Barking’s £1.8bn Factory District scheme hits the market

Be First, the regeneration arm of Barking and Dagenham Council, is seeking funding and development partners to progress its Factory District scheme in east London, which has an overall GDV of £1.8bn. Partners are being sought for the second phase of the project, on Thames Road, Barking, which will deliver 1,323 homes. The first phase – at 12 Thames Road – is due to be completed later this year. The £58m development of 156 affordable built-to-rent homes across four multi-level residential blocks ranging from seven to 16 storeys is also delivering 54,000 sq ft of light industrial units. The Factory District is located next to another recently launched Be First development, Industria, the UK’s first multi-storey light industrial scheme. The development comprises more than 100,000 sq ft of industrial floorspace in two connected buildings. The Factory District project will transform underused brownfield land into a co-living business and residential district. The project also aims to provide employment space for local businesses and help the growth of SMEs. Geoff Raw, managing director at Be First, said: “Barking & Dagenham has undergone an outstanding transformation in recent years and this latest project is yet another reason to be excited for now and the future. We welcome any potential financial and development partners to get in touch with us to discuss this opportunity.” Darren Rodwell, leader of Barking and Dagenham Council, added: “Barking & Dagenham is the growth engine of London with huge development opportunities. The Factory District is the latest of several exciting projects happening here and will deliver hundreds of jobs, thousands of homes, and millions in growth potential. “The scheme will also be a lynchpin for complementary plans for 10,000 further homes at Barking Riverside and 5,000 homes in Barking town centre, demonstrating the scale of development and potential in the borough.”