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Friday, 23 June 2017

The Battersea Power Station development is facing significant challenges




That’s according to the chairman of Wandsworth Council’s Planning Committee, Richard Field.

At a meeting last night, it was decided that the developer would be allowed to build less affordable homes at the site.

Mr Field says although regrettable, the only other option, was ditching the development altogether.

The Northern Line Tube extension is dependent on the development going ahead.

The escalating cost of restoring the former power station’s famous chimneys is thought to have pushed the development well over budget.

The project is driven by backing from Malaysian property development and investment businesses, S P Setia Berhad, Sime Darby, and Employees Provident Fund.

There has been concern from residents who say they are "being priced out of the area."

A two bed flat starts at £1.3 million.

Cllr Richard Field has released the following statement:

“The escalating cost of restoring the power station building has pushed this entire development project into serious financial trouble and the committee had a very difficult choice between accepting a potentially lower number of affordable homes, or refusing the application and risk losing all of them.

This development also directly funds the Tube extension which is bringing 25,000 jobs to Battersea, so the stakes are extremely high.

I believe we made the right choice and in doing so have safeguarded the delivery of thousands of other affordable homes across the Nine Elms regeneration area which are dependent on the Northern Line Extension being delivered.

This change also means that 386 affordable homes will now be built by the power station developer in 2020, two years earlier than previously planned.

Last year Wandsworth delivered the second highest number of affordable homes among all 33 London boroughs and we would never accept a potential reduction in low cost homes unless the case was overwhelming.

The Mayor of London was asked to engage in this decision-making process several weeks ago but remained completely silent until the day before the committee met when we learned he had commented on this matter via social media rather than contact the council.

Mr Khan of course very recently approved a vast housing development in neighbouring Merton with only 9% affordable housing.”
posted by Radio Jackie News Team @ 11:29 am  

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