The regeneration project has been granted infrastructure funding to build 6,000 new homes and support the creation of 1.8 million sq. ft of next-generation business workspace, alongside new space for cultural and community events and a vibrant new town centre for the Royal Docks.
Housing minister Stuart Andrew commented: “This major investment will revive London’s historic docklands to deliver vital new homes, create jobs and boost the local economy with new state-of-the-art facilities.
“Our brownfield first approach is key to our levelling up mission – regenerating disused land in our towns and cities into places people are proud to call home.”
Homes England will provide loan financing to help tackle high up-front infrastructure costs. In particular this includes investment to support the delivery of a new pedestrian and cycle bridge across Royal Victoria Dock, linking the site to Custom House Crossrail, the restoration of the iconic Millennium Mills and the repair of the dock walls themselves, which have previously been a barrier to development of the scheme.
Peter Freeman, chair of Homes England, added:” Our commitment to the Silvertown project is another example of how we can work with the private sector to bring forward large, complex sites and help to transform them into the places of the future.
“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.”
Working together with the Greater London Authority (GLA), TSP has committed that 50 per cent of homes within the neighbourhood will be affordable.
The homes, which include London Affordable Rent and shared ownership, will form a central part of the new masterplan currently under consultation.
Enabling works to prepare the site for phase one of the plans have begun and the construction of new homes will start later this year.
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