The Mayor of London, Sadiq Khan, has struck a deal with housing developer L&Q to inject £500 million of cash into the Barking Riverside development.

As one of the UK's largest regeneration schemes, Barking Riverside will deliver new transport links, parkland, community facilities and almost 11,000 new homes on the former power station site next to the River Thames.

The latest Section 106 agreement with the Barking and Dagenham Council and Transport for London means the project has now secured funding for;

• A new TfL Overground station connecting to central London in 22 minutes

• Land for seven schools including five primaries, one secondary, and one for special educational needs

• A new centre with 65,000 square metres of commercial, retail and leisure space, including a 2km riverside walkway, an ecology centre and new country park space

• A combined health care and leisure facility

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• A cycling hub

• Two local retail and dining hubs

• Employment, skills and training that will ensure locals benefit from the opportunities created by the scheme

Mayor Khan said the investment will create new transport, education and health services.

"This is an incredibly exciting project for Barking & Dagenham, but also for the whole of London," he 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 Londoners desperately need."

Andy Rowland, Managing Director – East Region, at L&Q said: "This agreement marks a vital step for Barking Riverside, ensuring we are able to deliver the necessary infrastructure to build a well-connected and thriving community which will benefit existing and future residents for years to come."

Matthew Carpen, Project Director for Barking Riverside Limited, a partnership formed between the Mayor and L&Q to deliver the scheme's masterplan, said: "This is another significant landmark for Barking Riverside, and signals 'lift-off' for all future activity on site.

"It commits us to over £0.5billion of infrastructure investment over a 15-year build programme. This agreement demonstrates the dedication to our partnership with the local authority and TFL, to deliver the goals of the project – a new piece of City with improved connectivity and a multitude of opportunity for both existing and future residents."

The overall Riverside Barking scheme is scheduled for completion by 2034.

Image: (L - R) Matthew Carpen, Project Director – Barking Riverside Limited; Councillor Darren Rodwell, Leader of Barking and Dagenham Council; Andy Rowland, Managing Director – East Region, L&Q.

(LM/MH)