Out-Law News 1 min. read
01 Oct 2012, 4:33 pm
The mixed-use development is located on a 10 hectare site and will include 1,200 new homes, 58,000 square metres of business and commercial space, a 350-bedroom hotel, shops, restaurants and cafes. There will also be three new bridges, a riverside park and a public square to the south of the site, and 40% of the homes built will be family-oriented and have three or more bedrooms.
LandProp is the property arm of the Inter Ikea Group and this is its first major investment in the UK. It acquired the development site from the Olympic Park Legacy Company, now the LLDC, last year. The London Thames Gateway Development Corporation (LTGDC) resolved to grant planning permission for the scheme in July this year.
“We are delighted to have completed the negotiations for this consent,“ said LandProp UK manager Andrew Cobden, according to reports.
“The securing of the decision notice is the final stage of a two year process in which we have worked closely with the local authorities to deliver a scheme that meets their aspirations. We have been impressed by the quality and clear direction of the officers involved from London Thames Gateway Development Corporation and the London Borough of Newham and we look forward to embarking on the next steps to deliver this project,” he said.
Construction on the site is expected to start in around two years time. The full project is expected to take around 10 years to complete.
