Homes England has agreed to provide an infrastructure loan of £233m to kick start a new £3.5bn Silvertown Royal Docks site in East London.
This loan will help bring to life a planned new neighbourhood at Silvertown site in Newham that has been lying derelict for the last four decades.
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The Silvertown Partnership (TSP), a joint venture between Lendlease and Starwood Capital, intends to construct 6,000 new homes and support the creation of 1.8 million ft2 of business workspace and cultural and community buildings in a new town centre for the Royal Docks.
The financing support will help in the delivery of a new pedestrian and cycle bridge across Royal Victoria Dock, connecting the site to Custom House, restoring the iconic Millennium Mills and the repairing the dock walls.
Alongside this, new public realm will provide access to the water at the Royal Docks through new bridges, wider canal walkways and jetties.
Homes England chair Peter Freeman said: “Our commitment to the Silvertown project is another example of how we can work with the private sector to bring forward large, complex sites and help to transform them into the places of the future.
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By GlobalData“This infrastructure funding will enable The Silvertown Partnership to create new communities in the heart of East London and bring swathes of derelict brownfield land back to life.”
Working along with the Greater London Authority (GLA), TSP has committed that 50% of homes in this neighbourhood will be kept affordable.
Enabling works to prepare the site for the first phase have begun. Construction of the new homes is expected to commence later this year.
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Image: This loan will help bring to life a planned new neighbourhood at Silvertown site in Newham. Credit: falco from Pixabay.
