Mayor of London Sadiq Khan has given the green light to plans for the single largest regeneration development site in the capital.
The 10,000 new homes plan on a 180 hectare brownfield site in Barking will deliver approximately 5,000 affordable properties.
The affordable homes, located on the northern banks of the River Thames, will be available to rent and buy for first time buyers.
Khan is keen to offer more affordable homes in the capital and has agreed a scheme that includes a minimum of 35% affordable from the outset, but with provisions to raise this to 50% over time through additional investment and viability reviews.
“Barking Riverside has enormous potential to deliver thousands of the much-needed homes Londoners so urgently need. I’ve made it clear that tackling London’s housing crisis is my number one priority. Fixing this problem will be a marathon, not a sprint, but developments like this one will play a huge part in our efforts to provide genuinely affordable homes to buy and rent,” Khan told propertywire.com.
“Our next task is to ensure this development includes the facilities and infrastructure which will make this a fantastic place to live and to visit, rather than simply a housing development,” he added.
The development is being billed as one of the largest and most ambitious regeneration schemes in Europe. Darren Rodwell, leader of Barking and Dagenham Council, believes the development will not only be beneficial to Barking, but London as a whole as it attempts to handle its housing shortage and rising prices.
“It will undoubtedly make an enormous contribution to solving part of the capital’s housing crisis and we are determined to create an attractive and prosperous new community there. This borough has a very exciting and ambitious growth programme, which includes the delivery of over 45,000 new homes and 10,000 new jobs over the next 10 years,” he said.
As well as providing homes and facilities, the area will include a new train station and transport interchange, which will be served by the £263million extension to the existing Gospel Oak to Barking Overground line.
Richard Carr is excited to see how this development will look once it’s completed and supports the Mayor of London’s ambition to provide more affordable homes in the capital.