Homes England will provide £233m of taxpayer-funded infrastructure loans to bring to life a new £3.5bn neighbourhood at Silvertown, East London as part of one of the country’s most significant regeneration projects
Sitting within London’s only Enterprise Zone at the Royal Docks, the Silvertown site in Newham has been derelict for the last 40 years and is one of the largest brownfield sites in London’s historic docklands.
The major regeneration project will include improvements to the infrastructure around the site and will support The Silvertown Partnership (TSP), a joint venture between Lendlease and Starwood Capital, to build 6,000 new homes and support the creation of 1.8 million sq. ft of next-generation business workspace, alongside new space for cultural and community events and a vibrant new town centre for the Royal Docks.
Housing Minister Rt Hon Stuart Andrew MP said:
Homes England will provide loan financing that is funded by taxpayers to help tackle high up-front infrastructure costs. In particular, this includes investment to support the delivery of a new pedestrian and cycle bridge across Royal Victoria Dock, linking the site to Custom House Crossrail, the restoration of the iconic Millennium Mills and the repair of the dock walls themselves, which have previously been a barrier to development of the scheme. Alongside this, new public realm will provide local people with access to the water at the Royal Docks via new bridges, wider canal walkways and jetties.
Peter Freeman, Chair of Homes England, said:
Working together with the Greater London Authority (GLA), TSP has committed that 50 per cent of homes within the neighbourhood will be affordable. The homes, which include London Affordable Rent and shared ownership, will form a central part of the new masterplan currently under consultation.
Enabling works to prepare the site for phase one of the plans have begun and the construction of new homes will start later this year.
Speaking on behalf of The Silvertown Partnership, Ed Mayes the Development Director for Silvertown, said:
The Mayor of London, Sadiq Khan, said:
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.
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Notes to Editors