The much-anticipated Barking Riverside housing development scheme will receive an additional investment boost worth £500 million, it has been confirmed.
In recent days, Mayor of London Sadiq Khan and property developers L&Q have confirmed that the new site, which will comprise 11,000 new affordable homes, will receive further funding towards creating new transport links and community facilities.
Reports suggest that the agreed £500 million investment will give way to a new Transport for London (TfL) overground station, as well as a 2km riverside walkway, shops, commercial buildings and more.
The upcoming site – which has previously been described as “Barcelona on Thames” – will also feature a ‘cycling hub’, a country park space and an ecology centre, it has been confirmed.
Darren Rodwell, Council Leader of Barking and Dagenham Council, said that the new investment formed part of his “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.”
Mayor of London Sadiq Khan, added: “This is an incredibly exciting project for Barking and 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 community,” he said.
Reports suggest that once the Barking Riverside scheme is finalised, it will create a small town approximately the same size as Windsor.
