The London mayor Sadiq Khan has paved the way for up to 10,000 new homes to be built in Barking after approving the masterplan for Barking Riverside – a 180-hectare brownfield site on the northern banks of the River Thames.
In line with Khan’s long-term target, 50% of the development will consist of affordable housing, including homes to rent and those for first-time buyers, across a mixture of one, two and three-bedroom homes.
“Barking Riverside has enormous potential to deliver thousands of the much-needed homes Londoners so urgently need,” said the mayor of London.
Khan added: “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.
“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.”
Barking Riverside masterplan will form an important part of the regeneration jigsaw, not just for Barking and Dagenham but for London as a whole, according to the leader of Barking and Dagenham Council, councillor Darren Rodwell.
He commented: “We welcome the Mayor's approval for Barking Riverside masterplan. This is a key part of the regeneration jigsaw, not just for Barking and Dagenham but for London as a whole.
“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 program, which includes the delivery of over 45,000 new homes and 10,000 new jobs over the next ten years. We are committed to ensuring that no-one is left behind. These homes should serve local residents too and therefore providing affordable housing is key.”
As one of the “largest and most ambitious regeneration schemes in Europe”, Barking Riverside, which will undoubtedly present a wide range of investment opportunities for property investors through each phase of construction and beyond, will deliver homes for people across a range of income levels, according to David Montague, chief executive of London & Quadrant (L&Q).
He said: “The potential of Barking Riverside is enormous and for L&Q it is a significant step forward in delivering on its promise to build 100,000 homes over the next decade. We are delighted to be at the forefront of making this exciting vision a reality.”
https://www.propertyinvestortoday.co.uk/breaking-news/2016/9/plans-approved-for-10-000-new-homes-in-barking
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