{"id":14999,"date":"2015-03-02T16:04:32","date_gmt":"2015-03-02T16:04:32","guid":{"rendered":"http:\/\/www.adjacentgovernment.co.uk\/?p=14999"},"modified":"2016-10-25T09:20:23","modified_gmt":"2016-10-25T09:20:23","slug":"balfour-beatty-sign-major-housing-regeneration-deal","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/balfour-beatty-sign-major-housing-regeneration-deal\/14999\/","title":{"rendered":"Balfour Beatty sign housing regeneration deal"},"content":{"rendered":"

Balfour Beatty has announced it has signed a development agreement with the London Legacy Development Corporation to invest and construct the new East Wick and Sweetwater housing development project<\/h2>\n

This will see the company\u2019s first entry to the sector as a major housing developer in the UK.<\/p>\n

Balfour Beatty Investments<\/a> will provide up to \u00a335m of equity over eight years, representing 50% of the equity required. Balfour Beatty\u2019s UK construction business will deliver all construction, which is expected to generate approximately \u00a3400m of revenue.<\/p>\n

The transformational project at Queen Elizabeth Olympic Park in East London will create two new neighbourhoods, to be called East Wick and Sweetwater, with up to 1,500 homes including 450 affordable homes, 530 homes for private sale and 500 private rented sector homes.<\/p>\n

Around 50 apprenticeships will be created along with 350 construction jobs at the peak of construction.<\/p>\n

Leo Quinn, Balfour Beatty Group Chief Executive said:<\/p>\n

\u201cThis project marks our entry as an investor and developer into the UK\u2019s regeneration and housing sector.\u00a0 This market is growing and offers significant opportunities for the Group in the coming years.<\/p>\n

\u201cI look forward to continuing our strong partnership with the London Legacy Development Corporation to ensure that commitments made as part of the London 2012 Games are delivered by not only creating new communities but also new jobs, and apprenticeships for young people wanting to join the growing infrastructure sector.\u00a0 With our partner, Places for People, we are very excited to be able to create these new, vibrant, sustainable communities for East London.\u201d<\/p>\n

The Mayor of London<\/a>, Boris Johnson, said:<\/p>\n

\u201cThis is the most successful and fastest growing city anywhere in Europe, and it is absolutely vital we provide thousands of new houses to allow people to live close to their places of work. I am thrilled to confirm we have now appointed high quality developers to help bring forward plans for these important new neighbourhoods on our iconic Queen Elizabeth Olympic Park, a whopping six years ahead of target.\u201d<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

Balfour Beatty has announced it has signed a development agreement with the London Legacy Development Corporation to invest and construct the new East Wick and Sweetwater housing development project This will see the company\u2019s first entry to the sector as a major housing developer in the UK. 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