Wandsworth council’s planning committee is set to approve the £550m Alton Estate regeneration, just months after the council’s development partner walked away from the scheme.
Redrow Homes axed plans to deliver the 1,100-home scheme in August, following frustrations with planning and increased costs. It had been selected as preferred partner in 2017, but opted to scale back operations in London and focus on the regions.
Wandsworth Council has replaced Redrow as the applicant for the hybrid plans to redevelop the 1950s estate. The application comprises detailed plans for the demolition of the 288 existing buildings and 654 new homes, and outline plans for the remaining 454. As the sole applicant, if the committee were to refuse the scheme there would be no right to appeal.
The council intends to launch a new search for a development partner to deliver the scheme. In planning documents ahead of the committee on 22 October, it said that if the new partner wishes to change the scheme it would need a section 73 amendment to the plans or a fresh application.
The current £550m scheme results in a £73.7m viability deficit and an IRR of 6%, as a result of the affordable housing and CPO costs. However, the assessment concludes that “the level of deficit is expected for a housing estate renewal project of this scale”.
Wandsworth has proposed 261 affordable homes, equating to 24% of new homes, with 201 social rented homes (including 158 replacement social rented homes), 29 shared equity and 31 shared ownership homes.
The estate regeneration will not be backed by grants from the Mayor of London, which comes with the requirement for resident ballots. If the council were to apply for grant finance from the GLA Carter Jonas has advised it could reduce the deficit by more than £10m.
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