Lendlease and LCR split sites at £2.4bn International Quarter London
Lendlease and London & Continental Railways have split up the £2.4bn International Quarter London scheme into two separate sites for new development.
Lendlease will develop the remaining 3.1m sq ft IQL South, which is expected to provide 350 new homes, workspace and retail on the 15.6-acre site around the London Stadium.
LCR will control the undeveloped three-acre IQL North to the north of Stratford International station.
Lendlease and London & Continental Railways have split up the £2.4bn International Quarter London scheme into two separate sites for new development.
Lendlease will develop the remaining 3.1m sq ft IQL South, which is expected to provide 350 new homes, workspace and retail on the 15.6-acre site around the London Stadium.
LCR will control the undeveloped three-acre IQL North to the north of Stratford International station.
The partners agreed the 50:50 joint venture to redevelop the 22 acres at the gateway to the Queen Elizabeth Olympic Park in 2010.
They will retain interest in the buildings and management companies for the 1m sq ft of office, 333 residential homes and additional retail and community space delivered on the site in the past nine years.
Peter Hawthorne, chief executive at LCR, said: “By segmenting the site into two separate but interconnected areas of focus, we can each play to our strengths in delivering the next phase of IQL’s transformation.”
Bek Seeley, managing director for development at Lendlease, added: “This agreement provides additional impetus for IQL to achieve its full potential, building on everything that has been undertaken to date, and supporting the future strategic focus for both partners.”
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Image © Lendlease
