Homes England agrees £300m deals to build 20,000 London homes

The government’s housing agency, Homes England has agreed funding packages totalling £309 million to accelerate construction at three major London developments.

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

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

In Brent Cross, a £148m funding facility 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.

The Silvertown Partnership, consisting of an affiliate of Starwood Capital Group and Lendlease, will use a £105 million debt facility to unlock a minimum of 3,000 new homes at Silvertown Quays.

And finally, Homes England has agreed a funding package worth £56 million to deliver upfront infrastructure at Barking Riverside, a 179-hectare development of over 10,000 new homes.

‘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,’ said Homes England’s chief investments officer, Gordon More.

‘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.’

The project director for Silvertown Quays at Lendlease, Graham Stark, added: ‘This facility will support the creation of a brand-new piece of the city at a location with immense potential. By reviving the last major underdeveloped site in the Royal Docks, we will be creating a superb new development with the ability to generate considerable benefits for the local community.’

Photo Credit – MasterSenaiper (Pixabay)