Chancellor George Osborne has given the green light to plans for a £150 million rail link between Gospel Oak and Barking – dubbed the GOBLIN line.
The announcement, made as the chancellor revealed the budget on 19 March, is predicted by the government to speed up housebuilding at Barking Riverside on the banks of the River Thames – referred to as London’s first garden city. A new station will also be built at Barking Riverside.
An extra rail link would "significantly boost" the Barking development, according to London mayor, Boris Johnson.
He said: "The commitments being made today will allow us to motor ahead with putting a platform in place that will allow us to deliver the new homes and jobs that are critical to the continued growth of this great world city."
Barking Riverside is London’s largest regeneration site. The scheme began in 2008, and so far, 1,000 homes have been built, with another 3,000 in the pipeline. Though funding has not yet been agreed for final approval on the new homes, sources say a final go-ahead could come in the Autumn Statement if the scheme passes Treasury tests.
At least 30 per cent of homes in the development will be for larger families and up to 40 per cent will be affordable.
The City of London Corporation is about to buy Barking Power Station site in east London for around £125 million, according to Property Week.
A £25 million grant for Barking and Dagenham Council will help it support new housebuilding over the next four years.
Councillor Darren Rodwell, the leader of Barking and Dagenham Council, has welcomed the decision to approve the proposed Beam Park…