Homes England has confirmed £309m in funding packages to accelerate delivery of three key London housing schemes, aiding the infrastructure of developments in Brent Cross and Silverton, and the Barking Riverside scheme.
According to the government housing agency, collectively, these schemes have the capacity for up to 20,000 new homes.
The agency’s £148 million facility for Brent Cross will deliver the scheme’s homes around four years earlier than would have been possible without funding, Homes England said, with the facility supporting the land and infrastructure to “unlock” the building of 6,700 homes. This scheme is a partnership between Barnet Council and developer Argent Related, on a 180-acre brownfield site.
Homes England has agreed a £105 million debt facility with the Silverton Partnership – an affiliate of Starwood Capital Group and Lendlease – to help support at least 3,000 new homes at Silvertown Quays, a 62-acre brownfield scheme in the Royal Docks, Newham, also with planning approval for office, brand, retail and leisure space.
And at Barking Riverside, a £56 million funding package will deliver upfront infrastructure for the 179-hectare scheme of more than 10,000 new homes and various amenities, also increasing the potential capacity by up to 2,000 homes.
Homes England’s intervention will help speed up the creation of services, roads and social infrastructure for Barking Riverside, and aid challenging areas of the site, the agency explained.
Christopher Pincher, Housing minister, said: “Our commitment to get Britain building is central to the mission of this government, which is why last month I ensured homebuilding can restart in a way that is safe.
“This investment from our £4.5 billion fund is a real statement of intent, delivering up to 20,000 homes, thousands of jobs, and putting in place the schools, retail and leisure spaces needed to form strong, vibrant communities.”