Client: Land Securities
Land Securities acquired a site with planning permission for a mainly office development (circa 15,000 sq m) which had been implemented and could have been completed at any time in the future.
Gerald Eve was asked to advise on other potential options for the site, including a residential led mixed-use proposal, which could be used to facilitate other commercial development in key economic locations.
We devised and delivered a scheme with an exceptionally high proportion of affordable housing (68%) and open market housing, which would form affordable and land use "credits". These “credits” can be used to offset residential and/or affordable requirements on other appropriate proposals in the City.
We engaged with the Mayor of London and Westminster City Council in order to reach early agreement on the innovative concept. This enabled the project to be secured and more, better quality housing to be provided, earlier in the development process, which clearly met strategic objectives of the Development Plan.
This in turn enables other commercial developments to be achieved. This innovative solution is the first example anywhere in the United Kingdom where an affordable housing credit and a separate (but potentially overlapping) residential land use credit has been created.
The credits redeploy economic value to facilitate further mixed use proposals and affordable housing in central London through more efficient allocation of scarce land and capital.
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