£300m to kick-start three major London schemes

Aaron Morby 1 month 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

Top contractors orders down 44% over three months

Wates tops June contracts league with major high-rise flats order
6 hours ago

£110m Dagenham film studio complex approved

Council regeneration company seeking film partner to start the project rolling
48 mins ago

U+I cuts capital spending by £33m

Work scaled back in coming year but developer bullish about longer term prospects
58 mins ago

Argent chief to head Oxford Uni £4bn housing partnership

Anna Strongman takes over as CEO of Oxford University Developments in September
15 hours ago

Taziker lands £24m Bristol station refurb contract

First major overhaul of Temple Meads for 25 years
18 hours ago

Plan for £600m North Wales tidal energy lagoon

It is hoped the scheme could be given the green light by 2023
15 hours 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

BAM to make 150 staff redundant

Drop in demand set to impact 2021 revenue
2 days ago

Bouygues to start on £240m Canning Town scheme

Phase three of Hallsville Quarter regeneration scheme gets green light
23 hours ago

“Builders stars of the economy” as construction rebounds

Latest buyers survey shows sharp turnaround in output as lockdown eases
2 days ago

Smart motorways chief moves to Lower Thames Crossing job

Shaun Pidcock takes project director role on UK's longest road tunnel
24 hours ago

Flannery trials first electric tele at HS2 site

Skanska Costain Strabag JV to roll out more machines across HS2
2 days ago

Lendlease gets nod to start Manchester town hall revamp

Council agrees to 5 month completion delay as notice to proceed agreed
24 hours ago

Drainage supplier Polypipe to axe 250 jobs

Polypipe keeps all facilities open to react to any unexpected rise in demand
23 hours ago

Morgan Sindall stars in £250m Glasgow Uni framework

University confirms nine construction partners
1 day ago

Barratt uncovers weak concrete frames at seven high rises

House builder faces £70m bill to remediate high rise flats
2 days ago

McAleer & Rushe starts £68m Birmingham resi tower

37-storey build to rent tower forms part of £120m Exchange Square 2 scheme
2 days ago

CPUK went down owing suppliers more than £9m

Construction Partnership UK Limited brought down by bad debts and Covid-19
2 days ago

Wates resumes full pay for all staff not on furlough

Chief praises staff for great professionalism in the most challenging of conditions
5 days ago

First net-zero carbon London office project approved

Mace advising on £160m project to expand and retrofit former BT HQ
2 days ago

Interserve to start £27m Oldham school job

Work starts this month on Saddleworth secondary school
2 days ago

Construction start date for latest Manchester resi scheme

Work to begin early next year at Bowler’s Yard
2 days ago

£120m rescue package for stalled arts sites

Cultural rescue programme to restart work on theatres, galleries,museums and cinemas
2 days ago

Canary Wharf Contractors could cut 100 jobs

Another round of redundancies as projects come to an end with no replacements in pipeline
5 days ago

Tower crane lifts end long climb to work for operators

Laing O'Rourke trials mast climbing lifts for tower crane operators at London site
5 days ago

Government agrees £30m bailout for rebar giant

Emergency loan to Celsa secures rebar supplies to construction
5 days ago

Plans go in for 2,200-home Oxfordshire garden village

Sustainable scheme will also include new schools and manufacturing space
6 days ago

Winvic raids Graham Construction for civils boss

Rob Cook joins as civils and infrastructure director at Winvic
6 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
3 weeks ago

HS2 rebids £300m overhead power system

Bidding starts for first overhead lines powering trains to operate at 360km/h
6 days ago

Contractor services