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

Balfour Beatty delivers 2-3% construction margin goal

Leo Quinn hits phase two target of Build to Last turnaround plan
2 days ago

Firms admit price-fixing of concrete drainage products

Precast firms took part in cartel for seven years
2 days ago

£300m Edgbaston mixed-use scheme advances

Phase one office project edges closer at New Garden Square regen scheme
2 days ago

All JCB staff get £1000 Christmas bonus

Over 7,000 staff earn biggest Christmas bonus in a decade
2 days ago

Robertson appoints Morgan Sindall director

Scott Wilson is now Robertson's business development director
2 days ago

Beeston leisure centre out to bid

Bidding starts on cinema project in £30m shops and 130 homes scheme
2 days ago

Scape MD to head Perfect Circle consortium

Victoria Bambini to lead AECOM, Pick Everard and Gleeds joint venture
2 days ago

EastEnders set rebuild soars £27m over budget

NAO slams BBC for planning failures and procurement delays
3 days ago

Spurs stadium delays continue into New Year

Man Utd match will be played at Wembley next month as contractors work through Christmas
3 days ago

Speedy buys construction training business for £9m

Plant hirer buys Glasgow-based Geason in construction training push
3 days ago

Summer start for £25m Carlisle flood defence plan

Flood defence plan to be revealed three years after storm Desmond hit
3 days ago

Amco wins Dunbar railway station upgrade

Work to start next summer on new platform and footbridge
3 days ago

Architects win post-Brexit talent deal

Designers win concessions but construction still in skills turmoil
3 days ago

Boost your online presence – join the Enquirer Directory

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

Essex contractor collapses after posting record results

Bolt and Heeks Ltd in administratron with 55 job losses
4 days ago

Science park starts contractor hunt for £12m office scheme

Construction work up for grabs on trio of buildings near Liverpool
4 days ago

Hitachi to pull out of £14bn Anglesey nuclear power plant

Hitachi plans for Anglesey nuclear power plant now in doubt
4 days ago

M&E specialist Ameon replaces Imtech on Graham site

Subcontractor steps in to keep project on track
4 days ago

Marshalls to buy rival concrete brick maker

Marshalls to buy Edenhall for up to £17m
4 days ago

Argent gets go-ahead for major Tottenham Hale revamp

Contractor hunt to start soon with construction set to start next summer
4 days ago

Drylining boss banned for tax dodging

Insolvency Service investigators uncover huge CIS and VAT payment discrepancies
4 days ago

£2bn Elephant & Castle shopping centre scheme final go-ahead

Demolition to start after London mayor nods through vast scheme
5 days ago

Modular building specialist goes into administration

Timber accommodation pod maker Carbon Dynamic runs out of cash on major contract
5 days ago

Structural engineer crushed under scaffold tubes

Housing giant and scaffold contractor fined a total of £180,000
5 days ago

Consultant MHBC merges with Cumming

City of London based firm now part of global giant
5 days ago

Crossrail delayed again as costs rise by another £2bn

Mayor attacks previous management team who insisted project was "on time and on budget"
5 days ago

Top housing association hires Lendlease resi chief

Richard Cook will lead Clarion Group's ambitious development plans
5 days ago

UK’s tallest Premier Inn plan in Docklands

Premier Inn books in at 30-storey mixed resi and hotel scheme
5 days ago

Kier wins £45m Cambridge schools campus phase one

Northstowe education campus includes a new 1,800 pupil secondary
5 days ago

Ian Lawson to advise McLaren on growth plans

Former Severfield and Kier boss becomes consultant at expanding contractor
5 days ago

Contractor services