Blackstone and Catalyst Capital have been by given the go-ahead for the redevelopment of the Stratford Centre by Newham Borough Council.
Proposals for Stratford Island include the construction of 42- and a 25-storey residential towers and the conversion of a vacant office building for residential use, alongside the modernisation of the Stratford Centre.
This scheme will deliver around 600 new homes, 24,800 sq ft of leisure space and restaurants for local residents alongside 12,500 sq ft of office space and a new public square.
Construction is expected to start in 2016 with completion scheduled for 2018.
The centre is owned by a joint venture of Blackstone Real Estate Partners and Catalyst Capital, who have invested more than £100m into the scheme to revitalise and reposition the centre’s appeal for the local community.
Jon Lurie, managing director at Blackstone, said: “The proposals will see the delivery of a number of community benefits including affordable homes, new public spaces and the creation of hundreds of jobs.”
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