Homes England, Subsidy to Vivid Housing Limited for Victory Quay, Portsmouth

This Homes England, subsidy to Vivid Housing Limited, worth £19.794 million, is drawn from the Brownfield, Infrastructure and Land (BIL) Fund and will be used by Vivid Housing Limited for infrastructure and abnormal costs of a proposed development called ‘Victory Quay’. It will deliver 835 homes, 30% of which are designated as affordable homes. It will regenerate derelict industrial land and incorporated flood defences and ecological mitigation measures.

Our key takeaways from the Subsidy Advice Unit (SAU) Report are as follows:

• Clear description and evidence of the specific policy objective of the Subsidy.
• Assessments should be clear when explaining market failures in line with the Statutory Guidance so as to distinguish them from market outcomes.
• Clearly sets out the inequity linked to the lack of affordable housing that the Subsidy seeks to address.
• Assessments should clearly explain and evidence how the Subsidy will address identified equity issues relating to limited access to green space in deprived areas and how it will address deprivation linked to greater reliance on public transport.
• Assessments should explain in detail the expected competitive impact of the Subsidy on the shared ownership market, as well as the social rent market, where there are affordable housing units, as these may be sold on a shared ownership basis.
• Assessments should explain in detail the impact on the local land and housing market.
• Assessments should establish whether the wider benefits identified relate to the specific policy objective of the Subsidy such that they are relevant to balancing exercises.

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