Spending cuts: Aylesbury estate regeneration loses £20 million
Levitt Bernstein and Pollard Thomas Edwards’ £2.4billion Aylesbury estate regeneration scheme, south London, is being redrawn following a huge loss of Homes and Community Agency (HCA) funding
Southwark Council voted to re-phase the project in an attempt to keep on the rails the overhaul of Europe’s largest housing estate.
The council hopes bringing forward later phases will unleash money from land values, making up for the starting phase’s cash shortfall. This means demolition work on some buildings will be delayed for up to a year.
Councillor Fiona Colley, cabinet member for regeneration, said: ‘The housing market downturn and government funding cuts have not been kind to many regeneration projects across the country, but we are determined to find a way to create a brighter future for all Southwark’s residents and ensure the best value for leaseholders.’
The 1960s estate is home to 7,500 people. The 28.5 hectares scheme features a RIBA competition-winning school proposal by SMC Alsop.