Ikea has launched plans for a redevelopment in East London which includes 1,200 new homes and 480,000 square feet of offices.
Plans for Strand East, a major regeneration project just south of the Olympic Park in Stratford, have been revealed by LandProp, part of the Inter IKEA Group.
The plan also includes a 350 bedroom hotel and local shops, cafes and restaurants set within distinct zones linked by car free landscaped walkways, the developers said. Following public consultation, a planning application is due to be submitted to the London Thames Gateway Development Corporation in early 2012.
The Strand East site covers 26 acres between Stratford High Street, the Three Mills Wall River and the River Lea waterways and LandProp has also today announced the completion of site assembly with the purchase of 9.34 acres from the Olympic Park Legacy Company to bring the majority of the site under single ownership.
Harald Müller, managing director of LandProp, said: “I will shortly be announcing an agreement with an internationally renowned hotel operator to run a high quality 350 bedroom hotel. Graysons will create a wonderful new restaurant overlooking the public square and sculpture at Dane’s Yard. We have the highest ambitions for Strand East, the development will be on a human scale with much of the site characterised by low density town houses and mews homes connect by beautiful public spaces consisting of courtyards and squares, making the most of the waterways which surround the site.”
Mayor of London Boris Johnson said the site would provide much needed family-sized housing and new jobs. “This huge investment shows the extraordinary confidence that exists for both this part of the capital and the future of the whole of London’s economy.”