EXTRAAA!! GENTRIFICATIONs RUTHLESS FACE UNVEILED IN THE ELEPHANT!!!!

“COUNCIL ACCIDENTALLY PUBLISHES CONFIDENTIAL REGENERATION AGREEMENT” 

http://southwarknotes.wordpress.com/

“The unintentional revelation comes after lengthy proceedings to censure an opposition councillor, who claimed the agreement was poor value for money after it was signed in July 2010. The council leader’s response at the time was that land value payments had been reduced in favour of a guarantee of 25% affordable housing. However, the recently approved HEYGATE plans propose just 79 social rented homes out of a total 2,535.”

“The neighbouring Oakmayne/Tribeca Square 1.5 acre development site exchanged hands on the open market in 2011 for £40m – just £10m below the council’s deal for its 22 acre site [Heygate Estate].”

“Critics of the scheme are claiming that the council’s political administration has sold the Elephant short in order to gain political advantage in honouring its manifesto pledge to deliver the regeneration after years of stalled negotiations. Others are pointing towards council leader Peter John’s cosy relationship with the global property developer.”

“The regeneration agreement also discloses that there have been no conditions written in to avoid the practice of ‘land banking’: this is where a developer sits on an empty development site for years, which appears on its balance sheet as an asset and is used as collateral to help keep financing low for other projects. It doing so, it also profits from purchasing land when prices are low and waiting for an upturn in the market before it capitalises on its investment.”

“Lend Lease is a seasoned professional at negotiating with inept public authorities, and has a long list of white elephants in its portfolio: [………]”

http://betterelephant.org/blog/2013/02/04/council-accidentally-publishes-confidential-regeneration-agreement/

 

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