Brent Council has secured over £140 million worth of private investment to build 384 affordable homes across the borough over the next two and a half years.
The money has come from the Barclays Capital and Nord bank after a deal between Brent Council and the Hyde Group – who have nominated a subsidiary, called Brent Coefficient, to bring the project to completion. The initiative to deliver the homes has also received £37 million from the Homes and Communities Agency (HCA).
Brent had already attracted £65million in 2008, to complete 215 new homes for homeless families and two residential care schemes as part of the first phase of the scheme. This latest cash injection means that the council can now go ahead with the second phase to construct a further 169 units.
Bouygues UK will be responsible for building the properties.
Brent’s Director of Housing and Community Care, Martin Cheeseman, said: “Securing this funding is a major achievement for Brent and something of a coup in the current economic downturn when many local authorities are having to shelve their plans to build desperately needed, affordable housing for their residents.”
Lead Member for Housing and Regeneration, Councillor Bobby Thomas, said: “I am thrilled that we have the go-ahead to complete the second phase of this major building scheme that will transform the lives of so many of our residents and the landscape of our borough. Schemes like this illustrate how much can be done when the public and private sectors work together and everyone involved in making it happen should be rightly proud of their achievements.”
Bob Kerslake, Chief Executive of the HCA said: “It has been a pleasure to work with Brent and Barclays, Nord and Hyde housing group in developing and funding the plans for both phases of this scheme. Projects such as this are vital to the ongoing development and success of London authorities like Brent who are facing significant challenges with regard to the need and provision of affordable housing and it is immensely gratifying that the HCA can play a role in making developments like this a reality.”
Construction of phase two of Brent’s affordable housing scheme has already commenced and the entire project is expected to be completed by December 2012.