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