The 10 hectare site in Stephenson Street, Newham will boast a new school and green space, as well as nearly 100,000 sq ft of community, business, leisure and retail space.
More than 1,200 of the 3,500 homes will be for affordable rent or shared ownership. It is part of the Mayor Boris Johnson’s wider push to strengthen institutional investment in the residential market in London, with City Hall initiatives aimed at boosting both shared ownership and purpose-built private rent.
The development of the former depot continues the Mayor’s drive to release all sites in the capital under his ownership for development.
The Mayor of London Boris Johnson MP said: “This huge chunk of disused land will be put to the best possible use, creating a whole new neighbourhood including 3,500 much-needed new homes, a new school and a park.
“This ambitious development will help to further the continuing transformation of east London as part of our Olympic legacy.”
Chairman of the Berkeley Group Tony Pidgley CBE said: “Stephenson Street will be a new village for London. It will have all the qualities that a successful community needs: shops, workspaces and a school, links between neighbours, a beautiful park where people can play and great transport connections. Above all, this site will create homes for people regardless of their age, background or income. It will be a place for everyone.“
Berkeley Homes was selected from a shortlist of four developers as the partner for the new site as part of the London Development Panel procurement process, which was set up by the Mayor to accelerate the delivery of housing in London.
A key part of the Mayor’s Housing Strategy is to encourage institutional investors, such as pension funds and insurance companies, to invest in housebuilding.
This includes efforts to support extended leases and more stability for tenants as well as top quality, well designed, new developments.