Cover of Lewisham, Canada Water and the Crisis Facing London's Developers

Lewisham, Canada Water and the Crisis Facing London's Developers

Lewisham, Canada Water and the Crisis Facing London's Developers

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Summary
 London needs more homes. So why are some of its biggest regeneration schemes being abandoned?Planning permission used to be a major milestone. Now, even consented developments are struggling to get off the ground.In this episode of Prop Views, Nick Cuff and Oliver Lowrie turn the tables, with Oli putting the questions to Nick as they discuss the growing pressures facing London's development industry and why they started the podcast in the first place.The conversation begins in Lewisham, where Landsec has announced its withdrawal from the shopping centre regeneration project following a change in political leadership and growing viability challenges.And it's not an isolated case.With British Land's Canada Water development also facing delays, Nick and Oli question whether London's major regeneration schemes can still be delivered under current market conditions.From the risks of relying on political agreements and compulsory purchase orders to the growing burden of building safety regulations, they explore why securing planning permission is no longer enough.But it's not all bad news.There are opportunities emerging for developers willing to rethink their approach, work more closely with contractors and take on projects that might previously have been overlooked.The discussion also looks at London's struggling smaller developers, the future of the Green Belt and whether the government needs to go much further than its current emergency planning measures.Is London's development industry facing a temporary downturn, or does the whole system need to change?Key takeawaysLandsec's withdrawal from Lewisham raises serious questions about regeneration risk. A major consented development has been abandoned following deteriorating economics and a change in the council's political position, demonstrating how vulnerable long-term projects can be.Political cycles and development timelines don't work well together. Nick and Oli discuss how changes in local authority leadership can undermine years of negotiation, particularly where projects depend on council-owned land, compulsory purchase orders or political support.Communities need to see the benefits of development. Better infrastructure, schools, healthcare and public spaces can be funded through regeneration, but those benefits aren't always clearly communicated or delivered quickly enough to win public support.Canada Water could be a warning for London's other major schemes. With British Land facing difficult market conditions, the discussion questions whether large, privately funded regeneration projects can remain viable when capital costs, construction costs and political risks are all increasing.The development market is finding a new middle ground. Very large regeneration projects are struggling, while smaller residential schemes are also difficult to finance and sell. Nick and Oli explore opportunities for medium-sized developments and closer relationships between developers and contractors.The Building Safety Act is changing what developers choose to build. The additional costs, approval processes and uncertainty surrounding higher-risk buildings are influencing decisions on building heights and densities, with some developers choosing to stay below regulatory thresholds.London needs to think seriously about outward expansion. Nick argues that unlocking suitable Grey Belt and Green Belt land could provide opportunities for more affordable housing, alongside higher-density development in central locations.The government may need a more fundamental response. Rather than introducing individual policy changes every few months, Nick and Oli discuss the potential for a more joined-up approach involving development levies, stamp duty, first-time buyer support and building costs.Best momentsNick Cuff "The gap between what's possible and what's asked for has grown."Nick Cuff "I think we're in a situation now where all large development proposals in London are on hold, the ones that haven't started."Oliver Lowrie "The very large are not working, and the quite small are not working."Nick Cuff "This is not just macro. This is a human-made policy problem, but because it's human-made, it can be unmade."Episodes To Check Out NextLondon Needs to Build! But Will the New Plan Deliver?https://open.spotify.com/episode/3Bei84W7RR1b7TEkS6yjP8Gray Belt, Green Light: Philip Barnes on the NPPF Rewritehttps://open.spotify.com/episode/3IcgHDNB02PQ81WKjD2HoTAbout The HostsNick Cuff and Oliver Lowrie, the hosts of PropViews, bring their experience in property development, architecture and planning to the table, tackling the big issues facing the UK property industry.From planning reform and housing policy to market trends, investment and the realities of getting developments off the ground, Nick and Oli aren't afraid to challenge the status quo, question government policy or say what others in the industry are thinking.Through PropViews, they are joined by leading voices from across ...
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