Barking Riverside (BRL) has secured a funding package of £124m ($159.56m) from Homes England to support the infrastructure of a major housing development in East London, UK.
BRL is a partnership between L&Q and the Mayor of London body.
The investment will facilitate the construction of 20,000 new homes at the BRL project, an urban regeneration effort on a 443-acre brownfield site.
BRL, once the site of Barking Power Station, is undergoing a transformation into one of Europe’s largest placemaking projects.
The mixed-use development aims to offer affordable family homes, expansive green spaces, seven new schools, improved access to the River Thames, and a hub for retail, employment, and community activities.
The funds from Homes England will enable BRL to conduct essential land preparation, including flood defence work and an energy centre construction.
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This infrastructure is crucial for the addition of 16,500 homes to the 3,500 units already built or in progress by L&Q and Bellway.
Homes England CEO Peter Denton said: “Delivering the government’s target of building 1.5 million homes will require support and collaboration from across the house-building sector.
“At Barking Riverside, there is potential to literally build more homes – and more affordable homes – in a place where they are desperately needed. And that’s why we’ve stepped in, providing funding to deliver vital infrastructure, unlocking more land, so that our partners can build even more homes for the people of east London to enjoy and be proud of.”
Upon completion, Barking Riverside is expected to house a community of up to 50,000 people, significantly contributing to the housing supply in the region.
L&Q, a residential developer and housing association, is at the forefront of this development, with a commitment to creating affordable, high-quality living spaces.
