Yesterday (June 3) saw the Government’s housing agency, Homes England, agree £309m for the delivery of three major London housing developments.
The three sites, in Brent Cross, Silvertown and Barking Riverside have capacity for up to 20,000 new homes.
The necessary infrastructure to accelerate the delivery of the homes will now be possible, with the funding coming through the Government’s £4.5bn Home Building Fund.
The funding is broken down into £148m for the 6,700 Brent Cross scheme, £105m for new homes at Silvertown Quays and £56m for upfront infrastructure at Barking Riverside.
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.”
Thanks to the funding, the Brent Cross scheme, in partnership with Barnet Council, will be delivered approximately four years faster than planned, including the delivery of Grade A office space, retail, leisure facilities, new schools, community facilities and new parks, accounting for 25,000 jobs.
The 62-acre brownfield development Silvertown Quays site in Newham has also had permission approved for office, brand, retail and leisure space, as well as supporting the restoration of Millennium Mills and the dock walls.
Finally, a 179-hectacre development with space for over 10,000 new homes at Barking Riverside will receive funding to support the provision of services, roads and social infrastructure, unlocking potential capacity for an additional 1,000-2,000 homes.
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.”