Mayor of London and HCA invest £16m to 'kick start' development
5 May 2009
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The HCA London Board, chaired by the Mayor of London, Boris Johnson, has agreed to invest over £16m in the latest two projects from its programme to ‘kick start’ developments in London that have been affected by the economic downturn.
The Board allocated over £13m and £3m respectively to Clapham Park in Lambeth and Hale Village in Haringey to enable the immediate progression of these projects in spite of adverse market conditions. Both schemes will contribute to the Mayor’s affordable housing targets.
The Mayor of London, Boris Johnson, said: “Today we have ensured another two important developments can move forward and deliver more desperately needed affordable housing for our city. This is good news for those who will benefit from the new homes being built and for the many jobs in the construction sector that these projects will sustain. Despite the economic downturn, it is vital that we keep investing in our city and improving our infrastructure. Investment like this will support and help our economy grow so that London is fighting fit to compete in the global market place when the upturn comes.”
Robert Napier, Chairman of the HCA and Vice-Chairman of its London Board said: “Our job is to keep projects like Hale Village and Clapham Park moving during these difficult times. This funding package will guarantee the next phases of these developments, which will produce well-designed and affordable homes, new jobs and wider community benefits. The London ‘kick start’ programme has already helped unlock more than 1,800 homes for Londoners across seven projects.”
Owen Thompson, Managing Director of Clapham Park Homes said: "The additional investment is both timely and helpful. Not only does it enable us to progress with the next phase of this significant project by reducing the inherent risks in our current sales programme. It also enables us to accelerate our plans to replace some of the poorest social housing in London, and in doing so ease this acute housing need."
Chris Lee, executive director for housing, regeneration and environment at Lambeth Council said: "This is great news for the Clapham Park estate, neighbouring areas and local residents. Our newly launched housing strategy makes clear our commitment to work with partner organisations to provide good quality new and affordable homes, and this scheme is a welcome boost to the 1,600 new homes we are already planning to provide."
Commenting on Hale Village, Michael Polledri, Chairman of Lee Valley Estates, said: “The involvement of the HCA and its initial investment means phase one of Hale Village will now happen. A true public/private sector partnership which will provide affordable homes and a life-changing environment for local people. My thanks go to all involved on both sides who have worked so hard to secure the future of this exciting mixed-use scheme.”
Hale Village
An initial investment of £3m is being made by the HCA to ensure the development programme continues at Hale Village beside Tottenham Hale station. The £400m regeneration scheme will act as catalyst for the wider regeneration of this part of North London.
A new urban village will be created on the site with mixed tenure homes, a hotel, commercial space, community facilities, high-quality public realm and green space. The funding will enable Lee Valley Estates (LVE) and Newlon Housing Trust to complete the first phase of the development which includes 314 homes. Independent to the funding, the first scheme to complete on Hale Village will be a 700 bed student accommodation complex which will be ready for occupation in September 2009. It has been developed and will be managed by the UK’s leading student accommodation provider, the UNITE Group.
Clapham Park
The Clapham Park regeneration area is a 3,000-home estate situated between Brixton, Streatham, Balham and Clapham in the London Borough of Lambeth.
The HCA is working with Lambeth Council and Clapham Park Homes (part of Metropolitan Housing Partnership) and has agreed an investment of over £13m for additional affordable housing.
Hale Village and Clapham Park are the latest regeneration sites to be targeted for ‘kick start’ funding by the HCA’s London Board. Five schemes were announced in March as part of the strategy to stimulate housing construction in the capital.
In the Budget on 22 April, the Chancellor announced a new national kick start programme to be run by the HCA. £400m will be made available to stimulate private sector house building nationwide, and the process will draw on the London experience. The HCA will be issuing further guidance on the new programme in the near future.
ENDS
Media enquiries
HCA: Judith Hewitt on 0207 881 1774 or Robert Pine from ING Media on 0207 247 8334
Lambeth Council: Andrea Lake on 020 7926 2739
Clapham Park Homes: Jason Grant on 020 8920 7604
Lee Valley Estates: Chris Shellard or Laura Cruickshank on 020 8885 8530
Notes to editors
The Homes and Communities Agency (HCA) is the single, national housing and regeneration agency for England. Its role is to create opportunity for people to live in high quality, sustainable places by providing funding for affordable housing, bringing land back into productive use and improving quality of life by raising standards for the physical and social environment.
The Homes and Communities Agency (HCA) has a London Board, a sub-committee of its main Board, which is chaired by the Mayor of London Boris Johnson. These unique arrangements reflect the presence of regional government in London, as well as the importance of the Mayor and the London Development Agency (a significant holder of housing land) to delivering the HCA’s overall targets. The Board brings together the key public sector agencies that deliver housing and regeneration in the capital, to oversee our investments, facilitate cooperation and to ensure a coordinated effort.
The first five projects targeted by the HCA for intervention in March were:
- Aylesbury Estate (LB Southwark, London & Quadrant)
- Heart of East Greenwich (HOEG) London Wide Initiative (LWI) project (LB Greenwich, First Base, Southern Housing)
- St Andrew’s Hospital (LB Tower Hamlets, Barratt Homes, Circle Anglia)
- Woodberry Down (LB Hackney (Berkeley Homes and Genesis Housing Group)
- Holloway Road LWI project (LB Islington, First Base, Southern Housing)