Mayor of London, Ken Livingstone, has given the green light to the Stratford City development, one of the largest planned development projects in the capital.
 
This will provide up to 5,000 new homes, at least 1,350 of these affordable, and create a huge new office and retail centre in the Thames Gateway. It will also provide hotel, conference, health, educational and community facilities to create a whole new urban community in east London.
 
The development is expected to create up to 34,000 new jobs, the majority anticipated to be in the financial and business sector. Construction work is expected to provide an additional 4,000 jobs over the 15 to 20 years period the development will take.
 
The scheme as a whole will cost around £3.5 billion. In addition to the affordable homes, the Stratford City Development Partnership (SCDP comprising Cheslfield, Stanhope and LCR) will invest over £300m for essential infrastructure, £115 in community benefits, secured through a Section 106 agreement with Newham, and hand over land for a new school and community facilities.
 
30 per cent of the homes in the Stratford City development will be affordable, following negotiations with SCDP that have been a model of openness. An independent financial appraisal was carried out for Newham and the Greater London Authority by ATIS REAL Wetheralls, which concluded that 30 per cent is the level of affordable homes this particular development could support without becoming economically unviable. A legal agreement means that if more funding becomes available to support affordable housing, a further 5 per cent could be achieved. This means a minimum of 1,350 new homes in Stratford for those in need of social housing or who can't afford full market prices.
 
Stratford City will be built on derelict rail lands around Stratford station. It is situated next to the main London Olympic Games site and would play a significant role in a London Games in 2012, providing much of the athletes' accommodation.
 
Mayor of London, Ken Livingstone, said:
 
'Stratford City will transform this area of east London into a thriving new urban community. It will provide a massive boost to the regeneration of the Thames Gateway and create many thousands of new homes, capitalising on the Channel Tunnel Rail Link to make Stratford London's gateway to Europe.
 
'This proposal is a real step forward in delivering the London Plan, which I published earlier this year, setting out the need for high quality new homes, jobs and community facilities to support London's growing population.
 
'The new homes, jobs and retail facilities and improved transport infrastructure planned for the site would substantially improve the facilities on offer to visitors to a London Olympic Games in 2012.’
 
Speaking on behalf of the Stratford City Development Partnership Nigel Hugill, Managing Director, Chelsfield, said:
 
'Stratford City will be a place where the story about the regeneration of the Thames Gateway unfolds. The development will capitalise on the Channel Tunnel link which will be London's artery to the Continent with a similar regeneration potential to that generated by Heathrow to the West.

'The thousands of new homes at Stratford City, new employment opportunities, new shopping facilities, and a demanding energy strategy will make Stratford City a model for demonstrating the quality of regeneration that can be achieved by cooperation between the community, the London Borough of Newham and the Mayor of London. Ken Livingstone’s support for this vast new project with six railway lines and a marvellous new shopping centre, will give East London a rightful place in the revitalisation of The Thames Corridor.' 
 
Sebastian Coe, Chairman of London 2012, said:
 
'The green light for Stratford City gives a further boost to our bid to host the Olympic Games in London in 2012. The development would help provide top-class accommodation for athletes at a London Games - and the brand new retail centre would provide fantastic new facilities for athletes and visitors to enjoy. By creating new homes and jobs and bringing derelict land back into use, Stratford City will make a tremendous contribution to the regeneration of east London, which is one of the key objectives for London's bid.’
 
Notes to Editors
 
1. Copies of the Mayor's decision letter and planning report are available at www.london.gov.uk

2. Images available from Nikki Gifford at Stanhope Plc – tel: 020 7170 1626 email: niki.gifford@stanhopeplc.com

3. Stratford City is a partnership between London & Continental Railways, Chelsfield and Stanhope.
 
For media enquiries for the Mayor please call Matthew Neylan or Richard Brookes in the Mayor's Press Office on 020 7983 4020/6550.
 
For out of hours media enquiries please call 020 7983 4000. For public enquiries please call the Public Liaison Unit on 020 7983 4100.
 
For media enquiries for the Stratford City Development Partnership please call:
Stuart Lipton  Stanhope plc 07767 370 033
Press office  London & Continental Railways 020 7391 4300
Nigel Hugill Chelsfield plc  020 7493 397