London Mayor backs developer with £50 million fund for building homes post Covid-19
Ongoing Keybridge Vauxhall development by Mount Anvil with Fabrica (above)
The Mayor of London Sadiq Khan has confirmed his commitment to helping the capital's construction and housing sector bounce back from Coronavirus by approving a £50 million loan facility for Mount Anvil.
The funding will enable the London-centric housing developer to accelerate the purchase of new sites and deliver an increased number of new quality homes.
The partnership is the first of its kind between GLA Land and Property and a private developer. Through this collaboration Mount Anvil is now accelerating construction of the next 2,000 homes in its pipeline and continuing its rapid expansion of land buying activity as part of its strategy to deliver 10,000 homes in London before the end of the decade.
As part of this, the developer will deliver 1,400 new homes by the end of March 2025. With atleast 50% of these being genuinely affordable for Londoners, this partnership will facilitate thriving communities.
The agreement has been designed to have key principles that the Mayor and Mount Anvil share enshrined in it. These draw on work that Mount Anvil is already doing and are in line with its' business model which delivers great places to live by putting people first.
The agreement includes commitments regarding equality and diversity, as well as confirming existing commitments from Mount Anvil and the Mayor, such as never building separate entrances to segregate tenants in social properties from their private neighbours. It's hoped that this will form a model for future funding agreements with GLA Land and Property.
Deputy Mayor for Housing, Tom Copley said:
'In these uncertain times I am delighted to be able to confirm this new loan facility for Mount Anvil, one of London's most dynamic property developers. It is vital that London emerges from the lockdown with a renewed focus on delivering the social and other genuinely affordable homes our city so desperately needs. Funding arrangements such as this will ensure that our private sector partners can accelerate their plans for the next decade and crucially increase delivery of much needed affordable homes.'