Plans approved for new London offices.
Stratford City’s International Quarter is set to get offices, homes and a hotel.
The Olympic Delivery Authority (ODA) has approved a £1.3billion scheme laid out by London & Continental Railways (LCR) and Lend Lease.
The development in the International Quarter, Stratford City is set to see four million sq ft of grade A office space being constructed, along with a hotel and 350 homes.
LCR’s Chief Executive David Joy said: “Planning permission is excellent news and the next milestone towards the delivery of an exceptional new commercial district for the capital that further establishes Stratford as a major focus for activity post-Games.”
The news comes after reports yesterday showed that two-thirds of the newly built office developments in London’s financial district remain unoccupied as many companies look for cheaper areas to base their staff.
Stratford is vastly becoming a metropolitan, commercial hub, and a place of interest for developers with the hope of obtaining tenants in the financial industry. Head of U.K offices for Lend Lease, Kevin Chapman said: “The banks are close to Liverpool Street Station, so a high proportion of their staff come through Stratford anyway on their way to work.”
Westfield are also planning a one million sq ft office development in Stratford to rival this development and hope to attract tenants from the financial sector.
By 2018, Stratford is also set to have Crossrail but is already just ten minutes away from St Pancras International and Liverpool Street with other major transport links reachable within half an hour.
CoStar UK have said that construction is set to start in early 2013 with the hope of completion at the end of 2014.