£233M infrastructure funding for brownfield regeneration
Some £233M will be made available for infrastructure investment as part of one of the country’s most significant regeneration projects.
Homes England will provide the infrastructure loan which will see improvements to the infrastructure around the Silvertown site, East London.
The £3.5bn neighbourhood at Silvertown, is one of the country’s most significant regeneration projects. Sitting within London’s only Enterprise Zone at the Royal Docks, the Silvertown site in Newham has been derelict for the last 40 years and is one of the largest brownfield sites in London’s historic docklands.
The loan will support The Silvertown Partnership (TSP), a joint venture between Lendlease and Starwood Capital, to build 6,000 new homes and support the creation of 1.8 million square feet of next-generation business workspace, alongside new space for cultural and community events and a vibrant new town centre for the Royal Docks.
Housing Minister Rt Hon Stuart Andrew MP said: “This major investment will reviv London’s historic docklands to deliver vital new homes, create jobs and boost the local economy with new state-of-the-art facilities.
“Our brownfield first approach is key to our levelling up mission – regenerating disused land in our towns and cities into places people are proud to call home.”
Homes England will provide loan financing to help tackle high up-front infrastructure costs. In particular this includes investment to support the delivery of a new pedestrian and cycle bridge across Royal Victoria Dock, linking the site to Custom House Crossrail, the restoration of the iconic Millennium Mills and the repair of the dock walls themselves, which have previously been a barrier to development of the scheme. Alongside this, new public realm will provide local people with access to the water at the Royal Docks via new bridges, wider canal walkways and jetties.
Working together with the Greater London Authority (GLA), TSP has committed that 50% of homes within the neighbourhood will be affordable. The homes, which include London Affordable Rent and shared ownership, will form a central part of the new masterplan currently under consultation.
Enabling works to prepare the site for phase one of the plans have begun and the construction of new homes will start later this year.
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