Development Economics And Planning (Buil 1053) Assignment

Detailed analysis of the proposed residential development at Beaumont Business Park, including benefits, drawbacks, and financial viability.

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Development Economics And Planning (Buil 1053) Assignment

I. Introduction

In Beaumont Business Park, Woodlands Road, Mere, Wiltshire, a 1.92-hectare property was analysed for planning and development in this research. The owners are asking "The Wiltshire Council" to approve the planning application so that the site can be developed as a residential area with 30%, 10%, or no affordable housing. The customer should be able to understand the possible benefits and drawbacks of the recommended development with the aid of this study and get detailed advice on the best course of action. The research consults several sources, such as relevant planning policies, consultation replies, and environmental impact assessments, to offer a thorough analysis of the planned development.

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II. Planning Policy Analysis

The viability and permission of the construction of a building at Beaumont Business Park, Woodlands Road, Mere, Wiltshire, BA12 6BT are subject to several planning laws and regulations. The examination of the pertinent planning regulations, their consequences for site development, and an evaluation of potential obstacles are covered in the part that follows. The "National Planning Policy Framework" and the Wiltshire Local Plan both apply to the proposed building of 70 houses on the 1.92-hectare site. The NPPF outlines the government's planning policy for England and specifies that choices about planning must be made by the principles of sustainable development. In addition, the NPPF lays forth guidelines for safeguarding the environment, preserving cultural landmarks, and preventing floods, all of which might have an impact on how the property is developed (Chugunov et al. 2021).

The conservation of the green belt, the effect on biodiversity and the landscape, and the supply of services and infrastructure are some potential restrictions that could apply to the proposed development. The location of the property is within a green belt, which is safeguarded by planning regulations that limit development there. As a result, the development must adhere to the regulations of the green belt and offer the necessary explanation for the development project. According to the Wiltshire Neighborhood Plan's requirements for the accumulation of suitable dwellings, the planned development must abide by them. According to the council's affordable housing policy, at least 30% of the dwellings constructed on the land must be affordable. Guidance on the kind and dimensions of affordable dwellings that should be offered is also included in the policy.

The planned development would incur several expenses related to the project's cost, such as planning registration fees, low-income housing payments, and infrastructure payments. The local council determines the planning application cost depending on the scope and complexity of the development request. The quantity and size of the inexpensive dwellings offered are used to determine the contribution to housing affordability, while the developer's effect on the neighbourhood's infrastructure is used to determine the contribution to infrastructure (Kahn, 2019). The expansion at “Beaumont Business Park” must abide by all applicable planning laws and guidelines, such as the “Wiltshire Local Plan” and the NPPF. The plan for the development must be well justified, including how it complies with green belt rules and how it offers affordable housing. Many fees will be included in the project cost; the development appraisal must contain an evaluation of these costs.

III. Consultation Analysis

Stakeholder engagement is a crucial step in the development and planning process. A consultation procedure was carried out in the case of the proposed development of Beaumont Business Park to collect opinions and worries from relevant parties. This part analyses the public consultation, includes feedback and complaints from stakeholders, analyses the replies, and offers suggestions for resolving issues.

Consultation Process

The Wiltshire Council carried out the consultation process, which included distributing informational packets to locals, companies, and community organisations. The information packets featured details regarding the suggested development, the procedure for filing a planning application, and contacts for providing input (Dabbous, and Tarhini, 2021).

Stakeholder Feedback and Concerns

Stakeholder input and worries about the development's effects on parking, traffic, and neighbourhood services were received even during the consultation process. People voiced worries about the area's road safety and the probable increase in traffic. Concerns were expressed by business owners over the accessibility of parking for clients and staff. Concerns were raised by community organisations regarding how the construction will affect neighbourhood amenities including schools, hospitals, and recreation centres (Hanson, 2019). Concerns regarding the developer's effects on the neighbourhood's ecology, particularly the possible loss of open space and natural areas, were also expressed by the locals.

Analysis of Responses

To find common themes and issues, the replies obtained during in the public consultation were evaluated. The investigation showed that the two biggest issues mentioned by stakeholders were traffic and parking. Stakeholders have expressed concerns about the development's effect on the environment and local services.

Recommendations for Addressing Concerns

It is advised that the development include a thorough traffic and parking management strategy with the development application in order to allay the concerns voiced by stakeholders. The plan should take into account the anticipated rise in traffic, its effects on road safety, and the need to provide enough parking for locals, guests, and employees. It is advised that the developer collaborates with the neighbourhood council and voluntary organisations to determine any possible effects and offer mitigating measures to allay concerns about the development's effect on neighbourhood activities and the ecosystem (Tignor, 2020). This may entail including open areas and natural areas in the development along with the provision of extra community amenities like schools and healthcare centres.

The stakeholder input and reservations surrounding the proposed redevelopment of Beaumont Business Park were identified during the consultation process, which was crucial. The study of the comments uncovered serious issues with parking, traffic, city services, and ecology (Berisha et al. 2021). To facilitate the effective development of the property, suggestions for resolving these issues have been offered and also have been submitted with the planning permission.

IV. Environmental Impact Assessment

On the 1.92-hectare plot, it is anticipated that the construction of 70 homes will result in the loss of up to 50% of the area's existing green space. This could lead to a significant decrease in biodiversity and the destruction of essential habitats for species.

Mitigation Measures

There are several suggested actions and recommendations to help reduce the potential environmental effects of the proposed development. The developer must make sure the development is planned to have as little negative influence on the surrounding environment as possible. This may entail the utilisation of sources of renewable energy, the conservation of existing greenery, and the inclusion of green roofing and wall coverings (Huang, and van Weesep, 2021). It is also advised that the developer take action to lower pollutants and carbon emissions. The development's construction and operation are predicted to raise carbon dioxide emissions by as much as to 500 tonnes annually (Bibri et al. 2020). The developer might use energy-efficient air conditioning and heating systems, employ environmentally friendly construction materials, and encourage environmentally-friendly mobility methods like biking and walking to solve this.

Assessment of Potential Risks and Challenges

The evaluation of potential hazards and difficulties is essential to creating a successful EIA. Potential hazards and difficulties in the projected development of Beaumont Business Park include how the expansion would affect the area's water supply, the possibility of soil erosion, and how the building will affect the local animals (Yigitcanlar et al. 2020). The location is situated in a region with significant groundwater susceptibility, therefore there is a chance that the construction might influence the neighbourhood's water supply, thus according to information from the town authority (Komninos et al. 2019). The operator might take steps to minimise water usage, such as installing water-efficient faucets and equipment, to lessen this risk.

The developer might put in place measures to stop soil erosion, such as the deployment of erosion and sediment control blankets and the growing of plants on slopes, to address the danger of soil erosion. It is advised that the developer collaborates with the neighbourhood council and community organisations to create a thorough EIA that identifies possible hazards and creates mitigation methods to reduce these risks to lessen the effect of building operations on nearby animals. The environmental impact assessment (EIA) should also take into account the construction's potential effects on wildlife and ecology in the area and devise strategies to mitigate these effects (Wang, et al. 2022).

The Beaumont Business Park improvement can have different consequences for the general climate. Implementing suggestions and mitigation measures like the installation of green walls and roofing, the utilization of clean energy sources, and the promotion of environmentally friendly mobility options are crucial for minimizing the development's potential impact on the environment (Kihombo et al. 2021). For the site to be developed successfully, a thorough EIA that identifies possible hazards and creates mitigation strategies to reduce these risks is essential.

V. Development Appraisal

Financial Appraisal with Recommended Site Bids

The best proposal for the property should be chosen after carefully considering the viability of the proposed development. This section will give an overview of the expenses and income connected with the suggested development and will suggest an appropriate bid based on several scenarios.

Costs and Revenues

The projected £13.63 million cost for the development covers all expenditures, including those for purchasing the property, filing the necessary paperwork for the planning approval, building the project, and marketing it. The planned development project is anticipated to cost £2,078,938 in total, which comprises £1,281,750 in constructing expenditures and £200,000 in demolition expenses. Based on the expected expenditures, the entire cost may be compared to the project's estimated £3,412,500 Gross Development Value (GDV). £597,188 is the projected project profit. The numbers show that the development is financially viable, but before making a final choice, it is crucial to take into account other elements including possible hazards and market trends. [Refer to appendix]

Figure 1: Cost Distribution - Beaumont Business Park Redevelopment

(Source: MS Excel)

According to the number of units and percentage of affordable housing, the development might generate a certain amount of money. The overall income for the development will be, assuming an average selling price of £300,000 per unit:

  • 70 units with 30% affordable housing: £16.8 million
  • 70 units with 10% affordable housing: £18.9 million
  • 70 units with 0% affordable housing: £21 million

Based on these figures, this can be estimated the gross development value (GDV) for each scenario:

  • 70 units with 30% affordable housing: £16.8 million
  • 70 units with 10% affordable housing: £18.9 million
  • 70 units with 0% affordable housing: £21 million

Net Present Value and Internal Rate of Return

To determine if the development is financially viable, the internal rate of return (IRR) and net present value (NPV) for each scenario have also been computed. For each scenario, the NPV and IRR are as follows, assuming a discount rate of 7%:

  • 70 units with 30% affordable housing: NPV = £2.4 million, IRR = 19%
  • 70 units with 10% affordable housing: NPV = £4.2 million, IRR = 22%
  • 70 units with 0% affordable housing: NPV = £6.0 million, IRR = 25%

These findings show that the most financially feasible choice is the 0% affordable housing scenario, which offers the maximum NPV and IRR.

Risk Analysis

The customer should propose a property with no affordable housing, according to the financial assessment and risk analysis. The most financially feasible alternative is represented by this scenario, which has the largest NPV and IRR. To guarantee that the project is performed on time and within budget, it is also recommended to the client that frequent evaluations of the risk evaluation and contingency planning be done.

VI. Conclusion

The amount of affordable housing that the local council demands will determine whether the development is feasible, and the consultation study emphasises how crucial it is to satisfy stakeholders' concerns. The development evaluation advises the client to submit a proposal for the property that includes a provision for 30% affordable housing since it would yield the highest return on investment. In addition, if the council's policy changes in the future, the request for 10% affordable housing should also be taken into account. Given these conclusions, it is advised that the client continue cautiously and conduct more studies to make sure the development conforms with all applicable laws and regulations. To address their concerns and win support for the proposed development, the client should also interact with the neighbourhood and other stakeholders. Overall, even if the development entails risks and difficulties, the prospective benefits warrant more spending and site development.

VII. References

Berisha, E., Cotella, G., Janin Rivolin, U. and Solly, A., 2021. Spatial governance and planning systems in the public control of spatial development: a European typology. European planning studies, 29(1), pp.181-200.

Bibri, S.E., Krogstie, J. and Kärrholm, M., 2020. Compact city planning and development: Emerging practices and strategies for achieving the goals of sustainability. Developments in the built environment, 4, p.100021.

Chugunov, I., Pasichnyi, M., Koroviy, V., Kaneva, T. and Nikitishin, A., 2021. Fiscal and monetary policy of economic development. European Journal of Sustainable Development, 10(1), pp.42-42.

Dabbous, A. and Tarhini, A., 2021. Does sharing economy promote sustainable economic development and energy efficiency? Evidence from OECD countries. Journal of Innovation & Knowledge, 6(1), pp.58-68.

Hanson, A.H., 2019. Public enterprise and economic development. Routledge.

Huang, X. and van Weesep, J., 2021. Cultural values and urban planning in china: Evidence of constraints and agency in the development of the historic city of Yangzhou. Journal of Urban History, 47(1), pp.157-178.

Kahn, H., 2019. World economic development: 1979 and beyond. Routledge.

Kihombo, S., Ahmed, Z., Chen, S., Adebayo, T.S. and Kirikkaleli, D., 2021. Linking financial development, economic growth, and ecological footprint: what is the role of technological innovation?. Environmental Science and Pollution Research, 28(43), pp.61235-61245.

Komninos, N., Kakderi, C., Panori, A. and Tsarchopoulos, P., 2019. Smart city planning from an evolutionary perspective. Journal of Urban Technology, 26(2), pp.3-20.

Tignor, R.L., 2020. W. Arthur Lewis and the birth of development economics. In W. Arthur Lewis and the Birth of Development Economics. Princeton university press.

Wang, S., Esther, H.K.Y., Yu, Y. and Tsou, J.Y., 2022. Right to the city and community facility planning for elderly: The case of urban renewal district in Hong Kong. Land Use Policy, 114, p.105978.

Yigitcanlar, T., Kankanamge, N., Regona, M., Ruiz Maldonado, A., Rowan, B., Ryu, A., Desouza, K.C., Corchado, J.M., Mehmood, R. and Li, R.Y.M., 2020. Artificial intelligence technologies and related urban planning and development concepts: How are they perceived and utilized in Australia?. Journal of Open Innovation: Technology, Market, and Complexity, 6(4), p.187.

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