Newham Council and UCL to take forward £1billion scheme to regenerate Stratford

The decision means the Council will now enter into detailed negotiations with University College London (UCL) regarding the proposed redevelopment of the Greater Carpenters Neighbourhood, a 23 acre site in Stratford.

UCL's proposals and vision for the site include academic and research facilities and new residential accommodation for students (undergraduate and postgraduate), UCL staff and others. The university quarter would include activities in Engineering, Population Health Sciences and Built Environment, as well as improved public realm and landscaping of the area.

The proposed development would also provide world class architecture, public spaces and an academic gateway to the Olympic Park complementing the existing higher education offer in Newham.

The long term regeneration benefits of the project include steady increases in educational achievement and aspiration, improved health and wellbeing outcomes, enhanced cultural facilities and increased opportunities for residents.

This development would play a major part in delivering real improvements in the quality of life for Newham's residents and opening up opportunities for future generations.

In keeping with local, regional and national government objectives in the delivery of major new infrastructure projects (including education), UCL has committed to working with educational, business and community partners to create and support further growth in jobs, businesses and regeneration in Newham.

With Siemens recently opening a £35m sustainability hub in the borough, it is hoped that the co-location of one of the world's leading universities to Newham will bring investment from national and international businesses and partners in Stratford and the Royal Docks Enterprise Zone.

The council's decision is in line with the Stratford Metropolitan Masterplan agreed in 2010 following substantial consultation with local people. The plan outlined the council's ambition for the area, offering new opportunities for Newham residents including new jobs, homes, schools, shops, leisure facilities and local services, with better walking routes and transport connections.

The Greater Carpenters Neighbourhood is in need of significant regeneration and some residents have chosen to move out, supported by the council. A successful rehousing programme began in 2005 to allow residents on the estate to move to suitable alternative accommodation of their choice. The council will continue to work with residents living on the estate to make personalised offers for rehousing based on what their individual needs are.

Out of the original 705 homes on the estate, 318 homes remain occupied, comprising of 156 council homes, 66 leasehold homes and 96 freehold homes.

A refurbishment programme would not have been affordable (refurbishing Lund and Dennison Points alone would cost £50million) and would not have secured the regeneration of the whole estate, resulting in some leaseholders each receiving bills running into six figures. Refurbishing the three tower blocks on the estate alone would have cost an estimated £75m.

A Residents Charter is in place for the whole estate and outlines the housing options for tenants, leaseholders and freeholders. The council and UCL will consult with residents on the drafting and development of a masterplan in 2013.

Sir Robin Wales, Mayor of Newham said "This is a fantastic opportunity for Newham residents and I am looking forward to working with UCL to ensure our joint vision is realised. This decision supports our vision to transform the Greater Carpenters Neighbourhood into a high quality educational, commercial and residential quarter benefiting Stratford and the rest of the borough.

"It will also act as a catalyst for further investment. High calibre businesses such as Siemens have recently recognised the potential within Newham and are investing in the area and working with our partners including UEL and Birkbeck, a new academic quarter will play a valuable role in the ongoing regeneration of the wider borough.

"This important scheme will also inspire our youngsters to look at what prospects are available to them as well as creating fantastic long term economic benefits for residents and creating jobs and opportunities for years to come."

John Burton, Chair of Stratford Renaissance Partnership, and Director of Development at Westfield said:

"We are delighted that UCL plans to establish its new university campus in Stratford. This announcement demonstrates that Stratford's regeneration is accelerating - with over 10,000 new jobs already and many thousands more set to come with UCL Stratford and further development both in the Queen Elizabeth Olympic Park and Stratford town centre. We are seeing an astonishing transformation take place, and bringing one of the world's top universities to Stratford will only strengthen its offer as one of the best connected and exciting development areas anywhere in Europe."