�2bn business district plan for new Stratford City revealed
A new �2billion business district next to the Queen Elizabeth Olympic Park is set to rival Canary Wharf and the City as companies seek to escape their corporate image and cut costs.
The International Quarter (TIQ), dubbed the final piece in the creation of Stratford City, is also set to complement Spitalfields, known as Tech City, with media and technology companies showing particular interest.
The district will provide four million square feet of flexible workplace either side of Stratford Station, with part of the quarter sitting where the security entry to the park was located next to Westfield shopping centre during the Games and the other on old brownfield industrial land.
The quarter will feature 350 homes, a hotel and convenience retail, and provide 25,000 jobs from company directors to office cleaners.
The development is a joint venture between Lend Lease, an international property and infrastructure group, and London and Continental Railways, a government owned company, also involved with the regeneration of Kings Cross.
Head of Offices at Lend Lease, Kevin Chapman, said: “Nobody has signed up yet but we are in talks with a very diverse range of firms from media companies in the newspaper, advertising, telecom and technology industries to financial firms such as banks.
“Media companies are telling us the corporate image of Canary Wharf has become a problem, partly because of the financial crisis.
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“Instead they want to tap into the energy generated in Stratford after the Games. The area is much more diverse with places to go out like Theatre Royal and shopping facilities at Westfield.
“And with its recreational facilities at the Olympic Park no other place in the capital can rival it.
“Another important point is that Stratford offers more affordable housing, which is appealing to staff not wanting a long commute into work.”
Good transport links is also proving a big factor for City firms looking to save on office costs in the current economic climate.
Mr Chapman said: “The fact there is a train out of Stratford every minute and that you can be at Liverpool Street in eight minutes is very important to financial companies in the City looking at cutting costs.
“The huge capability of the IT infrastructure and broadband in place also makes TIQ Stratford City particularly attractive to firms with high technology demands.
“Together with its proximity to TechCity, Shoreditch and Old Street, this make it an ideal location for business interaction.
“Tech firm iCity has also been selected as preferred bidder for Press and Broadcast Centre at the Olympic Park, creating a world-class centre of innovation and enterprise and 300,000 sq ft data centre. This signals great support for the area to build upon the existing success of East London’s flourishing digital and creative industries, and help to stimulate long-term economic growth in the UK.”
The first firms are expected to move in from mid 2015 while the whole development is set to take ten to 12 years to complete.
Visit www.tiqstratfordcity.com to download a free app of the plans.