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London Legacy Development Corporation and Ballymore establish joint venture to transform Queen Elizabeth Olympic ParkJuly 28, 2022
Avison Young advised London Legacy Development Corporation (LLDC) on the JV, which will create up to 1,200 new homes.
The London Legacy Development Company (LLDC), advised by Avison Young, has formed a 50/50 joint venture partnership with Ballymore, the regeneration company behind Embassy Gardens at Nine Elms and London City Island at Canning Town.
Together, the pair will deliver the transformation of two waterfront sites, one adjacent to the emerging East Bank community on the site of Queen Elizabeth Olympic Park.
The partners will create almost 1,200 much-needed new homes – 575 at Bridgewater Triangle (50% affordable) and 600 at Stratford Waterfront (35% affordable) – and ground floor retail spaces. The homes will comprise a range of tenures and typologies, including townhouses, lateral, and duplex apartments.
The high-quality residential developments are set in the incredible natural environment of Queen Elizabeth Olympic Park. Residents will be surrounded by global sporting and cultural attractions, revitalised waterways, parkland and new emerging neighbourhoods, with superb transport links to central London and the capital's airports. Two newly established business districts at Here East and International Quarter London are attracting thousands of jobs to the area.
Rosanna Lawes, LLDC Executive Director of Development, said:
“We are hugely excited to enter this partnership with Ballymore and to build on what has already been achieved over the last 10 years.
“Ballymore brings great expertise and proven regeneration credentials to help create thriving new communities with well designed, sustainable homes to meet all needs.”
Ballymore will now bring its own cultural expertise to the area; the developer has a track record in pioneering regeneration programmes across the capital, each of them anchored by cultural institutions and independent businesses.
Group Managing Director John Mulryan hopes this approach can be replicated within the new development and adds:
“LLDC has been instrumental in creating and attracting some of the biggest cultural and educational names to East Bank. We are delighted to be partnering with LLDC, supporting the regeneration and delivery of homes in this special and inspiring destination that puts community and culture at its heart.
“Ballymore has been strategically focused on large-scale strategic partnerships with public bodies and this joint venture aligns with that goal.”
Ishdeep Bawa, Principal at Avison Young, said:
“The JV between LLDC and Ballymore presents a unique opportunity to draw on the combined expertise of two major regeneration players to deliver two exceptional residential-led schemes, which will provide thoughtfully designed, sustainable neighbourhoods for people to live, work and play.
“Avison Young has advised LLDC on a variety of projects on the Olympic Park, and we are delighted to have assisted in paving the way for these legacy Olympic sites to come forward.”
The JV hopes to complete the residential development at Stratford Waterfront and Bridgewater Triangle by 2028.