4 bed house £105 £145
5 bed house ? ?
Intermediate 70% open market value - No rent on balance Management, maintenance, repairs, voids etc £1,500
Capitalisation rate 6% • 25% affordable housing, mix of social rent, intermediate and affordable rent.
Dwelling mixes for case study schemes For testing purposes 3D will use a notional mix of dwellings. As noted at the workshop, the following are put forward for detailed comment. Taunton Taunton Taunton Urban Urban Urban Edge of Taunton Market Housing Extension Extension Extension Taunton Infill Rural Rural Rural
Dwellings 1,500 2,000 450 70 10 80 60 20
1 bed flat
2 bed flat 5% 5% 5% 5% 5%
2 bed terrace 15% 15% 15% 25% 40% 40% January 2015 37
Taunton Deane Borough Council
3 bed terrace 15% 15% 15% 10% 25% 15% 15% 25%
3bed semi 20% 20% 20% 20% 20%
3 bed detached 20% 20% 20%
4 bed detached 20% 20% 20% 40% 40% 20% 20% 40%
5 bed detached 5% 5% 5% 25% 35% 35%
35 dph 35 dph 35 dph 30 dph 26 dph 45 dph 45 dph 26 dph Close NB thanked those attending the meeting for their contributions and said that a note of the meeting would be circulated to allow for further comment.
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