Housing association L&Q Group has bought out developer Bellway at the Barking Riverside housing project, with aims to step up the number of homes being built.
Bellway will continue to be involved in the delivery of housing at the site, located where the Barking Power Station used to stand, but it plans to quadruple the number of homes built a year to 600.
Eventually, 11,000 new homes will be in place and L&Q is also contributing £70 million towards the £263 million extension of the London Overground a station by the site.
L&Q chief executive David Montague said: “The potential of the project is enormous and – as a leading housing association and developer – we have the vision and financial strength to make a long-term investment and commitment to help fulfil that potential.”
The housing association is currently involved in urban regeneration projects across London, including in Catford, Lewisham, Hackney and South Kilburn.
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