Sector - Housing
Homes England Agree Funding Package
The UK Government’s housing agency, Homes England have agreed funding packages totalling £309 million to accelerate construction at three major London housing developments.
The three schemes receiving the funding are, Brent Cross, Silvertown and Barking Riverside, which have a total capacity for up to 20,000 new homes. The loan funding comes from the Government’s £4.5 billion Home Building Fund, which will enable the schemes to invest in the necessary infrastructure in order to speed up the construction of thousands of new homes in the capital.
In Brent Cross, a £148 million funding facility will enable the Brent Cross South Limited Partnership (BXS LP), a partnership between Barnet Council and developer Argent Related, to fund land and infrastructure work needed to aid the delivery of 6,700 homes.
Thanks to the funding, the homes at Brent Cross will now be delivered four times faster than they would have been without. 180-acres of brownfield will be transformed into a mix of housing, offices, leisure space, schools, community facilities and new, improved parks.
The Silverton Partnership is made up of an affiliate of Starwood Capital Group and Lendlease and will use a £105 million debt facility to unlock a minimum of 3,000 new homes at Silvertown Quay. The 62-acre brownfield development at the Royal Docks, Newham also has planning approval for offices, brand, retail, and leisure space. Millennium Mills, a former mill and local landmark, will be redeveloped and brought back to life, a new pedestrian and cycle bridge across Victoria Dock will link the site to Custom House Crossrail station and will make it one of the best connected regeneration sites of its size in the capital.
Finally, Homes England has also agreed funding worth £56 million to deliver upfront infrastructure at Barking Riverside, a 179-hectare development which will see more than 10,000 new homes built. The funding will support the acceleration of the provision of services, roads and social infrastructure. Along with this, it will help unlock previously challenging areas of the site and increase potential capacity with an additional 1,000-2,000 homes. Barking Riverside is being deliver by Barking Riverside Limited, a joint venture between the Mayor London, and housing association L&Q.
Additional plans for Barking Riverside include 65,000 square metres of commercial and leisure space, as well as healthcare facilities, seven new schools, public open spaces, and a new London Overground station.
Housing Minister Rt Hon Christopher Pincher MP said:
“Our commitment to get Britain building is central to the mission of this Government, which is why last month I ensured home building can restart in a way that is safe.
“This investment from our £4.5 billion 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.”
Gordon More, Chief Investments Officer at Homes England, said:
“Despite the unusual and challenging situation the housebuilding sector, and indeed the whole country, is currently facing, Homes England remains open for business and committed to helping our partners deliver much-needed new homes.
“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.”
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