Housing Association Notting Hill Housing Group has announced its collaboration with Telford Homes (AIM:TEF), the London-focused residential property developer, on a significant site close to the Olympic Park in Stratford, which will create hundreds of new homes for the area.
The joint venture has exchanged contracts to purchase the 5.5 acre site from London and Continental Railways (LCR) for £44 million. Outline planning consent has already been granted and a detailed application for the proposed development will be submitted in early 2015.
Chief Executive of Notting Hill Housing, Kate Davies, commented: "This part of east London has already seen huge investment over the last few years and is set to become an international destination for living, working, shopping and entertainment. We are thrilled to be playing a part in the regeneration."
It’s expected that more than 400 new homes will be built, approximately 38% of which will be affordable. Forty four per cent of the residential units will be family homes and plans also include an on-site nursery. The development will be centred around landscaped open spaces with a traditional square providing a large amount of green space for residents.
Jon Di-Stefano, Chief Executive of Telford Homes, added: “This exciting joint venture with Notting Hill Housing has enabled us to acquire another fantastic opportunity in Stratford, a location where we have experienced tremendous sales success.”
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