Metropolitan plans 900-home Clapham Park expansion

According to consultation documents published earlier this month, the provider wishes to submit a fresh planning application for the development in 2017, increasing the number of new units there from 2,443 to around 3,350.

The scheme, which is being carried out by Metropolitan and Lambeth Council, has previously attracted controversy due to concerns from the social housing regulator that the partners were relying too heavily on market sales to fund the affordable elements. This led to the development grinding to a halt at the start of 2012 when Metropolitan encountered difficulties in securing a refinancing. Lenders had not wanted to fund the level of open market sale properties outlined in the scheme’s masterplan because it was perceived to be too risky.

However, a £117m refinancing deal was secured with Lloyds Bank and Barclays after the consortium revised the business plan and the consortium injected a further £61m into the project.

Under the original project, started in 2007, 975 homes were to be refurbished and 2,480 new homes – 960 affordable – were to be built. The partners were forced to scale back the project to make it more financially viable, with some blocks to be refurbished rather than demolished.

They are now consulting local residents on reinstating the original plan, maintaining their 50% affordable quota across the scheme as a whole, while upping the number of new build rather than refurbished homes. Despite the increase, the project will still contain the promised 4.18 hectares of public space.

The consultation document states: “Given the time that has passed since the original masterplan, we want to make sure it still delivers what the local community needs today and into the future. At a time of chronic housing shortage we can deliver more affordable new homes than originally envisaged, whilst retaining the amount of green.”