1. Cllr Khevyn Limbajee, Cabinet Lead for Housing,
London Borough of Waltham Forest

2. Waltham Forest – the challenges
London Borough in North East London with good access to central London.
Low average income (£29,532 average earnings) in the Borough.
High house prices, 1 bed flats for sale range from between £180,000 and £220,000 dependent on area.
Big demands on the private rented market in the Borough, average rent for a 1 bed flat in Walthamstow is £1,200 per month and a 2 bed flat is between £1,400 and £1,800 per month
9,000 households on the housing register
2,377 in temporary accommodation
Affordability – spiralling housing costs versus low incomes
Benefit cuts – inability to afford rent leads to increased homelessness

3. Requirement for Innovative Solutions
Legal and General PRS scheme
Pocket Living
Waltham Forest Developments

4. Working with Legal and General
Mixed-use, residential-led development in Walthamstow faces onto the High Maynard Reservoir and features five buildings in varying height.
Can be built using traditional methods or a modular system, comprises a mix of 440 homes, including studios, one, two and three
bedroom apartments each with secure, long-term
tenancies managed by L and G.
Affordable homes will be built ‘tenure blind’ and
pepper-potted throughout the buildings to ensure
integration with the wider community.
Offered at Discount Market Rent, homes will be
offered at 20% discount and prioritised for key workers.
Integrating into an existing urban design framework set out by the London Borough of Waltham Forest and located just over the road from Blackhorse Road tube station on the Victoria Line, this Build to Rent project comprises 440 residential apartments and townhouses with 2,000 sq m of flexible commercial and community space, including a microbrewery, grocery store and startup business units.
The design and layout of the five buildings, which range in height from ten to 16 storeys and are connected by elevated pedestrian walkways, focuses around the site’s environmental context, adjacent to the Site of Special Scientific Interest. Two hundred new trees, planting and grasses separate the reservoirs from the building to create an ecological corridor that protects local wildlife, attract new species and connect the site to the neighbouring emerging developments. Large areas of landscaping between the five buildings and the emerging sites also include a ‘civic’ space and a new ‘London square’ with woodland planting

5. Pocket Living Gainsford Lane, E17
45 one bed homes for London's city makers
Suit the lifestyles of busy working singles and couples
Compact, and priced at least 20% lower than the open market
Aimed at middle income workers who live or work in the Borough and are first time buyers.
Big, big windows for lots of natural light
Great storage
Lots of switches and sockets in just the right places
Modern insulation to keep the warmth in, the costs down and the noise out
Open space to have time to yourself, or unwind with friends
Shower (no bath)
Secure storage to park your bike
Low service charges and running costs
You earn less than £90k Pocket homes are for middle-income workers, not the super-rich
You live or work in the borough We want local people to stay in their communities
You're a first-time buyer We want to help those trying to get on the ladder, not investors trying to expand their property portfolio

6. W Waltham Forest Developments
A development and management company wholly owned by the London Borough of Waltham Forest Council
AIM:
“Generate income into the General Fund; ensuring new housing is delivered; and doing development in a different way from the traditional council approach”
How:
By developing and subsequently renting and managing residential, commercial and retail properties on a mixture of market and affordable tenures – The Councils Development Company
Includes:
to acquire, develop, construct and/or refurbish and operate residential homes, retail and commercial premises.

7. As a developer Borrowing funds from the Council and the City
Acquiring land and build sites on the open market
Acquiring newly built homes from other developers
Building new homes, commercial and retail units on both Council and Private land
In house marketing and sales web site
Marketing and sales agent service bought in

8. As a landlord Offering for rent Brand new 1,2 and 3 bed Apartments
Brand new 2,3, and 4 bed Houses
Commercial and retail space
Intermediate rent at 20 per cent less than the market rate
Affordable rents at GLA rates
Tenancies from 6 month to five years
Offering “Shared Ownership” and “staircasing” purchases
Council and Private landlord service charges and maintenance
Lettings agent services

9. Investment
Selling homes, commercial and retail space to private buyers and purchasing sites at opportune times (Investment portfolio)
Refinancing based on track record and assets
Continually reviewing Pension Fund provider lending rates and offers

10. Development Programme – Phase 1 Hylands Road
£13.5m, 42 homes, 50% affordable
Completion 2019/20

11. Some examples of the innovative solutions we’ve developed in a difficult housing market.
We will continue to work with partners to explore ways to meet housing need across the Borough.
Build the capacity of Waltham Forest Developments to develop new homes, along with commercial and retail units on both Council and private land.
Thank you