Thames site acquired for large PRS development
Published by Max Salsbury for 24dash.com in Housing and also in Development
A site has been earmarked for 318 new private rented sector homes within the Barking Riverside development in east London.
Residential and urban regeneration specialist Sigma has agreed terms for the 443-site which will allow it or its funding partners to develop four new apartment blocks, to include a high percentage of three bedroom family units.
The overall delivery cost of the project is estimated to be in excess of £50 million.
The agreement has been signed with Barking Riverside Ltd, a joint venture company between the Greater London Authority and Bellway Homes plc.
Sigma expects site construction to commence in late 2014, subject to completion of detailed site acquisition agreements and funding arrangements, with delivery expected in approximately two years.
The Barking Riverside development is a major new neighbourhood being created alongside two kilometres of river frontage in the heart of the Thames Gateway.
It has planning permission for 10,800 new mixed tenure homes, with a high proportion of larger homes for families. The development will feature new schools, healthcare, shopping, community and leisure facilities, all supported by new public transport links.
Mayor of London Boris Johnson said: “This is a great boost for London’s newest suburb Barking Riverside, one of the largest regeneration sites in Europe. This dynamic site continues to win design awards and has capacity for almost 11,000 homes.
"I welcome Sigma’s innovative purpose built private rental housing model that will see us reach 1,000 high quality homes at Barking Riverside.”
Graham Barnet, chief executive of Sigma, said: "We have been working with BRL for some time and are delighted to have reached this agreement for the creation of the first privately rented housing development on the Barking Riverside development.
"The inclusion of this site within our private rented portfolio begins to broaden our geographic presence as we aim to build a UK wide private rented residential portfolio. Barking Riverside is one of the largest and most ambitious development projects in the UK and we are delighted to be playing a small part in its delivery with such prestigious partners."