It has agreed with Estates & Agency Properties Limited to acquire two neighbouring land sites, extending to around six acres, on the edge of Barking town centre.
Plans for the site are at a formative stage, but Weston Homes envisages the creation of a waterfront development with a gross development value of £300m.
The plans will also include the transformation of the riverside and the provision of a range of community-based activities, including a new gastro-pub/restaurant and retail space.
Weston Homes intends to submit a full planning application in the summer of 2018 and, if granted, construction will begin during 2019.
“The regeneration of this important Gateway site into a new waterfront urban village adjacent to Barking town centre forms part of the Borough Council’s vision of bringing aspirational waterfront living and regeneration to Barking,” said Bob Weston, chairman and chief executive at Weston Homes.
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“The Abbey Retail Park is within the so-called ‘Barking Smile regeneration zone’ and the redevelopment of the site will create a vibrant new community in Barking, contributing to the area’s ongoing transformation.
“Attracting new people and inward investment, this new residential destination for Barking will provide private sale homes and much-needed affordable housing for local people and families on lower household incomes.”
Weston Homes will liaise with the local community and work closely with the London Borough of Barking & Dagenham and Be First to create a new vision for the site.
"This is great news, and while we would need more detail, it’s another sign that Barking and Dagenham is booming,” said councillor Darren Rodwell at Barking & Dagenham Council.
“It also dovetails into our wider plans to create a vibrant waterside community there, a kind of Roding Riviera for ordinary Londoners.”