Decision details

(1)        That the Package Two development feasibility, consisting of the former Council Depot, two garage sites and grassed area previously identified for possible housing development in the Broadway Regeneration Masterplan at Burton Road, Loughton and including the area of land to the south west, as shown on the plan attached to the supplementary agenda to provide a minimum of 31 affordable rented homes, be approved to progress to detailed planning stage and if planning permission is received the invitation of tenders as Year 2 and part of year 3, of the Council’s Housebuilding Programme, subject to the officers first seeking to increase the number of properties that can be provided on the site;

(2)        That it be noted that the estimated capital investment required to deliver a minimum of 31 new affordable rented Council properties in Package Two, is around £5,118,164 including fees and works;

(3)        That an appropriate level of subsidy be set aside for Package Two for the works and fees in order to achieve a pay-back of 30 years as required by the Council’s Development Strategy with a positive Net Present Value (NPV);

(4)        That the Housing Portfolio Holder be authorised to submit the detailed planning application for the Burton Road development site;

(5)        That a report be submitted to the next meeting of the Cabinet Committee regarding options for the funding and programming of this development; and

(6)        That, while noting that the proposed homes at Burton Road, Loughton will be built to Code for Sustainable Homes Level 3 and have been costed on this basis - and not delaying bringing this development to fruition - taking account of the Council’s commitment to energy efficiency as well as East Thames’s wish to set ambitious targets for delivering the Code for Sustainable Homes at higher levels, a report be submitted to a future meeting of the Cabinet Committee considering the option of achieving a higher code level for future developments in the Programme.