Construction group and Places for People will develop two neighbourhoods in east London

Queen Elizabeth Olympic Park

A Balfour Beatty joint venture has secured a 1,500-home scheme at Queen Elizabeth Olympic Park in east London.

The construction group, in a 50:50 joint venture with Places for People, has signed a development agreement with the London Legacy Development Corporation to develop the £400m scheme, named East Wick and Sweetwater.

Balfour will investy £35m in equity over eight years into the project.

The scheme will incorporate 450 affordable homes, 530 homes for private sale and 500 private rented sector homes. Both the East Wick and Sweetwater neighbourhoods will have a range of shops, restaurants, offices, workshops and public spaces.

Leo Quinn, Balfour Beatty chief executive, said: “This project marks our entry as an investor and developer into the UK’s regeneration and housing sector.  This market is growing and offers significant opportunities for the Group in the coming years.”