Walthamstow Town Centre Update: Clarification From Council on Increase in Affordable Provision and Timing of Viability Assessment Publication

In my last update of March 20th 2018, I shared with residents the Mayor's decision on this matter. I stated that I had requested further information from his office and the Council as the update from the Mayor stated that these plans had been amended but did not provide full details as to what this would entail. You can find this update here. 

I have now received the following clarification from the Council regarding the statement that was made regarding the additional provision of affordable housing in this letter. I have also received an update about the timing of the publication of the viability assessment for this proposal. The Council have provided me with the following two statements for residents: 

“Given the complexity of the viability appraisal and the fact that parts of this will need to be redacted for commercial reasons a summary statement is being prepared by the developer Capital &Regional.  Following sign off by the Council this will be provided with the more detailed document and will assist interested parties in understanding the purpose and content of the viability appraisal itself. We expect to be able to publish the full assessment shortly after the Easter break”
 
“A financial contribution of £7.28 million has been agreed as an additional section 106 obligation falling to the developer of the Mall, to be utilised to deliver additional off-site affordable housing  at affordable/social rent levels in Walthamstow. The financial contribution is in lieu of a further 10% affordable housing (calculated in terms of habitable rooms) being provided within the development.  The ambition is to deliver these additional units  through the Council’s new build affordable housing programme.”

I hope that this update and the clarification it provides as to what additional affordable housing will be generated by this change and where it will be placed is of interest. I will of course also share the viability information as soon as it is made available to me by the Council to enable residents to scrutinise these decisions accordingly.