Housing association London & Quadrant (L&Q) has acquired listed housebuilder Bellway’s stake in the £1.5 bn (€1.93 bn) 10,800-home Barking Riverside regeneration scheme in East London.
Housing association London & Quadrant (L&Q) has acquired listed housebuilder Bellway’s stake in the £1.5 bn (€1.93 bn) 10,800-home Barking Riverside regeneration scheme in East London.
L&Q has taken over a 51% stake in the scheme, which will be developed jointly with the Greater London Authority.
The 179-hectare site is set to become a town the size of Windsor with 10,800 new homes, of which a third are to be affordable. The development also includes 65,000 m2 of commercial, retail and community facilities, one secondary and up to four primary schools, public squares and walkways, and major new highway infrastructure.
L&Q will invest £70 mln to help extend the London Overground rail line to the site, and will tap the bond markets for the investment in the project.
Bellway Homes has retained an option in the joint venture to build a 'significant' number of the planned new homes on the site.
David Montague, Chief Executive of L&Q, said that the potential of the project is 'enormous'.
'We’re setting out to quadruple the speed of delivery of new homes and that starts with investing in the critical transport infrastructure to connect Barking Riverside with the rest of the capital. The scheme is a significant step in delivering L&Q’s promise to build a pipeline of 50,000 new homes in the next 10 years,' he added.