The 10,800-home Barking Riverside development, masterplanned by Lifschutz Davidson Sandilands, is to benefit from a £500 million cash injection
The mayor of London and housing association L&Q have agreed to put the money into the huge regeneration project – dubbed ’Barcelona-on-Thames’ by Barking & Dagenham Council leader Darren Rodwell this week.
Facilities secured by the funding will include a London Overground station; a town centre with 65,000m2 of commercial, retail and leisure space; and land for seven schools.
More than 1,000 homes have already been completed on the site, and housebuilding will continue for another 16 years. A target has been set for half the units to be affordable.
Sadiq Khan said this week: ‘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 regional managing director Andy Rowland said: ‘This agreement marks a vital step for Barking Riverside, ensuring we are able to deliver the necessary infrastructure to build a well-connected and thriving community which will benefit existing and future residents for years to come.’
Lifschutz Davidson Sandilands’ revised masterplan for Barking Riverside was approved by Khan in 2016.
Council leader Rodwell said: ‘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.’