London has many long stretches of under-used riverbank. Developing these would go a long way towards meeting the target of building all the new homes the capital needs.
Approving plans for the 40-acre Convoys Wharf in Deptford has taken way too long. This project could provide more than 3,000 homes, yet the land has been left derelict for 14 years as the local council took their time and kept delaying approval.
Historical Site
The land occupies a dramatic, deep-water bend of the river - one reason why Henry VIII decided to site his first, and most important, royal dockyard there in 1513. It is where his flagship Mary Rose and the Golden Hind were built, and where Francis Drake was knighted by Queen Elizabeth I. It is also where Peter the Great of Russia spent three months learning the art of shipbuilding in 1698.
Location
Just where is this site? Read my next blog post for a discussion on this very exciting & long-awaited upcoming site!
Local Campaigners Trying to Stop Development
Stand on the riverfront and the domes of Greenwich Naval Hospital and the glittering skyscrapers of Canary Wharf are in full view. In recent decades, the land was blighted by ugly industrial sheds blocking off access to the river, while the listed Olympia Building at the heart of the site fell into disrepair. Hong Kong-based developer Hutchison Whampoa, who will be developing the site, faced stiff opposition from local campaigners and archaeologists over its failure to include a plan to preserve the remains of the former dockyard. No doubt, many of these vociferous objectors would have convinced the local council to stall the process.
Building Work to Start
Building work is expected to start later this year after the heritage aspects and community benefits have been agreed. About 500 of the properties will be affordable homes. The rest, including apartments in high-rise blocks, will be for sale on the open market. The masterplan by architect Sir Terry Farrell promotes Convoys Wharf as a destination as well as a place to live, with shops, restaurants, a waterside park and new pier for the river taxi service. It will also link up with and enhance Deptford High Street, itself getting a facelift with a showpiece new train station project.
Why Are The Locals Objecting?
It is useful to consider the perspectives of the voices opposing the scheme. I believe the root reason is that the locals perceive that a project like Convoys Wharf has little value for them, personally. They cannot afford such luxury apartments. They feel left behind and want any regeneration to impact their lives more directly. So, they do all they can to stop progress.
I quote from a column written by Paula Hirst in a London magazine (http://www.deptfordis.org.uk/2013/05/convoys-wharf-plans-everything-that-is.html?m=1),
"But it's hard to see how three new luxury giant tower blocks of gleaming steel and glass will be of much benefit to that industry. It's hard to imagine how 3,500 homes won't create intense additional stress on existing infrastructure. It's hard to envisage how such towers will be of benefit to anyone locally at all, in fact, unless you count creating a massive shadow over their balconies and gardens a benefit. No, didn't think so.
"Deptford, located in South East London in the borough of Lewisham, contains high amounts of social housing, and is within the 10% most deprived areas in the country. Successful regeneration schemes understand the context they are in, seek to integrate within the area, and provide facilities and amenities which open up new opportunities for local people.
"They don't seek to create an island of wealth separated from and adjacent to existing areas, which local people don't feel welcome in, cannot afford, and in all likelihood will have limited access to physically.
"In developing a scheme that faces Canary Wharf rather than its hinterland, Farrell appears to be giving local people a clear sign that this is not for them. But then Farrell is quite used to this. One only needs to look at the controversial Earls Court scheme to see that existing communities are considered pretty marginal if not totally inconsequential, to development plans.
"Where on earth the money is going to come from for a £1bn scheme in this day and age is anyone's guess, but no doubt someone has heard the money bells ringing, knowing there is an almost clear 40-acre site with prime river frontage.
"But let's stop for a minute before anyone decides that somehow giving local people access to the river by sticking huge residential towers on their doorstep is regeneration, or that somehow or other they will benefit or be grateful. This is pure real estate development, and represents everything that is wrong with our property industry.
"What Deptford needs is not more high-density housing in an area of existing high density, putting more pressure on existing infrastructure. What's needed is more open space, free to enjoy access to the river, and new employment opportunities that go way beyond construction.
"Opening up Convoys Wharf once again to local people is a must. But let's do it right. Let's invest in our communities, not take from them. Let's regenerate areas, not just develop them. And above all, let's value the amazing spirit of the people of Deptford by developing a scheme with the community for the community; one that harnesses that spirit and enables it to thrive."
Documents from the Mayor's Hearing held on 31 March 2014
When the Mayor takes over an application for his own determination (i.e. Mayor takes over the role of the council for the purposes of planning permission), he must hold a public hearing before he decides whether or not to grant planning permission. Transcripts of the hearing can be found here.
If you have the time, this 45 page document is worth looking through, just to read how the various parties put forth their arguments. I do not wish to cast judgment on the objections put forth by the local community, hence I strong encourage you to read this document, if you want to get a sense of how these objections could have stalled the project for 14 years.
A Singaporean Perspective
Read the entire column. The writer does have a point. What's in it for the locals? Bringing it back to the local Singapore situation, I see the corollary. All the economic growth in Singapore has seen the incomes of the top rise and rise. Income inequality is a real issue we have to tackle as a nation.
The UK isn't really tackling it much. They can't afford to give any more benefits. In fact, they are in debt and they Tory Government has to cut back spending. In reality, as areas like Lewisham and Elephant & Castle regenerate, the poorer working class British folks who are on council housing will likely have to move elsewhere. The land that their council housing sits on is worth too much. Are they happy with this? Of course not. Are they fighting it? Of course. Just look at how long it took to evict the remaining social tenants in "Heygate versus HDB."
Well, the bottom line remains that without good economic growth, there can be no re-distribution to speak of.
Happy Investing!
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