The multi-million pound initiative will unlock the next phase of development at Ebbsfleet Garden City by funding a range of infrastructure works to prepare the site for the construction of over 5,000 homes.
Through a loan deal to residential firm Henley Camland, the Homes England supported enabling works include preparing land for the development of housing on both the Castle Hill site and the Eastern Quarry at Ebbsfleet. Henley Camland, which recently purchased the Eastern Quarry site from Landsec, has simultaneously agreed land deals for 2,900 homes to be developed.
In addition, a total of 2,600 homes will be delivered through a new joint venture between Countryside Properties and Clarion Housing Group, while Barratt Homes will built 300 homes on this part of the wider site as a direct result of the works funded by Homes England..
-- Advertisement --
The £73.97m loan is being made through the Home Building Fund (HBF), which helps unlock or accelerate the delivery of residential and mixed-use housing developments through both development loans and loan funding for the infrastructure needed to prepare land for development.
Overall, more than 1,000 of these new homes at Ebbsfleet will be provided by 2021. The full scheme is due to be completed over the next 10 years.
Nick Walkley, Chief Executive of Homes England, said: "At Homes England we're using our land, finance and expertise to speed up the delivery of new homes. The vital infrastructure works that we're funding in Ebbsfleet will bring forward the development of many new homes by around four years overall and, importantly, will mean many more homes can be built in the earlier phases of the development as a result of our support with the significant infrastructure costs."
Ian Piper, Chief Executive of Ebbsfleet Development Corporation who oversee Ebbsfleet Garden City, said: "This from Homes England, when combined with the investments already made by Ebbsfleet Development Corporation in key utilities infrastructure, is key to delivering the new homes that are required to create our vision for the Garden City. It is a good example of public bodies working together to deliver great places."
Ian Rickwood, Chief Executive Officer of Henley, added: "Following Homes England's investment and our quick succession of deals with various housebuilers, £1bn worth of quality homes will be delivered at a time when the UK is in dire need of them.
"We've worked hard alongside our partners to unlock these homes, as well as the new senior school and remain committed to bringing forward more homes and infrastructure at Ebbsfleet Garden City."
(LM/MH)
