Brent Council has approved two deeds of variation to Fairgate House, 998 room student accommodation, that brings in an additional £6m of contributions.
Planning permission was granted to redevelop two adjacent sites (Fairgate House and the land to the rear of Fairgate House) to provide a significant total of 998 student accommodations and c.348sqm sqm of commercial space.
The respective permissions secured financial contributions of £2.224 million (Phase 1) and £5.34 million (Phase 2) towards off-site traditional affordable housing.
These schemes were also subject to late-stage review mechanisms, which would secure additional contributions towards affordable housing if scheme viability improved.
The Applicant has proposed fixed contributions of £2.1 m (Phase 1) and £3.9 m (Phase 2) in lieu of the late-stage reviews. Amending the late-stage reviews will allow the Applicant to secure beneficial lending terms, provided construction commences within 24 months.
This would be in addition to the financial contributions already secured for these schemes, as referred to above.
The developer is Regal High Rd Ltd, and the architects are JTP Studios.
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