L&Q Press Statement
3 March 2010
Walthamstow Dog track update
L&Q has today announced that they are no longer working with their commercial partners Yoo Capital on Walthamstow Stadium, and intend to appoint a new design team to develop its proposals for the Stadium as soon as possible.
Under the terms of the commercial agreement Yoo was required to obtain a satisfactory planning permission for L&Q by 1 March 2010. Yoo has not achieved this deadline and it is no longer obliged to submit a planning application. As major partners in LB Waltham Forest already L&Q would now like to develop the proposals in a different manner and would like to put on record their thanks to TP Bennett (Yoo’s appointed architects) and Yoo for the work they have done to date.
Various stakeholders including LB Waltham Forest and the GLA have made detailed comments on the evolving proposals for the site, and we have recognised for some time that any major redevelopment proposal needs to balance carefully design issues, site constraints, planning policy, commercial viability and local demand. We feel a re-evaluation of these various elements is called for and L&Q feels best placed to do that alone in a Borough it knows well and invests heavily in.
We anticipate the re-evalution will take several months as it will be of a fundamental nature and can therefore confirm that no application for redevelopment of the site has been submitted on behalf of L&Q to date.
Speaking about the decision L&Q Group Director, Development Jerome Geoghegan said;
“We anticipated when embarking on the commercial arrangement with Yoo Capital that we could work well together to bring forward a residential led scheme that would fulfil both organisations’ aspirations, together with those of the majority of other stakeholders in Waltham Forest. A number of things have changed since then, and we feel that the future redevelopment of the site will be best served by L&Q taking a more direct role as the project leader, and ending the collaboration with Yoo.”
L&Q can confirm that during the 18 months we have owned the site that we have not received any credible, financially backed offer for the Stadium and remain sceptical as to whether there is any commercially viable future for it which involved greyhound racing. What we are sure of is our commitment to developing the site as a residential community that Waltham Forest can be proud of.
For further information please contact:
Head of Communications
DDI: 0208 294 5151