London mayor loans Mount Anvil £50m to boost building

Grant Prior 1 month ago
Share

Mayor of London Sadiq Khan has approved a £50m loan facility for Mount Anvil to accelerate home construction in the capital.

The partnership is the first of its kind between GLA Land and Property and a private developer.

Mount Anvil will now accelerate construction of the next 2,000 homes in its pipeline and continue expansion of its land buying activity with a target of delivering 10,000 homes in London before the end of the decade.

Deputy Mayor for Housing, Tom Copley said: “In these uncertain times I am delighted to be able to confirm this new loan facility for Mount Anvil, one of London’s most dynamic property developers.

“It is vital that London emerges from the lockdown with a renewed focus on delivering the social and other genuinely affordable homes our city so desperately needs.

“Funding arrangements such as this will ensure that our private sector partners can accelerate their plans for the next decade and, crucially, increase delivery of much needed affordable homes.”

Marcus Bate, Investment Director for Mount Anvil said: “We’re by no means a conventional developer, which is why we’re thrilled to be working with GLA Land and Property on this innovative collaboration.

“This partnership extends beyond the scope of a traditional investment partnership, establishing an alignment of cultural values between Mount Anvil and GLA Land and Property, coupled with a shared vision for better quality affordable housing in London.

“The funding provides us with huge capacity to invest in the best available new development sites in London.

“We’re putting all our eggs in the London basket, and will be watching that basket very closely – supporting our exceptional people as they design, plan and build some of the best homes in the capital.

“We’re looking forward to playing our part in supporting London’s bounce back post-Covid 19, working in partnership with the GLA, Local Authorities and our Housing Association partners to deliver a positive legacy for London.”

The facility will be a commercial loan, drawn down in stages starting in June 2020 and repaid on a project by project basis following sales completions, with the loan to be fully repaid by 28 February 2030.

Latest news

Sisk seals £150m Santander campus in Milton Keynes

Biggest building contract signed off during restricted covid working
42 mins ago

Builder wanted for £35m Forth Bridge tourist attraction

Contract to build bridge walkways and viewing platforms to be awarded before the end of 2020
30 mins ago

JCB powers up first hydrogen fuelled digger

JCB in race to lead the world on hydrogen-powered plant
9 hours ago

Construction site death rates on the rise

Latest HSE figures show 40 construction fatalities last year
17 hours ago

Construction firms urged to claim millions in tax rebates

Research and development tax credits available - find out if you can claim
23 mins ago

Plans in for £150m South Kensington Tube station scheme

Native Land and TfL advance scheme to revamp west London Underground station site
43 mins ago

Site canteens to re-open under latest guidelines

Latest Site Operating Procedures guidance allows limited 1m-plus distancing with risk reduction measures
21 hours ago

Kier eyes rights issue as debt rises to £440m

Debt rises again as Kier feels impact of Covid-19
24 hours ago

Willmott Dixon unveils plan for 5% staff cut

Private builder seeks voluntary redundancies as revenue set to drop 20%
1 day ago

HS2 contest for £500m tunnel and lineside M&E works

Major contract for phase one and 2a will be let as a target cost contract
2 days ago

Boris clears planning red tape on change of use to housing

Town centre buildings to be converted without planning to save the high street
2 days ago

Morgan Sindall to start £65m Salford Uni project

Work to start within weeks on Science, Engineering and Environmental Building
24 hours ago

Cundall latest consultant to cut jobs

Redundancy consultation starts with 6% of staff at risk
1 day ago

Eight major contractors rally to tackle climate change

BAM, CWC, Morgan Sindall, Multiplex, SRM, Skanska and Willmott Dixon declare net zero carbon pledge
2 days ago

Road worker hit by flying metal from HGV

Construction materials most frequently dropped on motorways
2 days ago

Boris ‘new deal’ injects £5bn to speed-up infrastructure

Prime Minister promises to build, build, build with national renewal plan
2 days ago

Redrow to scale back London construction work

Focus shifts to regions as buyers want more space after pandemic
2 days ago

Scottish contractor Robertson plans redundancies

Annual pay increases deferred for a year as job cuts loom
2 days ago

Modular specialist ilke Homes to cut staff numbers

Business was handed a £30m loan by Homes England last November
3 days ago

Work with the Enquirer to help your post Covid recovery

Promote your business now to grab a bigger market share as construction bounces back
2 weeks ago

Interserve sees recovery with £92m order haul

Haul of NHS work boosts orders in June as orders stream in
2 days ago

Start date for £19m Nottinghamshire blue light HQ

Henry Brothers to start work next month after signing a deal yesterday
2 days ago

Funding deal agreed for new £230m Marylebone hotel

John F Hunt to carry out demolition and substructure works
2 days ago

Graham plunges in with £20m Eton pool job

Three-storey building comprises a 25m indoor pool
2 days ago

£1bn pledged for 50 new schools building blitz

Work to start in autumn 2021 on first wave of 10-year modernisation plan
3 days ago

Keep the industry updated by joining the Enquirer Directory

Membership lets construction know you are open for business now or in the future
2 years ago

Firms wanted for £270m Parliament buildings repairs

Patch-up framework will keep Parliament running ahead of full restoration in 2026
3 days ago

Boris turbocharges £250bn infrastructure plans

Chancellor Rishi Sunak to head Project Speed taskforce to rebuild economy
3 days ago

Costain and National Grid bust up over costs of £113m job

Costain to exit gas compressor upgrades over £90m of extra scope costs
3 days ago

Berkeley Group founder Tony Pidgley dies

House builder announces sudden death of chairman aged 72
5 days ago

Contractor services