Bouygues Development has indicated a willingness to develop for private sale in Barking and Dagenham.
Speaking at a roundtable event organised by BOLD magazine to discuss how best to accelerate regeneration projects in the borough, director Olivier Soulier, said it was “the right time” to develop for private sale.
In 2015 Bouygues Development finished work on 278 homes in four new buildings within a local conservation area on the banks of the River Roding. The entire scheme has been sold to the council.
Soulier said: “The only reason we have not developed private for sale so far in Barking was the value. To have private for sale units on the market today would have meant developing them two to three years ago in Barking. The values were miles away and it was a bit difficult from a viability point of view.
“But today we would be very comfortable to develop a private for sale scheme. It would be viable – and from a consumer point of view too. Look at what has happened in Barking today, with rental and PRS schemes around the corner, a new leisure centre, and a new high street coming soon. This is the right time.”
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…