The Homes and Communities Agency has revealed 105 schemes shortlisted for the second round of Get Britain Building investment, with several west London schemes on the list.
The £570m fund, part of the Government’s housing strategy, aims to unlock up to 16,000 new homes by providing housebuilders access to financial support on stalled schemes with planning permission.
The second round, which was opened up to schemes of just 15 homes, received 162 expressions of interest. These projects were assessed by the HCA – looking at value for money, deliverability and fit with local priorities. The shortlisted schemes will now be invited to enter a due diligence process before contracts are signed.
The shortlist includes bids from BDW Trading’s 103-home Salisbury Depot scheme in Ealing, Network Housing Group’s 113-home Brook Avenue scheme in Wembley, and the Beavers Lane Residential Developments scheme for 28 homes in Beavers Lane, Hounslow.
Pat Ritchie, Chief Executive of the HCA said: “The Get Britain Building programme is offering housebuilders the financial support to get stalled developments back on track, and I’m pleased that more than 100 projects can move forward to the due diligence phase.
“These projects must now prove that they can be delivered quickly, provide value for money for the taxpayer and fit with local priorities. As well as building much-needed new homes, the work will create or protect jobs, and boost local economies.”
Round one schemes must complete by December 2014, while round two schemes have until March 2015. Get Britain Building is intended to address difficulties in accessing development finance faced by some house builders and to help bring forward sites with planning permission, but where viability is marginal, by sharing risk. It will operate by making loans available to projects on commercial rates, or taking equity stakes to share risk. The investment is recoverable over a two to five year period, and by March 2018.
The full national list is available on the HCA website.