Barking Riverside

£56m Funding Package for Barking Riverside

04/06/2020 by Buildington
Homes England, the government’s housing agency, has agreed funding package of £56 million for Barking Riverside.

Barking Riverside, Brent Cross South and Silvertown Quays were among the three large developments to receive the loan funding totalling £309 million, which comes from the government’s £4.5 billion Home Building Fund. It will enable the schemes to invest in the infrastructure necessary to speed up the construction of thousands of new homes in the capital.  

Barking Riverside is 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 and 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 housing association L&Q, who have committed to providing a wide range of housing tenures and up to 50 per cent affordable housing. Plans for Barking Riverside also include 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.

Matthew Carpen, Managing Director of Barking Riverside Limited, commented:  “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 per cent of the homes unlocked will be affordable, with significantly enhanced connectivity and increased opportunities for local people and future residents.”
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