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

Aaron Morby 8 months ago

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

£1.4bn Brent Cross shopping mall expansion unveiled

Enabling works for the extra 1.4m sq ft extension to start next year
3 hours ago

Wates bags £130m trio of jobs for Select Property

Multi-site student accommodation building deal in Manchester, Newcastle and York
17 hours ago

BAM lands 2,700 place Jaguar Land Rover car park

Multi-storey car park for staff and production cars thought to be worth over £25m
3 hours ago

£2.8bn National Grid plan to bury power lines in Cumbria

Plan to put lines underground and under Morecambe Bay to protect the Lake District.
2 hours ago

MCS lands £6.5m cladding deal at superstore

Kier awards major package contract to Massey Cladding Solutions on Trago Mills job
2 hours ago

Shaylor hails £100m post-Brexit orders

Midlands residential and student market lifts Walsall builder
3 hours ago

Construction boss jailed for £6.9m payroll fraud

Court hears how building boss and accountant funded lavish lifetstyles with payroll scam
23 hours ago

ISG gets start date for £39m Liverpool site

Mixed-use scheme is latest phase of Knowledge Quarter development
1 day ago

Construction plant skills card scheme under review

Future ownership of the CPCS under discussion
1 day ago

Blaze destroys Renfrewshire timber homes site

Fire strikes at second timber frame building site in a week
1 day ago

Costain poaches William Hare project director

Alex Smale joins Costain as construction director for Hinkley Point contract
1 day ago

Profit slides at Osborne as legacy jobs settled

Operating margin slides to 1% but outlook remains strong
1 day ago

Clugston bags 13th major incinerator job

Meet the buyer event to be held next month for Deeside energy from waste scheme
1 day ago

Bidding starts on £70m Worcester Southern Link Road

Worcester's notorious Carrington Bridge will be widened to dual carriageway
1 day ago

Unite plans 570-bed Sheffield student scheme

Student rooms developer will spend £35m on city centre project
1 day ago

GRAHAM lands £150m Barnet major works deal

Leisure centre and school sites kick-off five-year partnership
4 days ago

Manchester 52-floor skyscraper approved

St John's Place tower at former Granada Studios site gets green light
4 days ago

Lendlease renews site access deal with HRS

Latest monitoring technology to be used at all contractor's sites
4 days ago

Michelmersh calls end to brick price rises

Increased competition sees prices remain flat
4 days ago

Pensioner killed at poorly managed roadworks

Tarmac hit with £1.3m safety fine
4 days ago

Cleveland Bridge recruits large buildings team

Steelwork contractor set sights on large building market
4 days ago

Murphy signs contract for £25m Blackpool outfall

Work to start on UK's longest and largest diameter outfall in March
4 days ago

Construction site gas leak causes chaos at King’s Cross

200 workers evacuated from North London site
5 days ago

£28m Dudley rail centre gets green light

Very Light Rail innovation centre and test-bed track approved
5 days ago

Wates confirms Paul Chandler as new construction boss

Former Skanska chief to take up the reins in January
5 days ago

Betting Spy: Contractors on a roll at awards night

Enquirer awards after party was a long night while favourites can land a 3/1 treble
4 days ago

£20m road schemes backed for 3,300 south west homes

Quartet of road improvements will unlock 3,300 new homes
5 days ago

Barratt boss arrested in contracts probe

London MD Alastair Baird suspended following major investigation
6 days ago

Laing O’Rourke to start St James Centre £1bn revamp

Demolition of old St James shopping centre in Edinburgh to take 18 months
5 days ago

Link Group names £280m Scottish new build partners

Keepmoat, Cruden, Graham and Esh secure places on central belt framewok
5 days ago