The Haringey Development Vehicle (HDV) is an approach the local Council has taken to develop the significant amount of land in the area, creating new homes and jobs in the process. The strategy is an interesting one and will involve a partnership between the authority and a private developer. That way financing becomes easier, development can proceed at a faster pace, and profits can be shared to be reinvested.
The HDV took a step forward earlier in March with Lendlease being selected as the preferred partner for the £2 billion project. They beat off competition from rival bidders including a partnership featuring Clarion Group and another with Pinnacle.
The next phase will see Haringey and Lendlease enter into a period of discussions to see how work could proceed. The hope is that a final decision will be made in the summer, determining whether the HDV will proceed or the Council will look for an alternative option.
If the project does go ahead it could see the creation of around 5,000 new homes over the next 20 years. Alongside these Wood Green will receive a new town centre, creating thousands of jobs in the process. The commercial property portfolio of Haringey Council may also be transferred to the HDV.
The creation of new homes will be wonderful for the Borough if the project does go ahead. It will result in more homes for private ownership, rent, and council leasing in Haringey too. As a result they will cater for all kinds of needs.
At Finefair we provide a wide array of services for investors all across London. We are particularly experienced in Haringey, understanding the myriad of things that attract buyers to the area. As a result we are well placed to provide advice and guidance.
Council leasing in Haringey is a really good option for landlords who want to ensure they get a set income each month and don’t encounter problems finding tenants. It gives them a chance to benefit from an established scheme that can run for the short to medium term.
If you have any questions please get in touch with us.