Newbridge Advisors supported the Swan Housing and Homes England teams on financing a £170m mixed use development in Basildon.
More than 760 new homes and almost 8,000 square metres of retail and commercial space are being built in Basildon following a £30 million funding boost from Homes England.
The loan from the government’s housing delivery agency will help to redevelop the Craylands Estate, renamed as Beechwood Village, and the Laindon Shopping Centre, which will become Laindon Place.
More than 550 new homes are being built at the Beechwood site, including up to 110 affordable homes, whilst 210 homes and over 7,000 sq m of commercial space will be developed at Laindon.
The funding will allow Swan Housing Association, who are working in partnership with Basildon Borough Council, to develop both schemes at the same time, enabling the final three phases of regeneration at Beechwood Village and new homes at Laindon shopping centre to be completed more quickly.
When completed, Laindon Place will include a new high street with shops, a supermarket, and a new health centre. The new homes to be built at Beechwood Village will be in addition to more than 400 homes, retail units and community centre completed in earlier phases.
Homes England has agreed the loan as part of its £290 million Estates Regeneration Fund, which offers finance to kick-start and accelerate the regeneration of estates.
Almost all the homes will be built off site at Swan’s factory in Basildon, using pre-manufactured modular construction techniques.
Minister of State for Housing, Kit Malthouse MP, said:
“This funding not only supports more than 760 much-needed new homes, but further strengthens a community that residents can be proud of through new commercial and civic spaces for the people of Basildon.
“It’s all part of how this Government is supporting the delivery 300,000 new homes a year by the mid-2020s, helping a new generation to realise the dream of home ownership.”
Sir Edward Lister, Chairman of Homes England said: “The Beechwood Village and Laindon Place regeneration projects are key priorities for Basildon and we’ve worked closely with Swan Housing Association to ensure the new homes local people need can become a reality.”
“Homes England strongly supports the use of modern methods of construction (MMC) as a means of delivering good quality homes at pace, so it’s great to see these methods being used to build better homes faster in Basildon.”
It’s anticipated that work at both sites will be completed by autumn 2024.
Geoff Pearce, Executive Director – Regeneration and Development of Swan Housing Association, said:
“Swan Housing Association and our long-term partner, Basildon Borough Council, are delighted to receive this funding boost from Homes England. It will enable us to build much needed high-quality homes, more quickly, at both Beechwood Village and Laindon Place. These homes will be built both using our state-of-the-art modular factory in Basildon and by traditional methods of construction. This partnership helps Swan towards our ambitious target of building an additional 10,000 homes by 2027 and Basildon towards its strategic growth goals for the Borough.”