LandProp, the property arm of Ikea Group, will invest hundreds of millions of pounds into the scheme that it claims spurns high density in favour of well designed, sustainable family homes.
The development, called Strand East, includes provision for 1,200 homes and up to 500,000 square feet of commercial space, bordered on two sides by waterways, according to a Financial Times report.
The master plan outlines provision for mews style housing, large public spaces, creative workshops and a hotel. It also reveals plans for underground parking whilst keeping roads to a minimum on the development.
The company hopes to secure outline planning permission next autumn with a view to starting construction in 2013.
This is the first large-scale development project in the area since the creation of the Olympic park and Westfield. Boris Johnson, Mayor of London, said it is a “great example of the 2012 legacy rippling out of the Olympic park and across east London”.
This is the first major UK property development for the Group, but it has already acquired further development sites on which it plans to start its expansion in the UK.
