The loan is to cover enabling works to prepare they way for regeneration of a still-derelict part of London’s old docklands.
The Silvertown Partnership (TSP), a joint venture of Lendlease and Starwood Capital, have plans to build 6,000 new homes and 1.8 million sq ft of workspace eventually. Plans for phase one of the scheme include 1,000 new homes and have been approved the London Borough of Newham.
Phase one includes refurbishment of the Millennium Mills, a derelict flour mill that has not been in use since the 1980s. The site is also home to Silo D, a Grade II listed reinforced concrete grain silo, which dates from the 1920s and will also become a focal point of the new development.
Homes England will provide loan financing for infrastructure from its Home Building Fund. This will go towards a new pedestrian and cycle bridge across Royal Victoria Dock, linking the site to Custom House Crossrail, the restoration of the 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 access to the water at the Royal Docks via new bridges, wider canal walkways and jetties.
Homes England chair Peter Freeman said: “This infrastructure funding will enable The Silvertown Partnership to create new communities in the heart of East London and bring swathes of derelict brownfield land back to life.”
Enabling works to prepare the site for phase one of the plans have begun and the construction of new homes is expected to start later this year.
The Silvertown Partnership development director Ed Mayes said: “It’s very exciting that after lying dormant for the last 40 years Silvertown is now starting to come back to life, as a vibrant town centre for the Royal Docks and a new destination for Londoners. Silvertown is being revived and re-imagined as a waterside destination to deliver much needed new housing for Newham and the rejuvenation of the historic Millennium Mills. An iconic East London neighbourhood is about to awaken.”
Lendlease and Starwood Capital took over the Silvertown Partnership from Chelsfield Properties, First Base and Macquarie Capital in 2018.