Extra £150m for Get Britain Building fund

Grant Prior 12 years ago
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The Government confirmed an extra £150m today for the Get Britain Building fund to boost the total available for stalled construction projects to £570m.

The additional cash will help more than 200 stalled sites via commercial loans to building firms.

The fund was three times over-subscribed and the Homes and Communities Agency today has shortlisted the strongest bids from nearly 400.

The list includes:

Marine Wharf, Lewisham – includes plans for 189 new homes
Marmaville, Kirklees – includes plans for 65 homes
Bromford Lane, Birmingham – includes plans for 42 homes
Royal Mills Phase 2, Ancoats, Manchester – includes plans for 128 homes
Finzels Reach, Bristol – includes plans for 204 homes

For a full list of the 224 shortlisted bids click here

The successful bids will now be thoroughly assessed through due diligence before funding is allocated and formal contracts can be signed.

The £570m fund is being targeted at commercially viable “shovel-ready” sites with planning permission already in place to get work started as soon as possible.

Housing Minister Grant Shapps said: “Housebuilding is absolutely vital for delivering more growth in the economy, yet hundreds of shovel-ready housing developments have been put on ice, because builders lack funds to get work going on site.

“The £570 million Get Britain Building Fund will help end the deadlock by getting construction back on track for up to 16,000 homes across the country.

“Already some of our key sites are on track to get started next month, and many more of the 224 projects shortlisted today will be up and running from June, helping to cement our economic recovery.”

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