The housebuilder is buying six acres on the edge of Barking town centre at Abbey Road from Estates & Agency Properties.
Plans for the site, on the former Abbey Retail Park, are at an early stage, but Weston envisages a £300m gross development value waterfront development.
Weston Homes intends to submit a full planning application in the summer of 2018, and the application will be one of the largest submitted to Be First, London Borough of Barking & Dagenham’s urban regeneration company.
If permission is granted, construction could start on site during 2019.
Bob Weston, chairman & chief executive of Weston Homes, said: “The regeneration of this important gateway site into a new waterfront urban village adjacent to Barking town centre forms part of the borough council’s vision of bringing aspirational waterfront living and regeneration to Barking.”
This will be Weston Homes’ eighth residential development in the London Borough of Barking & Dagenham. In recent times the company turned a former college building into Mayesbrook Manor, with 106 apartments.
Weston Homes also recently redeveloped the former Abbey Road Industrial Estate into Rivermill Lofts, a waterfront scheme of 117 apartments.
The Abbey Retail Park site falls within the Barking Town Centre Action Plan and is identified in the London Riverside Opportunity Area Planning Framework plans