London’s Barking Riverside rail extension scheme, which is five months behind schedule on its procurement, has secured £172M of funding in a final agreement between the project’s backers.
London mayor Sadiq Khan and housing developer London and Quadrant (L&Q) agreed a £500M cash boost for the whole of the east London regeneration project yesterday (Tuesday), with £172M going towards the new London Overground extension.
Transport for London (TfL) is funding the rest of the rail extension, which will cost £263M in total.
“Barking Riverside will be a vibrant new area of east London and our improved transport connections will be vital for those who live, work and visit there,” said TfL director of spatial planning Lucinda Turner.
Design complications on the rail scheme have pushed the procurement process back by five months. Invitations to tender for the project, which will extend the Gospel Oak to Barking line by 4km and add a new station at Barking Riverside, are expected in the next few weeks after being delayed from September last year.
Complications around traction power and topographical surveys have been blamed for the design delay, although TfL stressed the extension is still expected to open in 2021. Balfour Beatty, Carillion and Volker Fitzpatrick were shortlisted last year for construction of the extension project.
When it is complete in 2034, the Barking Riverside development will include 10,800 new homes, seven new schools and 65,000m² of commercial, retail and leisure space with a 2km riverside walkway.
Of the £500M funding agreed yesterday, £280M will go towards infrastructure such as new streets and a jetty refurbishment. The remaining £60M will be spent on community developments such as land for new schools, a health centre and road junction improvements.