The council’s newly-launched development company is to take control of the Taberner House scheme, providing more affordable housing, more open space and a better financial return.
This will be the development company’s first major scheme, which will provide 418 homes, with 30% affordable housing – double that under the previous plans.
The development company will work with a developer, which will build the scheme across four blocks instead of five, providing significantly more green space in The Queen’s Gardens.
As well as giving the council greater control over the scheme, the new development company approach is expected to more than double the council’s forecast financial return.
The council launched the development company in March, and it enables the council to have a greater say over the quality and tenure of housing schemes and provide more affordable homes.
It will function as a separate commercial body, while taking on the role of the council’s development partner. This means it can ensure more homes of different tenures to suit different needs are built in Croydon and a variety of development opportunities are realised.
The revised plans for the Taberner House site are due to be submitted for planning permission later this year with construction work expected to begin on site early next year.
“Delivering Taberner House through the development company gives the council direct control of the scheme, enabling us to provide more affordable homes.
“With severe cuts in government funding, we have to look at innovative ways of generating revenue while providing essential public services.
“By taking a more proactive approach and delivering schemes through our development company, the council will be able to secure profit that would previously have gone elsewhere.
“This scheme will not only provide more much-needed homes but create improved public space in the centre of Croydon.”
Councillor Alison Butler, deputy leader and cabinet member for homes, regeneration and planning
Notes to editors
A total of 418 homes, comprising four blocks, will be built on the site, with 30% affordable housing – up from 15% under the original proposals, which also included an extra block. There will be a range of tenures including affordable rent, shared ownership and private for sale units. The council will keep the affordable homes as council homes.