Walthamstow could be about to get another high-rise tower block, reports Victoria Munro, Local Democracy Reporter
An “underutilised” bank could be replaced with an 18-storey block of flats, if a developer wins planning permission.
Providence Capital Securities (PCS) has submitted an application to Waltham Forest Council to build 66 flats on the Barclays Bank site in Hoe Street, Walthamstow, on the other side of Station Approach from the 14-storey Travelodge Hotel.
On the opposite side of Hoe Street, a 17-storey building is currently under construction on the former site of the council’s Juniper House building.
The proposal by PCS for another new Hoe Street tower block includes 17 flats designated ‘affordable’ – aimed at households earning £40,000 to £60,000 a year – meaning the scheme would not meet the 35% affordable housing target set out in the council’s Local Plan.
The applicant has provided a lengthy financial assessment explaining why it does not think it can meet the affordable homes target, estimating construction costs of £18.5m for the project.
The application describes the site as “ideally located” near Walthamstow Central Station and the town centre, but says it is “underutilised” at present.
The current building is three storeys high, consisting of the bank on the ground floor and two floors of office space and flats above. However, the developer argues the increase in height is in-keeping with “significant change” planned for the surrounding area, such as the Mall Walthamstow redevelopment, which is planned to be 34 storeys high.
It also offers to build “significant public realm improvements”, such as a new “quieter” public path to Walthamstow Central Station.
The proposed scheme would include no car parking spaces but more than 100 bicycle spaces for the new tenants and visitors.
The application is currently in a consultation phase and representations can be made on the council’s website here.