Transport Secretary Chris Grayling has granted consent for construction of the 4.5km extension to begin in summer 2018. Completion is scheduled for later 2021.
Transport for London (TfL) said the extension will unlock a wide range of benefits for people in the local area and beyond, including 10,800 new homes, along with a new school and healthcare facilities and the construction of a new district centre with commercial and leisure facilities.
Last September, Mayor Sadiq Khan granted consent for Barking Riverside's 'masterplan', which will see a 180-hectare brownfield site on the northern banks of the River Thames redeveloped for thousands of homes.
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Developers Barking Riverside Limited will meet £172m of the overall cost, with the remainder being provided from TfL's Growth Fund.
Mayor Khan said: "This is wonderful news for east London. Barking Riverside has huge potential to deliver thousands of much-needed affordable homes, and the extension of the Overground will ensure residents have the high-quality transport links they need, both to the surrounding area and commuting into central London. Barking Riverside will deliver new homes, schools, healthcare facilities and much more, and the Overground extension is a vital part of making these exciting plans a reality."
Alex Williams, TfL Director for City Planning, said: "Being given the green light by Government for this London Overground extension is fantastic news for the Barking Riverside development, helping breathe new life into the area and enabling up to 10,800 vital new homes, along with the creation of new healthcare and leisure services."
(LM/MH)
