£300m to kick-start three major London schemes

Aaron Morby 4 years ago
Share

Homes England will release £300m of funding to accelerate construction at three major London housing developments.

Brent Cross South town centre scheme will deliver 6,700 homes
Brent Cross South town centre scheme will deliver 6,700 homes

The three schemes, in Brent Cross, Silvertown and Barking Riverside, have a total capacity for up to 20,000 new homes.

Loan funding, from the government’s £4.5bn Home Building Fund, will be used to invest in infrastructure necessary to speed up the construction of thousands of new homes in the capital.

In Brent Cross, a £148m will enable the Brent Cross South Limited Partnership (BXS LP) – a partnership between Barnet Council and developer Argent Related – to fund the land and infrastructure works needed to unlock the delivery of 6,700 homes.

Aerial view of planned Brent Cross South scheme next to the shopping centre

The homes will now be built four years faster than they would have been on a 180-acre brownfield site which stretches from the North Circular Road to Cricklewood Lane between Hendon Way and the Edgware Road.

The BXS scheme also includes offices and retail as well as leisure facilities, new schools and community facilities.

The Silvertown Partnership, consisting of Starwood Capital Group and Lendlease, will use a £105m to unlock 3,000 new homes at Silvertown Quays.

Millennium Mills at Silvertown Quays

The major 62-acre brownfield development in the Royal Docks, Newham, also has planning approval for office, retail and leisure space.

Millennium Mills, a former mill and local landmark, will be brought back to life and a new pedestrian and cycle bridge across Royal Victoria Dock will link the site to Custom House Crossrail station to make it one of the best-connected regeneration sites of its size in London.

The funding will tackle high up-front infrastructure costs, restoring Millennium Mills and dock walls, which have previously been a barrier to development of the scheme.

The third tranche of £56m will be used to deliver upfront infrastructure at Barking Riverside, a 179-hectare development of over 10,000 new homes.

Barking Riverside is being delivered by a joint venture between the Mayor of London and housing association L&Q, who have committed to providing a wide range of housing tenures and up to 50 percent affordable housing.

Barking Riverside masterplan

Plans for Barking Riverside also include 65,000 sq m of commercial and leisure space, as well as healthcare facilities, seven new schools, large public open spaces and a new London Overground station.

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.”

Latest news

Stonehenge tunnel hit by another legal delay

Court upholds latest appeal against £1.7bn scheme by campaigners
11 hours ago

Plans go in for huge Olympic Park construction hub

Bow Goods Yard could deliver 3.5m tonnes of materials a year to sites across London
15 hours ago

40% affordable homes target for Labour’s new towns

Labour pledges to select new town sites by end of first year
13 hours ago

Plan for £100m Liverpool Baltic station

Construction work could begin next year
19 hours ago

Surgo Construction went down owing £4.5m

Biggest creditor is Bellway Homes after dispute on housing job
18 hours ago

Vistry seals £157m West London housing deal

Around 575 homes to be built at Merrick Place scheme in Ealing
17 hours ago

Streamlined Watkin Jones returns to profit in first half

Multi-room specialist sees secured work pipeline hit £1.4bn
18 hours ago

Bellway hires ex-brickie as group construction chief

James Griffin to oversee move to the Future Homes Standard and timber frame.
18 hours ago

Persimmon under fire for delays to £10m relief road

West Suffolk Council serves Breach of Condition Notices after timetable slips again
18 hours ago

BAM wins £33m Kent secondary school job

Replacement Swanley academy to be built at live school site
18 hours ago

Aluminium cladding specialist collapses

Melton Mowbray-based firm worked for several main contractors
2 days ago

Brickwork contractor Lee Marley returns to profit

Affordable and rental homes demand lifts brickwork contractor
2 days ago

Housing contractor Durkan suffers second year of losses

More fire safety provisions tip firm into £3.9m loss
2 days ago

Farrans makes breakthrough on tricky tunnel job

Tunnel under Tees latest part of new £155m water pipeline job
2 days ago

Heidelberg buys aggregates and earthworks specialist B&A

Latest deal follows acquisition of Mick George
2 days ago

Flagship biodiversity net gain scheme flawed

NAO warns Government's flagship green development scheme at risk of failure
5 days ago

Plan in for £3bn Lincolnshire mega data centre

3.3m sq ft Humber Tech Park will be one of Europe's largest data centres
5 days ago

Green light for Digbeth 1,300 homes scheme

Warner’s Fields scheme to start with excavation and landscaping of the River Rea
5 days ago

£210m M3 Junction 9 upgrade gains consent

VolkerFitzpatrick to start work in early 2025 on Winnall roundabout, near Winchester
5 days ago

United Living wins 14-year L&Q homes repairs deal

Trafford housing upkeep deal worth £205m
5 days ago

£400m Lewisham resi-led scheme advances

Land deal paves way for Amro Partners' 1,000-home London scheme
5 days ago

McLaren gets go-ahead for Grade II listed Leeds student scheme

Springfield House to be revamped and two new wings added
5 days ago

Piling giant to fit people alarms on all rigs

Cementation Skanska upgrades site safety systems
5 days ago

Vistry to make £800m profit after subcontractor cost cuts

House builder bullish about shareholder returns after asking suppliers for discounts
6 days ago

Shareholders approve £2.5bn Barratt and Redrow merger

Final hurdle is for the competition regulator to approve the deal.
6 days ago

Green light for £80m Leith waterfront revamp

Build-to-rent homes and student accommodation scheme to be built
6 days ago

Tilbury Douglas clears Interserve legacy jobs to return to profit

Revenue tops £500m in first year as standalone contractor
7 days ago

Land deal paves way for Manchester civil service office hub

Government buys five acres at former Central Retail Park
6 days ago

Speller Metcalfe wins Wolverhampton library upgrade

Full works are due to start in the autumn
6 days ago

Skills shortage puts big infrastructure projects at risk

Government failing as an intelligent client and now over-reliant on consultancies
7 days ago

Contractor services