A landmark new partnership designed to put residents first in plans for new homes and jobs on council land will become one of London’s biggest after being agreed by Haringey Council.
The council will work hand-in-hand in a joint venture with private sector partners in a pioneering Haringey development partnership, after the idea was backed by the council’s Cabinet last night (Tuesday, November 10th).
Traditionally, local authorities have been forced to simply sell off land to private developers to bring new housing, but this model sees councils keep little control over development and priorities such as affordable housing.
Rather than this flawed approach, or trying to complete development alone, the partnership will see the council work together with private firms that bring significant expertise and funding to deliver space for thousands of new jobs, and thousands of new homes including for affordable rent and low cost home ownership.
The council would need to borrow a staggering £1.4billion to complete the improvements by itself, at a time when its budget is being cut massively by central government.
The new approach will create one of the capital’s biggest partnerships, and will enable the council to ensure that low-cost housing, new jobs and training opportunities, and better public facilities are at the heart of any new developments.
Creating a development partnership was one of the key recommendations of the council’s Future of Housing Review, led by a cross-party panel of councillors and tenants who visited councils across the country to understand the advantages and disadvantages of the different models of providing housing.
Haringey Council Leader Claire Kober said: “Our ambitious regeneration plans are vital for the future of our borough – bringing the modern, high-quality homes that residents deserve and making sure new jobs in Haringey are at the heart of London’s growth.
“We believe that regeneration shouldn’t just be about new bricks and mortar – it should be fundamentally about improving residents’ lives, thriving town centres and strong, mixed communities.
“But massive cuts to our budget mean we simply don’t have the money required to deliver these bold ambitions alone. We own lots of land, but it’s vital that we combine that with funding and expertise from the private sector for improvements to happen.
“Too often, regeneration means a lack of long-term vision and direct benefits for local people. This new partnership means the council will retain control of the ownership, pace and quality of development on its land in a way that puts residents in the driving seat.
“By sharing profits, we can make sure long-term regeneration delivers a social dividend to residents, not just a financial dividend to shareholders.”
Regeneration areas such as the Northumberland Park housing estate, council offices in Wood Green and commercial land will be considered under the partnership – which is technically titled a ‘development vehicle’.
Being included in list of potential development sites for the vehicle does not mean that redevelopment on any one site will definitely happen, or will definitely be carried out by the partnership. In each case, the council will continue to work with existing residents and businesses on each site to explore the best way to bring improvements in the long-term.
The council will begin a procurement process in the next few months to seek private sector partners who are interested in teaming up with the council to deliver regeneration.