Bridging Loans London News:- Ambitious plans to build 2,550 new homes and transform two 1960s and 1970s housing estates, opposite Clapham Junction station, have been approved by Wandsworth council.
The £1.4bn joint venture between the council and Taylor Wimpey includes a 2.49-hectare public park, leisure and community centre, library, children’s centre and nursery.
Wandsworth council leader, Cllr Ravi Govindia, said the detailed plans included the views of residents and the local community through extensive consultation of 7,000 households.
“The regeneration of this area will bring forth more than just new homes, we are building a new leisure centre, new library, and a new children’s centre around a new park. We want to build new homes and an exciting future for all who live in them.”
The homes will be a mixture of tenures including open market sale, private rent, shared ownership and social rent; at least 35 per cent must be affordable.
Wandsworth council expects the project to create 388 new jobs boosting the local economy by an estimated £207.6m. It has already started building 46 new affordable homes for existing tenants as part of the first phase of the development.
Taylor Wimpey’s major developments director, Lee Bishop, said his company was delighted about the council’s decision.
“The proposals will deliver major benefits to the community – not least a significant number of quality new homes, but also a range of new community facilities.”
Wandsworth Council is also building 107 new social rent homes on other sites in Battersea to help with initial rehousing of existing residents.
Long-running plans need to jump a final hurdle
The Mayor of London, Sadiq Khan, is to have the final say as to whether the scheme is approved. He was critical over the drop in the final number of affordable homes built at the £9bn development of Battersea Power Station.
Wandsworth councillors have also approved plans to build up to 759 new homes on three plots of the former Royal Mail site in Nine Elms next to Battersea Power Station. Across the entire former Royal Mail site, 1,950 homes are planned by 2025, 363 of which would be affordable.
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Brokers Hank Zarihs Associates said development finance lenders would be keen to offer funding for new build and refurbishment for this part of London because of its good transport links.
Work across the whole scheme is expected to complete by the early 2030s. Consultation on redeveloping the estates first started several years ago with more than two-thirds of residents calling for the estate to be knocked down rather than refurbished.