Barking Riverside, one of the UK’s largest regeneration projects, is to receive an injection of £500 million for transport links, parkland and other community facilities, alongside almost 11,000 homes.
The landmark investment has been agreed by the Mayor of London Sadiq Khan and housing association L&Q, who formed a partnership – Barking Riverside Limited – to deliver the masterplan for the scheme.
The Mayor of London Sadiq Khan, said, “This is an incredibly exciting project for Barking & Dagenham, but also for the whole of London. 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.
“London will be home to 10 million people in the next decade — I’m working to plan for that growth and to provide genuinely affordable homes for Londoners. That will mean increasing density, building on small sites, and using my powers to deliver more affordable homes.”
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. It commits us to over £0.5billion of infrastructure investment over a 15-year build programme. 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.”
Jasmine Whitbread, Chief Executive of London First, said, “It’s hugely encouraging to see new homes, better transport links and more schools, skills and public spaces being built in London. Tackling the housing crisis is a massive task but ambitious projects like Barking Riverside show what can be done. The challenge for Sadiq, boroughs and developers is to build that ambition across our capital.”
Cllr Darren Rodwell, Leader of Barking and Dagenham Council, added, “This is a hugely significant step not only for Barking Riverside but the whole borough. It’s part of our drive to make this part of the Thames a magnet for aspirational Londoners who want the wonders of waterside living without having to pay sky high rates. Why live further upstream in Chelsea or St Katherine’s Dock when you can move to Barcelona on Thames!”