Following a period of stock rationalisation, L&Q has formalised its focus on growth areas, such as Barking & Dagenham, London, through the acquisition of strategic housing stock at Barking Riverside. The housing association recently acquired 167 homes from the newly formed Southern Housing.
The units form part of the first phase of delivery at Barking Riverside, which had been completed before L&Q became one of the key developers on site.
The housing giant already has considerable stock in the Borough, with a total of 3,627 units and several hundred more in the pipeline. Of these, over 650 homes are located at Barking Riverside, one of the country’s largest and most ambitious developments, where L&Q and the Mayor of London are delivering a vibrant neighbourhood of over 10,000 homes as JV partners.
This acquisition reinforces L&Q’s position as one of the leading affordable housing providers in the Borough, and it follows the organisation’s strategy for long-term growth and investment.
Of the newly acquired stock, 115 units are social rented homes, and the remaining 52 are intermediate market rent.
“We are very excited to start the new year with a major new deal that strengthens our presence in one of our key boroughs and areas for growth, Barking & Dagenham.
“This acquisition not only marks another step forward in our growth strategy as a strong and forward-looking business, but it also solidifies our commitment to the local area, our residents at Barking Riverside and the partnership with the local authority.
“As one of the UK’s leading housing associations and residential developers, L&Q is here for the long term and is embedded in the legacy model for development. We are fully invested in the success of Barking Riverside, as part of our long-standing JV with the Mayor of London and as landlord and steward for the area, and we hope to continue to grow in both roles.”John Lumley, Director of Strategic Sales at L&Q
Barking Riverside Limited (BRL) – a joint venture between L&Q and the Mayor of London – is the master developer behind Barking Riverside. They are responsible for delivering the infrastructure on site and preparing the land for plot developers.
Last year saw the JV invest £185m to part fund the delivery and opening of a new Overground Station at Barking Riverside, the first extension on the line since 2015. That was complemented by an additional £280 million invested in surrounding infrastructure – including the Uber Boat by Thames Clippers pier.