Homes England to fund £309m to deliver 20,000 homes in London

WCN Editorial Team 4 Jun 2020 EUROPE BUILDINGS

UK Government’s housing agency Homes England has agreed to provide £309m in funding packages for three housing developments in London with 20,000 homes.

The three housing schemes are located in Brent Cross, Silvertown and Barking Riverside. The financing for the developments is from the government’s £4.5bn Home Building Fund.

In Brent Cross, Homes England will invest £148m to enable the Brent Cross South Limited Partnership (BXS LP), a partnership between Barnet Council and developer Argent Related, for the development of 6,700 homes.

To be located on a 180-acre piece of land stretching from the North Circular Road to Cricklewood Lane between Hendon Way and the Edgware Road, the homes are expected to be delivered four years faster than they would have been without the funding.

Additionally, the partnership will build office and retail space along with leisure facilities, new schools, community facilities and new and improved parks while creating 25,000 jobs.  

For the housing project in Silvertown, Homes England is investing £105m in The Silvertown Partnership, which includes an affiliate of Starwood Capital Group and Lendlease.

The funding will help in developing a minimum of 3,000 new homes at Silvertown Quays. The 62-acre development in the Royal Docks, Newham also has plans for office, brand, retail and leisure space.

The development will also include a new pedestrian and a cycle bridge across Royal Victoria Dock linking the site to Custom House Crossrail station.

Lastly, Homes England has agreed to provide £56m in Barking Riverside to deliver 10,000 new homes on a 179-acre site. The funding will also be used for developing roads, social infrastructure along with supporting previously challenging areas of the site, bringing 1,000 – 2,000 additional homes in the region.

The project in Barking Riverside is being developed by Barking Riverside Limited, a joint venture between the Mayor of London and housing association L&Q.

The plans for Barking Riverside also include 65,000m² of commercial and leisure space along with healthcare facilities, seven new schools, large public open spaces and a new London Overground station.

Homes England chief investments officer Gordon More 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.”

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Homes England to support three housing developments in London. (Credit: Pixabay/Jonathan Wilkins.)

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