Officers at Waltham Forest Council recommended the north east London scheme be approved, which has been revised following comments, from the Greater London Authority and locals, to include proposals for 294 homes on the mixed-use development.
The plans are due to be considered by the planning committee on 8 May which include proposals for 20% affordable housing, despite the Council's guidelines stating that 50% of new homes should be affordable, a local MP said.
The viability assessment (9-pages / 66 KB PDF) produced for L&Q said that the "scheme is providing a higher level of planning obligations than can be justified by the scheme’s current viability." The proposed level of affordable housing and section 106 contributions mean there will be a shortfall of on target profitability of 7.55%.
L&Q has said that it will consider a "re-appraisal" of the scheme on a phase by phase basis "such that if target profitability is achieved, a proportion of any sum over this level will be allocated towards the delivery of additional affordable housing".
In the report to committee, the recommendation by officers ties in with an agreement that the developer will pay £3.8 million under section the 106 planning agreement.
The council report accepts the section 106 contribution offered by L&Q is the ‘maximum that can be reasonably achieved having regard to other development considerations and costs’.
The reduced levels of housing now include proposals for 234 homes for private sale, 36 for shared ownership and 24 four-bedroom homes let under the government’s affordable rent programme.