Murky Depths

News in London and beyond

Sidcup

Sidcup co-op demolition to be approved: housing block coming to site

Courtesy Google

Bexley Council’s Planning Committee look set to approve demolishing a co-op supermarket beside Sidcup station for a new build housing block if officer recommendations are rubber stamped.

I first covered the plans last June when Copland Estates submitted details of the scheme.  At the time of submission I criticised the plans for a drab and oppressive colour scheme with large parts of the facade dark brown.

At the time co-op were expected to vacate by March 2019 if approval given.

An adjacent pub, the Iron Horse, is concerned new residents will complain about live music noise.

Once again a Bexley Council development includes no “affordable” housing whatsoever, even at the highest permitted level of 80% market rate let alone social housing.

Developers will pay £600,000 in lieu. It’s extremely common for developers to state that it’s unviable to build affordable homes in Bexley borough – even on sites far out into suburbia. We’ve seen it in Crayford near Sainsburys and many other locations such as Slade Green. A developer will regularly claim a site is unviable if their profit margin is less than 20%.



This was claimed when prices were rising sharply – and now the market is turning the claim is that it’s unviable to provide any affordable homes due to uncertainty. The same line is given regardless of wider factors – and developers are cashing in, as the Times reports here – with an average profit level of £57,000 on each new home across the UK.

This is from this application:

The profit margin of developers has jumped so hugely since Help to Buy was introduced many economists on both left and right worry it’s leading to imbalances and a future crash – and leaving taxpayers on the line for losses. A report by Morgan Stanley states distorting effects of the policy.

We’ve seen new build prices plummet over the past 12 months – especially when it comes to sell on. And all the time less truly affordable housing is being built. Large developers though have taken their cut – and move onto the next site.

 

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1 Comment

  1. Matthew cole

    So basically only building homes for the rich and wealthy

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