1500 new homes to be built on London Olympic site

Homes England is to help fund the creation of two new neighbourhoods on the Queen Elizabeth Olympic Park in London.

More than 1,500 new homes will be built in the two communities, to be known as East Wick and Sweetwater. The development will include 450 affordable homes.

Also included in the project will be schools, green spaces, business and creative space, leisure and community facilities.

Government backing private enterprise

Homes England is providing a loan of £78 million to finance the scheme’s first four phases. It’s part of a joint venture with Balfour Beatty Investments and Places for People on land owned by the London Legacy Development Corporation (LLDC).

The Government has put  4.5 billion into a Home Building Fund to provide development and infrastructure finance to home builders, and the Homes England finance has come from this fund.

Housing Minister Kit Malthouse announced the funding, saying: “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.”

Affordable homes included

The first phase of the East Wick and Sweetwater development is expected to be completed in summer 2021 and the whole project done by 2028.
Work has already started and will include 130 new affordable homes and 105 for private rental.

Sir Edward Lister, chairman of Homes England, said: “Homes England is committed to helping ambitious partners build quality homes at pace in the areas of greatest need.

“We’re delighted to be supporting Balfour Beatty Investments and Places for People to create the homes and neighbourhoods people in London deserve.”

About the Author Frances Traynor

Fran is the content writer for Capital Conveyancing, producing articles on all aspects of the conveyancing process and around the UK property market in general. If there is a topic you'd like to see covered on these pages, please drop Fran a line on Frances@searchesuk.co.uk.

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