Optimis negotiates 224 affordable dwellings in Luton
Working with Key Partnership Homes, Optimis has helped secure a new development in Luton that delivers 100% affordable homes. The development that consists of a mix of houses and apartments is predominantly providing shared ownership dwellings, with some units for affordable rent and will make a valuable contribution to the delivery of affordable housing in the Borough.
The development was in a critical position when Optimis was asked to intervene and provide viability support to justify a reduction in financial obligations in order to justify the proposed increase in the affordable provision. The applicant is a specialist in the provision of affordable homes and their desire to reduce around £1m of section 106 funding was essential to fulfil their development objective. Optimis justified the reduction of financial obligations from £965,000 to less than £10,000 in order to deliver the affordable homes.
Although the Council was reluctant to reduce their requests, the robust assessment provided by Optimis enabled the scheme to become viable, and will be able to deliver the much needed affordable homes for Luton Borough. Planning consent was resolved to be granted at committee on 8th November 2017, subject to the finalization of the section 106 agreement to deliver the affordable homes.
Author: Justin Wickersham