New homes to be built on Olympic legacy sites in London

More new affordable homes are to be built on Olympic legacy housing sites in London, with the volume being boosted by 50%.

The Mayor of London, Sadiq Khan, has announced that 3,000 new homes will be built on the remaining three legacy sites at Queen Elizabeth Olympic Park at Stratford Waterfront, Pudding Mill and Rick Roberts Way over the next 12 years.

City Hall will be working with the landowner, the London Legacy Development Corporation (LLDC), to speed this up.

Khan said that while he has no power over those Olympic legacy sites that were agreed before he became Mayor, he is ensuring an average of 50% affordable housing across the remaining three sites, in line with his commitment for housing developments on public land, by forgoing income from the sites and absorbing the cost.

Some 600 new homes will be delivered at Stratford Waterfront, 1,500 at Pudding Mill and 900 at Rick Roberts Way, subject to planning permission. To ensure 50per cent are affordable across the three sites, the Mayor will invest housing and infrastructure grants and proposed funding of around £10 million of City Hall funding a year over 20 years. This will be confirmed in the Mayor’s budget early next year.

He explained that the decision to boost affordable housing to 50per cent on the three remaining sites means they will leave a better legacy than those sites already agreed before he was elected, which contained an average of 29per cent affordable housing.

Despite inheriting lower levels of affordable housing on these sites however, the Mayor and LLDC will continue to explore whether it is possible to increase their levels further.

‘It’s vital that our Olympic legacy truly benefits Londoners, and that includes affordable housing as well as culture, education and business. While I cannot change the deals that were agreed before I became Mayor, I’m committed to ensuring that at least half the homes across the three remaining sites for development will be social rented or other genuinely affordable homes,’ said Khan.

‘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,’ he explained.

‘These will be genuinely affordable homes that Londoners desperately need. I’m prepared to put my money where my mouth is in my proposed budget next year and make sure they are delivered – and I urge the London Assembly to help me do this,’ he added.

Tackling London’s housing crisis has been one of Khan’s top priorities since he took office, and he has started a record numb per centr of genuinely affordable homes in the capital, exceeding targets agreed with the Government.

He started 12,555 starts of affordable homes in 20172018, the highest number since responsibilities for funding affordable housing were devolved to the Mayor of London. Crucially, this included 2,811 homes with rents based on social rent levels, after there being zero homes at such levels in the pipeline inherited from the previous Mayor. That is more than double the number of homes for social rent that the Government started in the rest of England combined.

Lyn Garner, LLDC chief executive, said that housing is a critical part of the London 2012 legacy and the Mayor’s proposals will help us to accelerate delivery of thousands of homes, including affordable homes.

She pointed out that four new schools have been built on the Park already, including the new Bobby Moore Academy, together with thousands of new jobs in the local area to provide the much-needed infrastructure to support these new neighbourhoods.

The regeneration of Queen Elizabeth Olympic Park has created an entirely new urban district in London, and in June the Mayor set out his vision for East Bank at the Park, which is set to create 2,500 jobs, £1.5 billion of economic benefit and 600 new homes.

Sadiq unveiled new plans and building designs for Sadler’s Wells, UAL’s London College of Fashion and the V&A including a partnership with the Smithsonian Institution, across Stratford Waterfront.

The BBC will also join this list of prestigious institutions with facilities at East Bank, to create a new home for the world-renowned BBC Symphony Orchestra and Chorus and BBC Singers, as well as the Proms. East Bank will also be home to UCL East, a new and pioneering campus for University College London.

• Propertywire