L&Q buys out Bellway at 11,000-home Barking Riverside

Aaron Morby 2 years ago
Share

Housing association London & Quadrant has bought out Bellway’s stake on the vast 11,000-home Barking Riverside regeneration scheme with plans to fast-track house building.

Barking Riverside is equivalent to a new town the size of Windsor

L&Q pledged to quadruple house building rates on site to 600 homes a year and pump £70m into the £263m extension of the London Overground to the former Barking Power station site.

Work can now start in 2017 on the extension of the Gospel Oak line from Barking to Barking Riverside.

L&Q has bought a 51% stake in the scheme and will deliver it with existing joint venture partner the Greater London Authority.

Under the deal, Bellway Homes has retained an option to deliver a significant proportion of market sale homes on the site as development partner, and as a supporting contractor for affordable housing units. 

David Montague, chief executive of L&Q, said: “We’re delighted to help lead one of the largest and most ambitious regeneration schemes in Europe.

“The potential of the project is enormous and – as a leading housing association and developer – we have the vision and financial strength to make a long-term investment and commitment to help fulfil that potential.

“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.”

As a housing association, L&Q’s investment model allows it to embark on long-term investment and infrastructure development. Its investment at Barking Riverside is part of its five-year plan to accelerate its output and deliver 50,000 new homes over the next decade. Last year, L&Q issued a bond of £250m with a 34-year deal to support its growth plans.

The development partnership with GLA will also have access to £55m of funding via the Homes and Communities Agency’s Large Sites Infrastructure Fund, as confirmed by the Chancellor in the 2015 Autumn Statement, which has helped to accelerate development on the site. 

Ted Ayres, chief executive at Bellway said: “Having played a significant and instrumental role in taking Barking Riverside through planning and into its initial stages of delivery, we will now be focused on bringing forward a series of housing phases in partnership with the GLA, L&Q and the London Borough of Barking and Dagenham.”

The 179-hectare former Barking Power station site had lain dormant for more than 35 years.  The development will see the creation of a new town the size of Windsor, delivering 10,800 new homes for Londoners, around a third of which will be affordable.

Barking Riverside also includes 65,000 square metres of commercial, retail and community facilities, one secondary and up to four primary schools, public squares and walkways, and major new highway infrastructure.  

Latest news

Almacantar chief in Twitter tirade against McAlpine

Mike Hussey says he would not trust contractor to 'deliver a pizza'
2 hours ago

Persimmon chiefs hand back £50m after bonuses outcry

Persimmon bosses waive second instalment of bonuses
4 hours ago

Colas and Volker to exit huge London highways contract

CVU joint venture and TfL agree to part company early on eight-year framework
21 hours ago

Lendlease on board for £4bn London Euston district

Arup and Grimshaw will now work on Euston plans
12 hours ago

Carillion cracked hospital beams remedial work unfinished

Auditors and pension regulator heavily criticised by MPs
22 hours ago

Amey Rail snaps up Carillion rail projects saving 700 jobs

Projects in the East Midlands, London and North West England back on track
1 day ago

Willmott Dixon gets start date for £49m Colston Hall revamp

Work to start in June on major regeneration for Bristol landmark
13 hours ago

Boost your online presence with the new Enquirer Directory

New site for suppliers and buyers will showcase their products, services and latest stories
4 months ago

Betting Spy: England to win the Calcutta Cup

England can cover the handicap in the Six Nations while West Ham have it all to do as usual at Anfield
14 hours ago

Carillion bosses dodge pension black hole

Accounts show one pension scheme was in surplus while the rest had an £800m deficit
1 day ago

Morgan Sindall profits soar as margins restored

Fit-out and construction deliver strong profit growth as 2018 set to be bumper year
1 day ago

Centre Point Tower developer claws back £1m from McAlpine

McAlpine counts cost of row over design and build or construction management route for London tower
1 day ago

Sisk vows to complete joint venture jobs after Lagan collapse

Contractor will complete Highways England schemes on its own
2 days ago

Suspended sentence for scaffolder spotted without harness

Court hears how experienced worker chose to ignore safety rules
1 day ago

Construction slave labour ring smashed in East London

Fifty Eastern European workers saved after exploitation on sites
2 days ago

GRAHAM wins £86m Liverpool build to rent tower

Demolition work to start on waterfront site this month
2 days ago

Interserve to close power lines operation axing over 70 jobs

Power transmission firm to be wound down over next few months
2 days ago

Lagan puts construction arms into administration

Up to 200 jobs at risk as construction and building divisions hit by delays and disputes
3 days ago

Barratt looks to new building methods to boost volumes

Completions creep up by 2% as UK's largest house builder looks to use more offsite construction
2 days ago

BAM counts cost of weaker pound

UK business pre-tax profit slip of 7% to £35m due to exchange rate change
2 days ago

Galliford Try clinches £55m Leamington Spa housing project

Partnerships arm will build 375 homes for Waterloo Housing Group
2 days ago

Green light for London Deutsche Bank HQ

Developer Landsec says construction to continue once substructure is complete next March
2 days ago

Highways England calls bids for £326m Area 10

Hunt starts for maintenance and response contractor in north west
3 days ago

Carillion directors ‘contemptuous’ of pension funding

Carillion trustees alerted watchdog twice over pensions shortfall to no avail
3 days ago

Civils to start on £160m Yorkshire shopping centre

Advanced highways and infrastructure work to start this summer
3 days ago

Liverpool advances £700m Festival Park redevelopment

Willmott Dixon to carry out enabling works around Festival Garden dome base
4 days ago

Consultant Dar to build new Holborn HQ

Hunt on for contractor as Currie & Brown owner plans UK expansion
3 days ago

Another 152 Carillion staff axed taking job toll to 1,141

Staff told to pack up as fresh wave of job cuts unveiled today
4 days ago

Mace lands £350m Stevenage town centre revamp

Council picks winning developer for major town centre regeneration
4 days ago

Construction cartel whistleblowers offered £100k for tip-offs

Competition and Markets Authority targets construction in latest crackdown
4 days ago

Contractor services