Transforming Haringey: New jobs and homes for Haringey residents
Thousands of new homes and jobs will go hand-in-hand with a thriving town centre, improved neighbourhoods, new community facilities and exceptional opportunities for local people under Haringey’s ambitious new approach to regeneration.
The Haringey Development Vehicle (HDV), which will go before Cabinet on 3rd July, could bring billions of pounds investment into the borough through an innovative 50/50 partnership between the council and prospective partners, Lendlease.
Council-owned land and private sector cash and expertise would together be invested in improving the borough, with proceeds split between the two partners and council profits ploughed back into local services and further improvements.
The partnership would mean:
• New and improved homes for existing council tenants, with guaranteed right to return on equivalent terms
• 6,400 new homes – with at least 40 percent affordable – including low cost homes for sale so that local people can get a foot on the housing ladder
• Thousands of new jobs in a range of industries, including construction, retail, creative and leisure
• Council profits reinvested in local services and further regeneration to improve the borough
• New school buildings for Haringey’s children
• A new health centre to offer residents access to the best local care
• A transformed town centre in Wood Green, with better shops, office and community spaces
• Around £8million investment in schemes such as skills and training for local residents and community programmes to support people with poor mental health
• A £20million long-term social investment programme focused on improving local resident’s prospects, health, environment and sense of community involvement.
In addition, the partnership’s construction framework, similar to the landmark deal struck on the Olympic Park in Stratford, will guarantee a raft of opportunities including new jobs; a contractual obligation to pay the London Living Wage; investment in skills and apprenticeships; sustainable supply chains, and schemes with local schools.
Profits and risk would be shared equally between partners, with neither member of the HDV able to make a decision without the agreement of the other – allowing the council to keep control of big decisions affecting local people.
Some sites, including some of the council's commercial properties, would transfer to the new partnership immediately, while others would follow on a case-by-case basis.
Councillor Alan Strickland, Cabinet Member for Housing, Regeneration and Planning said:
We’re clear that successful growth and regeneration can never be about just bricks and mortar – it has to have local communities at its heart.
We know that too many people in Haringey live in poor quality homes, and that for many more the idea of ever owning or renting a decent home is a distant dream. We won’t stand for that. We also know that new homes must go hand-in-hand with better facilities, improved neighbourhoods, and the best opportunities London has to offer.
“Government constraints on borrowing make it impossible for the council alone to deliver the scale of new homes and improvements that residents have made it clear they want to see. By teaming up with a partner, we can bring huge improvements to our borough and deliver real regeneration driven by the ambitions of local people.
Haringey Council’s Cabinet will consider a recommendation to enter into the HDV partnership with Lendlease at the Cabinet meeting on 3 July 2017. The full Cabinet report can be read here.