Mayor of London Sadiq Khan and developer L&Q have agreed to invest £500m ($699.28m) in Barking Riverside regeneration project to develop transport links, parkland and other community facilities, alongside 11,000 homes.
The Mayor and L&Q have formed a partnership – Barking Riverside Limited – to deliver the masterplan for the scheme.
An agreement has been reached with the Barking and Dagenham Council and Transport for London (TfL) under which funding has been secured 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.
Funding has also been secured for a new centre with 65,000m2 of commercial, retail and leisure space, including a 2km riverside walkway, an ecology centre and new country park space.
Furthermore, the agreement provides for funding for a combined health care and leisure facility, a cycling hub, two local retail and dining hubs, as well as providing employment, skills and training that will ensure locals benefit from the opportunities created by the scheme.
Barking Riverside, the first and only NHS Healthy New Town in London, will incorporate health into design and living. Half of the new homes will be affordable.
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.”
L&Q managing director of east region 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.”