School Redevelopment with New Housing – Cheshunt, Hertfordshire
Cornerstone Property Assets
Cheshunt is a foundation trust school in Hertfordshire which in the lead up to 2013 was operating under capacity and was in special measures. It continued to experience a falling role, and had particularly limited facilities in STEM (science, technology, engineering and maths). The school had failed to secure funding to replace the existing STEM facilities in a more prominent position which would provide up to date facilities and attract more students. The school were therefore looking for alternative sources of funding including self – financing through the sale and enabling development of surplus land.
Cornerstone acted as both broker and advisor and worked entirely at risk with no upfront cost to the school. Cornerstone developed both the school scheme and housing scheme for market with subcontractors and led the negotiations with the planning authority. The team undertook supporting surveys for the design, planning and tendering processes, and led the procurement process on the schools’ behalf for a development partner for the housing and school scheme. Cornerstone also created a detailed financial model to test the viability of the scheme and manage affordability.
The Cornerstone solution was to wrap the provision of new premises with the sale of the surplus school land for residential housing allowing the client to secure their benefit upfront. The housing was an enabling development for the school thereby reducing requirement for S106 payments. The sale of the land to the developer included a requirement to commence the new school premises in advance of the housing development
Spring 2013 – present
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