The government has announced a principal heads of terms agreement for a £55 million loan to support the extension of the London Overground to Barking Riverside.
The signal to go ahead with the plans, which comes following years of lobbying by Barking and Dagenham Council together with the Greater London Authority (GLA) and Transport for London (TfL), was announced in chancellor George Osbourne’s autumn statement on 3 December.
Barking and Dagenham’s cabinet member for regeneration, Councillor Cameron Geddes, has welcomed the news, which he believes will connect thousands of new homes and “unlock the potential” of Barking Riverside.
The 179-ha Barking Riverside site is one of the largest residential developments in Europe, and has the potential to create up to 11,000 new homes.
Geddes said: “This is fantastic news for the future growth of the borough. Over the last six months, this council has significantly stepped up its relationship with the mayor of London and the GLA.
“This investment signals growing confidence in Barking and Dagenham as a new destination and place in London. It reinforces the borough’s deserved reputation as London’s growth opportunity.
“Once completed, the rail link will help build a strong foundation, by supporting the growth of a dynamic new sustainable community in Barking Riverside.”
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…