Three large housing developments aligned with transport upgrades have been given loans worth £309 million from the government’s housing agency, Homes England
The three schemes, in Brent Cross, Silvertown and Barking Riverside, have a total capacity for up to 20,000 new homes.
Two of the developments are in East London, at Silvertown and Barking Riverside, while the largest development is in North London, at Brent Cross.
The Silvertown development will be able to borrow £105 million to develop a 62-acre brownfield site that includes the still derelict Millennium Mills. Work started back in 2015 when GLA approved £12 million to clear asbestos out of the building and make it safe for conversion into workspaces.
However, since those works completed, nothing much has happened, and the cost of stabilizing the dock walls around the site has risen, and this is understood to have pushed the development back until additional funding was secured.
The intention, as was under the old plans, is for the Mills building to become workspaces, with new housing built around it on the vacant land. Phase one of the development will be for 1,000 of the planned 3,000 homes and has recently been approved by the local council.
As part of the works, a new low-level pedestrian and cycle bridge across Royal Victoria Dock will link the site to Custom House Crossrail station – in addition to the existing high-level bridge further along the dock.
Over at Barking Riverside, a loan of £56 million have been provided to deliver upfront infrastructure for the 10,000 homes being built on the site. The loan may also allow an additional 1,000-2,000 homes to be built on land that was thought to be unusable.
Finally, at Brent Cross, a £148 million loan will bring forward a planned 6,700 new homes approximately four years faster than they would have been without the funding as part of a larger development which will include a new railway station at Brent Cross West.
All three funding packages are loans, so need to be paid back when the homes are sold.