Council announces Wates Residential as £1 billion joint venture partner for London’s biggest social housing regeneration project
The London Borough of Havering announces a £1bn contract and major new joint venture (JV) partnership with Wates Residential, which will see 12 Council estates regenerated to provide around 3,000 homes in Havering, London, over the next 12 years.
- The project will see an overhaul of Havering’s existing Council accommodation. Delivering improved provision, the regeneration will increase council rented accommodation by 70 per cent and build 400 low-cost home ownership properties. By doubling the amount of affordable housing on the 12 estates, this project delivers much-needed affordable homes for borough residents that are truly affordable on local income levels.
- The scheme will see the Council’s current stock of 856 homes replaced to create 3,112 homes of mixed tenure, encouraging more integrated communities.
- This is a unique initiative as all Council funding for the project will come from the Council’s Housing Revenue Account (HRA). This is in addition to funding from Wates and the GLA.
- Havering will receive £33m grant monies from the GLA, to deliver new estates where 40 per cent of the homes will be affordable.
- The scheme will deliver a lasting legacy for the community through investment in skills, training and education. Working with Wates, the Council predict the social value benefits from Phase 1 will be worth around £6.8 million. Commitments include the creation of a Construction Academy through a partnership with Havering College and the Construction Industry Training Board and delivering around 165 apprenticeships over the life of the scheme.
- An extensive consultation exercise, which started 18 months ago, continues. To date, this has involved 741 residents across the 12 sites, 154 group meetings and 82 newsletters. There have also been over 600 one-to-one meetings with tenants. Feedback has shown strong support for the project from the majority of residents, who will soon be involved in the design of their new homes.
- Extensive support is being provided to all residents on the estate to help them find new homes which will allow the redevelopments to begin.
- The right to return is guaranteed to every existing resident on the estates being regenerated. Any housing that requires rebuilding will be done on a like-for-like basis to ensure no loss of existing affordable housing.
Councillor Roger Ramsey, Leader of Havering Council, said:
“This is the most exciting and ambitious Council home building programme in London, and I’m confident our new partner will be able to help us deliver our future vision for the borough.
“Forming this joint venture will allow us to provide high-quality new homes for existing residents and young people who want to stay in the Borough.
“This, together with the arrival of Crossrail, and plans for two dedicated housing zones, means developers, businesses and residents will all want to be a part of a future Havering.”
Tim Wates, Director of Wates, said:
“Wates Residential is delighted to have been chosen as the London Borough of Havering’s partner on this extremely exciting project, and we look forward to working with the Council as we build more than 3,000 high-quality homes over the next 12 years.
“As a family-owned business, we have always been committed to giving something back to the places that we build in. I am proud that we will not only provide crucial additional housing, but also significant benefits to the community through our investment in skills, training, education and jobs for local people.
“The ability to deliver wider community benefits through our long-term partnership is what will set this project apart."