The legacy redevelopment of the Olympic Park began as soon as the 2012 Paralympics ended, and it has kept up quite a pace since then. To date, 11,500 flats and houses have been built at the Olympic Park, with another 21,500 to be completed by 2036. It is predicted that overall investment since the games will reach well over £20bn in the next 10 years.
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The International Olympic Committee states that overall economic growth has exceeded pre-Games projections three-fold and there has been a 40% growth in local employment.
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The former Olympic stadium has been converted into a multi-purpose 60,000 seat stadium. It is the home to West Ham United Football Club, while the Athletes' Village is now a residential development, called East Village containing nearly 3,000 homes. The Olympic Park is being further developed over the next 15 years to bring in five new neighbourhoods, thousands of new homes, commercial spaces and other uses.
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Stratford itself and the surrounding areas have seen a surge in start-ups and has become a substantial technology centre, which is home to some of Europe's most advanced innovation spaces in HereEast.
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At The International Quarter, there are four office buildings planned, including the 'technology enhanced' Turing Building. Together, these four buildings are expected to provide a total development area of 1.6m sq ft when complete, with an estimated gross development value of approximately £1.5bn.
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The Olympics became one of the catalysts for further development around the area, including the former industrial patches of Fish Island, Hackney Wick and Sugar House Island.
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Some developments we've been working with include:
\nHWK is a collection of developments by East London developer, Aitch. It provides mixed use developments throughout Hackney Wick and Fish Island, and delivered some of the fastest selling residential units in London at the time of launch. Its flagship development, The Bagel Factory, offers 181 residential units and 700,000 sq ft of Class E commercial space. It continues to bring innovative businesses and retailers to the area.
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Fish Island Village by Peabody has brought the area 450 homes and a mix of commercial occupiers who are keeping the area's creative mission alive. The Trampery and a mix of independent retailers and restaurants are evolving and will continue to grow as new phases are delivered. Strettons advised on the affordable housing valuations of the development.
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The 26-acre landmark Sugar House Island scheme by Vastint UK will total 624,000 sq ft of office space along with 1,200 new homes, a hotel and a primary school. Located around the site of the Olympic torch near Pudding Mill Lane, the first phase, Dane's Yard, has already been delivered and formed the start of this exciting new urban village.
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Bow Exchange is a mixed use scheme designed by Architects pH+ for City and Suburban Homes. Located on the Limehouse Cut Canal, the scheme has replaced the existing 2 to 3 storey industrial warehouse and created high quality workspace at the ground and mezzanine levels with 92 homes above.
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New schemes are continuing to be developed across the wider Olympic Zone area and we believe the best is yet to come for the area. This is because not only is there investment into residential development, but across a range of sectors. There is much needed housing and high-quality office space, but also investment into education, culture, leisure and tourism which will see the area evolve into an even more important area for London.
\nwww.london.gov.uk
\nThe area will soon be home to a new cultural quarter at the waterfront, East Bank at Stratford waterfront, featuring:
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This, combined with developments at the International Quarter will see the area mature into a hugely significant business and cultural location for London.
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We are proud to have been involved from the start and of our track record in helping our clients deliver these landmark schemes. We are far from finished and are currently working to advise on and help advise on a number of new schemes throughout the area via our development consultancy, affordable housing and commercial agency teams.
\nFor more information, please get in touch.
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