LCR, DfT and HS1 complete Stratford site sale

LCR, the Department for Transport (DfT) and the high-speed rail company HS1 Limited have sold a 58,000 sq ft site in East London to Telford Homes.
International Way, Stratford CGI

Regeneration and placemaking expert LCR, the Department for Transport (DfT) and the high-speed rail company HS1 Limited, acting in partnership, have sold a 58,000 sq ft site in Stratford, East London to Telford Homes which will house 380 new homes.

The site is located on International Way, to the west of HS1’s Stratford International Station. It is currently used as a bus layover, taxi rank and for rail activities. Telford Homes has planning permission to build the new homes, of which 60% will be ‘Build to Rent’ and 40% will be classed as affordable, bringing much needed housing to East London in line with Government housing targets.

Located just north of Westfield Shopping Centre, the new development sits at the heart of one of London’s most vibrant communities, with access to the new East Village neighbourhood and the Queen Elizabeth Olympic Park just minutes away on foot – all of which have been established in recent years. The two-tower scheme will also have flexible retail and office space across the ground, first and second floors, further enhancing the amenities on offer to residents.

The sale of the combined site on a long lease forms part of a long-term, LCR-led project to consolidate complex land interests and enable development and regeneration across Stratford City over the last 25 years. As well as overseeing the development of Westfield Shopping Centre and the Queen Elizabeth Olympic Park, LCR operated as part of a joint venture with Lendlease, which over nine years saw the creation of International Quarter London (IQL): more than one million sq ft of Grade A workspace, 333 new residential units and a series of retail and community facilities.

For the DfT and HS1 Ltd – the company with the 30-year concession to own and operate High Speed 1 route running from St Pancras to Channel Tunnel – this is the first major land disposal that as freeholder and leaseholder they have worked together on.

Both parties have identified more HS1 land along the HS1 route – which runs from St Pancras International to the Channel Tunnel – in Stratford, St Pancras, and Kings Cross for housing and employment redevelopment.

Peter Hawthorne, CEO of LCR, said: “Meeting Britain’s housing need requires collaboration and a creative approach to bring forward new development. Our objective is to be ambitious in how we identify and unlock land for new homes, and the transformation of this bus layover into a new community space is a great example of how challenging brownfield sites can be developed.

“Ultimately, sustainable placemaking is about making the most of the resources – in this case land – on offer. We’re maximising our long-term partnerships with organisations across the public, private, transport and real estate sectors to bring forward land that otherwise have been too complex to develop, both in Stratford and beyond.”

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