Balfour Beatty developing the Olympic Village
BUILDER Balfour Beatty will move into property development with a deal to construct 1,500 homes at two new neighbourhoods at the Olympic Village site.
Balfour has agreed to put in half of the equity required to complete the project – about £35m – and carry out the building work, which is expected to generate £400m in revenue. Its 50-50 investment partner is housing association Places for People.
The project, at Queen Elizabeth Olympic Park, will deliver 450 affordable homes, 530 for private sale and 500 to be rented out under a similar model to the former Athletes’ Village.
The project, for the neighbourhoods of East Wick and Sweetwater, will include apartments, townhouses, mews houses, a nursery, library and health centre, as well as shops, restaurants, offices and public open spaces.
The plan had originally been to construct the two neighbourhoods by 2029, but in July 2013 the Mayor of London Boris Johnson announced he was moving the project forward. It is now due to be completed by 2023.
Yesterday Johnson said the project was part of the “most successful and fastest growing city anywhere in Europe, and it is absolutely vital we provide thousands of new houses to allow people to live close to their places of work. I am thrilled to confirm we have now appointed high quality developers to help bring forward plans for these important new neighbourhoods.
Balfour Beatty chief executive Leo Quinn said that the project will “mark our entry as an investor and developer into the UK’s regeneration and housing sector. This market is growing and offers significant opportunities in the coming years.”
David Cowans, chief executive of Places for People, said: “This is East London’s moment and it’s our big moment too. With our partner, Balfour Beatty, we have the perfect opportunity to work with London Legacy Development Corporation to create a truly unique and exciting place to live.”