L&Q acquires 167 affordable homes in Barking Riverside from Southern Housing
L&Q started 2023 with a major asset acquisition in Barking.
The housing association announced the procurement of 167 homes, all of which are affordable, from Southern Housing.
Following a period of stock rationalisation, L&Q has formalised its focus on growth areas, such as Barking & Dagenham, London, by acquiring strategic housing stock at Barking Riverside.
The housing association recently acquired 167 homes from the newly formed Southern Housing.
The units form part of the first delivery phase at Barking Riverside, completed before L&Q became one of the key developers onsite.
The housing giant already has considerable stock in the Borough, with a total of 3,627 units and several hundred more in the pipeline.
Of these, over 650 homes are located at Barking Riverside, one of the country's largest and most ambitious developments, where L&Q and the Mayor of London are delivering a vibrant neighbourhood of over 10,000 homes as JV partners.
This acquisition reinforces L&Q’s position as one of the Borough's leading affordable housing providers and follows the organisation’s strategy for long-term growth and investment.
Of the newly acquired stock, 115 units are socially rented homes, and the remaining 52 are intermediate market rent.
John Lumley, Director of Strategic Sales at L&Q, said:
“We are very excited to start the new year with a major new deal that strengthens our presence in one of our key boroughs and areas for growth, Barking & Dagenham.
This acquisition not only marks another step forward in our growth strategy as a strong and forward-looking business, but it also solidifies our commitment to the local area, our residents at Barking Riverside and the partnership with the local authority.
As one of the UK’s leading housing associations and residential developers, L&Q is here for the long term and is embedded in the legacy model for the development.
We are fully invested in the success of Barking Riverside, not only as part of our long-standing JV with the Mayor of London, but also as landlord and steward for the area; and we hope to continue to grow in both these roles.”
Barking Riverside Limited (BRL) – a joint venture between L&Q and the Mayor of London – is the master developer behind Barking Riverside. They are responsible for delivering the infrastructure on site and preparing the land for plot developers.
Last year saw the JV invest a whopping £185m to part fund the delivery and opening of a new Overground Station at Barking Riverside, the first extension on the line since 2015.
That was complemented by an additional £280 million invested in surrounding infrastructure – including the Uber Boat by Thames Clippers pier.