Release Date: 07 December 2017
Richmond Council has confirmed that it would not be seeking to hand control of the Twickenham Riverside programme to a developer.
Over the past two years the Council has been consulting with residents and businesses in Twickenham on proposals for a new development on King Street/Water Lane and Twickenham Riverside. The development site includes three properties on the corner of King Street and Water Lane, the car park to the rear and the derelict former swimming pool buildings.
As part of the programme of works to create a design for the site, in partnership with the community, the Council has been carrying out a strategic review of the scheme’s viability. Working with professional real estate advisors, they have considered how much the scheme would cost to deliver and the wider economic, environmental and social benefits to Twickenham.
Whilst the scheme is still subject to Planning approval, financial viability is also a key factor in ensuring that the project is deliverable.
The Council has always been keen to retain control of the scheme and earlier this year it confirmed that it would deliver the scheme itself. Retaining control was something that residents mentioned during consultations and allows the Council to develop the scheme to a standard that has wider benefits to Twickenham and the local area. It also means that there is no ‘developer profit’.
Whilst the Council is not expecting to recover the £6.84m spent purchasing the King Street properties to enable the development to happen this is seen as important investment in the borough.
Cllr Pamela Fleming, Richmond Cabinet Member for Environment, Business and Community, said:
“Improving Twickenham is important to the whole borough and we have accepted that our original investment when buying the properties will not be recovered.
“Since we started working with the community to develop the design for this site, one thing has been clear – this development is the final piece of the Twickenham jigsaw.
“For too many years, Twickenham was forgotten. We have made it our priority to make improvements. It is important that the Council keep control of the future of this site. Whilst the financial aspects are important, it also has to be a development that will regenerate the town, benefitting those who live, work and study in Twickenham.”
If you are a journalist and would like further information about this press release, contact Lyle Skipsey on 020 8487 5182.
Updated: 29 December 2017