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Homes England agrees deals worth £300m to accelerate 20,000 new homes in London
Homes England has given £300m to accelerate three developments in London as part of a move to keep the capital building during the coronavirus crisis.
The government’s housing delivery body has given the money to the Brent Cross, Barking Riverside and Silvertown development schemes in east and north London. It will provide crucial funding for infrastructure costs that will help unlock 20,000 new homes.
The Greater London Authority (GLA) has delegated responsibility back to Homes England for these project “to ensure most effective use of public sector resources,” a Homes England spokesperson explained. The money will come from Homes England’s £4.5bn Home Building Fund.
Homes England has agreed a funding package worth £56m to deliver upfront infrastructure such as roads at Barking Riverside, a 10,000-home development being delivered by Barking Riverside Ltd – a joint venture between L&Q and the mayor of London. Up to 50% of the development will be for affordable housing and will provide 65,000 square metres of commercial and leisure space.
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A further £148m funding facility will allow the Brent Cross South Limited Partnership – a venture between Barnet Council and developer Argent Related – to deliver its 6,700 development four years faster than without funding.
The Silvertown Partnership, which will provide 3,000 new homes in Newham, received a £105m debt facility to boost the 62-acre brownfield development.
Millennium Mills, a former mill and local landmark, will be brought back to life and a new pedestrian and cycle bridge across Royal Victoria Dock will link the site to Custom House Crossrail station.
Gordon More, chief investments officer at Homes England, said: “By investing in projects on this scale and allowing funding to be recycled into future phases of development, we are able to support significant schemes where commercial lenders may not. This means these three major developments can invest in the infrastructure they need to deliver in these uncertain times and accelerate the delivery of new homes.”
Housing minister Christopher Pincher said: “This investment from our £4.5bn fund is a real statement of intent, delivering up to 20,000 homes, thousands of jobs, and putting in place the schools, retail and leisure spaces needed to form strong, vibrant communities.”
