“Bonkers” was the way one Olympic property expert this week pithily described the following major development plans for Stratford that I have revealed at CoStar News exclusively this morning.
That aside, the story I think further highlights the private sector’s increasingly ambitious aspirations and expectations for development in and around the Olympic Park.
The story is that IKEA’s investment arm Inter Ikea is in talks to buy a further 15 acres close to the Olympic Park as it assembles land for a 2m sq ft office and housing scheme.
The scheme basically doubles in the size Inter Ikea’s previous plans – which were substantial – for development of the Sugar House Lane site off of Stratford High Street. And when I say doubles, it is worth remembering that IKEA’s investment was already the largest private sector investment in the Olympics zone since the downturn (the Olympic Village deal has not signed off yet!) including 1500 homes. We are talking about an IKEA village now to match the Olympic Village. Any way here is the story:
CoStar News has learnt that Inter IKEA’s development business LandProp is close to acquiring 15 acres, principally from the City Hall and government-owned Olympic Park Legacy Company, to double the size of its Sugar House Lane to 30 acres.
The land includes around 10 acres of warehousing to the south of the Three Mills warehousing complex that the OPLC owns. It also includes Newham council leases on shopfronts to the north of the site and fronting on to Stratford High Street.
CoStar has learnt that LandProp, advised by GL Hearn and architect ARC-ML, is working up plans the entire area for 1.3m sq ft of houses, 480,000 sq ft of offices, 200,000 sq ft of hotels, a selection of shops, a health centre, community centre and nursery school, a gym and associated car parking.
The development will comprise a series of buildings between five and 10 storeys with the potential for a landmark building of up to 20 storeys in height.
Click here to read the full story.