Bouygues Development has secured financial close of the first phase of the Abbey Road Creative Industries Quarter scheme in the London Borough of Barking and Dagenham that will see the building of hundreds of homes and commercial properties.

The overall redevelopment will take place in two phases and will see the construction of four new blocks providing 272 residential dwellings and 1,500 sq m of space for creative and commercial uses on the ground floor.

Phase one comprises the construction of two of the new buildings which will collectively provide 134 residential units, 34 allocated car parking spaces and 900 sq m of creative and commercial space.

Bouygues Development signed the development agreement with freeholders London Thames Gateway Development Corporation (LTGDC, now GLA) in June 2011 prior to selling the entire first phase to LBBD, who will rent the residential units on the affordable market.

The site is only a short distance from leading supermarket chains, hotels, primary schools and transport making it a convenient and accessible location for residents.

Nicolas Guerin Managing Director of Bouygues Development, said: “This is an important and exciting step in the wider regeneration of Barking’s town centre.

“We are really pleased to be working with London Borough of Barking and Dagenham towards enhancing this area of East London that holds potential for growth and that is set to become a destination of choice for residents and professionals alike”.

Cllr Phil Waker, Cabinet Member for Housing, London Borough of Barking and Dagenham, said: “The London Borough of Barking and Dagenham looks forward to the start of construction on this important town centre location.

“The development will provide attractive affordable homes for local people and commercial space taking forward the regeneration of Barking Town Centre and the Creative Industries Quarter in particular.”

Construction of phase one is set to commence by the end of 2012 with practical completion scheduled for quarter three of 2014.