Bishopsgate Goodsyard redacted viability report from Nick Perry on Vimeo.

The Hackney Society has released a video showing a heavily-redacted document used by Bishopsgate Goodsyard developers to justify building 10 per cent affordable housing on the site.

Despite an existing policy of 35 per cent affordable housing being agreed in 2010, joint developers Hammerson and Ballymore claim that producing any more than 10 per cent affordable housing would make the project unviable.

The calculations which back up this claim are in a financial viability assessment (FVA) document, which has not been made public.

The Hackney Society requested the document through numerous Freedom of Information requests. But as the video reveals, the resulting document was heavily redacted.

Chair of the Hackney Society Nick Perry said: “That the developer can propose such a large volume of housing – as opposed to much needed affordable workspaces which generate less revenue – and propose literally no affordable homes on the Hackney side of the development site is preposterous.

“And I suspect the viability assessment would show that. But all we see are pages and pages of black boxes hiding values which, if honestly entered, could be deduced from the planning application and reference sources anyway.”

Rebecca Collings, spokesperson for the campaign More Light More Power said: “Until financial viability appraisals (FVAs) are open to public scrutiny, developers will continue to maximise their bottom lines at the expense of existing communities.

“The Goodsyard scheme offers nought to 10 per cent affordable housing, against a target of 50 per cent. No wonder the applicant needed so much black ink to redact the FVA before it was released. And how symbolic… we remain in the dark!”

A spokesperson for Hammerson and Ballymore said: “We are aware that requests have been made to the local planning authorities for a copy of the Financial Viability Appraisal, to which they have responded.”

Perry also argued that both councils are “capitulating with the developer” in withholding the figures. He said: “It doesn’t bode well if councils are seen to buy the developers’ bogus pleadings of poverty without a thought to the poverty of the millions who can’t afford a home.”

Hackney Council has not responded to the Hackney Citizen‘s request for comment.