Out-Law News 1 min. read
12 Mar 2015, 5:18 pm
The 10-hectare site of a former Parcelforce depot at Stephenson Street in West Ham has been released by the mayor for redevelopment into a residential-led mixed-use scheme. Johnson said a third of the proposed 2,000 homes were expected to be reserved for long-term private rent and that the remainder would be offered as a mixture of affordable homes and homes for private sale to London residents.
The 25 members of the mayor's London Development Panel (LDP) will be able to bid to develop the site. The mayor said developers who are not LDP members would be able to make joint-bids in partnership with members.
The Stephenson Street site was among 670 hectares of public land inherited by the Greater London Authority (GLA) following the Localism Act in 2012, of which 87% has since been redeveloped or is in the process of redevelopment.
Increasing the supply of private rented sector (PRS) housing in London is a stated aim of the Mayor's Housing Strategy. Preferred developers for PRS schemes at Silvertown Way and Pontoon Docks were selected by the mayor in September and work commenced last year on 278 PRS homes at the GLA's Newington Butts site in Elephant and Castle.
"With London now home to more people than ever before, housing supply and affordability is our biggest challenge," said Johnson. "By seeking a development partner for the Stephenson Street site we hope to entice investors and developers to come forward and build quality homes for Londoners."