The investment proposition: Barking and Dagenham is looking for financial partners for a joint venture to deliver the second phase of Thames Road — the Factory District. There is scope for joint ventures across standalone sites or across a package of sites, alongside tactical urbanism projects relating to the streetscape and infrastructure. Partners will work alongside Be First, the Council’s regeneration delivery agency, with a strong track record for both direct delivery and leveraging private investment.
Key facts:
This bold and imaginative investment initiative will transform underutilised brownfield land into a distinctive commercially thriving residential and business neighbourhood called the ‘Factory District’, and provide a lynchpin to complementary plans for 10,000 further homes at Barking Riverside and 5,000 homes in Barking town centre.
Barking and Dagenham Council owns 40% of the land and there is a policy supported vision to create a new, densified neighbourhood of some 3,500 homes alongside modern industrial and commercial uses. The scale of opportunity is significant — forecast housing and rental price growth over the next 5 years in the borough are 22% and 16% respectively, above the London average. Adjacent Barking Riverside has seen a regeneration premium of 4.4% annually in pricing growth. This second phase of development at Thames Road builds on the delivery of Industria, a multi-storey industrial workspace, and 12 Thames Road, a co-located industrial and residential scheme.
