Development appraisal model confirms viability of complex JV across multiple phases and tenures
Swan plans extensive regeneration project with Southend Borough Council using Altair’s development appraisal tool: Podplan
Services
About the project
In 2019, Swan Housing Association (Swan) and Southend Borough Council entered a JV agreement to provide the regeneration of the Better Queensway area in Southend. The project aims to regenerate the existing Queensway estate and adjoining highway and commercial areas to deliver up to 1,700 new homes, a new high quality public realm, including a large public park, new public plaza at Victoria Square Station plus a range of commercial, creative and business spaces. Altair supported Swan through the project, including through the development of a bespoke JV development appraisal model to assess financial viability of the proposed scheme.
Results
The bespoke models allowed Swan to appraise the project from a JV perspective, using various equity and loan finance and inflation scenarios, across multiple development phases and tenure types. Appraisal outputs and cashflows were clearly presented in concise summary reports and dashboards for straightforward assessment by the team at Swan.
Altair supported from the initial procurement, to completing the deal and mobilising the JV vehicle, agreeing the planning viability, through to early design and development. Altair provided a great advisory service across a number of disciplines to Swan Housing Association and their Joint Venture partner, Southend Borough Council, in helping to unlock the potential of the Better Queensway scheme and enabling progression to the next phase of the projectGraham Kauders, Project Director
