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We aim to make Highgate and its neighbourhood a better place in which to live and work;
to ensure that any changes made in the environment enhance the amenity of the area:
to encourage sound planning and to improve public transport.

HARINGEY DEVELOPMENT VEHICLE - TOO BIG A GAMBLE?

Posted by Administrator (admin) on Feb 23 2017
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In Phase 1 Haringey puts in all its commercial property, worth £85m, (its 50% contribution) including the Civic Centre, Wood Green Shopping Centre, River Park House and the Library; and various housing estates including Northumberland Park. All would be redeveloped. Phase 2 includes Broadwater Farm. Any Haringey assets could be added to the Vehicle. Haringey's residential property is said to have a negative value of - £15m. Rents from commercial property not destined for redevelopment would pay some initial costs.

Haringey's Scrutiny Panel worried about risk

There have been few such schemes across the UK but none approaching this scale. Two schemes have gone into liquidation. Haringey's Scrutiny Committee has unanimously called for a halt but Cabinet has ignored their concerns.

What are the risks?
it is not clear that Haringey would have a power of veto in the 50:50 partnership
the Council will be £11.5m in debt this year. Haringey's 50% share of the HDV's profit is seen as the only way of covering the debt
the unsound Business Case (2015) assumes CrossRail 2 will go ahead and there will be a station Wood Green. Brexit has happened
Haringey would put its commercial property into the HDV on Day One - its share of the LLP's equity. Lendlease would only provide a loan note to cover its share. If Lendlease were to go bust, Haringey's commercial portfolio would be at risk
Haringey will lose the revenue stream from current residential and commercial rents causing a serious dip in their finances.
Council income and liabilities arising from the HDV are not separated
financial viability of developments is a planning test. In Highgate developers have used viability as a means to provide little or no affordable housing. Haringey cannot guarantee it will achieve its goal of 50% affordable housing
Haringey's 50% profit relies on property values almost doubling in Tottenham, Wood Green and Northumberland Park
how affordable will rents be for existing tenants? The project has been described as 'social cleansing'. Promises to re-provide social rent homes may well be hollow
residents could resist moving, delaying redevelopment of the large estates (1700 and 1200 people in Northumberland Park and Broadwater Farm alone)

Political pressure

Our local MPs, Catherine West and David Lammy, have expressed their grave concerns about Haringey's project. Almost half of the Labour Councillors and all the LibDem Councillors consider this too risky. There are no Conservative Councillors in Haringey.

Judicial Review

Two individuals are seeking a Judicial Review. Haringey must respond to the Letter of Intent by 28 February. So far £4000 has been raised to cover those costs but, if Haringey decides to fight it in Court, further crowdfunding will be necessary.

 

Last changed: Feb 23 2017 at 3:29 PM

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The Highgate Society is a voluntary organisation of 1,400 members living in and around Highgate, London N6. Our primary aim is to make Highgate a better place in which to live and work.To achieve this we mount a wide variety of activities for members, (while being wide open to ideas for further new activities) as you can see from the panel on the left of screen. Prominent among these, under the heading of ‘Environment', is our dedication to principles of sound planning, for the protection and enhancement of the public amenities that we all enjoy.

Join us for coffee every Saturday between 10.30am and 12:30pm at 10a South Grove. Come and meet other members or talk to the Environment Committee if you would like some planning advice, or have a planning or environmental problem.

 

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We would like to welcome you to The Highgate Society and if you live in and around Highgate there will be something for you to know about, take part in or simply to enjoy. Please do join us, It is all quite easy.

The Society was started 50 years ago and we aim to keep Highgate a wonderful place to live and work. With three boroughs adjoining us, everyone’s opinion counts and we’d love to have yours. The more members we have, the stronger we are together to lobby for Highgate and keep our area special.

We have plenty of activities and groups to join, but if you are pressed for time you can be just a member, read Buzz and perhaps enjoy our Summer Festival Fair in the Square or Carols in December.

An individual membership costs just £15 a year, or £21 for a whole family. Our premises at 10a South Grove are available to hire for your parties, meetings and events. Coffee and biscuits are served every Saturday morning between 10.30 and 12.30 and all are welcome.

Buzz is The Society’s magazine and is produced four times during the year and you could have a copy of your own by joining.

Let us know if you want to join us. We’d be happy to talk to you about what we do, or feel free to pop into 10a any Saturday to meet the team.

Membership Team - Jan Morgan 0208 340 9490.

This page was last modified on 13/03/2017 at 11:16.

The Highgate Society is an unincorporated association established for the public benefit. The information provided in this website is for general information purposes only. While the Society endeavours  to keep such information correct and up-to-date it accepts no liability or responsibility whatsoever for the information on this site. It does not constitute professional or legal advice which if necessary must be sought from a suitably qualified professional. Links may be provided to external sites over which the Society has no control and for which the Society accepts no responsibility.  The inclusion of any link does not constitute an endorsement or recommendation. Similarly the mention of any firm, supplier, organisation, product or service does not imply an endorsement or recommendation. The Society will under no circumstances accept any liability whatsoever for loss or damage including indirect or consequential damage arising from the use of this site.

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