This will see 4.5km of track put in place to provide transport access to the 10,800 homes which are planned for construction on the 180-hectare brownfield site on the northern bank of the River Thames.
As part of the rail project, the existing Gospel Oak to Barking line will be extended to a new station Barking Riverside, which will be sited by Renwick Road.
Work will begin next summer with train services set to start in late-2021.
“This is wonderful news for east London,” said mayor of London Sadiq Khan.
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The Barking Riverside development
“Barking Riverside has huge potential to deliver thousands of much-needed affordable homes, and the extension of the Overground will ensure residents have the high-quality transport links they need, both to the surrounding area and commuting into central London.”
The rail extension is fully funded with £172m of the £263m cost of the scheme being met by developer Barking Riverside Limited.
The remaining funds will come from Transport for London’s Growth Fund, which funds schemes that have a direct impact on unlocking housing and employment opportunities.
“The Overground extension is a [really] exciting time for the borough and it has finally allowed us to unleash the whole opportunity of where we are going,” said councillor Darren Rodwell, leader of Barking and Dagenham Council.
“This shows Barking Riverside is on track to become Barcelona on Thames and is another sign that Barking and Dagenham is at the epicentre of London’s eastward shift.”