Allies and Morrison, along with Waltham Forest has published a consultation document, for the vision of Lea Valley Eastside, E10. The document will set out the development of a 10-year plan of how the area could change through regeneration opportunities.
Waltham Forest Council proposes the creation of 4,500 new homes, along with retained and improved business space, which will generate thousands of new jobs. Improved transport connections, green spaces, new schools and healthcare, all form part of the council’s vision.
It is no surprise that the council’s ambitious plan for new homes and regeneration came swiftly after the reopening of Lea Bridge railway station last May, offering direct services to Stratford and beyond. For context, the single-stop journey takes around seven minutes, compared with a bus journey time of nearly 50 minutes in normal traffic.
According to Rightmove, average sale prices across E10 have risen sharply. In November 2014 the average home sold for £295,000. In September 2016, the last month for which data is available due to the Land Registry lag, that had risen to £430,000 – an increase of 46% in less than two years.
The planning document shows three main areas of focus; Church Road, Leyton and Lea Bridge. The bulk of the new homes will come from Leyton (2,800 units), with Church Road providing 400 units and Lea Bridge 1,200.
Hill Residential is on site in a demolition phase. It has consent for 300 homes with towers of 18 storeys, close to the new station. Construction is expected to start later this year.
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