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LCR has agreed the conditional sale of a 1.14-acre site on International Way, Stratford, to Telford Homes Plc, the London-focused residential property developer.

The prominent site, which is also owned by the Department for Transport and HS1 Ltd, is located adjacent to Stratford International station and Westfield Stratford City. It is expected to deliver approximately 380 homes, with subsidised affordable housing anticipated to make up 50 per cent of the development. 

The agreement, which marks Telford Homes’ third land acquisition from LCR through a competitive tender, follows a long-term, LCR-led project to consolidate complex land interests at the site to enable development.

LCR, which is a skilled commercial developer and the UK Government’s placemaking expert, has been involved in the transformation of Stratford since 1996 when the 120-acre site consisted largely of derelict railway sidings. LCR is currently delivering four million sq ft of Grade A office space and more than 330 new homes through the £2.4 billion International Quarter London (IQL) scheme at Stratford, in a joint venture with Lendlease.

HS1 Ltd holds a concession from the Department of Transport to run the high-speed railway from St Pancras International through Stratford, Ebbsfleet and Ashford to the Channel Tunnel.

The cash consideration of £20 million is subject to Telford Homes achieving a satisfactory planning consent. The gross development value is expected to be in excess of £160 million.

David Joy, Chief Executive of LCR, said: “This agreement supports our long-term objective to work closely with public and private partners to enable the delivery of new homes and investment in Stratford. It will bring the site into productive use, complementing our neighbouring schemes in creating new communities in a rapidly growing part of East London.”

Jon Di-Stefano, Chief Executive of Telford Homes, commented: “I am delighted that Telford Homes has exchanged contracts on another acquisition involving LCR and HS1 Ltd. We have enjoyed considerable success in Stratford developing more than 1,750 homes in the area over the last twelve years. This site is really well located next to the International station and Westfield, and is an excellent addition to our development pipeline.”

Wendy Spinks OBE, HS1 Ltd’s Commercial Director, said: “This deal is part of HS1’s rolling plan to work with the Department for Transport and LCR, to create value and housing development opportunities from HS1’s land.”

London & Continental Railways Limited, 4th floor, One Kemble Street, London WC2B 4AN  Tel: +44 (0) 20 7391 4300  Fax: +44 (0) 20 7391 4401

Registered in England and Wales, company number 02966054 at the above address.