Sadiq Khan gave his consent to a revised masterplan for Barking Riverside – a 180-hectare brownfield site on the northern banks of the River Thames in Eats London that is the single largest regeneration site in the capital.
London & Quadrant (L&Q) is developing the site with the Greater London Authority.
Previous plans for 28% of the housing to be classed as affordable have been tweaked. There is now to be at least 35% affordable housing, with provisions to raise this to 50% over time through additional investment and viability reviews.
L&Q chief executive David Montague said: “As Barking Riverside is one of the largest and most ambitious regeneration schemes in Europe, L&Q is committed to delivering homes, across a range of incomes, that are genuinely affordable for everyone. The revised masterplan approval helps us achieve this goal.
“The potential of Barking Riverside is enormous and for L&Q it is a significant step forward in delivering on its promise to build 100,000 homes over the next decade. We are delighted to be at the forefront of making this exciting vision a reality.”
The Mayor of London, Sadiq Khan, said: “Barking Riverside has enormous potential to deliver thousands of the much-needed homes Londoners so urgently need.
“I’ve made it clear that tackling London’s housing crisis is my number-one priority. Fixing this problem will be a marathon, not a sprint, but developments like this one will play a huge part in our efforts to provide genuinely affordable homes to buy and rent.
“Our next task is to ensure this development includes the facilities and infrastructure which will make this a fantastic place to live and to visit, rather than simply a housing development.”
The site is owned by Barking Riverside Ltd, a joint venture between the Greater London Authority (49%) and the housing association L&Q (51%), which took over Bellway's stake in the development earlier this year . Until the 1990s it was home to three power stations and a large amount of landfill.
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