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Homes England to provide £100m loan for infrastructure at major south London site
The government’s housing delivery agency has agreed to give a development company a £100m loan for infrastructure at a south London site that is set to deliver 3,000 new homes.
Homes England has signed the deal with British Land to support the development of its 53-acre mixed-use scheme at Canada Water, Southwark.
The funding will be made available via a loan from the government’s £4.5bn Home Building Fund, which provides financing for site preparation, infrastructure and development costs.
British Land said the loan will enable it to accelerate the residential element of its scheme. The Canada Water Masterplan is a partnership between British Land and Southwark Council and aims to create a new town centre in the capital.
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The scheme will deliver 3,000 new homes, 35% of which will be affordable, alongside workspace to accommodate roughly 20,000 jobs and one million sq ft of retail, leisure, entertainment, education and community space.
Southwark Council granted conditional planning permission for the masterplan in May last year and in December British Land completed the drawdown of the 500-year headlease with the council.
Gordon More, interim chief executive of Homes England, said: “British Land has a track record of investing for the long term, creating sustainable places to live and work. Accelerating the delivery of one of the country’s most ambitious and transformative projects by three years is a huge achievement at any time, but to be doing it now, just when the country needs growth and new economic opportunities, feels incredibly important.
“We’re determined to use our resources to galvanise projects across the country and play our part in the country’s economic recovery.”
Housing minister Christopher Pincher said: “Building the homes this country needs is a priority for this government as we build back better from the pandemic.
“We want to deliver more homes and create strong communities where people want to live. Funding for schemes like Canada Water will help accelerate these ambitions.”
Roger Madelin, joint head of the Canada Water development at British Land, said: “We are pleased to be working with Homes England at Canada Water. Housing is central to our plan to deliver a new and vibrant town centre for London, where people can live and work and local communities can come together. Their support enables us to progress more quickly and is a testament to the quality of space we will deliver.”
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