Construction Finance News:-Councils are being invited to bid to build economically led new towns in their communities which would generate jobs and create new homes.
Housing secretary, Robert Jenrick, has announced £10m to enable local authorities to come up with locally-led proposals to deliver new towns on the scale of Canary Wharf or Milton Keynes.
“We want to drive economic growth outside London and the South East. Our new development corporations will empower local areas to come forward with ideas for new towns that deliver jobs, houses and economic growth,” he said.
The fund will be open nationwide to help areas with ambitious plans for transformational housing and regeneration where it is most needed.
The government said new towns and developments would be planned in close and detailed consultation with local areas. It added councils would be expected to show they wanted to build not just houses, but new infrastructure and communities where people want to live.
Sir George Iacobescu, who founded Canary Wharf, will advise the housing secretary on which project to take forward for further government support.
“Thirty years ago, development corporations breathed new life and energy into towns and cities across Britain,” he said.
“I would like to encourage local authorities and their private sector partners to come forward with ambitious programmes and ideas.
“I am looking forward to seeing some innovative proposals which will help drive transformational growth across the country.”
Nottinghamshire village to be a new town
Mr Jenrick announced Toton village in Nottinghamshire would be the first project with a new development corporation led by former Burberry chairman, Sir John Peace.
Civic leaders plan to create tens of thousands of new jobs and homes as well as making the area a tax-free zone to offset post-Brexit tariffs.
The government has launched a consultation on giving development corporations the necessary legal powers to delivery new communities speedily.
It added development corporations could also be used on a smaller scale to plan high street and town centre redevelopments.
Construction Finance by HZA
Financial brokers Hank Zarihs Associates said the revival of the new town concept was a positive step and that commercial development finance lenders would be keen to offer support.
