£46million of housing zone funds from the Greater London Authority are set to be released to the council for the regeneration of Cambridge Road Estate following formal approval of the agreements at Growth Committee on 28 September.
A £26.6million loan will be made available to fund the buybacks of freehold and leasehold homes and £19.6million of direct grant will help fund the building of new affordable homes on the key development site.
Cllr Terry Paton, Deputy Leader and Cabinet Member with responsibility for Cambridge Road Estate regeneration at Kingston Council, said:
“This is a hugely important step for the regeneration of the Cambridge Road Estate. We are set to deliver high quality homes and much-needed additional housing to the area, more than doubling the number of homes for local people from 830 to around 2,000.
“We’ve already done a lot of work behind the scenes to get this ambitious project off the ground, including launching our search for a joint venture partner to invest in, plan and deliver a great scheme for our Royal Borough with our residents.”
Kingston’s Cambridge Road Estate was announced as one of the Mayor of London’s housing zones in 2016 in a move to boost housing supply, stimulate building and produce new low cost homes in the Capital.
The project, spearheaded by Kingston Council’s regeneration team, is a council and Mayoral priority, paving the way for better council housing and supporting infrastructure.
For more information on the Cambridge Road Estate regeneration, click here.