Two new neighbourhoods will be built at London’s Queen Elizabeth Olympic Park following funding from Homes England
Investment will help create two new neighbourhoods at Stratford. More than 40% of homes in the first phase of the development will be affordable. The development includes schools, business and commercial space.
More than 1,500 new homes, including 450 affordable homes, will be created across the two communities, which will be known as East Wick and Sweetwater.
Homes England have agreed on a £78m loan to fund the first four phases of the scheme, being developed by a joint venture between Balfour Beatty Investments and Places For People Homes on land owned by the London Legacy Development Corporation (LLDC).
The loan is part of the Government’s £4.5bn Home Building Fund, which provides development and infrastructure finance to home builders.
Housing Minister Kit Malthouse MP commented: “We have not built enough homes in the capital over the last 30 years, and its ordinary Londoners who are paying the price.
“Brick-by-brick we are turning that around and this investment in the Queen Elizabeth Olympic Park will help get more than 1,500 properties built.”
It is anticipated that the first phase of the development will be completed in summer 2021, with work at East Wick and Sweetwater being fully completed by 2028.
Andrew Atkins, Development Director, East Wick and Sweetwater said: “To make these new neighbourhoods truly successful, we need to build thriving places for the community, which is why our plans include green spaces, business, leisure and community facilities.”
Rosanna Lawes, Executive Director of Development, London Legacy Development Corporation added:“These new communities provide much needed new homes within walking distance of the tens of thousands of new jobs at the emerging business hubs at Here East, International Quarter London and the new culture and education district at East Bank.”
Work has already begun on phase one of the site, which will include 130 new affordable homes and 105 for private rental, as well as more than 33,000 sq ft of business and creative space.