Local Plan and Affordable Housing Viability Assessment Prepared for South Downs National Park Authority August 2017 Contents 1 Introduction 3 2 Market and policy background 4 3 Policy and development context 10 4 Methodology and viability principles 15 5 Appraisal assumptions 20 6 Appraisal outputs 33 7 Assessment of the results 34 8 Conclusions 44 Appendices Appendix 1 - Policy analysis Appendix 2 - Transaction data Appendix 3 - LHAs and Affordable rent values Appendix 4 - BCIS Appendix 5 - Results Appendix 6 - Sample appraisal Appendix 7 - Typology details and appraisal inputs Anthony Lee MRTPI MRICS Senior Director – Development Consulting BNP Paribas Real Estate 5 Aldermanbury Square London EC2V 7BP 020 7338 4061 07919 693 406
[email protected] realestate.bnpparibas.com 2 1 Introduction 1.1 South Downs National Park Authority (‘the Authority’) commissioned this study to contribute towards an existing evidence base to inform the production of its comprehensive Local Plan (‘the South Downs Local Plan’). The Local Plan will primarily seek to uphold the statutory purposes of the National Park (to preserve and enhance its natural beauty and landscape; and promoting the Park as a visitors’ destination and as a ‘green lung’ for the south east region). The Authority seeks to balance the needs of the National Park with its other statutory duty of promoting sustainable and vibrant communities, including the need to increase the provision of affordable housing to meet local needs. 1.2 The aim of the study is to assess at the viability of certain development typologies that are representative of the types of sites that are identified in the emerging Local Plan.