spursfan77
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ENIC spent £100 million buying up property all around the ground before it was built. I assume it will go towards covering those historical costs?
The Regeneration of Tottenham Thread
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ENIC spent £100 million buying up property all around the ground before it was built. I assume it will go towards covering those historical costs?
Wine Gum
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The Mayor's office are raising objections to the Planning Application for the B&M site.
Affordable housing: The proposed 25% affordable housing offer falls significantly short of the Fast Track threshold and is unacceptable. Accordingly, the applicant must seek to increase the level of affordable housing provision. GLA officers will continue to robustly scrutinise the viability appraisal to ensure that the maximum amount of affordable housing is delivered. Should the level of affordable housing remain below the threshold level, both early and late stage review mechanisms must also be secured in accordance with the Mayor’s intend to publish London Plan and the Mayor’s Affordable Housing and Viability SPG.
Affordable housing: The proposed 25% affordable housing offer falls significantly short of the Fast Track threshold and is unacceptable. Accordingly, the applicant must seek to increase the level of affordable housing provision. GLA officers will continue to robustly scrutinise the viability appraisal to ensure that the maximum amount of affordable housing is delivered. Should the level of affordable housing remain below the threshold level, both early and late stage review mechanisms must also be secured in accordance with the Mayor’s intend to publish London Plan and the Mayor’s Affordable Housing and Viability SPG.
davidmatzdorf
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Only some of that is self-explanatory.
There is a "fast track" available for planning applications that provide at least a certain percentage of affordable housing. The percentage is 35% for developments on private land and 50% for developments on public land. Details are here on the Mayor of London's website.
It appears that someone is trying to take the piss here. The threshold is clear and inflexible, but the application is apparently trying to pursue the fast track without complying. Not sure why they're bothering. Boris Johnson isn't Mayor anymore.
If they want to provide less than the specified percentages of affordable housing, they have to use the normal procedure and provide a full viability assessment (I finished one yesterday, albeit for a slightly smaller development
).The "review mechanisms" are a workaround, to enable the scheme to be approved with only 25% affordable housing, but with the values of the private housing reviewed at tender stage (early) and sale stage (late), with the planning authority able to increase the affordable percentage if the profitability of the overall development has gone up, or demand a payment toward off-site affordable housing.
Wine Gum
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Details of the plans for:
NORTHUMBERLAND TERRACE (NOS. 790 TO 794 AND NOS. 798 TO 808 HIGH ROAD, N17) AND LAND TO THE REAR AND (B) NO. 807 HIGH ROAD N17
NORTHUMBERLAND TERRACE (NOS. 790 TO 794 AND NOS. 798 TO 808 HIGH ROAD, N17) AND LAND TO THE REAR AND (B) NO. 807 HIGH ROAD N17
Wine Gum
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Attachments
Wine Gum
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Further information and drawings have been added to the Planning Application portal for the B&M site.
Regeneration Statement
Regeneration Statement
Wine Gum
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The B&M site Planning Application is being considered at the next Planning Meeting and the recommendation is to Approve.
www.minutes.haringey.gov.uk
Agenda for Planning Sub Committee on Monday, 9th March, 2020, 7.00 pm | Haringey Council
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spursfan77
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I didn’t think originally we were going to have anything to do with it. That it was going to be the council and a developer.
No we have 2 large sites this and the goods yard. The rest is mainly council although we do have some property on that.
spursfan77
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I was thinking about the walkway of shops/restaurants that’s meant to be being built from the overland station to the ground. Ignore me!
davidmatzdorf
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If the applicant is THFC, I have to assume that THFC owns the site. The report says it is "privately owned". That would suggest that the land was acquired for a relatively small amount, some years ago. If that is so, the financial aims of a "residential led mixed use scheme" with "up to 330 units" of housing would surely be to make a substantial profit.
This paragraph from the planning report suggests that is so:
"The scheme would deliver family and smaller sized residential units including 40 Low Cost Rented homes (Social Rented and 20 London Affordable Rent) and 65 Shared Ownership homes, representing a 32% provision of affordable housing by unit number and 35% provision by habitable room."
THFC have agreed to provide 35% of affordable housing, without trying to cheese-pare the percentage down, which indicates that they did a viability assessment and it showed the development to be amply profitable, even with 35% affordable housing. The affordable housing is 60% shared ownership and 40% rented, which is consistent with Haringey Council's policy for the eastern/poorer half of the borough. The opposite split applies in the western half (e.g., Crouch End).
I expect it is part of the club's overall involvement in local regeneration, but I also expect it is an attempt to make a substantial amount of money.
Why would it say THFC is the applicant then, sorry you’ve slightly confused me.
Yes this is part of it the most northern area in red. Blue is the goods yard and rest is mainly council owned.
Wine Gum
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This might seem daft but you don’t need to own a property to make a planning application against it but I’m not sure why the Club would do in this case as the Group Company could easily make the application.
A quote about the transfer:
A Spurs spokeswoman confirmed that TH Property Ltd is owned by Enic International, but said the transfer of the properties in Tottenham to a Bahamas-registered company was not to avoid paying UK tax on any profit made when the property is sold, potentially with residential development value.
"The transfer was to clear debts out of our UK companies which had bought the properties, so the club itself is not carrying the debts," she said. "That will help with the bank financing required for the new stadium. Both this and the club are UK operating organisations and UK tax will be paid on all UK transactions."
A quote about the transfer:
A Spurs spokeswoman confirmed that TH Property Ltd is owned by Enic International, but said the transfer of the properties in Tottenham to a Bahamas-registered company was not to avoid paying UK tax on any profit made when the property is sold, potentially with residential development value.
"The transfer was to clear debts out of our UK companies which had bought the properties, so the club itself is not carrying the debts," she said. "That will help with the bank financing required for the new stadium. Both this and the club are UK operating organisations and UK tax will be paid on all UK transactions."
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davidmatzdorf
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It is not necessary to own land in order to submit a planning application. It could be that the owner has authorised THFC to carry out the development on their land, or that they have leased the land back to THFC, or that it is a joint venture, or that THFC have a buy-back option, or a few other possibilities.
It's more likely that THFC own it.
One could find out the facts by doing a Land Registry search for the titles in question. It costs £3 per title. Or one could wait for the S.106 Agreement to be signed off and uploaded to the planning website (which could be some time after the resolution to grant planning consent), because that will have to be signed by all beneficial owners and any mortgagee or chargee of the land.
Is the Bahamas based company to do with Lewis ? Ultimately the only reason I ever get excited about any sort of property potential profit is that it might make its way to player buys. Although in some ways I feel a bit naive for having these thoughts. If in some way these schemes help to pay off the stadium debt then I guess indirectly that still helps with freeing up revenue.
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Wine Gum
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867-879 High Road is owned by Fairgate Tottenham Ltd. Registered address Lillywhite House.
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