Following a ballot in December 2018, residents voted in favour of Riverside’s plans to redevelop its 135-home estate in Lambeth. This multi-million pound investment will create new homes in a more attractive and safer neighbourhood. It will give every Riverside tenant a property that better meets their needs – one that is more modern, spacious, accessible and energy efficient.
Why do this?
The estate (comprising of Geoffrey Close, York Close and Canterbury Close) in its current form is old and has become increasingly expensive to maintain.
The homes were built to a much lower standard that would be expected today. The current construction of the estate makes it difficult to upgrade homes and provide all the modern facilities that residents want. The estate also has poor accessibility, making it difficult for older people, parents with children and those with disabilities to access their homes.
The new estate will be designed to address these problems and will include around 260 homes for sale. The revenue from these sales is what makes this project possible and enables us, as a not-for-profit organisation, to pursue our social mission and enhance the quality of life for tenants.
In addition, the Greater London Authority is currently offering grant funding to help with estate rebuilding. We needed to act now to take advantage of this, for the benefit of our tenants as there is no guarantee that these funds will be available to improve homes and neighbourhoods in the future.
How will this be done?
Wehave entered into a joint venture arrangement with Bellway, one of the UK’s leading home builders to redevelop the estate. It will be built to meet the housing needs of our existing tenants, which were identified through an estate-wide Housing Needs Survey. We will allocate homes according to need once detailed plans have been finalised and planning permission secured from Lambeth Council.
This also means we are not yet able to offer assurances over service charges. But we are committed to keeping them to a minimum and to keeping rents below London Affordable Rent levels.
Tenants will receive a Home Loss payment and disturbance allowance to compensate for moving costs. The demolition and building work will be phased so that tenants can live on the estate throughout the redevelopment and will only have to move once.
For more information, see the plans in our offer document.
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