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 L&Q, one of the UK’s leading housing associations and developers, who formed a partnership to deliver the masterplan for the scheme.
The Section 106 agreement, reached with the Barking and Dagenham Council and Transport for London, means the project has secured funding for:
- A new TfL Overground station connecting to central London in 22 minutes
- Land for seven schools including five primaries, one secondary, and one for special educational needs
- A new centre with 65,000 square metres of commercial, retail and leisure space, including a 2km riverside walkway, an ecology centre and new country park space
- A combined health care and leisure facility
- A cycling hub
- Two local retail and dining hubs
- Employment, skills and training that will ensure locals benefit from the opportunities created by the scheme.
Barking Riverside will also be London’s first and only NHS Healthy New Town, which will embed health into design and living. Half of the new homes will be affordable.
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.”
Andy Rowland, managing director, east region, at L&Q added: “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.”