The investment for the regeneration project has been agreed by mayor of London Sadiq Khan and housing association and developer L&Q.

The section 106 agreement reached with Barking and Dagenham Council and Transport for London means the project has secured funding for:

• a new TfL Overground station connecting to central London in 22 minutes
• land for seven schools including five primaries, one secondary and one for special educational needs
• a new centre with 65,000 sq m of commercial, retail and leisure space, including a 2km riverside walkway, an ecology centre and new country park space
• a combined health care and leisure facility
• a cycling hub
• two local retail and dining hubs
• employment, skills and training that will ensure locals benefit from the opportunities created by the scheme.

Mr Khan said that this was an exciting project for Barking and Dagenham as well as the whole of London.

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“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.

“As well as housing, our investment will create the new transport, education and health services needed to turn this into a thriving new community.”

Andy Rowland, managing director for east region at L&Q, added: “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.”

Cllr Darren Rodwell, leader of Barking and Dagenham Council, concluded: “It’s part of our drive to make this part of the Thames a magnet for aspirational Londoners who want the wonders of waterside living without having to pay sky-high rates.

“Why live further upstream in Chelsea or St Katharine Docks when you can move to Barcelona-on-Thames.”

Pictured (l-r): Matthew Carpen, project director at Barking Riverside Limited; councillor Darren Rodwell, leader of Barking and Dagenham Council; Andy Rowland, managing director for east region at L&Q.