Housing association London & Quadrant (L&Q) has entered into a joint venture with the mayor of London to fast-track the building of almost 11,000 homes at Barking Riverside and invest £70 million to extend the London Overground into the site.
The project will see 10,800 homes built to create a town the size of Windsor. Around a third of the properties are aimed at being affordable and the scheme will also feature 65,000sq m of commercial space, retail and community facilities, a secondary school, four primary schools, public squares and walkways and improved highway infrastructure.
L&Q has taken over a 51% stake in the joint venture from Bellway Homes. The latter will retain an option to deliver a “significant proportion” of market sale homes on the site; the developer was “instrumental in setting the site up with planning permission and delivering the early phases”, according to the council.
Plans to quadruple housbuilding on-site to 600 homes a year have been announced by L&Q and the rail infrastructure investment means the proposal to extend the Gospel Oak line from Barking to Barking Riverside has now been fully funded through City Hall, Transport for London and L&Q.
Work on the extension begins in 2017 and will cut journeys from Barking Riverside to central London to within 25 minutes. New roads, bus routes and river taxi services will also connect the new neighbourhood to other parts of the capital.
Leader of Barking and Dagenham Council, Councillor Darren Rodwell, said: “Barking Riverside is a key regeneration scheme, not just for Barking and Dagenham but for London, and it’s fantastic that L&Q has become a part of it as I am sure that they will bring both ambition and long-term commitment to the area.
“The £70 million investment to complete the funding needed to extend the London Overground – connecting Barking Riverside with the rest of London – is something which will be of considerable benefit to both the existing community and those thinking of moving here.”
Barking Riverside was once home to the Barking power station and has lain dormant for 35 years.
Speaking of the major investment to accelerate the regeneration of the site, David Montague, chief executive of L&Q, said: "The potential of the project is enormous and – as a leading housing association and developer – we have the vision and financial strength to make a long-term investment and commitment to help fulfil that potential."
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…