The regeneration of Stratford, east London, has moved a step closer with the signing of a £120m Section 106 agreement for the £4bn Stratford City.
The Stratford City Development Partnership (SCDP) – which comprises Multiplex, Westfield, Stanhope and London & City Railways – plans 5m sq ft of offices, 1.6m sq ft of retail, 4,850 homes and up to 2,000 hotel bedrooms on the derelict rail lands next to the planned venue for the Olympic Games.
Under the agreement, the consortium will build a secondary and primary school, a bridge link between Stratford City and Stratford town centre, two new bus stations, and expand the railway station.
Some 40 acres of the 170 acre site will also be released in mid 2006 – six months earlier than expected – to allow an early start on the enabling works for the first phase of Stratford City.
The start date for the first phase has been moved forward because of the Channel Tunnel Rail Link (CTRL), which is on schedule to complete in early 2007.
Rob Holden, chairman of LCR, said: “The creation of the CTRL and the International Station at Stratford are the starting points for the development of Stratford City. The task now is to create a new, sustainable piece of London, which integrates with Stratford town centre and provides homes, jobs, shops and places for people to enjoy life.”
A detailed application for the first phase of Stratford City, which will include up to 1.5m sq ft of retail, 400,000 sq ft of leisure, a 600-bedroom hotel and 500 homes, will be submitted to Newham council in late 2005/early 2006.
Multiplex, Stanhope, Westfield and LCR also announced today that they had agreed terms with the London Development Agency to build the Olympic Village and Olympic International Zone at the site.
The village will provide accommodation for 17,000 athletes and support teams, which would be transformed into 2,300 homes following the Games.
References: EGi News 17/02/05
