Private equity firms Blackstone and Catalyst win consent for Stratford Island scheme
Plans for a major regeneration scheme at the centre of Stratford have been given the go-ahead by Newham council, paving the way for 600 new homes.
Private equity firms Blackstone Real Estate Partners and Catalyst Capital have won planning permission to two tower blocks on the Stratford Centre site – one of 42 storeys and the other of 25 – delivering 600 homes, 24,800 square feet of space for shops and restaurants as well as 12,500 sq ft of office space.
The developers have already spent £100m on the so-called Stratford Island site and will also build a new public square, a children's play space and refurbishment works to Stratford Centre shopping mall as part of the plans.
Construction is expected to start in 2016 with completion scheduled for 2018.
Jon Lurie, Managing Director at Blackstone: "This is the culmination of years of working in partnership with local interest groups, community consultation and investment to develop the proposals, which will see the delivery of a number of community benefits including affordable homes, new public spaces and the creation of hundreds of jobs. We now look forward to realising this exciting vision for the area."