ADD2033 Various Sites in the LB of Waltham Forest

1.1 This request relates to appointing a RICS registered valuer to undertake a valuation to support the potential acquisition of a number of sites in the vicinity of the Webbs site. The London Borough of Waltham Forest was awarded Housing Zone status in March 2015 for the Blackhorse Road area. As part of the proposal, sites were identified in the Housing Zone to bring forward a residential led mixed used development.

1.2 On the 17th March 2016, the Mayor approved (MD 1627), the proposal to acquire the former Webbs Industrial site within the Waltham Forest Housing Zone for redevelopment via the London Development Panel for mixed use residential scheme. The site was acquired by GLAP in July 2016 and will help kickstart the comprehensive regeneration of the Blackhorse Lane area.

1.3 The acquisition of a further number of sites in the vicinity of the Webbs site would assist in securing this residential led redevelopment opportunity and in conjunction with the Webbs site, help to transform and regenerate the wider area and deliver new homes, new employment and an improvement in the quality of life for residents.

1.4 Officers are seeking permission to commission a valuation of sites in the Blackhorse Lane area. Once the valuation is received; furter approval will be sought from the Mayor as to whether or not acquire these sites.

1.5 In October 2015 both Housing Investment Group (HIG) and Investment Panel Board (IPB) endorsed the principle to acquire the sites in Waltham Forest for procurement via the LDP at a later date. This included proposals to enter into discussions on adjacent sites, and to seek a negotiated value for purchase, subject to further approval via HIG and IPB in line with the scheme of delegation.

2.1 The valuation of the sites will assist in any decision making for acquisition and their release to the LDP for the development of new homes; employment and retail spaces will deliver much needed additional new and affordable homes in the area in conjunction with a neighbouring site to complete a comprehensive redevelopment of the area.

3.1 The delivery of this development is aimed at implementing the Mayor’s policies set out in the Mayor’s London Housing Strategy. In January 2014 the GLA published an integrated impact assessment (“IIA”), including an equalities impact assessment, of that strategy. The policies related to increasing housing supply, of which this paper relates, were covered by the Integrated Impact Assessment (IIA) for the Further Alterations to the London Plan.

3.2 The IIA concluded that updating housing projections and targets would support the delivery of sufficient housing and may help stabilise housing prices, supporting equal opportunities throughout communities. Furthermore, the provision of housing, including maximising the delivery of affordable housing would be in line with other policies of the Plan (e.g. Policy 3.5), ensuring that the needs of different groups are taken into account in the housing design.

3.3 The delivery of new and additional homes within the Housing Zones will help to implement Objectives 1, 2, 3 and 4 of the Mayor’s Equalities Framework “Equal Life Chances for All” (June 2014) through the creation of new affordable homes, housing products and well-designed housing schemes.

4.1 As with any land purchase, there is the risk that land value may go down as well as up. Efforts would be taken to dispose of the site speedily and efficiently to minimise any exposure to that risk, and when disposal takes place all efforts will be made to ensure that at least the full value of expenditure by GLAP (including holding and ancillary costs) is recouped. The undertaking of this valuation will assist in minimising the risks to GLAP in disposing of the site(s) once acquired.

4.2 Should negotiations for the future land purchase stall or the landowner prove to be a reluctant seller, the GLA will consider its decision, whether by seeking alternative routes for acquiring the sites or by taking forward Webbs only.

5.1 This decision seeks approval to expend up-to £35,000 to appoint property advisors to undertake a Red Book valuation of various sites in the Waltham Forest Housing Zone.

5.2 This expenditure is available from the Housing & Land Housing Zones Revenue Budget and will be expended in 2016/17 financial year. Any changes to this proposal, including the requirement of additional funds, will be subject to further approval via the Authority’s decision making process.

6.1 Section 30 of the Greater London Authority Act 1999 (as amended) (GLA Act) gives the Mayor a general power to do anything which he considers will further one or more of the principal purposes of the GLA as set out in section 30(2) which are:
i. Promoting economic development and wealth creation in Greater London;
ii. Promoting social development in Greater London; and
iii. Promoting the improvement of the environment in Greater London
and, in formulating the proposals in respect of which a decision is sought, officers confirm they have complied with the GLA’s related statutory duties to:

• pay due regard to the principle that there should be equality of opportunity for all people;
• consider how the proposals will promote the improvement of health of persons in Greater London, promote the reduction of health inequalities between persons living in Greater London, contribute towards the achievement of sustainable development in the United Kingdom and contribute towards the mitigation of or adaptation to climate change in the United Kingdom; and
• consult with appropriate bodies.

6.2 Sections 1-3 of this report indicate that the Mayor, and by virtue of the scheme of delegation the Assistant Director, has the power to agree to the Decisions set out above.

7.1 The next steps following approval of this decision are summarised below. The timescales are based on estimates and are subject to negotiation with the vendor of the sites.