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South Northamptonshire, after years developing a sound Local Plan finds itself in disarray after a massive increase in its housing allocation. The Council developed a strategy of splitting its 7,170 allocation be-tween its two towns and 32 villages, roughly with a third in each of the towns and 68 new homes (on average) in each village. The new government requirement involves finding locations for an-other 8,500 new homes. Our strategy creates a third town to take 10,000 homes which reduces the burden on the villages to about 20 per village.
The location is chosen because we can build a railway station and create a community with good public transport links to key employment centres such as Northampton and Milton Keynes. The location is only 3 miles from J15 on the M1. This is a conservative proposal with 55% of the land used for development and density set at a modest 16 dwellings per gross hectare. With a Plan with a clear strategy in place, we believe our approach will be found compatible and consent can be achieved in 2022. The acquisition cost is 22% of the expect-ed exit value.
Project GDV
GEA
Construction sq. ft.
Total construction cost
Professional fees
Interest costs
Builders spend
Marketing
Sales
Community Levy
Developer profit
Residual land value
Current site price
Stamp duty
Legal fees
Tenure
Secured through options
Total planning cost
Planning period (months)
Planning uplift
£3,934,000,000
£12,400,000
£171
£2,159,000,000
£44,300,000
£59,500,000
£358,000,000
£8,800,000
£47,500,000
£82,460,000
£786,750,000
£388,000,000
£87,000,000
£4,350,000
£120,000
Freehold
£-
16
£294,000,000
Homes
Acres
Homes per gross acre
Homes per gross hectare
Area built
Density per net hectare
Value per gross acre
Total planning gain (Mill)
Plot cost
Average home sale
Plot cost/sales value
Cost per gross acre to us
Gross margin per acre
Buy in cost % of exit
House prices per sq. ft.
Average size ft.2
% affordable
10,000
1518
7
16
55%
30
£260,000
£294
35,596
390,000
9%
57,000
190,000
22%
360
1,245
40%
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