Vistry Group strikes deal to build 950 homes in east London
By Abigail Townsend
Date: Thursday 05 Dec 2024
(Sharecast News) - Vistry Group has agreed to build nearly 950 new homes near London's Olympic Park, the blue chip announced on Thursday.
Vistry said it had signed a 50:50 joint venture with the London Legacy Development Corporation, to deliver 948 new mixed-tenure homes with a gross development value of around £600m.
The homes will be situated near Pudding Mill DLR station, just outside Stratford in east London.
Greg Fitzgerald, chief executive, said it was a "fantastic" opportunity to revitalise the area.
He continued: "We are very pleased to be working in partnership with the LLDC and Greater London Authority to provide the mix of high quality new homes that residents desperately need."
Rosanna Laws, executive director of development at LLDC, said: "The joint venture partnership with Vistry means that we can rapidly build on the [Olympic] Park's successful legacy to create another thriving and sustainable community."
Vistry said 45% of the homes would be "affordable", though it did not define affordable. The development will also include work, retail, community and leisure spaces.
Construction is due to start summer 2026, with completion slated in 2033.
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