Andrew has published the full FOI disclosure at http://www.dismore4hendon.co.uk/dismore_exposes_barnet_conservatives_free_giveaway_land_bonanza_value_over_12m_sold_for_nil which states the ‘restricted value’.
The restricted value is exactly the problem.
Let’s imagine that land at the West Hendon estate was never owned by Barnet and that Barratt came along and bought the land and wanted to build a 2000 unit development. Under the Council’s own planning rules Barratt would have to have to provide 800 ‘affordable’ homes under their 40% affordable homes target. Barnet usually let developers off the hook with around 20%.
Now it is common knowledge that Barnet routinely allow developers to get away with far lower than the 40% figure and to break their own rules. I have illustrated this on my Barnet Regeneration Robbery website with details for each major development.
So, as you will see, the point I am making is that in a world where Barnet Council didn’t own the land – Barratt would have had to cough up 20% anyway – but in the case of West Hendon they didn’t even have to pay for the land and they are still only providing basically half of the Council’s affordable housing target and most importantly – in line with developments nearby like Pulse where the land was bought at full market value.
IF Barnet had given the land away and we were getting in excess of 50%-60% affordable housing on this site I could live with giving away the land, but we are not getting anything like this – we are not even getting the bare minimum which should have been a like for like replacement of all units on the estate.
The deal struck by the Tories in West Hendon stinks and by their reaction I am beginning to think they know it too. The people of the West Hendon estate deserve an apology and the deal with Barratt must be renegotiated at once.