A pioneering partnership between three massive entities will help to push forward the redevelopment of a trio of sites in London. The work in Newham and Southwark will create 8,000 new homes. Many of these will be affordable. As a top provider of guaranteed rent in Newham, we want to take a closer look at this new agreement and how it will help the developments.

Combining expertise and resources

The project involves Homes England, the Greater London Authority, and Berkeley. The first is the housing and regeneration agency for the Government. As part of the agreement, they will be providing access to a massive £125million loan. The funding will help Berkeley, one of the largest developers in the UK, to do infrastructure work on the three sites.

GLA will provide two major things for the agreement. Firstly, they will offer additional funding to support the developments. Plus, they will provide their knowledge and experience.

Ultimately, the hope is the combination of the three entities will speed up delivery of these complex Brownfield regenerations. In addition, it could be the catalyst for more projects that can deliver exceptional social and economic benefits for people who live in London.

The sites

The first project of the three is Twelvetrees Park in Newham. It is a massive 26 acre site, formerly a depot and coach park. The redevelopment will create a new neighbourhood with almost 4,000 homes. An impressive 40% will be affordable. There will also be a new secondary school, commercial space, a park, and a playground. The funding will help to speed up the second phase of the development, which already has planning permission, with two more phases to follow.

The second project is also in Newham at Beckton Riverside. The site is even larger, 28 acres in total. It was formerly a gasworks, but is now awaiting funding, planning permission, and infrastructure work for redevelopment. The project could create up to 2,800 new homes. Both of these developments could offer chances for investors and guaranteed rent in Newham.

Finally we have a project at Bermondsey Place, Southwark. It is the smallest of the three, only 5.4 acres. However, the former light industrial park could become a wonderful new neighbourhood. Plans are to create close to 1,400 homes, a network of parks, a civic square, and more. It already has planning permission, so the new partnership should speed up the work.

Responses to the announcement

There were a number of comments accompanying the reveal of the partnership. The Chief Executive of Homes England, Peter Denton, was confident it would “break down the barriers that are stopping Brownfield sites from coming back to life”. He said it could allow them to have a “new sustainable purpose” and create better places with affordable homes that can allow communities to thrive.

Tom Copley, the Deputy Mayor of London for Housing and Residential Development, also had comments. He said the partnership will play a key role in building “a better, fairer, more prosperous London for all”. It will allow the use of more Brownfield land to create high quality affordable homes, transport links, and green spaces.

Finally, the Chief Executive of Berkeley, Rob Perrins, gave praise to the innovative new partnership. He said the developer was happy to be working with Homes England and GLA, as well as the local Boroughs to accelerate the developments.

Have you considered guaranteed rent in Newham?

Investing in properties can be a great idea. However, investors should consider all of the factors that could influence their chance to make a healthy return. For example, you should look at the demand for housing, especially if you will be taking on tenants. As part of this, consider the chance of voids and how much you could potentially miss out on in periods when the property is empty. Plus, think about regenerations and high profile projects in the area. They can help to increase demand.

If you do invest and want some help, you can work with us. We offer guaranteed rent in Newham and much more. It protects your interests and reduces the workload of being a property owner. Contact us to find out more about it.