London mayor Sadiq Khan and developer L&Q will invest £500 million into a 11,000 home regeneration project at Barking Riverside, following the signing of a Section 106 agreement today.
Barking Riverside Limited, a joint venture partnership between L&Q and Transport for London (TfL) will deliver the homes at the 180-ha brownfield site on the northern banks of the River Thames, half of which have been earmarked as affordable.
A TfL Overground station with trains to central London in 22 minutes, health centre, 65,000sq m commercial centre and seven schools in four stages form part of the agreement and will be built over a 15-year period.
Khan said: "As we tackle the biggest housing crisis of a generation, major developments like Barking Riverside will deliver thousands of the genuinely affordable new homes Londoners desperately need.
"As well as housing, our investment will create the new transport, education and health services needed to turn this into a thriving new community."
L&Q has already launched the first 100 private rented sector (PRS) units; 3,000 PRS units are featured in the overall masterplan for the site.
A 2km riverside walkway, an ecology centre and new country park space will provide residents with leisure activities.
Matthew Carpen, project director for Barking Riverside Limited, said: "This is another significant landmark for Barking Riverside, and signals 'lift-off' for all future activity on site.
"This agreement demonstrates the dedication to our partnership with the local authority and TfL, to deliver the goals of the project – a new piece of city with improved connectivity and a multitude of opportunity for both existing and future residents."
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