A revision of the Canada Water Masterplan has been met with backlash from residents after the amount of proposed affordable housing dropped from 35% to just 9%.
The 15-year masterplan was pitched in 2018 with an aim to regenerate the currently underdeveloped area with new housing, public spaces, and businesses.
Developer British Land originally committed to building 1,050 affordable homes as a part of the plan, but with the approved revision they are now only obliged to deliver 270.
Long-time resident Maisie Moss, who lives with her parents and fears she will no longer be able to move into independent housing in the area, despite working two jobs, said: “It was false hope.
“It’s just really frustrating that they’re prioritising profit over what this community actually needs.
“What good is a new leisure centre, or increased broadband, when we are going to be priced out anyway?”
Affordable housing schemes include homes offered at below-market prices, with the original Masterplan committing to a mix of social rent and intermediate rent across the 1,050 homes.
Close to 3,000 people on the waiting list for council housing in the area.
Another resident, Robert Barker, said: “It’s just made me lose faith in the plan entirely.
“If they’re willing to cut back on social housing – arguably the cornerstone of the project, the thing we so desperately need around here – what else will they not deliver on?”
In a statement released by Southwark Council, Cllr Helen Dennis said: “The affordable housing proposed in the next phase of Canada Water is a huge disappointment given the affordable housing numbers that this scheme was designed to deliver.
“We intend to maximise the review mechanisms available to us to increase the social rented homes delivered, should viability improve, so that we can deliver the homes that our community deserve.”
A spokesperson for British Land cited post-Covid build-cost inflation, legislation changes, increased Bank of England base rates, and a real-term fall in residential values as reasons behind the changes to the Masterplan.
British Land further claim to have helped over 170 unemployed residents into sustained employment and 90 apprentices across various sectors, along with delivering education, entrepreneurship and wellbeing programmes to over 11,000 people.
They also pointed to developing multi-year programmes to support the area with long-standing partners and council services, and £13million in local infrastructure spend such the delivery of improvements at Surrey Quays Station.
The spokesperson added: “The key design and land use principles established by the Masterplan, including the proposed mix of uses, key public spaces, street network and character areas remain unchanged.
“We are committed to delivering new homes for Londoners, including affordable homes. We have been working with the Greater London Authority to explore funding options and with grant funding, will deliver 20% affordable homes in the next phase.”
The next phase of development is expected to start from 2027, including the delivery 150 social rented units (17%) or 175 units with a policy-compliant SR/Intermediate mix (20%).
Feature image: Zahra Hanif
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