Havering Council is making moves to utilise compulsory purchase powers. It is doing so to push a £451 million regeneration scheme forward in Romford town centre. We want to have a closer look at this today, then if you want guaranteed rent in Havering, you can come to us.

The project

Through a holding company, the Council has submitted a planning application. It involves constructing 1,070 houses, commercial units, a school, and a health centre. They will be at the Bridge Close site.

However, at present the authority only owns 57% of the land. The council is now preparing to force the rest of the owners to sell via a compulsory purchase order. The majority of the residential properties facing the Romford ring road have been bought already. Yet, only 65% of the commercial estate behind these properties have sold up.

Graham Williamson, Havering’s cabinet member for planning and regeneration, had comments on the situation. He said the council is still making attempts to purchase buildings on this site. They are aiming to do so “through mutual agreement”. He also stated that the council would employ compulsory purchase powers only “as a last resort”. This would be to “achieve the council’s vision” of refurbishing the site.

A schedule in a report before cabinet said that the council wants to gain planning permission. They hope to do so by September 2024. Also, they want to hold a public inquiry into its use of the powers during 2025. If you need the best services for guaranteed rent Havering has, contact us today.

Is the scheme viable?

However, there questions that remain about the scheme’s viability. Originally, it was a joint-venture. Savills Investment Management Limited and First Base Limited were part of it. During 2020, both parties pulled out of the scheme. It was reportedly due to the housing market slowing down. This was as well as rising construction costs, inflation, and design enhancements.

Despite all this, the council is striving to complete the redevelopment. As part of it, 35% to 50% of the flats to have “affordable” classification “subject to viability”. So, 148 flats would be affordable rent, which tends to be 80% of market rates. Plus, a total of 339 flats would be shared-ownership.

Savills Investment Management Limited did an assessment of this scheme’s viability. It suggests that without an extra £76 million subsidy for affordable housing, an overall deficit of £60m would exist.

Havering council’s planning application is in two parts. Part one is a detailed plan for 383 homes on one area of the site. As for the rest of the plot, it remains only outline. Exact details will be available at another time.

Partner up with us for guaranteed rent in Havering

At Guaranteed Rent, we can offer clients an all in one solution for their property specifications. With the top services for guaranteed rent, management, maintenance, and more, we handle everything. We can even do portfolio reviews. You will keep ownership of your property throughout the scheme too.

So, if you think we can help you with guaranteed rent in Havering, make sure you let us know. We have a wealth of experience and strive to deliver the best results for our clients.