British Land has secured a £100m loan from Homes England to bring forward 3,000 homes at Canada Water, SE16.
The finance from the government’s £4.5bn Home Building Fund will enable early infrastructure works at the 53-acre regeneration site.
British Land will use the funds for site preparation and infrastructure to support the residential development. The REIT will also provide £30m for a transport and sustainability strategy to minimise carbon emissions.
Gordon More, interim chief executive at Homes England, said: “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.”
Housing minister Christopher Pincher added: “Building the homes this country needs is a priority for this government as we build back better from the pandemic.”
The finance comes as British Land posted annual results, revealing a £1bn loss, largely due to portfolio value drops in retail. It said it will focus investment into two main strategic areas – campuses such as Canada Water and combined retail and logistics.
Roger Madelin, joint head of Canada Water, British Land, said: “Housing is central to our plan to deliver a new and vibrant town centre for London, where people can live and work and local communities can come together.”
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