A Laing O’Rourke-backed £76 million affordable residential scheme has been given the green light.
The London Borough of Barking and Dagenham has announced the completion of a deal that will lead to development of 477 new affordable residential units in two locations.
Laing O’Rourke will be leading contractor on the scheme, along with providing financial backing through its investment arm Explore Investment and institutional asset developer Long Harbour.
The developer will provide capital for the scheme which will be paid back through rent collected from the housing tenants over the next 60 years.
The new homes will be situated in Barking Town Centre at the prime William Street Quarter site and the Eastern End of the Thames View on the edge of Barking Riverside
Each of the properties will be available to local people at affordable rents, ranging between 50 - 80 per cent of local market rates in the Borough and the homes will be transferred to the council following the expiration of the lease period once the homes are paid back from rental income.
The council will retain responsibility for the day-to-day management of the new affordable housing.
The 477 properties will be built by leading contractors Laing O’Rourke and Jerram Falkus with a commitment that a quarter of the workforce in the on-site construction will be made up of people from the Borough.
Council cabinet member for housing Cllr Phil Waker said: “Not only will we see almost 500 new affordable homes built in prime sites which local people can and will be able to afford to rent, we are one of the very few local authorities that is currently building council housing under our own investment programme.
A Long Harbour spokesperson said: “We are naturally very pleased to have worked with Barking and Dagenham Council and with Laing O’Rourke on this transaction.
“It will go a long way to meeting the demands of local people in this part of London. Barking and Dagenham is a fast-evolving borough that is ripe for investment and will benefit from the regeneration of these two sites. This deal is a clear demonstration of the council’s can-do attitude.”
The first dwellings will be available for take-up in about 18 months time, with the entire scheme expected to be completed within three years.