Greenwich consults on viability studies
Wed 27th May 2015, 9:54 am
The London Borough of Greenwich is consulting on plans to make it mandatory for developers to publish viability assessments.
Developers are currently allowed to keep viability assessments confidential. The borough has a policy in place for new developments to have at least 35% affordable housing, but sometimes developers argue this is not economically viable.
The council's plans would also mean developers would have to submit viability assessments to an independent expert to be reviewed and, subsequently, for recommendations to be made to the authority's planning committee.
Councillor Danny Thorpe, the Royal Borough of Greenwich's cabinet member for regeneration and transport, said: "This is about transparency for local people. At the moment our hands are tied on affordable housing levels if the viability study shows a development won't work financially with the levels of affordable housing we want."