The mayor of London, Sadiq Khan, and L&Q have agreed a £500m s106 for the 11,000-home Barking Riverside scheme.
The project is being delivered by the GLA and L&Q in a joint venture, Barking Riverside Limited, and the money will be used to build new transport links, parkland and other community facilities, alongside almost 11,000 homes.
The money will fund a new Overground station and extension for the site which is currently not connected to public transport. L&Q had previously said it would pay around £70m of the £260m cost of the extension.
Other infrastructure commitments in the scheme’s section 106 agreement included funding for:
■ land for seven schools including five primaries, one secondary, and one for special educational needs;
■ a new centre with 700,000 sq ft of commercial, retail and leisure space, including a 1.2-mile riverside walkway, an ecology centre and new country park space; and
■ a combined health care and leisure facility.
Barking Riverside will also be London’s first and only NHS Healthy New Town, which embeds health priorities into its design. Half of the new homes will be affordable.
Khan said: “As we tackle the biggest housing crisis of a generation, major developments like Barking Riverside will deliver thousands of the genuinely affordable new homes.
“As well as housing, our investment will create the new transport, education and health services needed to turn this into a thriving new community.”
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