An artists impression of what the future site will look like (Credit: Be First)
Developer Fifth Capital is going to construct a 28-storey building at Trocoll House, by Barking station, with financial support from Railpen and Revenue + Capital.
“This agreement means a tired, tatty old building will be replaced providing nearly 200 new homes for local people,” said councillor Darren Rodwell, leader of Barking and Dagenham Council.
“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.”
The original plan was approved in 2017 and would not have provided any affordable housing.
However, the local council and real estate specialist Revenue + Capital intervened and new proposals were developed to include 35 per cent affordable housing.
“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 & Dagenham and Fifth Capital,” said Richard Walsh, founder of Revenue + Capital.
“With construction due to start this year and an expected completion of 2025, this is going to help Barking & Dagenham realise its vision of regenerating the area around Barking station.”
Wetherspoons, who currently occupy Trocoll House, will vacate the building while Henry Construction completes the Farrel designed tower. The pub chain will eventually return to take a new commercial unit below the 198 new apartments.
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.
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Tags: Barking, Housing, Barking and Dagenham, Barking and Dagenham Council, Be First
