A DECISION on whether Walthamstow Stadium will be turned into a housing estate is to be announced later today.

Mayor of London Boris Johnson is due to approve or refuse housing developer London & Quadrant's (L&Q) proposed 294-home housing development at around 4pm today (October 30).

The proposal for the former dog track in Chingford Road, Walthamstow, has met with opposition from various groups of campaigners as well as MPs Iain Duncan Smith and Stella Creasy, on the grounds of overdevelopment, while some factions wish to see a return to greyhound racing.

L&Q has also been criticised after last week's revelation that it could lose at least £14.5 million from the project, after seeing the value of the land drop to just £7 million since buying it for £18 million in 2008.

Campaigners from Save Our Stow (SOS), which wants to see a return of greyhound racing at the stadium, said the potential losses to L&Q demonstrated why Mr Johnson should reject the scheme.

SOS previously estimated L&Q's losses at £26 million but spokesman Ricky Holloway said the £14.5 million figure was misleading because the viability document was drawn up back in July 2011.

He claims the actual loss to L&Q is now around £24 million, including £3.8million in 'section 106' community grant money L&Q is paying Waltham Forest Council.

Mr Johnson will consider the viability of the project when he makes his decision.

He has the final say over the scheme because of the size of the development, despite the council approving the scheme back in May.

L&Q maintains there will be no loss over the long term, while it claims the only costs to the taxpayer would relate to government grants for affordable homes.

A spokesman added: "We look forward to the London Mayor's decision. We propose to invest £50 million in creating 294 homes, a community-run sports centre, pocket allotments and a children's nursery."

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