Bouygues Development, a UK-based subsidiary of Bouygues SA, has closed financing for phase II of Barking Town Centre regeneration scheme in Barking, London, UK.
The company has secured financing from the London Borough of Barking & Dagenham. The project worth £50 million ($78.8 million) will create a new mixed-use development, which will be in a mix of retail, residential and parking spaces.
The scope of work involves development of a new retail space, which will be occupied by ASDA. The plan calls for development of 100 private residential apartments above the supermarket and a selection of retail and kiosk units at ground floor level.
The project will create lower ground parking garage for 350 vehicles and ground floor car parking spaces for the use of ASDA and town centre shoppers with an additional 10 blue badge spaces for residents' use. The additional work as a part of the project involves development of a series of junction and highway improvements made to the surrounding network to facilitate efficient car park access.
The funding for the development of the new ASDA store has been provided by the Aviva Investors Lime Property Fund, who has acquired the space on a 150-year lease term. The residential part of the development has been purchased by Grainger plc, a UK-based residential landlord.
Designed by Chetwoods Architects, in collaboration with Assael Architecture, the project will incorporate host of sustainable elements, based on which it is being aspired for BREEAM excellent for the food store and Code for Sustainable Homes (level 4).
The construction work will be undertaken by Bouygues UK, which has commenced demolition work at the site in December 2012. The work on the project will last for 31 months. The construction of the residential part of the development is scheduled for completion in 2015. The project is likely to create 150 jobs in the region.