Finance
Finance and funding for docklands
Financing a flagship development is not an easy task by any stretch of the imagination, however it is is key to making sure the development happens and it is up to the standard that the vision promises.
How will the scheme be financed?
The mayor of London Sadiq Khan proposed the Enterprise Zone to invest £314.3m in august 2018, however as it is such a large scale development and the royal docks covers a lot more than just Millenium Mills, we will also seek investment from overseas. As well as this we will look for funding through development grants. We will be able to get money towards the restoration of Millennium Mills and Silo D from the heritage lotto funds. The mix of different investors will mean that our development will benefit from investment into the community and making sure that the site stimulates economic growth in this area of Newham.
How might funding impact the design and uses?
The parts which are government funded will be more community based benefits and mixed use. As well as this they will want to attract more people to the area which is why there will be attractions such as the tropical climate domes. Whereas, the private investors will be more interested in residential and office space because that is where the money lies. However in order to create a good business space they will also have to invest in restaurants and improving the public realm surrounding.
In terms of design, parts which are aimed at the community will be designed using the same quality materials as areas that are aimed to attract wealthy businesses.
How the funding will help achieve the vision?
The funding will allow the area to rebrand itself into a desirable location in london for international businesses to invest in offices because of its close proximity to London City Airport. As well as this, the funding will allow the site to achieve its potential as an idyllic location to live in London with the building of exemplar housing and outstanding open space for residents and office workers alike. Furthermore, we plan to use money to preserve Silo D and we will also create two eden project like domes that will create reason for people to visit the area as will the water sports activities we are pursuing as well.
Risks and how to overcome them?
One risk of such a flagship project is that its likely to have delays at some point and time is money. The two previous projects in the area have run into financial problems, so this is a very real threat. Therefore the funding needs to be flexible in order to be able to absorb the extra costs that come of these setbacks.