The London Borough of Barking and Dagenham has announced the completion of an exciting new deal that will secure the development of 477 brand new affordable residential units in two prime locations both in urgent need of regeneration.

Working alongside leading contractor Laing O'Rourke, its investment arm Explore Investment, and through a partnership agreement with institutional asset developer Long Harbour, the Council has secured funding for hundreds of new homes for local residents, many of whom are currently waiting for properties on the authority’s housing waiting list. The homes will be situated in Barking Town Centre at the prime William Street Quarter site and the Eastern End of the Thames View on the edge of Barking Riverside.

As part of the Council administration's commitment to deliver new homes for local residents, this deal comes on the back of recent initiatives locally which have secured the building of brand new council houses in the Borough, marking out Barking and Dagenham as one of the most innovative and committed local councils in the country when it comes to securing continuing investment in new homes, even in the teeth of an unprecedented economic downturn.

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Each of the 477 properties will be available to local people at affordable rents, ranging between 50 - 80% of local market rates in the Borough. The scheme will be entirely self-financing from the rents paid over the term of the lease. At the end of the lease period, all the properties will automatically transfer into full ownership of the Council.

The 477 properties will be delivered by leading contractors Laing O'Rourke and Jerram Falkus with a commitment that a quarter of the workforce in the on-site construction will be made up of people from the Borough.

Cllr Phil Waker, Cabinet Member for Housing at Barking and Dagenham Council comments: "This is a tremendously exciting and innovative scheme which will deliver much needed new homes for the people of this borough.

"The Council Cabinet made a manifesto commitment at the last local election to deliver real and lasting investment in housing, despite the chill economic winds that have buffeted our area - and this announcement is another highly visible example of our determination to deliver on that promise. Not only will we see almost 500 new affordable homes built in prime sites which local people can and will be able to afford to rent, we are one of the very few local authorities that is currently building council housing under our own investment programme. We believe we have a strong record to be proud of."

The first dwellings will be available for take-up in about 18 months time, with the entire scheme expected to be completed within three years.

(CD/GK)