Hammersmith & Fulham Council has shortlisted three developers to form a 15-year joint venture to build more than new homes on council land in the borough.
Five developers returned submissions at the ‘invitation to negotiate’ stage. The council has now shortlisted three bidders who have been invited to continue to the final tender stage of the procurement, due in early August.
The three left in are the Berkeley Group, Barratt London, and Stanhope.
The council has initially identified two development opportunities comprising residential sites which are in its ownership in Fulham – Watermeadow Court Estate and Edith Summerskill House. A proportion of the redeveloped homes will be sold at a discounted market rate.
Cllr Nicholas Botterill, Leader of H&F Council, said: “London is in the midst of its greatest housing crisis for half a century, with house prices doubling in the last ten years.”
“At present low cost homes to buy in this borough are like gold dust but we want to change that and instead create a Borough of Housing Opportunity where decent, hard-working local residents can fulfil their housing dreams and purchase a property for a reasonable price.”
By working with a private developer through a joint venture, the council believes they will be able to retain greater control over what the land is used for and make its housing assets work much harder. The council will also receive a share of the development profits, which they say will be ploughed back into similar schemes, estate improvements and reducing the council’s £200 million of housing debt.
Edith Summerskill House on the Clem Attlee Estate is an empty, 18-storey, former council block. The building is in need of more than £6million pounds worth of improvements to bring it up to standard and the council does not believe it to be in the best interests of the taxpayer to carry out the work. Redevelopment of the site may involve retaining the concrete frame or possibly total demolition and rebuild.
Watermeadow Court in South Fulham currently comprises 80 residential units over three storeys. The homes have been emptied by the council as they were not fit for purpose, with many families living in cramped conditions.
The council intends to build several hundred homes on council land over the next five to ten years through the joint venture and its local housing company.