Barking unveils innovative housing plan
20 February 2012
The London Borough of Barking and Dagenham has announced a new joint venture to deliver nearly 500 new homes with private finance.
Contractor Laing O’Rourke, its investment arm Explore Investment, and asset developer Long Harbour will provide the £76m of investment and deliver 477 new affordable residential homes in the borough.Under the terms of the deal, each property will be rented at between 50-80% of local market rates, with the investors being paid from the rents over the period of the contract.
At the end of the lease from the council, the properties will revert back to the council.
“I want to pay tribute not only to our own council officers for working so hard on this deal, but also to our partners – Laing O’Rourke and Long Harbour, both of whom have shown real commitment to Barking and Dagenham and an innovative approach that has helped deliver what is the first totally privately funded affordable social housing scheme anywhere in the UK,” said council housing member Phil Waker.
