Decision Maker: The Executive
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
To consider the revised options and agree the way forward to enable the regeneration of the estate to proceed.
Further to Minute 630/08 it was reported that now work was underway with the regeneration of Durand Close, further consideration had been given to the regeneration of Corbet Close, Hackbridge as part of the Durand Close project.
Currently, the investment cost to meet a thirty year life cycle and the decent homes requirements was £2.6m of which £1.04m would be required in the next 12 months to clear the backlog of repairs and improvements. There were currently 45 secure tenants who would need to be rehoused. By incorporating the value of Corbet Close into the project’s overall financial model, a higher level of affordable housing on both Durand Close and some of the related sites would be achieved. The new rented accommodation due to be delivered in later phases at Durand Close would provide alternative accommodation for Corbet Close tenants. New build accommodation in Hackbridge Road and Kelvin House would also be available.
The redevelopment options for Corbet Close were considered. It was suggested that 58 houses should be constructed with a minimum level 4 of the Code for Sustainable Homes and a 20% reduction in CO2 emissions from site technology. There was also a potential link to the proposed decentralised energy network for Hackbridge. Various options for building 58 accommodation units were considered of which option 3 (48 units for private sale and 10 for shared ownership) was preferred as it provided affordable housing on the site and a significant financial contribution to the regeneration project, which would help to reduce the possible deficit.
The financial implications of these proposals were reported. There was no requirement for any capital funding to achieve the regeneration of Corbet Close other than the annual contribution towards the overall project management and development costs. It was expected that the sales of property would realise around £400k which would help to reduce the current project deficit to £0.3m.
Resolved: (i) That the regeneration of Corbet Close based on the current assumptions regarding tenure mix, numbers of units and the financial impact on the Durand Regeneration project be approved;
(ii) That Option 3 as set out above be the preferred development option from those presented as it delivers a significant financial contribution to the Project and also a realistic level of affordable housing in the form of shared ownership.
Publication date: 22/07/2011
Date of decision: 05/07/2011
Decided at meeting: 05/07/2011 - The Executive