The company agreed a deal, which is subject to planning consent, to acquire the land from Estates and Agency Group. It will also manage the properties as landlord.
Planning consent was obtained by Estates and Agency Group last year to develop a new Sainsbury's store on the site, with demolition work on the new store set to start next month. The entire site is to be regenerated in a bid to create a new community in Barking.
By agreeing to this latest deal, Willmott Dixon now has more than 1300 homes in its PRS portfolio.
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Andrew Telfer. Chief Executive of Willmott Dixon's Developmen Division, said: "Barking is a key milestone in Willmott Dixon's plans to create vibrant rental communities at scale across London and other major cities. What’s unique for us is that we will be the long-term operator of the apartments first and foremost, so our presence over many years means we have a keen interest in the success and growth of the wider community in central Barking."
Iceni Projects is lead consultant on the project, supported by Broadway Malyan. Work on a planning application is due to begin soon, with the aim to be on site early in 2016. It is anticipated that the first homes will be available to rent in 2018.
The Barking project comes on the back of three recent contracts for Willmott Dixon’s house-building division, collectively worth £27 million, the largest of being an £11 million project for Warwick District Council for the creation of 81 homes in Leamington Spa. Another project is a £9 million contract to build a further 80 retirement homes for Housing & Care 21 in Atherstone. Finally, the third project is a £7 million contract for Swindon Borough Council to build 48 affordable homes.
(LM)
