£148 million loan to accelerate new homes build
June 8, 2020
Homes England, the government’s housing agency, has agreed a £148 million funding package to accelerate the construction of new homes as a part of our Brent Cross South development.
Brent Cross South, the new town centre and neighbourhood at the heart of the Brent Cross Cricklewood Regeneration Programme is being developed by Brent Cross South Limited Partnership, a partnership between Barnet Council and developer Argent Related.
The new Homes England loan will accelerate the land and infrastructure works needed to unlock the delivery of 6,700 homes, which are being built on the 180-acre brownfield site which stretches from the North Circular to Cricklewood Lane between Hendon Way and the Edgware Road.
In addition, as part of the development, Brent Cross South will deliver Grade A office space and retail as well as leisure facilities, new schools, community facilities, and new and improved parks, altogether providing for 25,000 jobs.
The community will be supported by first-class public transport infrastructure including the new Brent Cross West Station, a new and improved network of walking and cycle routes, and a series of new parks, squares and other amenities.
The £148 million loan funding for Brent Cross South development is from the government’s £4.5 billion Home Building Fund, which has been established to enable schemes to invest in infrastructure necessary to speed up the construction of thousands of new homes in the capital.
How is the wider Brent Cross Cricklewood Programme funded?
The new Brent Cross West Station and associated rail works are being funded as part of a £418 million government grant funding agreement with the Ministry of Housing, Communities and Local Government.
It is one of the first rail projects in England to be delivered entirely by a local authority who are directing construction and working in partnership with Network Rail and the Department for Transport.