St George has been working on creating a contemporary development in Camden Goods Yard for several years. They got planning permission in 2023, and work is well underway on the first phase. However, the developer is applying to make a crucial change to the proposals. It could potentially derail the entire project. We want to have a closer look here, then if you need any help from a lettings agent in Camden, you can trust us.
The project
St George’s site is 8 acres in a fantastic part of North London. It is a vibrant area with lots of wonderful amenities. Their proposal is to create 644 new homes, including 203 affordable ones. Additionally, they will deliver new workspace, public space, and facilities for residents.
The change
While work on phase one is progressing, including show homes available for viewings, the developer is having trouble. They had a viability assessment from independent consultants Quod. It says there are serious concerns about the deliverability of the project in the current guise.
Quod’s assessment says the developer needs to look at mitigating the risk and improving the viability of the project. This comes after several difficult years and factors such as regulation changes, inflation in building costs, and falling sales values.
The decision St George has made is to apply for permission to change the total number of homes on the site and the amount of affordable ones. As a result, they would deliver 637 units, but just 83 affordable homes. Their argument is the change will allow the delivery of the project. They warn if they don’t get approval, they would have to pause the project.
What happens now?
As a top alternative to a traditional lettings agent in Camden, we know a lot about the area. So, we know how important housing is. It helps to retain the vibrant, diverse community in the area.
St George is now waiting to get a decision on their application. It won’t be easy though. First, they need to get approval from Camden Council. Local planners will have to consider the findings of the viability assessment and the developer’s stance. More importantly, they’ll have to see if the changes comply with their policies.
In addition, because of the number of homes in the development, the change needs to get approval from the Mayor of London’s office. This may be the biggest roadblock. In usual circumstances, they want at least 35% of homes on any development to be affordable. St George’s move to reduce it to 83 means just 15% of units would meet this criteria.
There has also already been a backlash to the proposal. Council Cabinet Member and Deputy Leader Patricia Callaghan was “deeply concerned” by the application. She was critical because the area has families and individuals living in difficult circumstances waiting for housing. She has concerns that the situation would harm the area, eroding the “rich diversity” in the area.
Do you want help from a lettings agent in Camden?
Finefair Ltd is the ideal company to work with if you have assets anywhere in Camden and other parts of London. We pride ourselves on our ability to arrange dynamic solutions for different residential properties. It can include guaranteed rent, leasing, management, and more so you have everything in a neat package. We’ll give you services to protect your interests.
If you want to work with a different kind of lettings agent in Camden, speak to us. We’ll discuss what we can do with you, and then decide the perfect service to give you the best value.
