Finance and Funding
Funding Supplies
The funding for the site delivery can come from a variety of different sources. Ranging from individuals to corporations to publicly available funds. These include but are not limited to:
​
-
Enterprise Zones
-
Lottery Heritage Funds
-
Direct Private Investment
-
Homes England
-
Government Funding, from regional and national governments
Government Funding
​
As well as an income from companies like the National Lottery, there is already pre proposed money for the site from the National Government in order to regenerate the Royal Docks Site as a whole.
​
Out of the £3.5 billion that is being put into the site, a total of £12.5 million is proposed for the Mills building and Silo D. Although this figure is 280 times the amount proposed for our site, it will be hugely beneficial to get the project on its feet. Once up and running, the new shops, museum and other amenities will begin to generate an income which will further benefit the Mills site as opposed to the whole Docklands.
​
The funds will also become a key factor in the implementation of public needs such as waste points as well as new key features such as the museum. With both of these being significant in the development, the funding from the government is significantly influential.
National Lottery Heritage Fund
​
The National Lottery boasts many benefits that could hugely change our regeneration for the better. The initial and most obvious point would be the large sum of money that could be gifted to the site in order to regenerate the site. The total sum could be north of £50 million which would be massively influential.
​
In addition to this, the company are renown for investing into projects that retain heritage and have large levels of community involvement so the Millennium Mills site fits this description perfectly.
​
In order to obtain the funding from the National Lottery Heritage, we will apply via the Community Land Trust that will be put in place due to the group being a non-profitable organisation therefore increase our chances of securing the funds. If successful, we aim to put the money towards both Silo D and the Mills site to boost both income as well as overall use and appearance in order to generate more money for the site resulting in a form of circular economy.
Direct Private Investment
​
Direct private investment is a very easy way for developments to get access to quick funding. Often, businesses or certain wealthy individuals will want to offset money into a building development to help it along. this may be because the development means something to them or it may just be a gesture of goodwill.
​
With the addition of an activated shorefront to the north of the site to promote sailing and other water-based activities, there is hope to appeal to foundations such as the Simpson Foundation and the RYA. both of these organizations have a huge influence in their field and can definitely influence some funds from members and associates to be injected into the development to promote a healthy environment.
Homes England
​
Homes England has agreed to large funding packages totalling £309 million to accelerate redevlopment across London. One of these sites is the Silvertown Quays development. The loan will hopefully accelerate the development of the site and mitigate any further stagnation.
​
"This facility will support the creation of a brand-new piece of the city at a location with immense potential. By reviving the last major undeveloped site in the Royal Docks, we will be creating a superb new development with the ability to generate considerable benefits for the local community." - Graham Stark, project director for Silvertown Quays at Lendlease
