Here at The Pint of Mlik Test, we've written extensively on the Vauxhall Nine Elms Battersea Opportunity Area. In short it will be 16,000 new homes and 25,000 new jobs across 195 hectares; an extension to the Northern line and a linear park (inspired by New York's high line) running from Vauxhall to a redeveloped Battersea Power Station. See here
With that in mind, I went along to an excellent and informative NLA on location
event last week in order to find out how the project is progressing. The 'Vauxhall Nine Elms Battersea - Development update'
was kicked off by Sir Edward Lister (Chief of Staff and Deputy Mayor for Planning at the GLA) and had a number of speakers from developers, local authorities, architects as well as TfL (for the all important infrastructure news).
The big overriding story to come through from the day was that from the borough perspectives most of the work is done. This is in the sense that planning policy is in place, most of the sites with development potential have come forward and are in the most, consented. Along with that another key point made by most speakers was the collaborative effort being made. With 13 different landowners this is obviously imperative. Edward Lister stated a "true partnership/cooperation model has been created" which will be replicated across the capital and so therefore is vitally important for replication.
Most agree that the potential benefit of this area is huge. However the realisation of the whole masterplan is somewhat dependant on the Northern Line Extension. Alex Williams from TfL confirmed that the next round of consultation starts today in fact, where 40,000 households will be consulted, with much more detail than previously. An application for the NLE is expected to be submitted early next year after it goes to the respective borough cabinets in January.
The total infrastructure cost across the VNEB area equals £1.059bn, 70% of which is the NLE. This will come in two main sources, the combined S106/CIL revenue as well as the new EZ status, which is supported in principle by government and needs to be agreed by April 2013. The total amount of S106 revenue confirmed thus far is £381,053,763 which will of course come through in stages. Meeting the infrastructure needs is the main challenge for the VNEB Partnership with some works being delayed further down the line which aren't thought as vital as others.
And whilst we're on the subject of infrastructure, here's the first of it under way with Ponton Road having moved around 100m to the south in order for the American Embassy to be built (which opens 4th July 2017). Works are currently on going and should be complete for Ballymore's Embassy Gardens to kick off early next year. Also notice Riverlight by St James, in the right of the picture with the first two phases racing out of the ground.
Here's a quick summary of the main schemes. LRR subscribers can click on the scheme name to go through to the building record on EGi.
- Detailed first phase granted in December.
- Construction of sales and marketing suite on site has commenced.
- Posssible Q4 2013 start for first phase.
- S106 signed last week (EGi News).
- Contract negotiation 2013
- Construction start 2014
- Enabling works to start soon. Working towards vacant possession.
- First 2 phases complete in Q2 2014.
- Average selling price over £1,000 sq ft.
- S106 to be signed off by year end.
- Start mid 2013.
- Application to be submitted next month.
- Start end of 2013, (everything going well).
- Demolition has commenced.
- Start Q1 2013 with completion scheduled for 2015.
- Tenants vacate end of 2014.
- Potential start (stp) early 2015, with 2020 completion.
- Topped out on Wednesday (24th October).
- Full completion with 'fit-out' due for Q3 2013.
- 90% sold.
- Enabling works under way.
- Full construction start early 2013.
- "Phenomenally successful sales" so far.
New pedestrian bridge
- Likely to cost around £30m
- Location option, November 2012.
- Demand analysis, February 2013.
- Engineering feasibility, Summer 2013.
- Design competition.
- To be built post-2020 (cost to come from DIF pot).