FINANCE & FUNDING

Public Sector Grants

A £12 million grant has been awarded by the Department for Communities and Local Government’s Building Foundations for Growth Enterprise Zones fund which is to be spent enhancing the Silvertown Quays site. This grant will be essential to the redevelopment of Silo D as it is not required to be paid back and will therefore prove less of a burden on the future viability of this community run asset.

The £70 million Royal Docks Good Growth Fund, delivered through the Local Economic Action Partnership, will also provide a grant of up to £3 million that will support the redevelopment of the silo. This will need to be equally matched by developers however this is a substantial figure that again does not need to be paid back.

The Royal Victoria Dock's Enterprise Zone will prove a valued source of income throughout the regeneration of Silvertown Quays,, allowing money to be recirculated within the local economy.

Heritage and Community Initiatives

Funding from the National Lottery Heritage Fund will also be applied for and the venture should have a high chance of success owing to its purpose of connecting the community to the heritage of the site and wider area. This application will be long and a little complex meaning it should be applied for at the earliest possible stage.

The London Mayor's Civic Crowd Funding Project will provide relatively little funding in terms of the overall costs incurred however it will be an important method to engage the community and allow them to implement smaller and more personalised design aspects to the cultural venue. The newham community has always been active when it comes to regeneration and development and this will allow them to harness their passions and have any fundraising efforts matched by the Mayor of London.

The Silo D cultural hub is perfectly placed to receive funding from the Heritage Lottery Fund

Private Sector

Silvertown Quays will receive a share of the £309 million pledged by Homes England across three major London development sites and a further £105 million will be provided by the Silvertown Partnership. However, most of this funding will be prioritised for the delivery of housing and infrastructure, leaving community facilities such as Silo D with little to no upfront funding.

Despite this, indirect forms of financing can be secured through vehicles such as a Community Land Trust and the Community Infrastructure Levy.

Without a Community Land Trust, the Coin Street development located in central London would have been financially viable.

Community Land Trusts and CIL

The Greater London Authority currently own the site at Silvertown Quays meaning they have the ability to work with Newham residents to place Silo D into a Community Land Trust. This would mean that ownership could be transferred to the community for a nominal fee which would mean that the limited funds could solely be spent on redevelopment, a process that allowed the Coin Street development to become financially viable.

Moreover, the Community Infrastructure Levy payments that Lendlease will be required to pay can be directed into the development of Silo D. These payments are well suited to the project as they need to be spent on tangible projects such as schools and community centers rather than funding groups and ongoing maintenance.

Community Land Trusts enable the initial viability of large projects as well as recirculating any future income back into the local economy (circular economy).