KING'S CROSS V. THE GOODSYARD
We have looked at the vital statistics of King’s Cross, London's other significant recent brownfield development site. Below is a quick comparison of what’s on offer in the proposed Goodsyard development, and why we believe the dynamic growth and self-regeneration of our mixed community would be stunted by the current proposals:
We note the Mayor of London's endorsement of King's Cross' centerpiece as:
“a stunning development that embraces the past while looking to the future... it has brought an enlightened focus to the wholesale regeneration of the surrounding area.”
Let's have more of that 'enlightened focus' for the Goodsyard, please! Mid-rise, mixed use, creative buildings are essential to Shoreditch, Tech City and the most vibrant part of London.
The Goodsyard has been designated a Central Activity Zone, leading to the obvious question: Why is a site that’s less than a tenth the size of King's Cross proposing ten times as much residential (on a relative basis) and a relatively insignificant amount of workspace? Because high-rise residential units are easy to sell to overseas buyers.
Given few hard-working Londoners will be able to afford the new residential units, the development is shaping up as a ghost city of overseas buy-to-let investors and empty shops, whilst start-up businesses are forced to leave the area as they can't find affordable workspace.
A Knight Frank report (Tall Towers (2012)) states that “residential tower schemes are viable only when buyers are willing to pay a relatively high base price, starting at around £800-1,000 per sq ft. The higher the apartment, the higher the premium.” We need real homes for hard-working Londoners!