Affordable homes planned for London’s Olympic legacy sites

Around 3,000 new homes are to be built on three sites on London’s Queen Elizabeth Olympic Park. London Mayor Sadiq Khan announced the project, saying at least 50 percent of the new homes would be affordable.

They are to be built on three sites in east London: Stratford Waterfront (600 homes), Pudding Mill (1500) and Rick Roberts Way (900).

Up to £10 million of funding from City Hall will be invested in the project over the next two decades as the Mayor’s office works with the London Legacy Development Corporation (LLDC), which owns the land, to speed up construction. The project will also involve a number of housing and infrastructure grants.

Investment in the area

MrKhan said: “It’s vital that our Olympic legacy truly benefits Londoners,and that includes affordable housing as well as culture, education and business.

“I’m committed to ensuring at least half the homes across the three remaining sites for development will be social rented or other genuinely affordable homes.

“There’s no getting away from the fact that to deliver on this commitment costs money, but this is an investment, and City Hall and the public sector in general will benefit from council tax and business rates thanks to the incredible regeneration of the area.”

Much-needed infrastructure

Lyn Garner, chief executive of LLDC, added: “Housing is a critical part of the London 2012 legacy. Four new schools have been built on the Park already, together with thousands of new jobs in the local area to provide the much-needed infrastructure to support these new neighbourhoods.”