Delivery Partner for Growing Brixton’s Rec Quarter – 49 Brixton Station Road and 6 Canterbury Crescent

Description

The Council entered into a deed of variation with London Square Developments Limited (the Developer) and London Square Limited (the Guarantor) in relation to an existing development agreement between the parties (the Underlying Contract) which was entered into on 28 September 2022 to ensure the viability and deliverability of the scheme under the Underlying Contract. The key variations comprise a reduction in the minimum level of commercial workspace required in alignment with Local Plan policy for mixed-use regeneration schemes, a reduction in minimum affordable housing levels from 50% to 40% and a reduction in the Council's land receipt in line with revised financial modelling and which represents best consideration in today's market. Lot 1: The Council entered into a deed of variation with the Developer and the Guarantor in relation to an existing development agreement between the parties (the Underlying Contract) to address changing circumstances since the Underlying Contract was entered into in accordance with Reg. 72 of the PCR15. The location, duration and nature of the works remains broadly the same, still delivering new build housing, workspace, street market facilities and public realm improvements subject to a reduction in minimum affordable housing levels to 40% and a reduction in the minimum required level of workspace reprovision in alignment with Local Plan policy for mixed-use regeneration schemes. The Council has received commercial advice to review the updated financial appraisals and ensure that the costs and revenues are commercially reasonable, reflective of the wider market and represent best consideration for the Council. Additional information: The Council has entered into a deed of variation in relation to an existing development agreement in accordance with Reg. 72 of the PCR15. In accordance with Reg. 92 to 104 of the PCR15 the Authority has observed a 10 day standstill period starting from the date of the VTN publication. A modification notice was also published in relation to this Deed of Variation on 19/02/2025(2025/S 000-006029).