Plans to construct 1,500 residential units on the Greenwich Peninsula are poised for approval, despite a significant decrease in the proportion of affordable housing included in the development.
The initial proposal to erect multiple tower blocks at Morden Wharf, located in the southwestern section of the peninsula, received approval from the Greenwich Council in 2022.
In February, developer Galliard Homes presented a revised proposal to the council’s Planning Board, which reduced the affordable housing component from 35 percent to merely 10 percent. The developer cited rising construction costs and evolving building regulations as primary reasons for this adjustment.
Galliard expressed intentions to increase the affordable housing share to 20 percent or potentially more, contingent upon the new housing measures from the Greater London Authority (GLA).
New Housing Measures and Their Impact
In October, Mayor Sir Sadiq Khan unveiled these measures, allowing developers to proceed without an upfront viability assessment if they can commit to providing at least 20 percent affordable housing. Additionally, projects may qualify for grant funding covering approximately half of the affordable homes produced.
The Planning Board of Greenwich Council opted to postpone a final decision on the updated Morden Wharf plans, seeking further clarification on the GLA’s recent measures and additional details regarding Galliard’s engagement with registered providers to fulfill the affordable housing requirements.
Following the GLA’s adoption of the “Support for Housebuilding” London Plan Guidance (LPG), which took effect last month, Galliard has returned to the council. This guidance aims to enhance housing development across the capital.
Commitment to Affordable Housing
Galliard has now pledged to deliver 20 percent affordable housing at Morden Wharf, as the GLA has confirmed that the project qualifies for grant funding. Should the Planning Board approve the plans in the upcoming meeting, Galliard will be exempt from submitting upfront viability assessments and will not face mid or late-stage reviews.
Viability assessments are crucial in determining whether a proposed development can adhere to policy requirements, such as affordable housing, while remaining financially viable. Mid and late-stage reviews assess updated sales and cost data against initial projections to ascertain if additional affordable housing or financial contributions are necessary.
Galliard also reported that it has reached out to all 17 registered affordable housing providers listed by Greenwich Council as preferred partners. The developer noted that five of these providers have shown interest in participating in the affordable housing component at Morden Wharf.
Next Steps for Approval
Greenwich planners have recommended the revised Morden Wharf plans for approval. The Planning Board is scheduled to discuss these plans at its meeting on April 14.
- Greenwich Peninsula housing project aims for 1,500 units.
- Affordable housing share reduced from 35% to 10%.
- Developer seeks to increase affordable housing to 20%.
- New GLA measures facilitate housing development.
- Plans to be reviewed by Planning Board on April 14.
Bildquelle: ai-generated-gemini
