Government accelerates creation of 3,000 Southwark homes with £100m funding

The government’s housing agency has announced that it will provide a £100m loan to support the development of up to 3,000 London homes.

Homes England has agreed to provide a £100m loan to British Land to support infrastructure works at its new mixed use development in Southwark.

The Southwark development, at Canada Water, will create up to 3,000 homes, with the funding allowing British Land to accelerate the project by three years.

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.

Gordon More, interim chief executive of Homes England, commented: “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.”

Christopher Pincher, housing minister, 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.”