Renewal Group鈥檚 3,500-home Surrey Canal Triangle masterplan includes station originally set to be funded by the government
The developer behind plans to build 19 residential towers around Millwall FC鈥檚 home ground in Lewisham has been forced to cut the scheme鈥檚 share of affordable homes after being hit with a 拢25m bill to help pay for a railway station.
Renewal Group鈥檚 3,500-home Surrey Canal Triangle masterplan, designed by Studio Egret West, was first given outline permission in 2022 and spans five development phases.
The first phase, consisting of three 32-storey towers, is currently under construction with later phases to include buildings up to 44 storeys.
The site, which surrounds Millwall鈥檚 stadium The Den, also includes the planned new Surrey Canal overground station which is being developed by Transport for London (TfL).
Under the masterplan鈥檚 original 2022 consent, this station was to be funded mainly by the government through Housing Infrastructure Funding.
However, Lewisham council said 鈥渙ther competing priorities at TfL鈥� had diverted the funding to other projects and the transport body has turned to Renewal to fill the gap with a 鈥渟ignificant contribution鈥�.
Renewal has now agreed to fork out 拢25m following talks with the council, TfL and the Greater London Authority, a sum which has required a reassessment of the viability of the wider scheme.
鈥淚n the context of a new and substantial station contribution, it has been necessary to review this position to ensure the scheme remains deliverable with the maximum level of affordable housing on site,鈥� Lewisham council said.
Resulting tenure changes approved by Lewisham last week have seen 100 affordable homes cut from the second phase of the scheme, reducing its share of affordable homes from 35% to 17.58%.
This has resulted in a reduction in affordable housing across the entire development from 35.4% to 32.6% when measured by unit.
The renegotiation is the second stumbling block to hit the scheme after phase 1 was redesigned to add second staircases in order to align with new government fire safety regulations set to come into force in 2026.
Renewal鈥檚 proposals for the 10ha plot are a much expanded version of an earlier 2,500-home plan approved in 2012.
These plans were abandoned amid controversy because they would have seen Millwall evicted from its stadium.
The developer, which owns a large part of the Surrey Canal Triangle, had agreed with Lewisham council, which owns the freehold to Millwall鈥檚 stadium, to allow the club to stay, and instead focus its development in the plots around the stadium.
The development is expected to take around 15 years to build and was given a completion date of 2036 in 2021.
Transport for London has been contacted for comment.
No comments yet