Cooking the Books

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Despite a policy requirement of 35%, the Regeneration Agreement signed by the council leader in 2010 stipulated that Lendlease was to provide "A minimum of 25 per cent Affordable Housing"(pg 95), which is "to be divided equally between Social Rented Housing and Intermediate Affordable Housing"(page 1).

However, when the planning application was submitted in Jan 2013, it propsed 25% affordable housing but Lendlease had substituted most of the social rent component for affordable rent of up to 80% market on the grounds of financial viability.

In 2015, after a three year Tribunal battle by Lendlease and Southwark to prevent its disclosure, the 35% campaign succeeded in obtaining a [copy](Link: (unredacted) Viability Assessment) of the viability assessment submitted by Lendlease to justify the reductions in its affordable housing offer.

The figures showed how Lendlease had cooked the books to make the development look unviable and thereby negotiate down its affordable housing obligations.

As a result, of the 2,924 new homes on the Heygate, 198 will be intermediate 'affordable rent', 316 shared ownership and just 100 will be social rented. This is a breach of the terms of the contractual agreement with Lendlease, which would have provided for circa 500 social rented homes had it been adhered to.