Olympian Homes has signed a Section 106 agreement with the London Borough of Tower Hamlets and the GLA, including a £47.9m payment, as part of a planning consent for a 795-home co-living scheme in Marsh Wall on the Isle of Dogs.
The payment will be made in lieu of on-site affordable housing and once transacted will be the second largest such contribution to have been paid in the UK.
The funding will contribute towards affordable family housing in the borough.
Olympian Homes received planning approval for the 46-storey development in April 2023.
The Rio Architects-designed scheme includes amenity space such as a cinema, a wellness area, a gym, co-working space, a sky lounge and a south-facing roof terrace.
Olympian Homes chairman and founder Mark Slatter said: “Having worked with the mayor of Tower Hamlets Lutfur Rahman, his team and the GLA, we have reached a good outcome for all parties, after nine months of negotiations, and one which will greatly benefit the local community.”
Construction on site is set to commence next year with project completion aimed at mid-2027.
See more planning information for Tower Hamlets>>
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