As part of their Dolphin Square planning application, Westbrook provided a financial viability assessment to justify the level of affordable housing offered in their scheme.
The appraisal is considered by the planners, both at the city council and the GLA , when considering giving consent or not.
Westbrook have offered a total of 57 "affordable" flats in their scheme, of which only 23 will be available for social tenants nominated by the council. The remainder will be at "intermediate" rents to be set at 20% below market value. All the flats will be owned and managed by Westbrook.
In a submission to the council, Westbrook's planning consultants, DP9, stated that the "affordable" housing offered was all that could be reasonably offered following an assessment by a leading firm of chartered surveyors.
The London Mayor's office has called for the assessments to be made public but developers have refused to disclose the figures on grounds of commercial confidentiality.
Westbrook's original plans stated that 16 townhouses to be built on the Western carriageway would be available for affordable housing. Now it seems they will be available for sale with a likely asking price in excess of £2.5 million with a building cost of around £500,000 each. Just this part of the development should produce £32 million of profit for Westbrook which makes their affordable housing offer look paltry.
In the light of Westbrook's claim of a likely total profit of £900 million on their scheme, it would be interesting to see and be able to question the financial viability assessment, particularly the base price used. Is it the £400 million Westbrook are known to have paid for the freehold and leasehold interests or the £850 million Land Registry records show to have been paid by the Jersey-based applicant, The Dolphin Square Estate Limited, in 2016?
PLEASE CONTINUE TO CIRCULATE OUR PETITION TO YOUR FRIENDS AND ASSOCIATES ON SOCIAL MEDIA.
ALSO PLEASE VISIT THE WESTMINSTER PLANNING PORTAL TO REGISTER YOUR OPPOSITION TO THESE PLANS.
THE ADDRESS OF THE PLANNING PORTAL IS:-
https://tinyurl.com/savedolphinsquare
THE APPLICATION REFERENCE IS:- 18/01099/FULL