12
feature
hot topic
how to create developments that are both viable and genuinely deliverable
Michael Holloway, Director at Urbana explains... Across the UK there remain signifi cant
opportunities to deliver homes, regenerate communities and unlock economic growth. Yet one issue is increasingly standing in the way of progress: deliverability.
For all the discussion around planning reform, housing delivery and investment, the reality is that a growing number of projects are struggling to make the journey from concept to construction. The challenge facing the industry is no longer identifying
development opportunities; it is ensuring those
opportunities remain
suffi ciently viable to be delivered. The widening gap between aspiration and deliverability is becoming one of the defi ning issues for the built environment. Over the past decade, development
economics have been reshaped by a succession of events. Brexit, the pandemic, infl ationary pressures, supply chain disruption and geopolitical instability have all aff ected project costs and market confi dence. While the sector has shown remarkable resilience, these challenges have fundamentally altered the viability equation. At the same time, planning has become
increasingly complex. Higher application costs, lengthy determination periods and uncertainty around decision-making all add risk to projects long before they reach site. For strategic developments in particular, signifi cant investment is often
required before there is any certainty that a scheme will progress. The introduction of the Building Safety
Act has added further responsibilities and costs. Few would argue against the need for higher standards and greater accountability, but the practical reality is that additional compliance requirements and gateway approvals have extended programmes and increased expenditure throughout the development process. Individually, these challenges are manageable. But collectively, they are creating an environment where many worthwhile schemes struggle to remain viable. So how do we create developments that
are both viable and genuinely deliverable? Prioritise realism Too often, viability discussions take place after signifi cant resource has already been invested. At that stage, expectations can
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