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

Aaron Morby 3 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

Laing O’Rourke director killed in car crash on way to work

Tributes to Caroline Blackman who died early on Wednesday morning en route to Hinkley
3 days ago

Kier cutting jobs on Highways England contract

More than 100 workers facing redundancy across Midlands Area 9
3 days ago

Buckingham confirmed for £120m Swansea arena

Six months of pre-construction work to now get underway
3 days ago

Two North West smart motorway projects delayed

Costain and Galliford Try jobs put back by more than a year
3 days ago

Lendlease wins £8bn Thamesmead development

Morgan Sindall beaten in race for 11,500 home site
3 days ago

Government pledges £80m for Dawlish sea wall project

South Devon railway sea wall will be rebuilt and increased in height by 2.5m
3 days ago

30 jobs lost as Yorkshire precast firm collapses

Rippon-based Ebor Concretes placed in administration
3 days ago

Go-ahead for 200-home Cardiff build-to-rent scheme

Work to start on central Cardiff scheme this summer
4 days ago

Balfour renews £220m London Tube track upkeep

Four-year term will start in April with option to extend by six years
4 days ago

Boost your online presence – join the Enquirer Directory

New site for suppliers and buyers showcases products, services and latest stories
10 months ago

Bouygues paid £21m not to build Garden Bridge

Transport for London documents detail £53.5m wasted on doomed crossing
5 days ago

Government signs off £250m for major housing projects

Deal to release £157m for housing infrastructure in Cumbria and Devon
4 days ago

Beetham Tower owner faces £4m reclad bill

Owner will have to foot remedial facade works bill in wake of Carillion collapse
4 days ago

WYG profit warning sees share price crash 40%

Consultant back in talks with lenders over breaching banking covenants
5 days ago

United Living hires former Wates business director

Michael Holling takes role as northern and Midlands operations director after 24 years at Wates
4 days ago

Union demands death benefits for all construction workers

Unite says lack of employer-paid cover should be as unacceptable as not wearing a hard hat on site
5 days ago

Scaffold collapse on school misses kids by metres

Court hears how untied scaffold fell into Welsh school
5 days ago

Galliford Try construction hit by more Aberdeen bypass losses

Another £26m hit on bypass plunges construction into red in first half
5 days ago

Council terminates Lakehouse school contract

Willmott Dixon takes over site hit by "performance and project delays"
5 days ago

Government infrastructure pipeline needs reality check

Call for Treasury to drop project 'wishlist' for certain Pledged Projects List
5 days ago

Council seeks partner for Birmingham Ladywood Estate

Major regeneration plans at Ladywood and Perry Bar to boost city's housing stock
5 days ago

Willmott Dixon wins £21m Wakefield swimming pool

Work to start next month on Pontefract Park leisure centre
5 days ago

Weston and Tesco plan to turn store site into 1,400 homes

Application set to go in for major mixed-use development in east London
5 days ago

Network Rail unveils major operational shake-up

Devolved operating model moves from eight to 13 routes
6 days ago

Subcontractors wanted across Nottingham

Big name contractors and clients looking to boost supply chains: Register now for Meet the Buyer event
5 days ago

Bidding starts for £18m Helensburgh leisure centre

Argyll and Bute Council hopes to start work on seafront leisure centre and swimming pool this year
6 days ago

Interserve ‘fit for growth’ director exits

Dougie Sutherland merged UK and International construction businesses
6 days ago

Rail minister says HS2 doubts are “complete nonsense”

Government says its commitment to construction of the full route is "undiminished"
6 days ago

Go-ahead for Manchester Airport beauty group hub

Three contractors chase £31m deal for The Hut Group studio
7 days ago

Drink driver careers through roadworks

Jailed driver was three times over the limit when he crashed into a construction vehicle
6 days ago

Contractor services