L&Q confirm Stow site not viable‏ / Statement from Rt Hon Iain Duncan Smith and Stella Creasy MP

Click HERE to view a letter sent by Head of Waltham Forest Council Planning David Scourfield to Adrian Kearley of AKA Planning, L&Q’s property consultants.

In the letter, Mr Scourfield refers to the viability assessment that proposes ‘£NIL S106 contributions’. In other words L&Q’s own financial assessment concludes that the scheme is non viable-proven by the fact it is suggesting that there are no profits from which to make
contributions to local infrastructure etc.

Saveourstow has been saying for ages that L&Q’s scheme is non-viable-they will lose £30m of part public money should they build their development. Waltham Forest Council and London & Quadrant have done everything possible to keep this fact out of the public
arena-because they are working together in this shambles of a scheme.

This is proof from L&Q itself than this scheme is fiancially non viable and it is a public disgrace that Waltham Forest Council is hell bent on keeping this information under wraps.

In recent days we have provided proof that L&Q’s scheme is not financially viable and also that their current planning application is in meltdown due to the Environment Agency’s stance on the deculverting of the River Ching.

Rt Hon Iain Duncan Smith and Stella Creasy MP Statement on Walthamstow Stadium

Iain Duncan Smith and Stella Creasy said in a joint statement:“We welcome Bob Morton’s planning application for the site and once again urge the Council to look seriously at these plans. These clearly show that there is a viable and credible proposal to restore greyhound racing at this site as well as provide housing. These plans are good grounds to reject L&Q’s application to turn the site into a housing estate, something to which the vast majority of residents are also opposed, let alone the mounting evidence that L&Q’s plans are not good value for money for the public purse. We especially note L&Q’s own consultants, Jones Lang LaSalle, found that L&Q cannot afford to make any contributions towards Section 106 costs. This underlines the fact that L&Q stand to make a huge loss on this site.”