Homes England and British Land have agreed a deal which
will see the Government’s housing agency provide a £100m
loan for infrastructure works to support the development of
up to 3,000 homes at British Land’s 53 acre, mixed use
scheme at Canada Water, Southwark.
Following public consultation involving more than 5,000
people, the Canada Water masterplan sets out a list of
commitments to the local area, including affordable homes
for local people in a new town centre, a £30m investment
from British Land in transport infrastructure, support for
the local economy and a sustainability strategy that
minimises carbon emissions both now and in the future.
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. Homes England’s funding will enable
British Land to accelerate the residential element of their
scheme.
Gordon More, Interim Chief Executive, 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 Rt Hon MP
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 Canada Water, 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.”
Information about the Canada Water masterplan can be found
here
