Altair Consultancy and Advisory Services Limited is a specialist management consultancy providing professional services to local authorities, housing associations, charities, property companies, regulators and government departments. It advises on all aspects of the development and management of affordable housing for rent and sale, and on the effective management of organisations operating in this sector.

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Case Study

Purfleet Centre Regeneration Limited (PCRL) was selected by Thurrock Borough Council (TBC) in March 2014 as its development partner for the regeneration of 147 acres of land around Purfleet train station. Made up of Swan Housing, TBC and Urban Catalyst (development management company) with a number of investors providing initial funding, they needed viability and JV advice to ensure a deliverable and successful scheme. The development is to be undertaken in phases (over 8 years) to create in excess of 2,300 houses and apartments, a new town centre, a primary school and a film and TV studios complex and associated infrastructure, for a total project cost of in excess of £400m. Altair assessed the projects financial viability and created a complex new multi-phased financial model to undertake feasibility assessments of each phase and record and monitor live progress.

Altair’s model includes:

2,600 properties (predominately for sale / PRS); 7 loan sources; 10 sub-phases with staged viability assessments; 10 year build programme; waterfall profit share arrangement between JV partners; JV model used for viability assessments; on-going monitoring of programme performance; negotiations / updates to Council; scenario testing with a range of varying financial streams; and sources all with separate rates and repayment conditions. The JV has a complex “waterfall” mechanism for loan repayment / infrastructure / profit / overage arrangements that need very detailed modelling, along with separate land value calculations. Altair have been working with all stakeholders: Swan, Urban Catalyst, CBRE (agents), and Thurrock Council, throughout the project to provide accurate cash-flow information and performance metrics, as well as helping progress the initial “phase proposal” to facilitate the planning submission and ensure timely delivery of the initial sub-phases.

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