£78m funding boost for two new Olympic Park neighbourhoods
PUBLISHED: 07:00 14 February 2019 | UPDATED: 15:39 15 February 2019
The construction of two new neighbourhoods in Queen Elizabeth Olympic Park has taken a step forward thanks to a £78m boost.
The money will be loaned by Homes England, the government’s housing delivery agency, to help build more than 1,500 homes across the East Wick and Sweetwater developments. Of these, 450 will be affordable.
It will fund the first four phases of the project, a joint venture by Balfour Beatty and Places for People Homes.
Work has already begun on the first phase, which will include 130 affordable homes, 105 for private rental and more than 35,000 sq ft of business space.
Housing minister Kit Malthouse said: “We have not built enough homes in the capital over the last 30 years, and it’s ordinary Londoners who are paying the price.
“Brick-by-brick we are turning that around and this investment in the Queen Elizabeth Olympic Park will help get more than 1,500 properties built.”
Rosanna Lawes, executive director of development at London Legacy Development Corporation said: “It’s great to see work starting on the new neighbourhoods at East Wick and Sweetwater.
“These new communities provide much needed new homes within walking distance of the tens of thousands of new jobs at the emerging business hubs at Here East, International Quarter London and the new culture and education district at East Bank.”
Andrew Atkins, development director, East Wick and Sweetwater added: “The start of the first phase of construction works for East Wick and Sweetwater is a big moment for Queen Elizabeth Olympic Park and the people of east London.
“At the heart of this major development is an unwavering focus on the community. It is people, their families and the wider community who will benefit and our work will help secure the long-term urban regeneration benefits of the London 2012 Olympic Games.”
The first phase is expected to be finished by summer next year, with the whole scheme due to be completed by 2028.