Homes England, the government’s housing agency, has agreed funding package of £105 million for Silvertown Quays.

Silvertown Quays, Barking Riverside, Brent Cross South were among the three large developments to receive the loan funding totalling £309 million, which comes from the government’s £4.5 billion Home Building Fund. It will enable the schemes to invest in the infrastructure necessary to speed up the construction of thousands of new homes in the capital.  

The Silvertown Partnership, consisting of an affiliate of Starwood Capital Group and Lendlease, will use a £105 million debt facility to unlock a minimum of 3,000 new homes at Silvertown Quays. The major 62-acre brownfield development in the Royal Docks, Newham, also has planning approval for office, brand, retail and leisure space. Millennium Mills, a former mill and local landmark, will be brought back to life and a new pedestrian and cycle bridge across Royal Victoria Dock will link the site to Custom House Crossrail station to make it one of the best-connected regeneration sites of its size in London. By providing finance that will help tackle high up-front infrastructure costs, Homes England’s investment will also support the restoration of Millennium Mills and the dock walls themselves, which have previously been a barrier to the development of the scheme.  

Graham Stark, Project Director for Silvertown Quays at Lendlease, commented: “This facility will support the creation of a brand-new piece of the city at a location with immense potential. By reviving the last major underdeveloped site in the Royal Docks, we will be creating a superb new development with the ability to generate considerable benefits for the local community.”