Hammersmith & Fulham Council has set out plans for £64m of finance to deliver its Education City Development in White City, W12.
The development seeks to deliver a mixed-use education hub on the site of the Ark Swift Primary School on Australia Road.
It comprises a new primary school, expansion of the Harmony Nursery and new adult education and youth facilities, alongside 132 homes, 50% of which will be affordable.
The residential component will cost £59m, with a further £3.7m for the construction of the youth facility and £2.1m for the nursery and education facilities.
The council is seeking approval for the budget of £59m for the residential development to be funded by capital receipts, developer contributions or borrowing against the Housing Revenue Account and General Fund.
It has proposed a £28.6m long-term equity loan for the private rented housing and a further £8.9m to support the delivery of affordable housing will come from retained Right to Buy receipts.
The education and youth facilities will also be funded by the council’s capital receipts, developer contributions and borrowing from the HRA and General Fund. Additional funding for the school and office will be provided by Ark, after a drop in central government funding for school maintenance.
Hammersmith & Fulham’s cabinet has agreed to enter into a master development agreement with a partner and will publish a procurement notice for the development.
The budget has been recommended for approval and the council will debate the report at its council meeting on 15 May.
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