Concerns arise over Enfield Council borrowing £380M for an £800M regeneration project to build 2,028 homes in Angel Edmonton.
The plan includes 2,028 new homes, with buildings reaching up to 26 stories high. Half of the homes will be affordable, and they add 191 social homes. Approvals happened last summer for this project.
The council wants to finish faster now, aiming for 15 years instead of 20. Work should begin this month, and they will deliver the homes in 11 phases.
The council will manage the first four phases, which include 575 homes in total. 481 of these homes will be affordable, and £92.2 million comes from the government as part of the Affordable Homes Programme.
The affordable homes include many options. There are 267 new social rent homes, 88 homes for shared ownership, and 126 rebuilt social rent homes. This is only in the initial four phases.
The remaining 1,453 homes come later. A partner will likely build them, covering the final seven phases. The strategy is still undecided.
A council panel discussed the project on February 4. Councillor Ayten Guzel talked about borrowing concerns, as the project costs nearly £800 million, with £380 million of borrowing for the first stages.
Councillor Guzel understands the economy makes things hard. She noted regeneration projects face challenges, and an unstable market adds to problems.
She stated they can manage the risks well and can invest for the long term. They are building communities, not just homes, and they need to start somewhere.
Councillor Tom O’Halloran sought clarification on the timeline, and Aneesh Maini hopes to shorten it. They want to reduce the timeframe from 20 to 15 years.
Councillor Edward Smith questioned the project’s success, focusing on the early phases’ viability. He asked about managing building density.
Joanne Drew mentioned key funding. They secured £50 million last year from the Greater London Authority, from the Home for Londoners Land Fund.
Drew admitted the economy creates uncertainty. The multiple phases offer flexibility, and they have choices for how to deliver the project. The new homes vary in design, with duplexes, houses, and family flats. People are not worried about building height.