When Robert Jenrick approved the Westferry Printworks development, Richard Desmond benefited twice
Drop in CIL circa £40 million
But also drop in affordable housing from 35% down to 21% in June 19, 14%⬇️
Benefit of that also £40 million or £106 million depending on you view it
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Drop in CIL circa £40 million
But also drop in affordable housing from 35% down to 21% in June 19, 14%⬇️
Benefit of that also £40 million or £106 million depending on you view it
1/
The £40 million is estimated additional profit,
£40 million CIL + £40 million 14% loss of affordable = £80 million benefit to Desmond
Another way of calculating benefit is extra revenue from selling 14% of homes that used to be affordable circa £106m benefit, Daily Mail use
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£40 million CIL + £40 million 14% loss of affordable = £80 million benefit to Desmond
Another way of calculating benefit is extra revenue from selling 14% of homes that used to be affordable circa £106m benefit, Daily Mail use
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These are broad indicative estimates that I requested from Tower Hamlets Council planning team to try & explain 14% in £ terms
Normal for developers in appeals to drop affordable housing %
Up to decision makers to accept that or reject it based on viability analysis
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Normal for developers in appeals to drop affordable housing %
Up to decision makers to accept that or reject it based on viability analysis
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Jenricks own decision letter says "He agrees with the Inspector that, on the balance of the available evidence, it is likely that the scheme could provide more
affordable housing and that 21% does not therefore represent the maximum reasonable amount of affordable housing"
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affordable housing and that 21% does not therefore represent the maximum reasonable amount of affordable housing"
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So Minister knew that the Desmond was delivering less affordable housing & could deliver more but still granted approval, why?
I go into this in more detail in my letters to Cabinet Office/MHCLG/Clive Betts MP
As a key issue not yet fully covered
cllrandrewwood.com/news/westferry…
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I go into this in more detail in my letters to Cabinet Office/MHCLG/Clive Betts MP
As a key issue not yet fully covered
cllrandrewwood.com/news/westferry…
6/
Also CIL confirmed as circa £40 million (previously estimated at between £30 & £50 million)
Daily Mail story here online, more news on its way
dailymail.co.uk/news/article-8…
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Daily Mail story here online, more news on its way
dailymail.co.uk/news/article-8…
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