05
December 2024
Vistry Group
PLC
London Legacy Development
Corporation and Vistry Group form joint venture to deliver 948 new
mixed-tenure homes with a GDV of c.£0.6bn
The London Legacy Development
Corporation (LLDC) has formed a 50/50 joint venture partnership
with Vistry Group for the delivery of 948 new mixed-tenure homes
and a GDV of c.£0.6bn. The partnership will lead to the creation of
a new community located next to Pudding Mill Lane DLR station in
Stratford, East London.
The development will be brought
forward over four phases, with a minimum of 45% of the new homes
being affordable, as well as over 30,000 sqm of non-residential
floor space to accommodate a mix of workspace, retail, community
and leisure uses.
A rich mix of social infrastructure
and high-quality public amenities will also be provided to ensure
the delivery of a sustainable long-term community.
The new scheme will support the growth and
development of East London, with employment and skills
opportunities for local residents, businesses and start-ups
integral to the development.
Construction of the first phase is
anticipated to start in summer 2026, with completion of the overall
scheme scheduled for 2033.
Greg Fitzgerald, Chief Executive of Vistry Group,
said: "This is a fantastic
opportunity for our partnerships business to revitalise this area
of East London and create a thriving and sustainable new
community. We are very pleased to be working in partnership
with the LLDC and the GLA to provide the mix of high-quality new
homes that residents desperately need, alongside the
infrastructure, facilities and socio-economic opportunities
required to support them."
Rosanna Lawes, Executive Director of
Development at LLDC, said: "It's exciting
to move forward with the development of Pudding Mill Lane. The
joint venture partnership with Vistry means that we can rapidly
build on the Park's successful legacy to create another thriving
and sustainable community. Quality design is at the heart of the
scheme both in well-designed and sustainable homes, in
high quality public realm, amenities and
significant workspace that creates truly successful
places."
ENDS
For further information please
contact:
|
Vistry Group PLC
Tim Lawlor, Chief Financial
Officer
Susie Bell, Group Investor Relations
Director
FTI
Consulting
Richard Mountain / Susanne
Yule
|
07469 287335
020 3727 1340
|
About Vistry Group
Vistry Group is the UK's leading
provider of mixed tenure homes. Our purpose as a responsible
developer is to work in partnership to deliver sustainable homes,
communities, and social value, leaving a lasting legacy of places
people love. Operating across 26 regions, we build homes for those
who need them right across the UK. We sell homes on the open market
through three respected brands: Bovis Homes, Linden Homes, and
Countryside Homes.