An injection of funds from Homes England will see two new neighbourhoods built at London’s Queen Elizabeth Olympic Park, it has been announced.
The developments, which will be known as East Wick and Sweetwater, will see more than 1,500 new homes built in the area, with around a third of these set aside as affordable homes. Additionally, the two sites will include schools, green spaces, business and creative space, as well as leisure and community facilities.
The first four phases of the scheme will be covered by the £78 million loan from Homes England, which will be developed by a joint venture between Balfour Beatty Investments and Places For People on land owned by the London Legacy Development Corporation (LLDC).
The loan forms part of a wider fund totalling £4.5 billion set aside by the government to provide guaranteed finance for infrastructure and development to home builders.
‘We have not built enough homes in the capital over the last 30 years, and it’s ordinary Londoners who are paying the price. Brick by brick we are turning that around and this investment in the Queen Elizabeth Olympic Park will help get more than 1,500 properties built,’ said Housing Minister Kit Malthouse.
The initial phase is already underway and is due for completion by the summer of 2021, with the development set to be fully completed by 2028. Phase one of the site will include 130 new affordable homes and 105 for private rental, as well as more than 33,000 square feet of business and creative space.
‘Homes England is committed to helping ambitious partners build quality homes at pace, in the areas of greatest need,’ said Sir Edward Lister, chairman of Homes England.
‘We’re delighted to be supporting Balfour Beatty Investments and Places for People to create the homes and neighbourhoods people in London deserve,’ he added.