Groundbreaking ceremony marks start of £670m homes development build
- Credit: Chris Radburn
Building work on ‘one of London’s largest’ private rented sector schemes costing £670million and including 1,200 homes is underway after a ground-breaking ceremony.
The Cherry Park development, credited by its backers as being one of the biggest of its kind in the capital, will be built next to Westfield Stratford City shopping centre.
It accounts for more than half of the £1billion invested in the private rented sector (PRS) in the capital over the first three months of this year.
The development is the result of a tie up between Unibail-Rodamco-Westfield, Public Sector Pension Investment Board and global real estate firm QuadReal.
Keith Whitmore, head of development, design and construction in the UK and Italy for Unibail-Rodamco-Westfield said: "Today we are putting a stake in the ground with our first PRS development in the UK.
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"In Stratford, we have delivered Europe's number one shopping centre by footfall, Westfield Stratford City, made significant investments into infrastructure, built new offices and hotels and now we embark on our residential development."
Cherry Park, designed by Unibail-Rodamco-Westfield, will comprise of one, two, three and four-bedroom homes across a range of towers and mansion blocks.
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It will include a gym, swimming pool and workspace besides featuring public realm and open spaces, including play areas.
Jay Kwan, head of Europe, International Real Estate at QuadReal, said: "We are proud to be supporting Unibail-Rodamco-Westfield on this day. We are eager to be a part of the continued community building of Newham, and committed to providing high quality homes to this neighbourhood."
The development is expected to deliver the equivalent of 31 per cent of the annual target for net housing completions in Newham between 2019 and 2029.
A breakdown of the different rent types to be offered is as yet unavailable.
It is estimated 2,000 - 3,000 people will move into the completed development. When complete, it is expected to generate an estimated £19-£28m of spending by tenants each year across London.
That spend is estimated to support 435 to 640 jobs in the capital.
PSP Investments and QuadReal will each take a 37.5pc share, while Unibail-Rodamco-Westfield will keep a 25pc share and manage the development.
It is due to be completed by 2023.