14.02.2024

Government investment to accelerate new homes on Malt Street

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Homes England and Greater London Authority funds will support the delivery of new housing by Berkeley Homes in Old Kent Road.

The Malt Street scheme is set to deliver more than 1300 new homes - 40 per cent of which will be affordable.

The Malt Street scheme, which was approved in 2019, is set to deliver more than 1300 new homes – 40 per cent of which will be affordable.

It is one of the biggest schemes in the Old Kent Road neighbourhood. However, work stalled following the huge rise in inflation and construction costs which followed the pandemic.

Now, Homes England, the Government’s housing and regeneration agency, has agreed to provide Berkeley with access to a £125m loan. The money will be used to undertake infrastructure works across three Berkeley schemes in London, including Malt Street, with further funding support from the GLA to drive forward delivery. The other two projects are Twelvetrees Park and Beckton riverside in Newham.

The Malt Street scheme, now known as Bermondsey Place, will be made up of 11 new buildings from 5 to 44 storeys. It includes 40 per cent affordable housing and at least a quarter will be for social rent.

With the new investment, work could restart on site as early as this summer.

Rob Perrins, Chief Executive, 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.”