Investment challenges for our future

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The Community Investment Programme is a major initiative for the borough, explains Camden finance chief councillor Theo Blackwell

Published: July 28, 2011

CAMDEN’S North Sea oil is our large property portfolio. Today the council’s asset base, built up in the 1970s, stands at over £3billion in an area of high and rising land prices. The vast majority of this is locked up in homes, in open spaces or offices and can’t be used, but – thinking more radically – some of it can if the reasons are right.

Maintaining investment in our infrastructure, from maintaining roads and pavements, parks, council homes, council estates to schools, nurseries and community centres, is as massive a long-term challenge for this council as the service cuts we are forced to implement.

This is why we have developed the Community Investment Programme (CIP), a major new council project.

Each year we face bills for streets, community safety, housing, upgrading IT and fixing old buildings.

For this we are also dependent on the government for capital investment, and in this area too we have seen very large cuts.

Even on modest calculations, Camden’s infrastructure bill is a frightening £403million over the next six years.

This is on top of the £83million we have to cut over the next three years from ongoing services, and the expected £45million for the three years following that.

Capital infrastructure to Camden has been cut by government by over 45 per cent. Primary and secondary school capital budgets have been slashed by over £200million, following the government’s veto on 70 per cent of our Building Schools for the Future budgets.

In our schools the council has a long needs list for new classroom roofs, boilers, new electrics, and heating.

There is also a growing bill for our 28,000 council homes. Some estates, notably (but not limited to) Maiden Lane and Gospel Oak, need very substantial work now, to save on much higher costs in the future.

The condition of some blocks is also unacceptable in this day and age.

The costs of schools, homes and public buildings leaking heat are also not only wasteful but bleed our resources.

So we need a new plan to be more self-sufficient and take more control over our future.

What the CIP does is look at how we can use some of our land to the benefit of Camden residents when the government retreats.

By reviewing all we own we have identified some £235million of land we can sell and develop in order to put money to repair and modernise our schools, homes and community centres. 

The aim is to generate capital receipts to help fund our capital needs by selling old or surplus buildings with high running costs or large repair bills or seeking new regeneration opportunities to increase social and private housing.

Cash can then be used to repair our existing social housing stock, community facilities and streets in the same area.

The programme starts straight away.

On July 20 we agreed the sale of four properties, to release the much-needed cash to fund £4million of the most urgent repairs to schools and children’s centres. This money will pay for work to 11 primary schools, work in some of our secondary schools and a children’s centre. The repairs include replacing old windows, roofs and heating systems. The projects are designed both to tackle some really urgent condition works and to help schools save money in the future. The first work will start over the summer holidays.

In other areas “self-funded” community projects will modernise what is already there.

The old St Pancras Boxing Club will be rebuilt funded by new residential flats above. New community facilities are therefore provided at no cost to the taxpayer.

Some projects, such as Greenwood centre, St Pancras Community Centre and Netley are currently being consulted on and changes developed with the community to develop better facilities.

As a resident of Camden for over 30 years I recognise selling some familiar old buildings – or prospect of redevelopment – will be controversial.

The council will therefore focus on involving those most affected and the wider neighbourhood to develop options.

Phase one involves a total of 60 sites. There is no pre-cooked secret council “masterplan” for each neighbourhood. Each project will be flexible and dealt with on a case-by-case basis.

As your July 21 editorial rightly pointed out, it is vital that the council consults properly.

I cannot promise that proposals won’t be contested but I ask residents to give us the benefit of the doubt here.

In the early 1980s Britain blew its windfall bonanza of North Sea oil, while other countries – notably Norway – invested in the long-term infrastructure.

Doing nothing about our long-term needs for schools, homes and community facilities over the next six years would be a dereliction of duty, financially and morally.

We will not fritter away money from assets. The CIP will invest it in the future of the borough so we can emerge from this period of cuts capable of maintaining modern, universal public services in Camden.