We are currently working with a local authority to prepare a business case for Future High Streets Funding for regeneration projects in the town centre.
We started with an initial long-list of 14 scheme. Working with the client we have identified a shortlist of the eight most suitable and deliverable schemes, including public realm investment, building renovation, and residential development. We have helped to refine the bid in response to the project initiation meeting with MHCLG and further guidance provided.
We are working with the client to describe the process of shortlisting, and the development of a series of options, including do-nothing, a smaller intervention of fewer schemes, the preferred intervention, and larger intervention comprising more schemes. Our team is working to develop detailed cost estimates for the schemes, and estimates of land value uplift for each of the schemes, including developing a methodology for calculating the land value uplift generated by investments into public realm projects.
We have undertaken financial cost modelling of the schemes to prepare a Rough Order of Magnitude (ROM) cost estimate for submission to MHCLG, including the application of inflation and optimism bias, following HM Treasury guidance for both.
We are continuing to work on the development of the strategic case, and building on the initial case set out in the Expression of Interest. We are involved in the ongoing development of the commercial and management cases.