Redrow jumps on Alton regen ride

[caption id="attachment_843249" align="alignright" width="200"] Alton Estate, SW15[/caption] The £400m redevelopment of a large swathe of the Alton Estate, SW15, moved a step closer this week with the selection of Redrow as Wandsworth Council’s preferred development partner. The selection was the first in a wave of estate regeneration deals due to be announced this year around London, and points to a growing trend of new players getting involved to secure a London residential pipeline. Redrow fought off competition from Countryside to secure the selection. Unlike Countryside, it does not have a large number of estate regeneration schemes under its belt. An OJEU was launched in March 2016 to find a development partner for large portions of the post-war estate, which houses around 7,000 people and is known for its Corbusier-inspired brutalist architecture. Around 1,000 flats will be built as part of the process, replacing around 200 existing flats, while new community facilities and business space will also be provided. Estate regeneration can be risky, especially in London, but partnerships with councils can provide considerable stability in terms of supply and development. Oliver Maury, director at GVA, which advised the council, said both housebuilders and contractor-developers are increasingly seeing it as an avenue to undertake mixed-use development. “I think the nature of public- private partnerships, and particularly phased ones, is they acknowledge market movements and try to de-risk land supply to developers,” he said. Essentially, a future pipeline is guaranteed, with prices to be determined by the market, while the developer does not have to make a big up-front investment. “Most deals are struck on a phased pricing agreement; each phase is reviewed. The house-builders see that as an opportunity, because they are not having to do big expenditure on large schemes, and contractor developers see a pipeline of opportunity,” added Maury. The shortlist of some of the other major estate redevelopment opportunities around London shows a mixed bag of housebuilders, contractor developers and major estate regen players getting involved. Kate Ives, development director at Wates Residential, which is itself moving into the contractor-developer sphere, said there were more and more opportunities for estate regeneration partnerships in London and the South East. “A lot of land is in the ownership of authorities that want to redevelop the existing estates, so to access that, companies are moving into estate regeneration, which, in a more uncertain market, also builds out a pipeline,” she said. The London Estates regeneration pipeline Winstanley and York Road Estates, Wandsworth This is a 32-acre, 2,000-home redevelopment adjacent to Clapham Junction station; potential end value of £1bn. Original longlist included Berkeley, Taylor Wimpey, Balfour Beatty/First Base, Capital & Counties/Pinnacle and Lendlease. High Road West, Haringey  A £1bn development of estate adjacent to the new Tottenham Hotspur stadium; 27-acre scheme of at least 1,400 homes. Barratt, Lendlease and Linkcity (Bouygues) are shortlisted. Decision expected mid-2017. Haringey Development Vehicle  Includes Northumberland Park, the Wood Green Estate, Haringey Civic Centre, Station Road Offices; £2bn, 50/50 partnership aims to create 5,000 new homes. Lendlease, Morgan Sindall/Affinity Sutton/Circle Housing, and Pinnacle/Starwood Capital/Catalyst Capital are all in the running. Havering Borough-wide estate regeneration plans for 2,500 additional homes launched late 2016. Plans include estates in Romford, Rainham and Hornchurch. Havering Council is looking for development partner to be announced late 2017. Cambridge Road Estate, Kingston Council leader Kevin Davis said the authority plans to double the number of homes in the estate from 830 to 1,699, with construction to start in 2018. No formal process has begun. Carpenters Estate, Newham  The site, adjacent to Stratford station, has been long mooted for redevelopment. The council reaffirmed plans to find a development partner in 2015 to build 2,000 more homes. • To send feedback, e-mail alex.peace@estatesgazette.com or tweet @egalexpeace or @estatesgazette