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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Cluttons - chartered surveyors
Scope of the report
Socio economic aspects were studied in 2003 Waste Local Plan Inquiry
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.
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.
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.
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.
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.
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 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.
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.
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.