Central Square
£145m GDV GDV — Urban Regeneration

£145m
GDV
28%
Affordable Housing Secured
19%
City Average Affordable Provision
3
Competing Schemes Assessed
£6.2m
Land Value Discrepancy Found
400
Total Units
Central Square is a major city centre regeneration project in Newcastle upon Tyne, redeveloping a 3.5-hectare former retail complex into a mixed-use neighbourhood of 400 apartments, commercial offices, and new public realm. Affintis was uniquely instructed by Newcastle City Council to provide independent viability advice, enabling the council to assess competing developer propositions on a transparent and consistent basis and to engage meaningfully in planning negotiations.
Client
Newcastle City Council (Advisor)
Sector
Urban Regeneration
Location
Newcastle
Completion
2024
Services Provided
- Independent Viability Scrutiny
- Comparative Appraisal Analysis
- Planning Committee Reporting
- Developer Selection Advisory
- Affordable Housing Maximisation
City centre regeneration with complex land assembly and competing developer interests requiring independent valuation. The site was subject to three competing planning applications from different developer consortia, each presenting differing viability positions to justify varying levels of affordable housing and commercial mix. The council had no internal resource to critically appraise the competing positions and was reliant on each applicant's self-reported viability evidence.
Affintis was engaged by the council under a framework agreement to provide independent viability scrutiny of all three competing schemes. We prepared a comparative viability analysis using consistent assumptions and benchmarks across all schemes, identifying the material differences in their appraisal inputs. We presented findings to the council's planning committee in a clear, accessible format and advised on the optimal scheme selection criteria from a viability and affordable housing delivery perspective.
Provided independent viability advice to the council, enabling transparent negotiations with multiple developers. The council selected the development partner offering the best value affordable housing delivery, with 28% affordable housing agreed — the highest of the three schemes and significantly above the city-wide average of 19%. Our independent assessment revealed that one applicant had understated land values by £6.2m to artificially suppress the apparent viability position.