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TIAA Henderson Real Estate submits affordable housing statement in relation to Silver Hill

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TH Real Estate proposes a contribution of up to £2m is made by the scheme for off-site affordable housing.

TIAA Henderson Real Estate (TH Real Estate) has submitted an affordable housing statement as part of the supporting information for the application to revise the Silver Hill scheme, in Winchester. Planning policies require provision of 40% affordable housing unless it can be demonstrated that such a level is not viable. The affordable housing statement demonstrates that based on recognised standards of viability the scheme would not be required to make an affordable housing contribution. 

However, recognising the importance to the City Council of the provision of affordable housing, TH Real Estate proposes that a contribution of up to £2m is made by the scheme for off-site affordable housing which will be secured by a Section 106 agreement. The first £1m of this will be guaranteed and the second £1m subject to the scheme achieving a profit level of 15%.

The revisions to the Silver Hill scheme will go before the Planning Committee on 11  December 2014 where the proposed contribution to affordable housing will be a matter for consideration.

Martin Perry, Director of Development at TH Real Estate, said: We have listened very carefully to what people in Winchester have told us about their concerns for affordable housing and made the best proposal we can.  By making an off-site contribution, we believe the City Council will be able to use that money to provide to use as it wishes to provide affordable housing. We are reasonably confident and sincerely hope that the scheme will be do well enough to make the full £2m contribution.”

Cllr Robert Humby, Leader of the City Council and speaking only on behalf of the Council as a landowner said:I am pleased that TH Real Estate has been able to take this approach which means that, if it is approved, the revised scheme will directly finance affordable housing in Winchester. I can confirm that the City Council as a landowner has not changed any of its financial arrangements with TH Real Estate in order to achieve this.”

 

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Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Henderson Real Estate Asset Management Limited provides investment products and services. The value of investments and any income will fluctuate (this may be partly be the result of exchange rate fluctuation) and investors may not get back the full amount invested. Where opinions have been expressed, they are based on current market conditions and are subject to change without notice.

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