Developers in Southwark to pay fairer share on student developments
Southwark Council announced today (15th September) that the community infrastructure levy (CIL) will be increased on developers building student accommodation.
The previous policy had the rate for student accommodation as lower than residential, hotels, and other commercial units, and had not been reviewed since 2017.
The rate will be increased from £148 per square metre to £250 per square metre – bringing it in line with other developments depending on the area.
The money will be able to spent on borough-wide initiatives, as well as local projects that communities will be able to benefit from. Previous neighbourhood CIL projects include security doors on estates, new fences for community gardens, and improvements to local sports facilities.
Liberal Democrats had been campaigning to introduce this change for years – and are now implementing it as part of the new Liberal Democrat and Green Joint Administration.
Commenting, Borough and Bankside Councillor David Watson said:
“This is a huge win, particularly for communities in areas like Borough and Bankside which are experiencing a huge growth in student accommodation, with around 3,000 new student beds coming to the area in the next few years in our ward alone.
This is long overdue – and I’m delighted that the Liberal Democrats in Joint Administration are able to make positive changes like this that will deliver tangible benefits to our local communities.”