Wednesday 31 July 2013 3.47pm
"A 44 storey tower development by Mace and Essential Living will provide 462 units of which 188 will be affordable. It will contain one of the largest number of homes for long-term private rental in the country when complete.
The Peabody Housing Trust has been appointed to manage the affordable housing element with 159 shared ownership and 29 rental units
So basically 274 private units and 159 shared ownership where the starting salary needed prices most local people out of that. Then there's 29 rental units.
Question then is will those rental units be target rent (i.e same as local council place rents) or the new 'Affordable Rent' category where Peabody can charge up to 80% of private rental market rate.
The original planning application even when it was rejigged and accepted by the Council that the developers pleaded that they couldn't make it viable ('challenging market conditions'), had 35 rented units and lots of keyworker housing.
And all this on a site bought with taxpayers money for £18 million by the Homes And Community Agency.