Barking and Dagenham get £76m privately financed housing project

The £76 million public-private partnership deal would include the building of 447 affordable rent homes in the Borough, which would ultimately revert back to LBBD's control, the Borough said.

Under the agreement, the homes would be built in Barking Town Centre and would help to provide homes for local residents, many of who are currently waiting for properties on the authority's housing waiting list, the Council said.

The properties would be available to local people at affordable rents, ranging between 50 - 80% of local market rates in the Borough. Under the proposals, the scheme would be entirely self-financing from the rents paid over the term of the lease.  At the end of the lease period, all the properties will automatically transfer into full ownership of the Council.

The properties would be delivered by contractors Laing O’Rourke and Jerram Falkus, who has agreed with a Council a commitment to recruit a quarter of the workforce for the on-site construction from local people within the Borough.

“These exciting new developments are another step forward in the regeneration of our borough," said Councillor Cameron Geddes, cabinet member for regeneration. "The new homes at William Street Quarter enhance even further the huge strides in making Barking Town Centre a real destination of choice for residential and investment opportunities and strengthens the viability and vitality of it even further.

The first homes are expected to be available for take-up in about 18 months time, with the entire scheme expected to be completed within three years, the Council said.

"The new buildings will make an important contribution to closing the gap in housing supply in Barking and Dagenham and help unlock jobs growth and economic activity and regeneration in the two sites and beyond,” said Councillor Waker.