New school deal allows developers to buy acre of land from Newham Council for £2
- Credit: Jack Hobhouse
Developers will be able to buy an acre of land from Newham Council for just £2 as part of a deal to build a new school, it has been revealed today.
Ballymore and Oxley were given the site to build Royal Wharf Free School as part of the 3,800-home Royal Wharf development in Royal Docks.
The council will receive £3.5million upfront from the developers for changing the use of the land, known as Crescent Wharf, from industrial to educational use.
After the school is built Ballymore and Oxley will have the option to purchase the land for the nominal sum.
The 450-pupil primary school, with nursery, was agreed by the council cabinet in June.
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It is due to open in September.
A council spokesman said the site currently has a lease of 170 years left to run and it only receives a “peppercorn” rent from the 1.25 acres.
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Councillor Julianne Marriott, cabinet member for education, said: “There is a growing need for school places in this area where families are moving into new housing developments. This deal will provide a new primary school, with excellent educational facilities, for local people in the Royal Docks.”
The Education and Skills Funding Agency is funding the school, which will become part of The Britannia Education Trust which also runs the nearby Britannia Village Primary School.
Mayor Rokhsana Fiaz said: “Developers coming to Newham know that investing in our borough is not just about housing, it’s about building community facilities that our young people and families need.
“We carefully look at the land we own to determine how we can best maximise its social value for our residents so that they can thrive with their families and contribute to our borough’s vibrant and diverse community.”