'Sustainable' Greenwich development secures £12.7m HSBC UK green loan

Kidbrooke Partnership LLP – a joint venture between developer Notting Hill Genesis and Transport for London (TfL) – has secured a £12.7m Green Development Loan from HSBC UK.

The socially and environmentally sustainable development will deliver more than 600 new homes, along with a vibrant village square, nursery, café, shops and green walkways.

The four-acre brownfield site, in the Royal Borough of Greenwich, benefits from its proximity to the Zone 3 Kidbrooke national rail station and local bus interchanges.

The funding will be used for the construction of phase one of the project, due to complete in 2023. This part of the scheme comprises 413 London Affordable Rent, shared ownership and private sale apartments. In total, 619 homes will be built as part of the scheme – with 50 per cent affordable housing.

The sustainable regeneration of Kidbrooke Station Square will leave a lasting legacy for London and shape the city’s thinking for future developments, while also creating hundreds of new job and training opportunities in the present.

Graeme Craig, director of commercial development at TfL, said: “With enabling works on site close to completion, we’re excited to be starting the first phase of main works construction, working with Notting Hill Genesis, to deliver hundreds of new affordable homes, thanks to this Green Development Loan from HSBC UK.

“It demonstrates confidence in our approach of working with leading housing developers to use our land to create much-needed new homes with sustainability at their core, which will also generate long-term income for London’s public transport network.”

Jake Brodetsky, joint venture partnerships director at Notting Hill Genesis, added: “Our priority is always to provide quality homes and thriving communities, but we also believe protecting the environment is an integral part of a high-performing, successful organisation.

“Securing a green loan from HSBC UK is great news for us, our partners, our residents and the wider community alike. It’s a vindication of the huge efforts made by us and TfL to ensure our Kidbrooke project is sustainable and minimises any environmental impact.”

Hugh Taylor, head of housing for HSBC UK, commented: “This deal gives Notting Hill Genesis and TfL the funding and confidence needed to successfully complete the delivery of their first phase of works, building 413 new homes, as the capital begins to recover from the pandemic.

“Once complete, the redevelopment of Kidbrooke will provide affordable homes, vital for attracting London’s first-time buyer market and to meet Greenwich’s significant housing need.”

Construction is being delivered by building contractor and family-owned construction group, Ardmore.