EcoWorld London secures £36m funding for hundreds of new homes

A joint venture between EcoWorld London and Poplar HARCA has secured a £36m development facility to deliver a further 223 residential units in East London.

The firms have secured the facility with Lloyds Bank to construct the new residential units as well as a community centre and retail space at the Aberfeldy Village development in Poplar.

Comprising 1,176 homes across six phases, Aberfeldy Village is being developed as a joint venture between the property specialist and housing association, with the three-year financing set to support the build-out of Phase 3B of the development.

So far the project has delivered 678 homes comprising units for open market sale, Build-to-Rent and affordable housing, as well as a new park called East India Green.

In addition to the community centre and retail units, the development will also deliver a new GP surgery for local residents.

Heng Leong Cheong, chief executive of EcoWorld London, commented: “This latest funding facility is testament to both the high-quality regeneration of Aberfeldy Village and the underlying commercial strength of the scheme.

“We are committed to delivering quality homes that Londoners need and securing this funding facility will allow us to continue to do so.”

Steve Stride, chief executive at Poplar HARCA, explained: “This is good news at a difficult time for so many in our community.

“This funding secures the next stage of Aberfeldy Village, which we know is important to local residents. It continues the delivery of what we promised them: new homes, a new park, and community, health and retail spaces.”

Lloyds Bank has to date funded 445 homes for open market sale already delivered across previous phases, having previously extended over £60m of development finance since the project began in 2013.

Sam Shah, director from Lloyds Bank’s real estate & housing team, added: “We have been supportive of Aberfeldy Village from the very beginning with this being our fourth development loan to support the delivery of further high-quality housing for Londoners.”