An agreement to build 198 homes for local people at the gateway to Barking has been finalised this week.
Railpen, the investment manager for the £35bn Railways Pension Scheme, has announced it has entered into a funding deal with real estate specialists Revenue + Capital and developer Fifth Capital for the development of a 28 storey, 198 build -to-rent and affordable housing apartments at Trocoll House in Barking.
The site originally received planning consent in 2017 for 198 homes without any affordable homes.
However, following intervention from Be First, the Council’s regeneration organisation and Revenue + Capital, new proposals including 35 per cent affordable homes were presented to Barking and Dagenham Council’s planning committee in 2019 which received consent.
Councillor Darren Rodwell, Leader of Barking and Dagenham Council, said: “This agreement means a tired, tatty old building will be replaced providing nearly 200 new homes for local people.
“This development, alongside a restored and improved station, will create a great new gateway to Barking. It’s further evidence of the council’s commitment to revitalising Barking town centre, while also ensuring homes and opportunities for residents of the borough.”
Marc Pennick, CEO of Fifth Capital, commented: “Fifth Capital are excited to be working on such a key regeneration project in Barking. The development with revolutionise the local area and provide high quality housing for the borough. We look forward to continue working with Barking and Dagenham Council and delivering this scheme”
Richard Walsh, Founder of Revenue + Capital, added: “It is great to be part of such a transformative development for the town centre and one which would not have been possible without the collaborative approach shown between the teams at R+C, Railpen, Barking and Dagenham and Fifth Capital. With construction due to start this year and an expected completion of 2025, this is going to help Barking and Dagenham realise its vision of regenerating the area around Barking station.”
Julian Allport, Investment Manager at Railpen, commented: “We are pleased to have agreed this deal with Fifth Capital for the development of Trocoll House. The build to rent sector has been resilient throughout the pandemic, delivering strong investment returns. We look forward to being a long-term partner of Barking and Dagenham Council.”
The restoration of Barking Station will keep its Grade 2 listed canopy which is based on Roma Termini station in Rome.
The redevelopment of Trocoll House will see current occupiers, Wetherspoons, vacate while Henry Construction completes the Farrells designed tower. The pub chain will return to take a new commercial unit below the 198 new apartments.
Work on the site, which was negotiated with Network Rail is due to start by Easter 2022 and will take two years to complete.
On completion, the entire building will be leased by Barking and Dagenham Council for 50 years and the freehold acquired for £1.
The deal was negotiated by Be First, Barking and Dagenham Council’s wholly owned regeneration company, which pulled the deal together with other parties.
Ed Skeates, Development Director at Be First said: “This site is directly adjacent to Barking Station and the new building will transform the experience of people coming into and out of the town centre and will also be an amazingly convenient and vibrant place to live for our residents.”