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

Aaron Morby 4 months 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 indicative masterplan, subject to change
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

Lendlease to start £275m Hammersmith scheme

Construction to start next month on major office project
12 hours ago

Contractors call for calm as Brexit victory spooks markets

Construction fears over costs, skills and investment as house builder shares crash
16 hours ago

Cameron resigns as exit vote sends markets crashing

New Prime Minister to be elected by October
15 hours ago

Shepherd Group suffers £74m hit from sold building arm

Strong profits at remaining Portakabin business help to cut group loss to £28m
16 hours ago

Bidding set to start on £2bn East London cultural quarter

London Legacy Development Corporation set to procure shell and core work
16 hours ago

Building worker critical after being crushed by JCB

Digger at Hebburn housing site believed to have reversed into worker
15 hours ago

Plant test cheats website dodges closure threat

CITB chiefs battling to close down site undermining tests for machinery drivers
1 day ago

Green light for £18m Midland Metro extension

Preparatory utility diversion works to start immediately
1 day ago

Hill wins approval for £100m east London housing scheme

Work to start on Walthamstow triple towers this autumn
1 day ago

Construction workers win inflation busting pay rise

Deal agreed but unions warn pay agreement is "no longer fit for purpose"
2 days ago

Betting Spy: Roy’s luck set to run out against France

Quarter Finals could be our Waterloo while Croatia are an attractive price to see off Portugal
1 day ago

Costain to use more drones to make sites safer

Unmanned aerial vehicles can take on hazardous tasks
2 days ago

Bowmer & Kirkland profit jumps by almost half

Derbyshire private builder lifts profit to nearly £40m
2 days ago

Plans for £250m Liverpool resi towers trio

Liverpool developer Elliot plans cluster of 34-storey towers
2 days ago

Specialist wins low road tender court hearing

Judge rules against public client who rejected "abnormally low" bid from FP McCann and Balfour Beatty
2 days ago

Yorkshire plumbing contractor sinks

More than 100 jobs cut after firm fails to reach agreement with HMRC over tax arrears
2 days ago

Bid race starts for £20m Luton science block

University of Bedfordshire will appoint a contractor in September
2 days ago

Wates wants to meet local suppliers

Meet the Buyer event for local firms to be held on the WIrral: Register now
2 days ago

“Pop up” rail depot sends aggies to North West sites

Temporary plant saves thousands of HGV journeys across region
2 days ago

Morgan Sindall reopens Kent precast plant

Plant remobilises after big order for Tube Northern Line Extension tunnel extension rings
2 days ago

Wolverhampton Uni plans to invite bids for £20m project

Construction of School of Architecture and Built Environment to start in March
3 days ago

Willmott Dixon profits plunge 39%

Willmott Dixon expects residential business to drive profit growth in years ahead
3 days ago

Brexit could raise construction costs by 15%

Galliard Homes fears huge increases in materials and labour prices
3 days ago

Yobs hurl rocks from Dover cliffs at Costain workers

Rocks missed site workers by inches on railway rebuild job
3 days ago

BAM Nuttall bounces back into the black

Contractor turns an £18m profit after £18m loss in 2014
3 days ago

£100m Bristol Parkway office block approved

New HQ building proposal gets green light
3 days ago

National M&E contractor EIC in administration

More than 1,000 workers hit by collapse
4 days ago

Plans in for second New Bailey office in Salford

Work expected to start early next year on next phase
3 days ago

Mace gets green light for Oxford shopping centre

Mace aims to start on West Way Place site early next year
3 days ago

Opinion: Time for top construction firms to step forward

Don't hide your light under a hard hat: Enter the Construction Enquirer Awards now
4 days ago