From the numerous commissions completed to date CFAT are finding that planning compliance is one of the major hurdles facing distressed assets.
Developments part completed or near completed need to comply with the many engineering related conditions set out in the original grant of planning permission before they can be finally sold or leased and a return secured on the investment. In most cases these conditions are quite onerous and require specific works to be carried out to an agreed standard with the Local Authority.
As developments came under financial pressure and cashflow difficulties arose some corners were cut and in many cases specific items of work set out in the planning conditions were either not completed and remain outstanding as part of the overall works or not constructed to the Local Authorities required standards.
The items are typically underground drainage, water supply and other services which can be very expensive to complete and add significantly to the overall cost of completing the development. Recent cases have identified where underground storm water attenuation tanks have not been constructed and the area above the intended location of the proposed tanks have been finished with roadways, parking etc. Installation of the tanks would require the finished roadways to be excavated to allow the tanks to be installed at significant high cost.
Acting on behalf of Clients who are dealing with distressed assets CFAT have engaged with Local Authorities to resolve planning compliance issues. In the first instance each of the planning conditions are reviewed and discussed with the Local Authority. Key compliance items are identified and using the expertise within the CFAT group cost effective proposals and solutions are developed to address each of the items and budget costs prepared for the implementation of the works required.
The works are then agreed with the Local Authority and formally submitted for approval. CFAT can arrange on behalf of the Client, using their project managers and design specialists, to have the works carried out and completed to the standards sought by the Local Authority.
