Regeneration projects get funding boost in Chancellor’s Budget

In a move set to breathe new life into neglected areas, the Chancellor’s recent budget has allocated significant funding for regeneration projects across the country. 

The biggest beneficiary has been £124 million to unlock the development of 7,200 new homes’ at the Barking Riverside development (pictured) in East London (Project ID: 03482310).

Another £118 million will go towards a life science hub and 750 new homes at London’s Canary Wharf (Project ID: 22120609).

Glenigan junior economist Drilon Baca says: “The £242 million investment in Barking Riverside and Canary Wharf is a significant boost to the construction sector. The allocation for 8,000 new homes indicates a commitment to addressing the housing shortage, providing opportunities for construction companies and stimulating economic growth in the housing sector.”

Barking plans

Barking Riverside Limited (BRL) is a joint venture between The Mayor of London and London & Quadrant (L&Q), with housebuilder Bellway and social housing giant L&Q ultimately set to deliver 10,000 new homes.

Plots within the scheme are constantly moving forward with Bellway due to move on site in May for the £268 million Plot 208A in Stage 2 North for 440 flats and commercial units (Project ID: 22308975).

The scheme will also deliver a host of other schemes that will provide opportunities for the construction industry including seven new schools.

Towering development

The Canary Wharf scheme will be supported through a £118 million loan to Canary Wharf Group.

Glenigan’s construction industry research suggests that enabling work at the North Quay site in Tower Hamlets has begun with full construction due to start later this year on the 23-storey life science building.

Housing plans

The budget provided other stimuli for residential and commercial regeneration, including £4 million to set up the Euston Housing Delivery Group to drive forward plans to build up to 10,000 new homes around Euston in central London (Project ID: 17185238).

The group will work with the London Borough of Camden on the plans to maximise land use around the Euston High Speed Rail terminal with the first new homes expected to be complete by 2027.

Provincial development

The Budget also included proposals to support spend £208 million supporting other regeneration projects in Blackpool, Sheffield and Liverpool.

In Blackpool, £90 million will support a plan to build new homes and renovate run down property in Blackpool through a scheme ran by the town council and Homes England (Project ID: 24057449). An outline planning application has been submitted for the new homes element with 266 units proposed.

In Sheffield, £67 million will help the city council purchase two brownfield sites to deliver 1,300 new homes and 4,000 sq m of commercial space, plus a new country park (Project ID: 05079236).

Funding of £31 million will support a range of regeneration schemes in Liverpool, including new office and laboratory space (Project ID: 21328672) at Paddington Village in the city’s wider £2 billion Knowledge Quarter development (Project ID: 16372305).

Budget benefit

While the Budget may not have provided major funding in other areas, the regeneration sector looks set to benefit.