Stratford City commercial district to be built by 2025 at a cost of £1.3 billion
A £1.3 billion commercial district is to be build in Stratford in a joint venture between London & Continental Railways (LCR) and developer Lend Lease.
It will create 465,000 square metres of Stratford office space.
The plans includes a 22-acre employment zone and 4 million square feet of commercial space that will create 15, 000 jobs according to PropertyWeek.com.Property solutions provider Lend Lease will put forward the capital for the joint project, which will be built on land owned by LCR.
The development will include schools, shopping centres, hotels and parks spanning across 180 acres.
Stephen Jordan, director of LCR, said: “This agreement has secured continued momentum for the delivery of one of the largest mixed use developments in the UK, bringing with it the bulk of the important employment space that will continue the transformation of Stratford as an economic hub”.
The project will begin in 2013 after the Olympic Games and id due to be completed by 2025.
Chief Executive Officer of Land Lease Dan Labbad said: “Lend Lease is delighted to be working with LCR to move this stage of Stratford forward”.
He continued: “In addition to the world class facilities already being delivered, including our delivery of the Athletes’ Village, this phase of the development will contribute significantly to realising the longer term regeneration potential of Stratford for East London”.
Other development companies that made the short list were Royal Bank of Scotland, Bouygues and Persimmon.