Market Square, Basildon
Residential, Advisory - Residential Valuation
Maslow Capital and HGP
This project was worked on by the following people, working in partnership from across our business…
- Oliver Chivers Partner, Advisory - Residential Valuation
- Tom Butler-Manuel Senior Associate, Advisory - Residential Valuation
Key information
The Montagu Evans Residential Valuation team was appointed by Maslow Capital and Housing Growth Partnership (HGP) to provide valuation advice in respect of their proposed financing of a major new built-to-rent (BTR) development in Basildon, Essex.
The scheme will be delivered by a joint venture between Orwell Real Estate and HGP and forms part of Basildon’s £600m regeneration masterplan. The project comprises 492 BTR units and extensive amenities – including five outdoor terraces, a gym, co-working areas and commercial space.
Maslow were providing a £74m development loan and HGP were providing equity to support the construction of the scheme.
The scheme is the first BTR development to be brought forward in Basildon, a New Town undergoing considerable regeneration and with a significant undersupply of housing. This created challenges for the valuation, with limited evidence of similar quality rental product in the town to draw from. We therefore needed to consider evidence from similar locations such as Chelmsford, Dagenham and Gillingham, making adjustments for locational differences.
The scheme was also subject to a Section 73 amendment to introduce an additional staircase, adding further complexity to the valuation.
Using our development valuation expertise, knowledge of the BTR sector against a backdrop of considerable market uncertainty, and drawing on our in-house capital markets offer, Montagu Evans was able to provide detailed valuation reports to our clients.
View our Residential Valuation page
