A new masterplan has been approved to build 10,800 homes at Londonís single largest regeneration site, also setting a new target for affordable units.
Taking over from a previous project for the site, and still operating under the existing London Plan set by the former mayor Boris Johnson, the new Barking Riverside masterplan brings affordable housing up from 28% to a minimum of 35%, with provision to raise it to 50% over time through additional investment and viability reviews.
Mayor of London Sadiq Khan approved the plans yesterday (6 September). He said the site had “enormous potential to deliver thousands of the homes Londoners so urgently need”.
“I’ve made it clear that tackling London’s housing crisis is my number one priority,” he continued. “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.”
A joint venture between the Greater London Authority (GLA) and L&Q, Barking Riverside is being developed on a 180-ha brownfield site on the northern banks of the river Thames, home to three power stations and a landfill site until the 1990s.
The site will include a promenade, wildlife reserves and a marina. It is expected it will take 15 years to complete.
Asked about the feasibility of the target of 50% affordable housing, the GLA and L&Q told BOLD: “It will be subject to a host of factors including the performance of the housing market, construction costs, investment from our partners including the Mayor of London.
“However it is a target that all parties are determined to drive towards.”
As part of the first stage of the earlier masterplan, 734 homes have already been built on the site and a further 414 are under construction, with completion expected by summer 2017.
The new masterplan paves the way for an additional 9,652 homes, a train station and transport interchange. The area will be served by a £263 million extension to the Gospel Oak to Barking overground line.
The scheme also includes scope for shops, restaurants, community and leisure facilities, public squares, healthcare and schools.
Matt Carpen, development director of Barking Riverside, told BOLD: “Barking Riverside is one of the largest and most ambitious regeneration schemes in Europe, and we are committed to the comprehensive renewal of the area. This will allow us to deliver thousands of much-needed new homes as well as creating new transport links and open space for residents.
“We are working towards a target of 50% affordable housing, which could help thousands of people across a range of incomes to get the home they need. The potential for this project is enormous and the approval of our revised masterplan takes us one step closer to achieving these goals.”
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