Homes England, the government’s housing agency, has agreed funding packages totalling £309 million to accelerate construction at three major London housing developments, including one in Brent Cross.
The loan funding, from the government’s £4.5 billion 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 £148 million 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 homes will be delivered approximately four years faster than they would have been without the funding, on a 180-acre brownfield site which stretches from the North Circular Road to Cricklewood Lane between Hendon Way and the Edgware Road. In addition, BXS LP will deliver Grade A office space and retail as well as leisure facilities, new schools, community facilities and new and improved parks, altogether providing for 25,000 jobs.
The other two schemes are at Silvertown Quays and Barking Riverside.
Housing Minister Rt Hon Christopher Pincher MP said: “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.”
Gordon More, Chief Investments Officer at Homes England, 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.”
André Gibbs, Joint CEO of Brent Cross South DM, said: “This loan will assist in funding the infrastructure required to deliver 6,700 new homes as well as 3 million square feet of state-of-the-art offices, support retail and public amenities. At this challenging time, it is a great boost to the project that will allow us to maintain momentum and to secure the earliest possible delivery of vital homes.”