The government’s housing and regeneration agency has approved a £124million funding package for a huge regeneration project in Barking to effectively double in size.

The money has been approved by Homes England and will go towards the unlocking of more homes and delivering "state-of-the-art infrastructure" at Barking Riverside.

Over the summer, Barking Riverside Limited (BRL) submitted a new outline planning application to Barking and Dagenham Council’s planning portal detailing plans for 13,046 new homes - of which 35 per cent would be ‘affordable’.

Primary health care facilities along with indoor sport, crèche and pre-school facilities, two large parks, two more primary schools, a hotel, a communal care home and student accommodation have also been mentioned in planning documents.

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The council first approved planning consent for 10,800 homes back in 2008 but the site’s potential to deliver 19,640 homes has since been identified.

So far 2,700 homes have been built on the 443-acre brownfield site while a further 1,000 homes are under construction – 6,594 homes are expected to be delivered according to the detailed planning applications approved so far.

The development has seen five schools already completed and an ecology centre built on site, as well as a new bus route, Barking Riverside Overground station and Thames Clipper transport services for residents.

The new funding is made up of loan and grant funding and will help prepare the site for flood defence work and the building of an energy centre and parks.

Tom Copley, deputy mayor of London for housing and residential development, said: “Barking Riverside is an exemplary new town that is transforming east London with state-of-the-art new homes, community facilities, transport links and green spaces.

“I’m delighted that £124m has been secured to help unlock 20,000 new, high-quality homes.

"This will help support the [Mayor of London’s] plans to boost homebuilding across London and build a fairer, more prosperous city for everyone.”

The development, which is a joint partnership between housing association L&Q and the Mayor of London, could eventually see 50,000 people living there.

Peter Denton, chief executive of Homes England, said: “At Barking Riverside there is potential to literally build more homes – and more affordable homes – in a place where they are desperately needed.

“And that’s why we’ve stepped in, providing funding to deliver vital infrastructure, unlocking more land, so that our partners can build even more homes for the people of east London to enjoy and be proud of.”

Matthew Carpen, managing director of BRL, said: “Barking Riverside has delivered thousands of vitally needed new homes for Londoners, on brownfield land that has already seen a significant investment in infrastructure.

“However, the support from Homes England will enable this project to move into a new era – increasing the level of ambition and unlocking housing at the scale needed to truly make an impact.

“We are excited to make our new masterplan a reality, which would not be possible without a number of important partnerships. Fundamentally, this funding from Homes England ensures that Barking Riverside can remain delivery-focussed and resilient despite a challenging market.”

Barking and Dagenham Council was contacted for additional comment.