Permission for a major regeneration of Brixton town centre was granted in 2015. A big part of this is the £50 million Your Nu Town Hall project. This will see the activities of Lambeth Council centralised in a new property, freeing up 11 other properties that they currently use. The move is expected to save the Council approximately £4.5 million each year thanks to the more efficient use of buildings and new facilities.
With centralised services the 11 sites across Lambeth are freed up for alternative purposes. Several of them are being sold so they can be redeveloped. The leases on some will end so the landlord can choose to redevelop themselves. A few of the sites may be held for future developments. The high land values in the Borough and London as a whole mean that the sale price for the sites will go a long way to meeting the cost of Your Nu Town Hall.
As part of the project 219 new homes are being created in Brixton at several of the old sites. There will be a mix of housing available, with 47% or 103 of the homes designated as affordable. These will be located at Hambrook House, Olive Morris House and Wynne Road. In fact the latter will be entirely intermediate affordable housing, totalling 25 homes.
A number of jobs will be created over the course of the project, including the on-going construction on Your Nu Town Hall and the redevelopments across the other sites. There will be approximately 600 in the construction sector alone, including a number of apprenticeship opportunities. On top of this there will be chances for commercial businesses to get involved.
The work is good for Brixton and Lambeth as a whole. At Finefair we love seeing this kind of project taking place, especially with the creation of new homes. We are on hand to help landlords across the area, offering them advice about everything from council leasing to guaranteed rent and property management. Our team of letting agents will offer advice and help you to get the very best returns for your properties.