Westminster - Hoteliers to pay for affordable homes
As reported by Property Week and the Caterer, Westminster are currently consulting on a new City plan for 2019 – 2040 which includes proposals effecting developers in London’s Central Activities Zone (CAZ). The majority of the Westminster Authority area falls within the CAZ.
One of the stated aims of the draft policy is that by 2040, 29,900 new homes will be created, at least 35% of which will be affordable.
Under proposals open to consultation until 21st December 2018, proposed developments of smaller scale hotels and offices (described as between 750 sq m – 999 sq m) within the CAZ will be required to make a financial contribution to the ‘Affordable Housing Fund’. Proposals for larger hotels and offices (above 1,000 sq m) within the CAZ will provide 35% of the floor space as affordable housing on-site.
In addition to maintain current housing stock, where affordable homes are redeveloped the proposal is that there will be no overall net loss of floor space and re-provision must be in the vicinity of the original homes. Provision of affordable housing in the vicinity means it is close to the host development.