Heygate compulsory purchase order

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Friday 19 July 2013 11.42pm
Why cant the last remaining residents just accept change? There is no way their Heygate flats would be worth anything more than the 150k they are being offered.

http://www.bbc.co.uk/news/uk-england-london-23371735
Saturday 20 July 2013 12.15am
Really?

A flat of comparable size and location over in that monstrosity, the Strata, would cost about 385,000 (even more if you want something higher up).

The last remaining residents want a fair deal and good for them.

They will not be able to replace their homes with the derisory offer of 150,000 which, were it not for the CPO, they would not want to accept anyway.

If you want to displace people, they are entitled to be compensated so as to put themselves in a comparable situation as the one they were in. Were would you suggest they re-house themselves for 150,000, bearing in mind they won't be eligible for any form of assistance.

BTW 'compulsory' has an 'o' in it, not an 'a'.
Saturday 20 July 2013 9.29am
going from the heygate to strata is like trading your peugeot for a mercedes.

next door comp to heygate is 115k gbp and you would be trading a 2bed for a refurbished 3bed

http://www.primelocation.com/for-sale/details/29734614?search_identifier=f7d0105d1937a4ab75c1a5f049b24c8a
Saturday 20 July 2013 10.54am
Very good point WaltB - there is plenty out there at the same level.

Also, fair deal then please take a fair deal. 150k is more than fair.

If I was in their situation, I would have accepted a fair deal, which this is, a long time ago. Life changes and you move on. Why put the regeneration of an entire area on hold, which will make a difference to thousands of people, for your own sake. We are in a big city and not by ourselves. I guess they are just making a point, which they have by now.
Saturday 20 July 2013 1.24pm
WaltB, the example is hardly a fair comparison. It is a flat in a block on the Aylesbury Estate which is also being "regenerated", after 40 years of existence. The council has a phased plan for demolition for most of the estate. The price must reflect that.
Saturday 20 July 2013 2.25pm
WaltB wrote:
going from the heygate to strata is like trading your peugeot for a mercedes.
next door comp to heygate is 115k gbp and you would be trading a 2bed for a refurbished 3bed

http://www.primelocation.com/for-sale/details/29734614?search_identifier=f7d0105d1937a4ab75c1a5f049b24c8a

Presumably WaltB's idea is for one of the families faced with the compulsory purchase order on the Heygate to buy the lease on the Aylesbury flat, kick the existing tenants out and move in themselves. That hardly seems neighbourly.

But I'm glad you can confirm that the going rate for a two-bedroomed flat in SE1 is less than 150,000 - I thought it was twice that. Perhaps WaltB can advise us of a few more bargains!

Aaron Bowden wrote:
If I was in their situation, I would have accepted a fair deal, which this is, a long time ago. Life changes and you move on. Why put the regeneration of an entire area on hold, which will make a difference to thousands of people, for your own sake. We are in a big city and not by ourselves.

Well put, Aaron B. Nice to hear from someone ready to put the interests of the community before their own. I'm sure if you lived in Harmondsworth, Harlington or Stanwell Moor you'd be first in the queue to sell your house for a pittance to make way for a third runway.
Saturday 20 July 2013 3.41pm
Luke, if the council gives you 150k cash for a 2 bed... and you can buy next door 112k for a 3 bed in a comparable estate where someone pays 10% yield a year...
If as you say, the aylesbury faces the same situation in a few yrs time, then council will come back with a 150k gbp compulsory purchase order... that sounds like an amazing deal

Out of your 150k, you can re-invest 112k at 10% yield, you still have 38k to use as a deposit on another flat...
then in a few years time the council purchase back at 150k potentially what you bought 112k... better than sitting passive at the heygate and trying to negotiate a few extra dime on your flat
Saturday 20 July 2013 4.27pm
WaltB, stop talking sh**. Why should he have to move about several times to put himself back in the position he was in before - a stable, permanent home which he owns and can live in without a time limit?

Let's boot you out of your house and see whether you'll mind moving about several times over the coming years in the hope that you might finally end up with somewhere permanent, but living in limbo in the meantime.

The solution is simple: if regeneration IS important, pay these leaseholders a proper and fair value which enables them to re-house in a suitable alternative property. What objection do you and Mr Bowden have to this?
Saturday 20 July 2013 6.18pm
Well said, the poor leaseholders have had this hanging over theirs heads for too long, for the stress and uncertainty the offer should be double! I still somehow can't see t his coming down somehow..
Saturday 20 July 2013 8.25pm
Where in Elephant or Walworth can you buy a three-bed flat in a low-level maisonette block (which is what one of the last leaseholders home is) with a front and back garden (which is what on of the last leaseholders home has) in the midst of 400 mature trees for 150,000?

There is a lot more detail below on the compensation people were offered and where the leaseholders went. 1 in 5 of them were able to stay local. There are some displacement maps at the link too.

http://heygate.github.io/displacement.html

After 5 years of paying 24 hour lighting, 24 hour security and some maintenance plus graffiti removal and all the costs of the CPO inquiry (with top rate barrister) - well that money could have been put into the compensation if Southwark was not so vindictive and arrogant.
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