News: Rotherham housing development shortlisted for government cash
A housing development in Rotherham has been shortlisted for millions of pounds of funding as part of a government scheme aimed at kick-starting stalled building projects.
Gleeson's proposed development on the former Croda Bitumen Site at Swinton is on a shortlist of 224 schemes bidding for the Get Britain Building Fund, administered by the Homes and Communities Agency (HCA).
The government hopes that the £570m fund will pave the way for up to 16,000 new homes and supporting over 30,000 construction jobs and more in supply chains.
The fund was three times over-subscribed and the HCA shortlisted the strongest bids from nearly 400, based on value for money, how quickly they will be delivered and the level of local support.
The successful bids will now be thoroughly assessed through due diligence before funding is allocated and formal contracts can be signed.
Housing Minister Grant Shapps said: "Housebuilding is absolutely vital for delivering more growth in the economy, yet hundreds of shovel-ready housing developments have been put on ice, because builders lack funds to get work going on site.
"The £570m Get Britain Building Fund will help end the deadlock by getting construction back on track for up to 16,000 homes across the country. Already some of our key sites are on track to get started next month, and many more of the 224 projects shortlisted today will be up and running from June, helping to cement our economic recovery."
Get Britain Building is intended to address difficulties in accessing development finance faced by some house builders and to help bring forward sites with planning permission, but where viability is marginal, by sharing risk. It will operate by making loans available to projects on commercial rates, or taking equity stakes to share risk. The investment is recoverable over a two to five year period, and by March 2018.
The Woodford Group were bringing the former industrial site in Kilnhurst forward as a housing development in 2006, but the plans were eventually put on hold when the Woodford Group decided not to continue their interest in the site.
Gleeson Homes & Regeneration have a conditional contract to purchase the site subject to planning and applied for outline planning permission for 381 two, three and four bed family dwellings last year. The HCA cash will cover just the first 125 houses of the development.
Gleeson website
Gleeson's proposed development on the former Croda Bitumen Site at Swinton is on a shortlist of 224 schemes bidding for the Get Britain Building Fund, administered by the Homes and Communities Agency (HCA).
The government hopes that the £570m fund will pave the way for up to 16,000 new homes and supporting over 30,000 construction jobs and more in supply chains.
The fund was three times over-subscribed and the HCA shortlisted the strongest bids from nearly 400, based on value for money, how quickly they will be delivered and the level of local support.
The successful bids will now be thoroughly assessed through due diligence before funding is allocated and formal contracts can be signed.
Housing Minister Grant Shapps said: "Housebuilding is absolutely vital for delivering more growth in the economy, yet hundreds of shovel-ready housing developments have been put on ice, because builders lack funds to get work going on site.
"The £570m Get Britain Building Fund will help end the deadlock by getting construction back on track for up to 16,000 homes across the country. Already some of our key sites are on track to get started next month, and many more of the 224 projects shortlisted today will be up and running from June, helping to cement our economic recovery."
Get Britain Building is intended to address difficulties in accessing development finance faced by some house builders and to help bring forward sites with planning permission, but where viability is marginal, by sharing risk. It will operate by making loans available to projects on commercial rates, or taking equity stakes to share risk. The investment is recoverable over a two to five year period, and by March 2018.
The Woodford Group were bringing the former industrial site in Kilnhurst forward as a housing development in 2006, but the plans were eventually put on hold when the Woodford Group decided not to continue their interest in the site.
Gleeson Homes & Regeneration have a conditional contract to purchase the site subject to planning and applied for outline planning permission for 381 two, three and four bed family dwellings last year. The HCA cash will cover just the first 125 houses of the development.
Gleeson website
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