Friday, 1 May 2020

Homebase site ownership

From information held by Land registry it appears Homebase decided to sell its Walthamstow branch to Inland (Southern) Ltd and Reassure Ltd on the 10th January 2020 - this year for £28m. When Homebase bought the site from Fuller Electrical Ltd in August 1963 Walthamstow Council had a covenant inserted to ensure access to the site as we know it today. Hawker Siddeley took control of Fuller Electrical in July 1983 and LBWF continued the Covenant so that access could be maintained to Homebase.

In January 2020, this year, the Council relinquished the Covenant which means we may no longer have access to the site.

The next step is to try and find out more about Inland (Southern) Ltd's plans for 700 flats in 18 storey blocks. I think they are just an investment company but not sure yet.

Just as a back of an envelope exercise in January a private flat in this development could have been worth £0.5m so 700 would have brought in £350m so taking out the cost of building and the land a decent profit would have been expected! Post coronavirus who knows!!

On the 18th September 2018 the following sites were announced as going to close so why was Walthamstow not on that list only 18 months ago!

 London Merton

London New Southgate
London Wimbledon

1 comment:

  1. The site is ripe for development and high-rise is the way to go to preserve space and improve viability. Close to wood Lane and walthamstow central so sustainable enough and with a likely reason PTAL level. No doubt nimbys will be ain't any such development which is sad when such homes are badly needed. Just got to aim for 30-40% affordable housing levels.


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