Eastern Quarry is part of the largest regeneration scheme in the Thames gateway. When completed it will provide c.6,250 residential units and over quarter million square metres of business and social amenity facilities.
Land Securities appointed Levvel to bring about a number of outcomes:
To secure a high ratio of intermediate affordable housing against the social rented housing provision
To provide certainty that the costs of provision would be covered through a guaranteed receipt from the affordable housing
To secure agreement for a part commutation of the affordable housing contribution that would not be punitive and which could be spent on benefits for the adjoining community
Levvel were able to demonstrate a detailed knowledge and first hand experience of the intermediate affordable housing sector, allowing Land Securities to present a solution that catered for a wide variety of household incomes.
In addition, Levvel’s awareness of the Housing Corporation funding programme enabled a deliverable affordable housing package aligned to the likely availability of grant funding to be devised.
Finally, Levvel were able to negotiate a tender process that assured the successful delivery of the units through its established relationships with a number of private affordable housing providers and major RSLs.
The Levvel Solution
The Council’s housing needs assessment was reviewed and updated through a housing needs and market analysis, which identified an increasing need for intermediate affordable housing.
A realistic grant funding base line was agreed with the Housing Corporation and the local planning authority to establish an appropriate affordable housing pricing structure. This was then identified in the S106 agreement and a cascade mechanism put into place to protect the interests of the client and to provide certainty for the Local Authority.
In July 2007 a resolution to grant planning delivering 30% affordable housing, (incorporating a 5% commuted sum) was made by the Local Authority and the Section 106 Obligation was engrossed at the end of 2007. The tenure was split 20% social rent to 80% intermediate housing. A cost neutral outcome for the client was assured by the covering of the costs of provision in the resolution.
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NATIONAL PLANNING POLICY FRAMEWORK
The Government have announced the National Planning Policy Framework. Levvel welcome informal queries from previous, current or potential new clients on the impact that the new framework will have on their project, be they a local authority, developer or landowner. Please contact us on 01202 639444 to see how we can assist.