GLA inks first private dev investment in £50m deal

London mayor Sadiq Khan has agreed a £50m loan to Mount Anvil in the first deal from the Greater London Authority’s Land and Property division. The GLA has provided Mount Anvil with a 10-year loan to be drawn down in stages, starting in June and repaid on a project by project basis, with the final repayment due in February 2030. The finance will help the developer accelerate the construction of 2,000 homes in its pipeline and allow it to acquire new land. As part of this, Mount Anvil will deliver 1,400 new homes by March 2025, of which at least 50% will be affordable. The agreement includes commitments from the developer over diversity and equality. It also reconfirms Mount Anvil’s promise to avoid segregated building entrances for social and private tenants. London’s deputy mayor for housing, Tom Copley, said: “Funding arrangements such as this will ensure that our private sector partners can accelerate their plans for the next decade and, crucially, increase delivery of much needed affordable homes.” Mount Anvil investment director Marcus Bate added: “This partnership extends beyond the scope of a traditional investment partnership, establishing an alignment of cultural values between Mount Anvil and GLA Land and Property, coupled with a shared vision for better quality affordable housing in London. “The funding provides us with huge capacity to invest in the best available new development sites in London.” Mount Anvil has a number of large schemes in development in central London. Last year it was granted consent for 648 homes in Whitechapel, E1, (pictured) and a further 1,000 homes at the Friary Park Estate, W3,  regeneration. This year, it lodged plans for 1,161 homes at New Cross Gate Retail Park, SE14, with Sainsbury’s and a further 854 homes in future phases of Royal Docks West. To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette