Redrow Homes has stepped away from a £400m regeneration which aimed to deliver 1,100 homes on the Alton Estate in Wandworth, SW15.
The developer has decided to scale back operations in London and axed the regeneration following a review of all schemes.
Redrow said challenges delivering the scheme had been compounded by rising costs and the planning process. It will complete the homes where it is currently on site and then exit the scheme.
It was selected by Wandsworth Council as development partner in 2017 and submitted a planning application to replace 287 flats on over a 17-acre area on the site in 2019.
Paul Muldowney, managing director at Redrow’s Greater London region, said: “We have taken the difficult decision to step away from the redevelopment of the Alton Estate and approached the council to request a managed exit.
“New home delivery in London is a challenge, compounded by increasing costs and a two-tier planning system.”
Wandsworth Council leader Ravi Govindia said: “It is deeply disappointing that Redrow feels unable to progress with this transformative scheme and, as a result, the council has taken the difficult but pragmatic decision that it is better to look at alternative options rather than try and proceed with an unwilling partner.”
The council is exploring options to deliver the scheme without Redrow and said it was committed to the regeneration.
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