The project will deliver 110 new open market homes and 10 affordable homes
Telford Homes has exchanged contracts for the purchase of Stone Studios, a residential-led mixed-use development site in east London.
The 1.06 acre site on Wallis Road, Hackney Wick, between Victoria Park and the Queen Elizabeth Olympic Park, has detailed planning permission granted by the London Legacy Development Corporation.
The scheme will deliver 110 open market homes and 10 affordable homes along with 54,218ft² of commercial space including 32,540ft² of affordable workspace.
Stone Studios has been designed by architects Pollard Thomas Edwards.
The gross development value is expected to be more than £80m and Telford Homes plans to start work on site later in 2017 with completion anticipated in 2020.
Jon Di-Stefano, Telford Homes’ chief executive said: “Stone Studios is situated in one of London’s most exciting and fast changing neighbourhoods and we are delighted to have exchanged contracts for this significant site as it further enhances our already strong development pipeline.
“The location fits perfectly with our strategy of developing homes for sale in non-prime London and it is particularly pleasing that it already benefits from a planning consent. As a result, we can commence work later this year and deliver much needed new homes as swiftly as possible.”