Thousands of new affordable homes are to be built in east London over the next decade. The Mayor of London, Sadiq Khan, says the homes will be created on three sites in the Queen Elizabeth Olympic Park.
The sites, part of the legacy of the 2012 London Olympics, are at Stratford Waterfront (600 homes), Pudding Mill (1500) and Rick Roberts Way (900).
Of the 3,000 new homes to be built, 50 per cent will be affordable, says Mr Khan.
£10m of funding invested in project
City Hall is to work with the landowner, London Legacy Development Corporation (LLDC), to speed up the construction of the properties, and a series of housing and infrastructure grants, along with £10 million of City Hall funding, will be invested in the whole project over the next 20 years.
Mr Khan said: “It’s vital that our Olympic legacy truly benefits Londoners, and that includes affordable housing as well as culture, education and business.
“I’m committed to ensuring 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.”
Mr Khan made a commitment to affordable housing the central plank of his run to the mayorship. In 2017/18, the construction of 12,555 affordable homes was started across Greater London.
Lyn Garner, chief executive of LLDC, said: “Housing is a critical part of the London 2012 legacy. Four new schools have been built on the Park already, together with thousands of new jobs in the local area to provide the much-needed infrastructure to support these new neighbourhoods.”
East Bank at the Park is the latest addition to the newly created urban district in Queen Elizabeth Olympic Park. Among those setting up in the area at Sadler’s Wells, UAL’s London College of Fashion and the V&A, while the BBC Symphony Orchestra is to make its home there.
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