Elmbridge 3

The new proposal was for 2 x detached house including a basement - there was previous consent for just 2 x detached houses.

Elmbridge has some of the highest £/m2 values outside of London, which makes viable redevelopment of smaller plots very difficult.

In this instance, sales, build costs, profit and benchmark land value were contested.

On review of the market, it appeared the Council's data was at fault and therefore the resulting valuation skewed. We further obtained a third party valuation to triangulate the two opposing assessments which supported our approach. Build costs and risk environment had also increased since previous reporting.

Finally, the existing 2 unit consent provided a substantial alternative use value to consider in the context of benchmark land value.

It was agreed that no surplus was available, although Elmbridge sought a late review mechanism which was agreed.

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