Homes England stumps up £233m for Silvertown regeneration

Homes England has provided £233m of funding for the £3.5bn Silvertown Quays regeneration project in east London. The loan is directed at improving infrastructure around Silvertown and supporting The Silvertown Partnership, a joint venture between Lendlease and Starwood Capital. Peter Freeman, chair of Homes England, said the funding will enable the jv to “create new communities in the heart of east London” and “bring swathes of derelict brownfield land back to life”. The project will build 6,000 new homes and deliver 1.8m sq ft of next-generation workspace in the area. Working with the GLA, TSP has allocated 50% of homes within the neighbourhood as affordable housing. Housing minister Stuart Andrew said: “This major investment will revive London’s historic docklands to deliver vital new homes, create jobs and boost the local economy with new state-of-the-art facilities. “Our brownfield first approach is key to our levelling-up mission – regenerating disused land in our towns and cities into places people are proud to call home.” The 61-acre Silvertown site, which has lay abandoned for 40 years, is located in Newham, London’s only Enterprise Zone at the Royal Docks. It is one of the largest brownfield sites in London’s historic docklands. The Homes England loan will go towards creating a new pedestrian and cycle bridge across Royal Victoria Dock, linking the site to Custom House Crossrail station. Mayor of London, Sadiq Khan, said: “I am delighted to see work getting under way at this landmark east London location that has vexed planners and politicians alike for the last 40 years. “The regeneration of this area is long overdue and I’m excited by the plans for Silvertown, which respect its past whilst embracing east London’s vibrant and creative future. “Not only will this project create a vibrant new neighbourhood with 50% genuinely affordable homes but it will also create highly skilled jobs, while supporting the regeneration of the Royal Docks as we build a better, fairer and more sustainable city for everyone.” The infrastructure loan for Silvertown is funded through the Home Building Fund, which provides infrastructure loans to help unlock and accelerate land for housing development. To send feedback, e-mail akanksha.soni@eg.co.uk or tweet @EGPropertyNews View more developments in the surrounding Docklands >>