The funding will be made available via a loan from the government’s £4.5bn Home Building Fund, which provides financing for site preparation, infrastructure and development costs. 

It will enable British Land to fast-track the residential element of the scheme.

Following public consultation involving over 5,000 people, the Canada Water masterplan sets out a list of commitments to the local area, including affordable homes for local people in a new town centre, a £30m investment from British Land in transport infrastructure, support for the local economy and a sustainability strategy that minimises carbon emissions both now and in the future.

•   DFT and Acre Lane to host virtual roundtable on development exit finance
•   LendInvest partners with Homes England to fund 400 new homes in Kent
•   Homes England publishes report outlining research themes of MMC study

Gordon More, interim chief executive at Homes England, said: “British Land has a track record of investing for the long term, creating sustainable places to live and work.

“Accelerating the delivery of one of the country’s most ambitious and transformative projects by three years is a huge achievement at any time but, to be doing it now when the country needs growth and new economic opportunities, feels incredibly important.

“We’re determined to use our resources to galvanise projects across the country and play our part in its economic recovery.”

Roger Madelin, joint head of Canada Water at British Land, added: “We are pleased to be working with Homes England at Canada Water.  

“Housing is central to our plan to deliver a new and vibrant town centre for London, where people can live and work and local communities can come together. 

“Its support enables us to progress more quickly and is a testament to the quality of space we will deliver.”