Mayor of London spends from Land Fund for new housing
The Mayor of London, Sadiq Khan, has used £12.8 million from his Land Fund to purchase a 1.4 hectare site at the North Middlesex University Hospital (NMUH) in Edmonton. The site currently comprises of a car park, offices, and hospital testing facilities - the latter will be relocated to other parts of the hospital ensuring no loss of services to patients.
The Mayor expects the site to deliver at least 200 homes, with 50% of those being social rented or other genuinely affordable housing, in line with his Housing Strategy. By purchasing the site, the Mayor says he will also be able to help deliver enhanced health facilities with increased capacity.
The sale of this site comprises part of the Trust's NHS Sustainability and Transformation Plan (STP). Construction of the new homes will begin before March 2022.
The Mayor's £250 million Land Fund is a key part of Sadiq's more interventionist approach in London's land market with the aim of getting more homes built; increasing the proportion of affordable homes; accelerating the speed of building; and capturing more value uplift for the public benefit.
The fund acquires and prepares land for new and affordable housing, working closely with boroughs and the GLA's development partners. Money made from selling the land will be recycled to buy further land for new homes.