Number of affordable homes in major scheme reduced
Original Article Summary
Exeter City Council agrees to reduce the number of affordable homes on the old police station site.
PropMatch Curated Analysis
A developer in Exeter successfully used Vacant Building Credit (VBC) to reduce affordable housing obligations from 83 to 61 units on a brownfield student and co-living scheme after planning permission had already been granted. This sets a useful precedent for how developers can revisit and reduce s106 affordable housing burdens on brownfield sites.
Investor Relevance
For SME developers and BTR/co-living investors, this case illustrates that VBC can be used retrospectively to reduce affordable housing obligations on brownfield schemes, improving scheme viability. It also signals that councils may accept such reductions rather than risk an appeal — relevant for developers stress-testing financial appraisals or renegotiating planning conditions.
Original Source:
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