Berkeley Group, a leading housebuilder, has obtained a £125 million loan from Homes England to support the development of 8,000 homes across three challenging brownfield sites. These projects, located in Newham and Southwark, London, have been identified as “highly complex” by Homes England, necessitating a substantial initial investment to proceed.

The funding is part of a 10-year agreement aimed at facilitating necessary infrastructure works, ensuring the successful delivery of these ambitious housing schemes. Additionally, the Greater London Authority (GLA) has pledged further financial support, the details of which remain undisclosed, to guarantee the completion of these projects.

One of the key developments to benefit from this financial injection is the Bermondsey Place project, formerly known as Malt Street, which is set to provide 1,400 homes within 11 buildings, some reaching up to 44 storeys. This project had previously encountered delays in 2022, attributed to the combined impacts of Brexit and the COVID-19 pandemic.

Homes England has confirmed that two of the three sites already have planning permission, with a commitment that 40% of the homes will be offered at genuinely affordable rates. Pricing for properties at another site, Twelvetrees Park in West Ham, Newham, ranges from £520,000 to £1.1 million. This 26-acre development, expected to be completed by 2034, promises 3,847 new homes alongside 177,000 square feet of commercial space, revitalising an area once known for the Imperial Works soap factory.

The final site, Beckton Riverside in Newham, proposes up to 2,800 homes on a 28-acre plot, though it is still awaiting planning approval.

Tom Copley, London’s Deputy Mayor for Housing, highlighted the partnership’s role in leveraging brownfield land to create affordable, high-quality homes in London. Berkeley’s Chief Executive, Rob Perrins, expressed pride in the collaboration, emphasizing its potential to expedite the development of these complex sites. Peter Denton, Chief Executive of Homes England, praised the partnership as crucial for delivering well-designed homes and regenerating areas for community benefit.

This financial backing from Homes England and the GLA represents a critical step in addressing London’s housing needs through the development of brownfield sites, promising thousands of new homes and significant commercial space in the coming years.