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COIN STREET

LONDON

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The OXO Tower building has now been transformed into residential units, community facilities and a skyline restaurant. 

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The site is situated in a central location fronting the River Thames. 

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Residents opposing proposals for another commercial tower in the early 1970's. 

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New cooperative housing built to respond to the needs of local people. 

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Facilities that are shared by all and not just for the exclusive use of residents. 

Where:

The Coin Street development is located on the South Bank of the River Thames within the borough of Lambeth. The site comprises 4 large urban blocks that total 13 acres, located just inland between Waterloo Bridge and Blackfriars Bridge. 

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When:

Coin Street Community Builders bought the site in 1984 and a phased construction process was implemented. The first residential phases were completed in 1994 whilst the mixed-use Oxo Tower Wharf was subsequently opened in 1996.

 

 

 

 

Background

The South Bank suffered extensive bomb damage during WWII and rebuilt efforts over the next few decades saw the emergence of many office buildings. A large commuting workforce and lack of residential investment saw the area's population fall from 50,000 to just 4,500. With residents feeling increasingly margionalised, they decided to take action against a proposed new 1 million sqft commercial building planned for their neighbourhood. In 1977, the Coin Street Action Group was set up with the intention of buying the land and creating a more valuable, equitable neighbourhood.

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Regeneration process:

  • Community-led regeneration approach that saw local people building for the benefit of other local people. 

  • Support from the Greater London Council allowed the Coin Street Community Builders (CSCB) to buy the site for a greatly reduced figure of £1 million.

  • Initial funding was secured from the GLC, London Enterprise Board and various meanwhile uses such as a car park. Further grants helped fund social housing with profits being reinvested to fund further phases. 

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Success?

  • CSCB has been created as a development trust meaning profits are invested back into the development for the benefit of the people rather than shareholders.

  • A long-term income strategy (eg: the top floor restaurant in the OXO building being leased to Harvey Nicholls) ensures the financial viability of the scheme. 

  • Tenant-owned co-op's have been created for each housing development to ensure greater rights and control for residents. 

  • The needs of local people have been prioritised with a high percentage of affordable housing and facilities such as a pool. 

  • The waterfront has been reopened to provide a larger public realm where people can explore and enjoy direct views of some of London's most famous landmarks. 

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(all information gathered from: https://coinstreet.org/about-us/our-story)

Location map. 

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