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An “underutilised” bank in Walthamstow could be replaced with an 18-storey block of flats, if a developer gets planning permission.
Providence Capital Securities has submitted an application to Waltham Forest Council to build 66 flats on the Barclays Bank site in Hoe Street next to the Travelodge Hotel.
Only 17 of these flats will be “affordable”, for households earning £40,000 to 60,000 a year, meaning the scheme does not meet the 35 per cent 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 this target, estimating construction costs of £18,459,749 for the project.
The application describes the site as “ideally located” near Walthamstow Central Station and the town centre but “underutilised” at present.
The current building is only 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 abrupt increase in height is in keeping with “significant change” planned for the surrounding area, such as the Mall Walthamstow redevelopment.
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 its consultation phase and representations can be made on the council’s website: https://builtenvironment.walthamforest.gov.uk/planning/index.html?fa=getApplication&id=50246