The funding has been awarded through the government’s £450m local authority accelerated construction programme and will enable the development of homes on the one-hectare, surface-level car park.
Stephen Kinsella, executive director for land at Homes England, said: “The funding will enable Havant Borough Council to accelerate [its] regeneration plans and deliver much-needed homes.
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“The plans aim to prioritise the use of off-site manufacturing, [delivering] high-quality, precision-engineered and highly energy-efficient homes on this town centre site.”
The existing parking is set to be replaced with the construction of multi-storey parking on neighbourhood surface car parks.
Councillor Tim Pike, deputy leader of Havant Borough Council and cabinet lead for finance and regeneration, added: “We are delighted to receive this funding from Homes England that will kick-start Havant Borough Council’s regeneration plans.”