North quay community group 3 october 2005
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North Quay Community Group 3 October 2005. Introduction. Cluttons - chartered surveyors Scope of the report Methodology Results. Previous studies. Socio economic aspects were studied in 2003 Waste Local Plan Inquiry

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North Quay Community Group 3 October 2005

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North quay community group 3 october 2005

North Quay Community Group 3 October 2005


Introduction

Introduction

Cluttons - chartered surveyors

Scope of the report

Methodology

Results


Previous studies

Previous studies

Socio economic aspects were studied in 2003 Waste Local Plan Inquiry

  • Economic impact study was undertaken by DTZ Pieda in 2002 on investment in the

  • town and particularly the regeneration efforts and impacts on property prices


Conclusion of previous studies

CONCLUSION OF PREVIOUS STUDIES

  • There was no evidence to suggest that modern ERFs blight investment in and around the such sites.

  • The Newhaven study suggested that the North Quay proposals had not affected existing businesses adversely or forced them to relocate, and had not deterred business from moving to the area.

  • DTZ also found that there was no evidence that the presence of an ERF had had any negative impact on house prices.


North quay community group study

North Quay Community Group Study

This study examines the likely impact on demand for, and values of residential and commercial properties in the short to longer term and on future inward investment to the Newhaven area resulting from the North Quay ERF proposals.


This study includes

This study includes:

A review of data on the actual property values and demand from the area around Newhaven since the ERF proposals were first introduced.

The impact on the areas around three similar ERFs recently developed by Onyx in Hampshire both before and after construction.


Historical analysis of property values in newhaven

Historical Analysis of Property Values in Newhaven

Values of residential and commercial property in the area surrounding the site from November 2000 to the present day.

Analysis concentrated on the

BN9 0** and BN9 9** Postcode areas.

Details obtained from Land Registry on actual sale prices and from the Estates Gazette and Focus.


Results to date

Results to date

  • It is apparent that to date the proposals have not had any noticeable or lasting adverse effect on residential property values in Newhaven.

  • In addition, the proposals have not deterred major volume house builders from carrying out new schemes or occupiers from purchasing homes in those schemes.

    Regarding the industrial market, it would appear that the proposal to develop an ERF at North Quay has not to date had any detrimental effect on the ability of the town to attract investors or developers.


Comparison with existing erf sites in hampshire

Comparison with Existing ERF Sites inHampshire

Chineham, Marchwood, Portsmouth

We have looked at values of residential and commercial property in the area surrounding the facilities in the period from December 1998 (when the WLP was adopted) to the present day.

We concentrated our analysis on the RG24 8**, SO40 4** , PO3 5** postcode areas, which are the areas immediately around the facilities.


Chineham

Chineham

Distance away from main residential area - 0.5M

Increase in residential property prices

from 1998 – 2004 = 1.749 - 2.583

A new residential neighbourhood development is under construction at Sherfield Park, about 0.5 miles to the north of the junction of the A33 and Whitworth Lane. The chimney of the facility is clearly visible from this development. This scheme will provide around 800 homes, a school, a medical centre and local shops. There will be a mix of different house types from £229,000 to £465,000.


Marchwood

Marchwood

  • Distance away from main residential area - 0.5M

  • Increase in residential property prices

  • from 1998 – 2004 = 1.668 - 3.072

    Marchwood has a small residential centre with a limited stock of property. A new development of 26 three & four bedroom houses at Hythe Road, 1.0 mile from the ERF has to date, sold 21 houses, prices range from around £220,000 to £315,000.

    The on-site sales office report current market conditions have hindered sales, but no applicants have expressed concern about the proximity of the facility and they do not believe that this has been an important factor.


Portsmouth

Portsmouth

Distance away from main residential area - 400m

Increase in residential property prices

from 1998 – 2004 = 2.152 - 2.813

A number of new housing developments have taken place. Recently a 0.6 acre site on Copnor Road was sold for over £600,000 for residential development.

Admiral Lord Nelson School some 0.3M to the ERF, built in 1995 and now caters for over 1,000 students. It was built on a greenfield site, which has international recognition as a wetland bird habitat. School has continued to expand and a leisure complex has now also been added.


Hampshire conclusions chineham marchwood and portsmouth

Hampshire Conclusions(Chineham, Marchwood and Portsmouth)

  • In Hampshire from the available evidence, we are of the opinion that there has been no noticeable or lasting adverse affect on the property markets in those locations due to the presence of the ERFs.

  • In all three locations values have continued to rise in line with other areas in their local markets. In addition, there has been substantial investment/development in both the residential and commercial sectors in the areas around the ERFs in the periods following grant of planning consent and construction. This has continued once the ERFs have become operational.


Conclusion

Conclusion

From the available evidence, we are of the opinion that the proposals for the ERF in North Quay have to date not had any adverse affect on either the residential or commercial property markets in the town.

Prices and rents have risen over that period in line with other areas.

It is also apparent that these proposals have not deterred investors from looking at projects in this area.

From the Hampshire experiences, we believe that the same will be the case in the Newhaven area if the ERF development goes ahead at North Quay.


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