Inside Riverside’s development plans – and possible return to Section 106

Aerial views

We go up to the 31st floor of the building to talk – when finished, this will be the highest habitable level. At the time of Inside Housing’s visit just before Christmas, the façade is unfinished, so we get a spectacular version of the views that future residents will enjoy when the building is complete – Canary Wharf’s towers, and the Thames snaking below. We can’t quite see Inside Housing’s offices to the east, even though they are just a short walk away, because of the cluster of office buildings and apartment blocks that have sprouted up around the area.

You can, however, see plenty of Riverside’s stock from up here. Mr Marcantoni points out several other Riverside estates, including low-rise houses and mid-century concrete blocks that increasingly stand out as the Isle of Dogs quickly develops.

We’re standing in one of Riverside’s regeneration projects, and it has more in the works nearby – one project that Mr Marcantoni points out has the potential for 1,300 or more homes. Pointing out another block, he explains the landlord recently got planning permission for a project that will add 400 new homes on the site.

Another block, Kingsbridge, has had a resident ballot in favour of regeneration. “But we’re struggling to make that viable,” Mr Marcantoni adds, even with the potential to cross-subsidise with market sale flats directly on the Thames. One reason is the higher proportion of leaseholders; another the high cost of relocating residents during the work. “The residents were very in favour of regeneration there, but we’re just struggling to make it work,” he says.

Back in August 2024, Inside Housing reported that Riverside had stopped bidding on Section 106 homes, as it focused investment on existing homes, regeneration projects – like Bellamy & Byng – and projects it was already under contract for.

Priority on regeneration

Fast forward to today, and Mr Marcantoni has a slightly more moderate take than the 2024 headlines suggested. He describes Riverside’s strategy more as an order of priorities with regeneration at the top, rather than completely ruling out Section 106. “We’re ordering regeneration first, then 106,” he says. “I’m still pro-seeing what it can deliver.”

Recently, he went to visit residents in Section 106 homes on a development in Newham, east London. “70% of them, their last address was a Travelodge,” he says. “The difference it makes – it changes people’s lives.”

How about greenfield development? Mr Marcantoni’s view on this is “not in London”. Riverside has 18,377 homes in London, and around 57,000 outside. “I think we’ve got quite a bit to be getting on with as well,” he notes.

Riverside is experiencing the same development challenges as other landlords: building costs are up, labour costs are up and projects need to pass the new Building Safety Regulator’s Gateway process. Mr Marcantoni says this has had a particular impact on the economic viability of mid-rise blocks between eight and 12 floors, because the lower density of homes makes it hard to stack up financially.

The recent shake-up at the Building Safety Regulator does seem to be having a positive effect, though. “There’s more engagement now than there was before,” Mr Marcantoni observes. “But I think there’s still quite a lot of changes that are needed in terms of submission and documentation.”

And how has this impacted the Bellamy & Byng project we’re standing in? “We delayed it significantly to incorporate second staircases,” Mr Marcantoni says.

On the other hand, the government’s 10-year grant programme is poised to open for bids. Mr Marcantoni says he’s “still waiting really on a bit more detail” to work out what the impact will be.