The developers have now made another planning application for the site at Melton Hill Woodbridge, a year after their previous application was rejected and unanimously refused by SCDC. From the original proposed 67 homes way back in 2016 the development is now 100 units of high density blocks of flats.
So why has the developer now decided to apply again – part of the answer is that the developer has found a company to take on the affordable homes. Good for local people you might say until you hear it’s Sage Housing.
“We have got someone that will take the 32 affordable homes,” said Mr Hughes.
According to the East Anglian Daily Times this is Sage Housing as quoted in their published article (4th July)
Blackstone, the American Equity company took a 90% stake in Sage Housing in 2017 – Blackstone is a for profits company.
SO WHY IS HIGH FINANCE SO INTERESTED IN AFFORDABLE HOUSING
Read the building report: Click Here for Report
Fear for tenants Tom Murtha, a former housing association chief executive who founded campaign group Shout in 2014 to lobby in favour of housing at traditional “social rent” levels, says private money will ultimately be unlikely to help those who most need it. “I worry that the way this funding is sourced means it’s not going to lead to housing at rent levels that are genuinely affordable,” he says.
If the private money goes into homes that are also in receipt of government funding, he fears it may crowd out other, more worthy projects at lower rent levels, or, where competing for public land, organisations with plans to build cheaper homes are “priced out”.
“These firms will be working for the benefit of their shareholders and investors, and the danger is that tenants either become commodities or priced out with higher rents,” Murtha says.
Financial Times Report on Sage Housing ‘Blackstone under fire over push into social housing’: Click Here
NB Just Google Blackstone Sage Housing for articles for more information to make up your own mind.
How could anyone at SCDC have thought that the chosen property development company with the name “Active Urban” ever provide a suitable or sympathetic housing development plan for Woodbridge – Melton Hill development site.
The connotation of this company has no parallel or understanding of what a unique historical riverside town requires for its future housing needs.
Their proposed plan would sit well in an urban setting and the ultra modern style is hardly what a historic town like Woodbridge deserves and does NOT utilise the unique hillside and riverside setting. The new latest planning application of July 2019 involves an American Equity firm, Blackstone Sage Housing seems to be the last straw – their interest is solely profit driven. How can that be in the interest of Woodbridge and it’s residents.
Please listen to the residents and reject any further planning applications and restart the process to find a more suitable alternative developer with greater transparency.
Melton, Woodbridge Resident