The Mayor of London, Sadiq Khan has approved a £50m loan facility for Mount Anvil to enable the London-centric housing developer to accelerate the purchase of new sites and deliver an increased number of quality homes.
The partnership is the first of its kind between GLA Land and Property and a private developer and through the collaboration Mount Anvil is accelerating construction of the next 2,000 homes in its pipeline. It is also continuing its rapid expansion of land buying activity as part of its strategy to deliver 10,000 homes in London before the end of the decade.
As part of this this, the developer will deliver 1,400 new homes by the end of March 2025, at least 50% of which will be genuinely affordable properties for Londoners.
The agreement has been designed to have key principles that the Mayor and Mount Anvil share enshrined in it, including commitments regarding equality and diversity, as well as confirming existing commitments from Mount Anvil and the Mayor, such as never building separate entrances to segregate tenants in social properties from their private neighbours. It’s hoped that this will form a model for future funding agreements with GLA Land and Property.
Deputy Mayor for Housing, Tom Copley said:
“In these uncertain times I am delighted to be able to confirm this new loan facility for Mount Anvil, one of London’s most dynamic property developers.
“It is vital that London emerges from the lockdown with a renewed focus on delivering the social and other genuinely affordable homes our city so desperately needs. Funding arrangements such as this will ensure that our private sector partners can accelerate their plans for the next decade and, crucially, increase delivery of much needed affordable homes.
“I am also proud to work with Mount Anvil to pioneer the new clause that we have added around equality and diversity and will include on all similar contracts going forward. We are ensuring that ‘poor doors’ are confined to history and helping to build a fairer and more equal city for all Londoners.”
Marcus Bate, investment director for Mount Anvil added: “We’re by no means a conventional developer, which is why we’re thrilled to be working with GLA Land and Property on this innovative collaboration. This partnership extends beyond the scope of a traditional investment partnership, establishing an alignment of cultural values between Mount Anvil and GLA Land and Property, coupled with a shared vision for better quality affordable housing in London.
“The funding provides us with huge capacity to invest in the best available new development sites in London. We’re putting all our eggs in the London basket, and will be watching that basket very closely – supporting our exceptional people as they design, plan and build some of the best homes in the capital. We’re looking forward to playing our part in supporting London’s bounce back post-Covid-19, working in partnership with the GLA, local authorities and our housing association partners to deliver a positive legacy for London.”