An agreement between the Mayor of London and Berkeley Homes will help to convert a disused Parcelforce depot in east London into 3,500 new homes, a park and a school.
In addition to this, there will be nearly 30,000 square feet of retail space at the 10 hectare site in Stephenson Street, Newham.
The homes will be available to buy and rent, with a number of shared ownership and purpose-built private rented homes on offer. Over 1,200 of the 3,500 new homes will be designated affordable.
The development of the former industrial site is the latest part of Boris Johnson’s drive to release all sites in London under his ownership for development before he leaves his post in 2016.
“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,” Johnson said. “This ambitious development will help to further the continuing transformation of east London as part of our Olympic legacy.”
Nearly all of the sites owned by City Hall have now been made available for development, including the transformation of four old hospital sites and industrial land at Greenwich Peninsula and Barking Riverside.
Tony Pidgeley, Chairman of the Berkeley Group, said of the development: “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.”