An ambitious plan to regenerate the Silvertown Royal Docks site in East London will now get underway. This is because Homes England has decided to release a £233 million infrastructure loan for the project.
The funding will aid in the development of the new neighborhood in Newham. The project will sit on Silvertown land that has lain fallow for 40 years.
Scope of the Silvertown Royal Docks redevelopment project
Owing to the Homes England subsidy, a joint venture between Lendlease and Starwood Capital intends to construct 6,000 new homes as part of the £3.5 billion project. They will also construct 1.8 million square feet of commercial workspace as well as cultural and community buildings.
Furthermore, the iconic Millennium Mills will be restored and a new pedestrian and bicycle bridge build across Royal Victoria Dock. The latter will reportedly connect the Silvertown Royal Docks redevelopment project site to the Custom House.
The funds will also help in repairing the dock walls themselves, which have previously prevented the development of the project. New public spaces like jetties, wider canal walkways, and bridges will also give locals access to the water at the Royal Docks.
A new dawn for abandoned brownfield land in London
The Lendlease and Starwood Capital JVC will be able to build new communities in the heart of East London. Moreover, it will revitalize large tracts of abandoned brownfield land thanks to this infrastructure funding.
The Silvertown site in Newham is one of the largest brownfield sites in London’s historic docklands. It is located within the only Enterprise Zone in the city, the Royal Docks. The Silvertown Partnership and GLA have a development agreement that calls for the site to be drawn down and developed gradually.