Stow Viability Assessment 1 July 2011

Stow Viability Assessment 23 May 2012

Please refer to page 13 of the July 2011 assessment and page 15 of the May 2012 assessment.

The July 2011 assessment shows a £14.5m loss prepared and submitted at a time when L&Q was trying to negotiate no S106 contributions and hence they were showing the scheme is not viable and that therefore no S106 contributions could be made. You will note that, at that point, the land cost of £18m was included within costs.

The July 2012 assessment, when instead L&Q was trying to show that the scheme was viable (when it clearly wasn’t), shows a £576K loss.  But, in order to achieve this, THE LAND COST HAS BEEN REDUCED TO £0 and other figures drastically altered. For example, the residential build costs have been reduced from £32.9m to £28.6m and private build sales increased from £51.9m to £54.5m.

How can the Mayor of London state on TV that the scheme ‘breaks-even’ given these circumstances? It is equally appalling that he stated that there is no viable alternative when L&Q was offered £16m for a site valued by L&Q at anywhere between £0 and £7m and the Mayor has figures that show the track would make millions per annum and provide hundreds of local jobs paid in accordance with the London Living Wage.

We will let you draw your own conclusions but Waltham Forest Council, Mayor Johnson and the GLA should hang their heads in shame.

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  1. malcolm cornwell says:

    Iain Duncan Smith and Stella Creasy MP thank god someone is not crooked .
    the Mayor of London, Boris Johnson has shamed himself now he is in india trying to recruit more immigrants to do what jobs are left what a pleb.

  2. andy bishop says:

    L and Q, Waltham Forest and Boris dont do shame..end of. In July 2011 L and Q could not make their development viable…cut back on affordable housing, no social housing, no S106 contributions. Boris says viability will be a key consideration in his deliberations. As if by magic L and Q can suddenly increase affordable housing..more in line with the mayors expectations, contribute over 4 mill in s106 to WF, increase leisure contribution to 2 million,…makes it far more palatable for the mayor to ok the development……..spineless idiot!!!! All should be aware that the mayor is chairman of the London Homes and Community Agency who own the old Catford Stadium site that was demolished and granted planning permission for over 580 units 50% to be affordable and social rent in 2008. To this day NOTHING has been built. Does anybody on this planet believe that L and Q will deliver anywhere near what has been passed? This situation is really sad for Walthamstow.

  3. Tom corderoy says:

    Must agree with Andys comments posted. As I stated time and again, Boris just wanted the Londoners votes for Mayor of London, a bit like a wolf in sheep’s clothing.

    IDS and Stella are the real deal, they both had the residents interests at heart first and foremost. I feel really sorry for the locals in the area- What have they for leisure in the area?? Absolutely nothing now. I believe the STow will be another Catford- left abandoned to rot, be subject to vandalism and possible arson, is this what we voted for in the mayor of London? I cannot fathom out why things have come down to this and more importantly be allowed to.

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