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L&Q and London mayor Sadiq Khan have struck a £500m Section 106 agreement for the mammoth Barking Riverside regeneration scheme.
The 90,000-home landlord and the Greater London Authority will invest the cash in housebuilding and infrastructure through their partnership vehicle, Barking Riverside Limited, over the next 15 years.
Under the Section 106 agreement with Barking & Dagenham Council and Transport for London, the partnership will build 10,800 homes and help fund a new London Overground station running to central London.
The agreement also includes a new 65,000 sq m commercial, retail and leisure space centre; a healthcare facility; and land for seven schools.
Half of the new homes will be classed as affordable, of various tenures.
Mr Khan said: “This is an incredibly exciting project for Barking and Dagenham, but also for the whole of London.
“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, east region managing director 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.”
Previously the site of three power stations and a landfill site, Barking Riverside is set to become the size of Windsor once complete.