Canada Water Masterplan, London
We were appointed by LB Southwark to review a financial viability appraisal prepared by Quod on behalf of British Land.
The Masterplan envisages circa 2,900 residential units and circa 3.6 million square feet GIA of commercial floor space, including retail, offices, leisure and hotels. The Applicant’s initial affordable housing was 35% in a first phase comprising 270 units. However, the Applicant proposed that the affordable housing in future phases would be determined by future review mechanisms, with no commitment to any minimum level of provision.
Following our review of the viability submission, the Applicant committed to providing a minimum of 35% affordable across the development as a whole, with a review mechanism to determine whether additional affordable housing could be provided, up to a maximum of 40%.