The council has agreed to move forward with a £2.14 million purchase of land to build thirty new flats on.

At a Waltham Forest Council cabinet meeting yesterday, councillors agreed to plans to acquire land at the junction between Osborne Grove and Palmerston Road, Walthamstow.

The council already owns most of the land in Osborne Mews, off Osborne Grove, which currently provides storage space for several High Street market traders.

The council will now move forward with plans to acquire the remaining land on the ‘Osborne Grove development site’ not owned by the council.

One property on the site, currently valued at £675k, will also have to be purchased to make way for the proposed housing.

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The storage space currently used by High Street market traders. Photo: Google Maps

The proposed development at Osborne Grove will deliver around thirty new flats, of which the council aims to make 50 per cent affordable, with a total sales value estimated at £12.941m.

If the council were to self-deliver the scheme, it estimates build costs would total £6.7m.

The council report highlighted the risks Brexit may pose to the scheme, noting: “Widespread predictions are that the economic shock of Brexit will force a downturn in the market and reduce property values as homebuyers adopt a wait and see attitude. The treasury has predicted a fall of between 10 – 18 per cent in the short term.”

Council officers had been exploring a joint venture with a landowner in Palmerston road to bring forward the redevelopment of Osborne Grove.

However, they failed to reach an agreement and a joint venture is “no longer considered viable”.

There are no plans to replace the current market trader storage, however the development will provide new meeting, office and kitchen space for the council’s street trading team, to replace current offices in Walthamstow Library.

Market traders will be offered compensation to store their items at an alternative location.