Homes England have announced that they will be providing loan funding to help with the delivery of a new regeneration project, costing billions.
The regeneration will take place in Silvertown in Newham, which has been derelict for the 40 years. The project will include the building of 6,000 new homes, 1.8 million square feet of “next-generation business workspace,” as well as space for cultural and community events and a “vibrant” new town centre.
Rt Hon Stuart Andrew MP, Housing Minister, said:
“The major investment will revive 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.”
With the project expected to cost £3.2 billion, Homes England will be providing £233 million in loan funding to help with the upfront costs for infrastructure. This will include a new pedestrian and cycle bridge across Royal Victoria Dock, the restoration of Millennium Mills and the repair of the dock walls. The infrastructure loan from Homes England is funded through the Home Building Fund, which provides loans just like this one to “help unlock and accelerate land” that can be used for housing developments.
Chair of Homes England, Peter Freeman, said:
“Our commitment to the Silvertown project is another example of how we can work with the private sector to bring forward large, complex sites and help to transform them into places of the future.
The infrastructure funding will enable The Silvertown Partnership to create new communities in the heart of East London and bring swathes of derelict brownfield land back to life.”
Sadiq Khan, Mayor of London, added:
“I am delighted to see work getting underway at this landmark East London location that has vexed planners and politicians alike for the last 40 years.
The regeneration of this area is long overdue and I’m excited by the plans for Silvertown which respect its past whilst embracing East London’s vibrant and creative future.
Not only will this project create a vibrant new neighbourhood with 500 per cent genuinely affordable homes, but it will also create highly skilled jobs while supporting the regeneration of the Royal Docks as we build a better, fairer, and more sustainable city for everyone.”
Construction of the new homes will begin later this year, with the enabling works to prepare the site for the first phase of the plans having already started.