Berkeley bags £125m loan to speed-up London schemes

The pioneering funding deal will be channelled into paying for infrastructure works across the sites in Newham and Southwark where a total of 8,000 homes could be delivered.

Further funding support from the Greater London Authority will also help to drive forward delivery.

Twelvetrees Park and Becton Riverside in Newham as well as Bermondsey Place in Southwark are highly complex projects, which require significant upfront capital investment and have faced economic challenges.

The funding deal will now tip the balance for work to restart at Bermondsey Place and speed up progress at Twelvetrees Park.

It will also advance vital infrastructure works at the Beckton Gasworks site being developed by Berkley company St William.

Three projects in the pioneering partnership deal

Twelvetrees Park, Newham

The 26-acre site is being transformed into a mixed-use neighbourhood including close to 4,000 homes, of which 40% will be affordable, a secondary school, park, playground and 177,000 sq ft of commercial space. The funding will support the second of four phases to regenerate the former depot and coach park.

Bermondsey Place, Southwark

Nearly 1,400 homes, 40% of which will be affordable, created across a 5.4-acre former light industrial site, alongside a network of public parks, playgrounds, commercial spaces and a one-acre civic square. Funding will bring together several parcels of owned land to ignite progress.

Beckton Riverside, Newham

Up to 2,800 private and affordable homes, subject to planning consents, will be created under the first phase of delivery across a larger site of 28 acres. Following planning consent, the funding will expedite vital infrastructure works on the former gasworks.

Rob Perrins, chief executive of Berkeley Group, said: “We are delighted to be working with the GLA, Homes England and the London Boroughs of Newham and Southwark to bring forward much-needed private and affordable homes on brownfield land.

“This is an important step towards accelerating delivery on these complex sites and we’re very proud to be part of this innovative partnership.”