BARRATT HOLMES, our housing correspondent, reports on how the council’s casino economics may have forced Brick by Brick to consider some sharp practice
Sources within the property business in south London suggest that the Fairfield Homes proposals being rushed through the council’s planning committee on Thursday may have already been touted to other developers, offering it for sale with planning permission granted. One describes the ploy as Brick by Brick “cashing in their chips” on a scheme that they can no longer afford to develop themselves.
The multi-million-pound project is a long-delayed scheme from Brick by Brick, who had to reconfigure their plans for the area between the Fairfield Halls and the London-to-Brighton railway after they failed to secure the purchase of a building from Croydon College.
Brick by Brick is the council-owned, loss-making housebuilder who, despite borrowing £260million-plus from Croydon Council, has managed to deliver just three purpose-built council homes in five years.
Failing to sell significant volumes of the homes they have built appears to have caused a mismatch between the company’s cash income and the money required to develop a large site such as at Fairfield. The Fairfield site also presents significant development problems, squeezed in next to one of the country’s busiest railway lines. Continue reading
























