The summer has been, autumn is approaching but nothing has really changed at the Carriageworks.
The last significant development was the completion of the S.106 agreement and the final grant of planning permission in July.
The next steps that Fifth Capital need to take are:Completion of the purchase of the site from Comer Homes. We understand that Fifth Capital will buy the special purpose vehicle that owns the site, rather than take a conveyance of the land.
- Agreement with the end purchaser. We understand that Fifth Capital are in negotiations for a housing association to buy the completed development. The last community meeting supported a housing association owning and managing the units in the private rented sector as opposed to it being in a proliferation of small private owners and landlords.
- Agreement with the contractor. The cost of building the scheme has got to be less than the final sale price plus the developer’s profit element. There has been a lot of inflationary pressure in the construction industry and Brexit has added to the
uncertainties. This makes for a difficult negotiation.
We’re hoping to get an update on these issues from Marc Pennick of Fifth Capital now that the summer holidays are over (we’ve had a couple of conversations with him through August but he and his advisors have been away much of the time).
Once we know more, and hopefully get confirmation that Fifth Capital have ownership of the site, we will call a community meeting to discuss all the other topics of interest:
- Timescale for development from demolition through to flats and commercial units being ready for occupation
- Managing the impact of construction on local residents and businesses
- Management of the ground floor units and market
- Proposals for public art and the cultural strategy
- Ongoing opportunities to have a say in the scheme
Just one more thing to add; the Carriageworks has been shortlisted for a Sunday Times British Homes Award. Nothing to do with community engagement sadly, just the architecture. More at http://britishhomesawards.co.uk/shortlist (scroll down to Category 12 – Housing Project). Winners will be announced on 14 October. And if you’ve got £1,920 to spare you can even have your own table at the awards lunch in London!
That’s it for now. We’ll let you know more when we know more.
Lori and the Liaison Group