Half of the homes will be affordable
Mayor of London Sadiq Khan has set out plans for 3,000 new homes which will be built on the remaining three legacy sites at Queen Elizabeth Olympic Park, with at least half of them set to be affordable.
The homes will be built across Stratford Waterfront, Pudding Mill and Rick Roberts Way over the next 12 years.
There will be 600 homes delivered at Stratford Waterfront, 1,500 at Pudding Mill and 900 at Rick Roberts Way, subject to planning permission.
Khan said: “While I cannot change the deals that were agreed before I became mayor, I’m committed to ensuring that at least half the homes across the three remaining sites for development will be social rented or other genuinely affordable homes.
“There’s no getting away from the fact that to deliver on this commitment costs money – but this is an investment, and City Hall and the public sector in general will benefit from council tax and business rates thanks to the incredible regeneration of the area.
“These will be genuinely affordable homes that Londoners desperately need. I’m prepared to put my money where my mouth is in my proposed budget next year and make sure they are delivered – and I urge the London Assembly to help me do this.”
To ensure 50% are affordable across the three sites, Khan said he would invest in housing and infrastructure grants and proposed funding of around £10m a year over 20 years. Funding will be confirmed in the mayor’s budget early next year.
In June, Khan revealed plans for Olympic Park-project East Bank, which is set to create 2,500 jobs, £1.5bn of economic benefit and 600 new homes.
The project, which is being managed by Mace, will see the development of new buildings for Sadler’s Wells, UAL’s London College of Fashion, the BBC and the V&A including a partnership with the Smithsonian Institution, across Stratford Waterfront.
East Bank will also be home to UCL East, with the first building due to be built by Mace.