Newham

Nine billion pounds of private investment in Stratford, Newham, since the 2012 games were announced

26 July 2013 in 2012 Games and legacy
The latest investment figures highlight that almost £9billion of investment is being pumped in to the area in east London, generating thousands of jobs and new homes.​

The London Olympic and Paralympic Games were won in 2005 and have been a catalyst for this investment.

Stratford has seen an unprecedented transformation and the investment will see more than 42,000 jobs and 8,000 homes created, delivering a massive boost to the UK economy and providing much needed homes for London’s burgeoning population.

The latest Centre for Economics and Business Research report in June 2013 shows a massive shift in perception of Stratford as a desirable area to live in and invest. The new postcode area E20 is now seen by Londoners as one of the top places to live in the capital.

The area has world-class transport connections, with Stratford Station now the sixth busiest station in London with more than 100million users annually; and Crossrail will arrive from 2019 providing even better connectivity.

High Speed 1 rail services already stop at Stratford International, with Newham Council lobbying hard with its public and private sector partners for international connections and a link to High Speed 2.

Westfield was one of the first businesses to see the potential of the area and its development, Westfield Stratford City is Europe’s largest urban shopping centre. It has created 10,000 jobs and is now valued at around £2billion. In its first 12 months it attracted 47 million visitors.

Westfield is also set to invest hundreds of millions more in its Angel Lane development, comprising student accommodation, hotel, apartments and offices and Cherry Park, Stratford City, delivering hundreds of jobs and 1,500 homes.

Other investors in the area include Manhattan Loft Corporation who are developing Manhattan Loft Gardens, a 42 story double-cantilevered tower with expansive living spaces, three sky gardens and a design hotel. The company is set to spend £300million on the unique structure which will provide more than 200 homes and generate 100 jobs, with construction anticipated to commence in early 2014.

Birkbeck and the University of East London have completed the £35million University Square Stratford.  This major new university campus will meet the growing aspirations of local people at a time of great change and opportunity in east London and will open in autumn 2013.

Genesis Housing Association is set to complete Stratford Halo, a £200million residential 43 storey tower block based at 150 High Street. It will bring an extra 704 homes to the borough, many of them available for social rent. 401 apartments were purchased in an innovative deal by M&G investments for £125million – they will be made available for private rent. The initiative is thought to be the biggest single investment of its kind in the private rented sector, and the first in London.

Work is also due to start on two major new mixed use developments in Stratford Strand East’s £700m commercial and residential district will deliver 1,200 homes and 1,000 jobs and The International Quarter (TIQ) Stratford City, by joint development partners Lend Lease and LCR, is a £2billion vibrant new commercial district for London.

Lend Lease and LCR will also be launching 320 new homes at The International Quarter in early 2014 and submitting planning at the end of 2013 for a new 500 bedroom hotel.

However it’s not just massive investment that is driving Stratford’s transformation, the area is attracting prestige events such as the UEFA Champions Festival, Global Champions Tour (show jumping), Yahoo! Wireless Festival and Hard Rock Calling, attracting over 500,000 people to attend such events this summer.

Sir Robin Wales Mayor of Newham, said: “Stratford is transforming at a pace like no other place in London or even Europe.  The regeneration of this area has taken decades of planning and investment in areas such as transport infrastructure.

“We have worked hard to ensure that we can deliver on the Games promise of regenerating the East End of London as well as the legacy benefits, both economic and social.
“By 2025, we envisage that there’ll be a minimum of £22 billion invested in the area, which will bring 35,000 new homes and 100,000 new jobs. The latest investment figures show we are well on our way to achieving this.”

John Burton, Director of Development for Westfield who received an OBE for his involvement in the regeneration of Stratford in the 2013 New Year Honours, said:  "The Games gave Stratford a momentum but for the area it was just the beginning. Stratford has so much to offer in terms of location, connectivity, green space and culture. Westfield Stratford City has over 250 retailers including John Lewis, M&S and Waitrose as well as over 70 places to dine.

"For a company like Westfield the Games gave us unprecedented global exposure and has attracted the attention of international retailers, an increasing number of which are making their UK debut in Stratford. Looking to the future we expect Stratford to be the launch place for more international retailers entering the UK market and an increasing number of tourists, providing more jobs for the local area."

Professor Philip Dewe, Chair of Stratford Renaissance Partnership said:
“Businesses from both the UK and overseas have recognised the potential of Stratford and are investing billions into the redevelopment of the area. The scale of change here is breath-taking and in the decade to come we will see up to 40,000 more jobs created. Around £9billion of investment has now been confirmed from business and universities – making Stratford one of the most successful regeneration projects ever seen.”

Kevin Chapman, Head of Offices, Lend Lease added: "The International Quarter, is the final piece of Stratford City, complementing the already complete East Village and Westfield Shopping Centre. The regeneration here will build on what has been delivered and create in excess of 25,000 jobs. It will be a major contributor to London’s growth.”