Belfast·SPG002 Development Viability·Page 31·Value Band 5
Value Band 5 Viability Summary
Value Band 5 areas have residential values too low for market schemes to be viable without a 50-60% increase from 2019 levels. Publicly funded social rented housing is the most likely development form, requiring significant public sector intervention to enable mixed tenure schemes.
Residential values in these areas make the delivery of any market schemes (including older persons housing) highly unlikely. A significant increase in values from 2019 levels (c. 50-60%) would be required in order to address this.
As for Value Band 4, the most likely form of development in such locations will therefore be publicly funded social rented housing.
Radical public sector intervention will be required to alter market perceptions and/or to subsidise land/development costs, in order to realise the delivery of more mixed tenure schemes.
Some developments may be able to go ahead where localised values may be higher and/or a particular build reduces costs.
Source — /Users/richardhill/Documents/planning-arch-project/data/documents/belfast/SPG002 Development Viability.pdf