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Scotswood Phase 2 independent appraisal
Client:
North of Tyne Combined Authority
Study objectives:
• Review of application documents including development appraisal;
• Identification of significant gaps and queries;
• Completion of Green Book appraisal; and,
• Identification of final grant offer based on revised viability gap analysis.
We were appointed as the highest scoring supplier to the North of Tyne Combined Authority’s External Appraisal and Technical Services for the Brownfield Housing Fund.
We were commissioned to complete an independent appraisal of the Scotswood Phase 2 scheme which sought funding of £2,948,000 to unlock a Phase 2 development with 243 new homes. Specific activities which required funding included the creation of pedestrian links and road crossings; highways works; Sustainable Drainage Systems infrastructure; and, retaining structures.
We reviewed the Full Business Case and supporting documents including site plans, market research, and the development appraisal. We issued a Query Log to the New Tyne West Development Company and liaised with them to resolve our queries. We completed a detailed independent appraisal in line with Green Book guidance. We completed high-level analysis of the potential Benefit Cost Ratio (BCR) that could be obtained using a Gross Value Added (GVA) methodology, and concluded that a BCR exceeding 1 would be delivered by calculating the GVA generated by construction jobs.
We supported the identified viability gap and provided advice to the Combined Authority on how the overage clause could be structured. We recommended that the scheme was supported and Phase 2 is now underway.