Hammerson admits BREXIT uncertainty
Hammerson is concerned about the negative effects of BREXIT as the value of its properties fall resulting in a sharp drop in its pre-tax profit.
It is seeking listing on the Johannesburg Stock Exchange to access a wider pool of international capital.
Hammerson shares have fluctuated over the last year between £400.00 and £689.50. The company’s market capitalization is £4.33 billion.
Barwell in charge of housing, planning and London
Gavin Barwell, Croydon Central’s MP, who claims to have been influential in brokering the Westfield/Hammerson partnership, is now Minister for Housing and Planning and for London. This is does not bode well for the future, and it will be interesting to see if he acts on last month’s House of Commons Home Affairs Committee report ‘The Proceeds of Crime’ which flagged up the way in which money from abroad is being laundered through buying property in London.
Brick by Brick
After several weeks of social media misreporting that the list of sites to be developed by the Council’s development company Brick by Brick was not publicly available, residents near sites used the Council meeting on 18 July to find out more details.
The sites are shown on the Council’s website via www.croydon.gov.uk/newhomes. Cabinet members Alison Butler and Timothy Godfrey supplied some answers.
- Cavendish House, where the youth work Turnaround Centre is based. ‘…. that where community facilities are being considered, the intention is that they will always be re-provided. This gives the opportunity for replacement with new build, fit-for-purpose facilities that will also be more economic to run. The Council will always work with the centre to ensure that there is no loss of service, and will inform key stakeholders and local people of proposals first.’ (Butler. PQ074-16)
- Montpelier Road. ‘Brick by Brick are proposing a development with a mix of flats and houses of both private and affordable tenures. The proposals are at a relatively early stage and Brick by Brick are engaging with the local community, and with the Local Planning Authority through the pre application process. The approach to communicating with local residents on development sites is as follows. Firstly, the Council wrote to properties within a 50m radius of the site advising them of the need for new homes, the proposal to transfer the land in question to Brick by Brick and introducing Newman Francis, who have been commissioned by Brick by Brick to lead community engagement. Newman Francis then hand delivered letters to these properties to advertise a presentation and drop-in session regarding the scheme. ….. The first engagement event for this site was held on 6th July 2016 and there was discussion on a variety of issues such as amenity space, transport impact and parking. Feedback from the engagement process will inform the design of the scheme as it progresses through the planning process.’ (Butler. PQ078-16)
- Coulsdon and other Community Centres. ‘We anticipate that for the majority of community centres, … meetings will be held in July/August 2016. Brick by Brick will then confirm the dates for public engagement events which will be tailored on a site by site basis. (Godrey. PQ079-16)
- Tollers Estate. ‘Brick by Brick are proposing the development of a new, purpose built community centre to replace the existing facility, and 45 new homes divided over four different sites within the estate. It is currently anticipated that the homes will be a mix of flats, maisonettes and houses of mixed tenure.’ (Butler. CQ317-16)
Further details about the governance etc of the Council’s development compnay were given by Alison Butler (CQ306-16)
Council justifies funding Boxpark
In answer to a question at the 18 July Council meeting Cabinet member Alison Butler justified the Council financial support to Boxpark.
- £3m loan at a commercial rate of interest
- funding of £61,500 per annum.
- Loan and interest to be fully paid back
- £150,000 pre-development grant – along with grant from GLA
- use by Boxpark of 8 container units originally for the Council’s use, each charged at the market rent of £20,000 per annum., due to demand for units.
- £160,000 of funding for those 8 units to be used to commission Boxpark to produce this year’s Ambition Festival.
- 200+ jobs being created.
- business rate income of c£170,000 per annum.
- indirect Gross Value Added benefit to the local economy estimated £7-10m,
(CQ279-16 – link as above)