Australian developer Lend Lease and London & Continental Railways have completed their deal to bring forward a 100-acre, office-led development at the Olympics site in Stratford, E15.
In an announcement to the Australian stock market, Lend Lease said: “Lend Lease today advised it has now signed a conditional framework agreement with LCR for the next stage of the
The deal, revealed by EGi News two weeks ago, is the culmination of three years of talks and means that the Olympic Delivery Authority and LCR have accepted terms that will see Lend Lease take an equity stake in the £2bn project, also known as Stage Two.
The project involves the construction of more than 6m sq ft, comprising mainly office space along with shops, leisure and some residential.
It is understood that as part of the deal the Olympic Delivery Authority has taken control of around 10 acres of the site valued at £50m to offer to a separate development consortium post Games.
Lend Lease said today: “The agreement provides for the establishment of a 50/50 joint venture company between LCR and Lend Lease.
“The joint venture company will appoint Lend Lease as the development manager of the Stage 2 site.
“Construction of the development is expected to start post the
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