The Mayor of London has paved the way for up to 10,000 new homes in Barking – as many as 50 per cent of which could be affordable – after approving the masterplan for the single largest regeneration site in the capital.
Sadiq Khan gave his consent to the masterplan for Barking Riverside – a 180-hectare brownfield site on the northern banks of the River Thames.
In line with Sadiq’s long-term aim, a target of 50 per cent affordable housing has been set for the development, including affordable homes to rent and those for first-time buyers, across a mixture of one, two and three-bedroom homes.
Under the previous Mayor, the plans included only 28 per cent affordable housing. Despite still operating under the existing London Plan set by the previous Mayor, Sadiq has now agreed a scheme that includes a minimum of 35 per cent affordable from the outset, with provisions to raise this to 50 per cent over time through additional investment and viability reviews.
The Mayor of London, Sadiq Khan, said: “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.
“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.”
Leader of Barking and Dagenham Council, Councillor Darren Rodwell, said: “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 programme, 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.”
David Montague, Chief Executive of London & Quadrant (L&Q), said: “As Barking Riverside is one of the largest and most ambitious regeneration schemes in Europe, L&Q is committed to delivering homes, across a range of incomes, that are genuinely affordable for everyone. The revised masterplan approval helps us achieve this goal.
“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.”
The site is owned by Barking Riverside Ltd, a joint venture between the Greater London Authority (GLA) and the housing association L&Q. Until the 1990s it was home to three power stations and a large amount of landfill.