Telford Homes buys £160m Stratford site

LCR has agreed to sell a site in Stratford, E20, to London residential developer Telford Homes. The acquisition cost of £20m is subject to Telford Homes achieving a satisfactory planning consent. The gross development value is expected to be in excess of £160m. The 1.14-acre site, which is also owned by the Department for Transport and HS1, is adjacent to Stratford International station and Westfield Stratford City. It is expected to deliver approximately 380 homes, with subsidised affordable housing anticipated to make up 50% of the development. David Joy, chief executive of LCR, said: “This agreement supports our long-term objective to work closely with public and private partners to enable the delivery of new homes and investment in Stratford. It will bring the site into productive use, complementing our neighbouring schemes in creating new communities in a rapidly growing part of east London.” Wendy Spinks OBE, HS1’s commercial director, said: “This deal is part of HS1’s rolling plan to work with the Department for Transport and LCR to create value and housing development opportunities from HS1’s land.”   To send feedback, e-mail anna.ward@egi.co.uk or tweet @annaroxelana or @estatesgazette