Four possible options for regeneration in Fullers Slade have been developed for decision as well as a fresh approach to improving estates in the borough.
At the Regeneration Cabinet Sub-Committee on Thursday 25 July, Councillor Nigel Long presented the four possible approaches to regeneration in Fullers Slade, which the community will be asked to vote on later this year.
Following engagement with the community, the options residents will be asked to vote on are:
1. Continuing with planned council repairs and maintenance – requiring no further expenditure beyond current plans
2. Refurbishing council properties with some infill development - including 192 new homes. It has been estimated to cost £54.7million and have a funding deficit of £12.89million after new homes are sold.
3. Partial redevelopment with refurbishment of remaining council properties. This would involve the demolition of 42 homes and the building of 302 new properties, with refurbishment works to 278 council owned houses, and some demolition. The cost has been estimated at £95.4 million with a deficit of £33.4 million.
4. Full redevelopment which has 453 homes, including 176 resident and housing association-owned properties. Under assumptions produced by real-estate experts Savills, if it is comprehensively rebuilt, the estate would grow from 453 to 1,272 properties, including 352 one bed flats, 553 two bed flats and 366 three bed houses. It assumes more than 700 properties would be built for market sale. The cost of that is put at £254.5 million, with a financial shortfall of £53.1 million.
In partnership with community groups, MKC will begin preparing the ballot process in which Fullers Slade residents will be able to vote for one of these options. Whilst neither Savills or MK Council are concerned about these initial figures, it does appear in the first instance that options 2-4 are not financially viable in any case which could have a significant impact on the vote.
Savills say their favoured options of those considered would be the second or the third.
Michael Kelleher, the council’s director for housing and regeneration, told the meeting that the Savills report was challenging but is “illustrative only” and not definitive.
The Savills report says: “The outputs of our appraisal work to date indicate significant viability gaps for each of the three options we have appraised. This is not uncommon for estate regeneration projects at the early feasibility stage.”
