Homes England agrees funding package worth £56 million to accelerate delivery of infrastructure at Barking Riverside.
Homes England has agreed a funding package worth £56 million to help accelerate the delivery of upfront infrastructure at Barking Riverside, a 179-hectare development of over 10,000 new homes. Homes England’s funding will support the acceleration of the provision of services, roads and social infrastructure, as well as helping unlock previously challenging areas of the site, increasing potential capacity by an additional 1,000-2,000 homes.
Barking Riverside is being delivered by Barking Riverside Limited, a joint venture between The Mayor of London and L&Q, who have committed to providing a wide range of housing tenures, up to 50 percent of which will be affordable housing. Plans for Barking Riverside also include up to 65,000 square metres of commercial and leisure space, as well as healthcare facilities, seven new schools, large public open spaces and a new London Overground Station.
The funding package, worth a total of £309 million, will also unlock development and infrastructure delivery at Brent Cross and Silvertown Quays.
Matthew Carpen, Managing Director of Barking Riverside Limited, said: “This funding represents an important new partnership, as we push forward in the delivery of necessary infrastructure, world-class public realm and new facilities for the local community and London as a whole. Up to 50 percent of the homes unlocked will be affordable, with significantly enhanced connectivity and increased opportunities for local people and future residents.”
Housing Minister Rt Hon Christopher Pincher MP said: “Our commitment to get Britain building is central to the mission of this Government, which is why last month I ensured home building can restart in a way that is safe.
“This investment from our £4.5 billion fund is a real statement of intent, delivering up to 20,000 homes, thousands of jobs, and putting in place the schools, retail and leisure spaces needed to form strong, vibrant communities.”
Gordon More, Chief Investments Officer at Homes England, said: “Despite the unusual and challenging situation the housebuilding sector, and indeed the whole country, is currently facing, Homes England remains open for business and committed to helping our partners deliver much-needed new homes.
“By investing in projects on this scale and allowing funding to be recycled into future phases of development, we are able to support significant schemes where commercial lenders may not. This means these three major developments can invest in the infrastructure they need to deliver in these uncertain times and accelerate the delivery of new homes.”