Cressingham Gardens: A consultation update

Residents on Cressingham Gardens should, over the next few days, receive a mailing which updates them on the consultation on the future of their estate and answers a number of questions they have raised.

Information on lifetime assured tenancies and resident homeowner finances

On the link below you will find information on the ‘Lifetime Assured Tenancy' agreements:

http://estateregeneration.lambeth.gov.uk/assured_tenancy

On that link you will find information on:

• Why the Council is proposing a new form of tenancy 
• What the similarities and difference are between your current ‘Secure Tenancy' and the new ‘Assured Lifetime Tenancy' agreements.  

The Council has also made a commitment to enable communities to stay together. As a result for homeowners the Council has created a number of options which you can find more about on:

http://estateregeneration.lambeth.gov.uk/homeownership

On the link you will find information on:

  • The Key Guarantees and how they apply to you as a resident homeowner; 
  • How you can remain on the estate after it is regenerated; 
  • How, if you wish to, you could sell your home to the Council and move away from the estate; 
  • What compensation you are entitled to; 
  • And where you can go to get initial financial advice that the Council will pay for.

Both these options will only become relevant to residents if the Council Cabinet decides on an option for the future of your estate which would see their home replaced. 

Financial viability

Below is a summary of the financial analysis carried out by the Council and their consultants on the five options for Cressingham Gardens. The analysis shows that Option 1 – full refurbishment produces a negative Net Present Value figure whilst Options 2, 3, 4 and 5 produce positive Net Present Value figures. There is a viability sub-group planned for 7pm, 18 February 2016 in the Rotunda.

Description

Option 1 – full refurbishment

Option 2 – part

redevelopment/ part refurbishment

Option 3 – part redevelopment/

part refurbishment

Option 4 – part redevelopment/

part refurbishment

Option 5 – comprehensive redevelopment

Number of  net additional homes

0

19

20

72

158

Number of new, replacement homes at Council rent

0

7

17

93

212

Number of new, additional homes at Tenancy strategy

0

11

12

35

75

Net Present Value for refurbishment*

-£567k

-£433k

 

-£439k

-£438k

n/a

Net Present Value for redevelopment*

n/a

£2.6m

£1.27m

£3.15m

£824k

*_The financial modelling of refurbishment and redevelopment have been carried out as separate exercises because of the different ways in which refurbishment and redevelopment could be funded.

The Council has set out a decision-making process whereby each option is tested against a number of criteria; these are:

  • Positive Net Present Value (NPV) essential;
  • Delivers the re-provision of existing homes in line with the Key Guarantees to residents; 
  • Meets as a minimum Council planning policy and Council tenancy strategy on affordable housing for the net additional new homes; 
  • Quantum of new homes provided – which option provides more;
  • Quantum of new homes for council rent – which option provides more; 
  • Tenure split between market and affordable homes – which option is best able or closest to being able to provide a 60% affordable/40% market split;
  • Nature of market housing – preference for private rent;
  • Pay-back period – preference for shorter pay-back periods, while acknowledging that the Council is able to invest in the local community over a far longer period than a private developer, to support the needs of local families; and
  • Subsidy – which option requires the least subsidy to meet the above objectives. 

To download the supporting information please go to: 

http://estateregeneration.lambeth.gov.uk/cressingham_options#g 

Consultation timetable

The final consultation event will be held on the 25th February 2016. The details are

What?: Options exhibitions with your feedback and the Council’s Recommendations 

When?: 25th February from 3 to 9pm 

Where?: The Rotunda

If you would like your feedback to be considered ahead of this exhibition you need to submit your feedback by 19th February. You can send your feedback by:

Feedback received after the 19th February will still be considered as part of the consultation. The deadline for final comments is Friday the 4th March.

Your questions answered

You can download the latest ‘Question and Answer’ documents that haves been released on the links below:

If you have any questions following on from this email please do get in touch with the Cressingham Gardens project team. You can reach them via:

Pauline Foster (Programme Manager)
T: 020 7926 3475
E:cressinghamgardens@lambeth.gov.uk

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