MIPIM: Mayor of London Sadiq Khan and the Greater London Authority have launched a £2bn development fund.
The City Hall Developer Investment Fund will allow the government to invest in more interesting and creative ways than we can through just through our affordable homes programme”, Tom Copley, the deputy mayor of housing and residential development at the Greater London Authority, told Estates Gazette.
The GLA is aiming to unlock tens of thousands of homes of all tenures, including affordable and social housing.
It will form joint ventures, provide equity investments, loan financing and forward funding of build-to-rent schemes.
Copley said: “There’s a particular appetite out there for risk sharing. So by going into joint ventures we will be unlocking many of these stalled sites around London.”
The fund will not be taking planning risks but is looking to form partnerships with private developers that need aid unlocking sites across the capital.
The GLA will also be forming JVs to develop on its own land holdings, the majority of which are in east London.
In terms of the affordable housing provision, Copley said: “They will be mixed tenure, so the affordable housing provision would vary depending on the scheme.
“Obviously, we’d always want to get the maximum affordable housing that we can.”
The GLA is also looking to introduce “key worker living rent” in London, which will exist alongside London living rent.
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