There has been quite a saga with the Fred Wigg and John Walsh towers in Leytonstone. The Council has been looking to improve them for years. However, there have been a number of issues along the way. Many residents in the buildings are unhappy with how everything has gone. We want to have a look at the newest decision regarding the estate. Then, if you need services to provide guaranteed rent in Waltham Forest, you can rely on us.

Original plan

Waltham Forest Council first identified the estate as high priority in 2010. This came following comprehensive investigations into the condition and quality of the homes. There were some serious concerns about the 1960s buildings.

At the time the local authority was considering three options for the site. The first was refurbishment of the estate. The second was demolition and redevelopment. Thirdly was a transformational redevelopment. In 2014 the council chose the third option. The plan was to build a new block and completely strip and refurbish the homes in the two existing towers.

Major refurbishment

However, Waltham Forest Council had to drop the redevelopment plans in 2018. Since then the focus has been on refurbishing the buildings. They have spent over £10m on this already, including work on fire safety systems such as new sprinklers, alarms, and smoke extractors. There has also been roof covering works and cladding.

Redevelopment

The plan has now shifted back to redeveloping the estate. The Council wants to build around 450 to 500 new homes. These would all be affordable, available for social rent or shared ownership.

It is estimated that this new redevelopment plan would cost around £250m. However, there are concerns about funding. A gap of around £110m would need filling. It would have to come from borrowing, selling council assets, or funding from the Mayor of London.

Waltham Council is in favour of the new plan. But, they confirmed the final decision will be with residents. A council decision on the project is likely in November. A resident’s ballot would then follow in April 2024 to gauge whether they would support redevelopment or prefer to continue with refurbishment. The latter could begin in 2025, but it would take until early 2026 to begin redeveloping.

Sadly, it seems the Council has lost much of the goodwill of the residents. Many are unhappy at the fact they have already been living in buildings undergoing massive repairs and refurbishment for 5 years. Some are therefore not looking forward to the potential of three more years of work.

Do you want to explore guaranteed rent in Waltham Forest?

It will be interesting to see what the decision is for the site. If redevelopment is chosen, any new homes that become available for sale could be interesting assets to invest in. Leytonstone has a lot to offer, including some great amenities and transport links. As a result, it is part of Waltham Forest that a lot of people consider.

If you do invest, you can find some fantastic services here. We specialise in guaranteed rent in Waltham Forest. It is the very best option if you never want to worry about rents again because you get payments every month no matter what. You can contact us to learn more and ask any questions.