Affordable homes planned for Walthamstow Greyhound Stadium site

One of London's most iconic landmarks - Walthamstow Greyhound Stadium - has been acquired by a consortium involving L&Q, yoo Capital and KW Linfoot Plc.

Plans are currently being put together to turn the 8.1 acre site into a mixed tenure residential scheme offering a range of affordable homes. The consortium says it intends to submit a formal planning application in the near future.

L&Q says the scheme will consist of a mix of social rented, shared ownership and outright sale flats and houses and will also include a range of larger, family sized properties.

Simon Baxter, Principal Development Manager for L&Q said: “L&Q are already major developers and landlords in Waltham Forest with over 3,000 homes, and we have worked in the Borough for forty years providing affordable homes and more recently housing for sale.

"There is a huge demand for all types of housing in Waltham Forest and we hope to develop a proposal that will see a sizeable number of high quality homes built to cater for the housing aspirations of all types of households.”

Andrew Thorpe, Managing Director of yoo Capital, said: “The owners of Walthamstow Stadium have come to the difficult conclusion that the Stadium no longer provides for a viable business after operating it for nearly 80 years.

"This now provides a great opportunity for us to work alongside an affordable housing provider to offer a truly integrated social and private residential development. We look forward to investing in the future of Waltham Forest and creating a new sustainable community.”

Stadium directors say falling profits and attendances have forced them to sell up. Racing will continue until August this year.

Famed for its pink and green neon-lit frontage, the stadium has been one of the capital's most recognised landmarks.

Charles Chandler, whose family have owned the course since it opened in 1933, said: "The company's operations have become unsustainable."

Mr Chandler said most of the greyhounds currently racing at the stadium would be accommodated at other racecourses.

The east London site has long been a target for developers as it is close to the London 2012 Olympic Stadium site.

British Greyhound Racing Board Chairman, Lord Lipsey, said: "Everyone with an interest in greyhound racing will miss the unique sense of style with which Walthamstow Stadium has hosted greyhound racing."