As a result of Derby Hospitals move to a new purpose built facility at the Royal Derby Hospital, the former Derbyshire Royal Infirmary site became surplus to requirements.
The 16 acre site on the immediate edge of Derby City Centre, directly opposite the new Westfield Shopping Centre provided an opportunity for the Trust to dispose of its asset for high value uses, enabling the capital receipt to be reinvested in the health provision for Derby.
GVA were part of a multi-disciplinary project team including project managers, planners, architects and highway consultants, who masterplanned the site, resulting in the submission of an Outline Planning Application. The instruction was delivered in a number of stages. Initially GVA were appointed to provide detailed valuation advice on the relative values of alternative uses, and secondly in the “soft market testing” of the preferred development option.
GVA has since been appointed to provide evidence to the Planning Appeal and also to undertake the site disposal.
- Advice on development values for the uses to inform the master planning process.
- Advice on rental and investment sale values for completed units;
- Commentary on local, regional and national markets in connection with the types of property/uses;
- Consideration of the extent to which it would be advisable for the Trust to participate in the development process by clearing the site and, providing primary infrastructure etc;
- Provided high-level financial appraisals of the relative merits of outright disposal as opposed to joint venture, building lease or similar.
- Section 106 negotiations and completion of development appraisals in support of reduced contributions.
- Commercial Evidence to Planning Inquiry.
How GVA Added Value
Through undertaking detailed viability assessment, GVA successfully agreed with the City Council, a significant relaxation of the Planning Obligations and a nil Affordable Housing requirement.
Through its extensive market knowledge, GVA also provided evidence on the viability of converting a listed building on the site for alternative houses.
GVA was able to provide comprehensive advice utilising the specialisms of office, residential, retail, valuation and development consultancy, all from within the Birmingham office.