Our clients run a family-owned travel agency on the edge of the Woking Town Centre; Covid has massively impacted their business, so they are keen to understand if developing the site offered a viable financial alternative and engaged Granit for a feasibility study.
A local developer has offered to buy the site on the proviso it is sold with established planning consent. Granit conducted several feasibility options to determine the likely scale and type of development that the site could accommodate.
This study included options proposing development on neighbouring freeholds to enable our clients to discuss the possibility of a joint venture with their neighbours. We were then able to advise which option offers our clients the best return on investment against differing GDV end values.
These proposals are also suitable for a preliminary discussion with Woking Borough Council in a pre-app planning process.
The designs proposed several mixed-used developments, all including:
Commercial units on the ground floor to create an active street frontage with flats above.
To the rear of the site, there will be self-contained family dwellings related to the adjacent suburban typology.
Communal amenity space will create a green and attractive social space.
Option 1 Areas:
Commercial – 125sqm
Residential – 7 x 2 bed 2b4p 70sqm / 2 x 3 bed houses 3b5p 86sqm
Total units: 9
Option 1A Areas:
Commercial – 408sqm
Residential – 10 x 2 bed 2b4p 70sqm / 3 x 3 bed houses 3b5p 86sqm
Total units: 13
Option 2 Areas:
Commercial – 500sqm
Residential – 26 x 2 bed 2b4p 70sqm / 4 x 3 bed houses 3b5p 86sqm
Total Units = 30
Option 2B Areas:
Commercial – 700sqm
Residential – 32 x 2 bed 2b4p 70sqm / 5 x 3 bed houses 3b5p 86sqm
Total units = 37
You can see below some of the models used in this feasibility study to illustrate the possibilities for the site’s development.