Cheshunt is a foundation trust school in Hertfordshire which is currently under roll and was in special measures. It continues to experience a falling role, and has particularly limited facilities in STEM (science, technology, engineering and maths). The school 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.
Cornerstone acted as both broker and advisor and worked entirely at risk with no up front cost to the school. We developed both the school scheme and housing scheme for market with subcontractors and led the negotiations with the planning authority. Our team also 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. We also created a detailed financial model to test the viability of the scheme and manage affordability.
The Cornerstone proposal 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 sale of the land to the developer included a requirement to commence the new school premises in advance of the housing development. The housing was an enabling development for the school reducing requirement for S106 payments.