LandProp, part of Inter Ikea Group and owner of Ikea’s intellectual assets, has announced its first major investment: a 26 acre development Stratford, East London, near the Olympic Park. Besides 1200 homes, it will feature 480 000 square feet of office space and a 350 bedroom hotel.
Photo: Land Prop
As the company paid an estimate £25 million for the site only (which was held in receivership by the Olympic Park Legacy Company before the purchase), it is expected that the whole project takes “the silver medal” as the second largest private sector investment in the Olympic park vicinity, right after the Westfield Stratford City shopping centre.
According to Olympic Legacy Minister Bob Neill:
“Not only does it create a new high quality, waterside destination which provides new homes, jobs and leisure facilities, it is a demonstration of investor confidence in the area’s future in a difficult market”.
A canal passing through the location is adding an extra value to the neighborhood’s comfortability, as it will serve as a boat taxi line, and will feature a floating cocktail bar available to the residents of the development. An underground parking complex will ensure that the site stays as idyllic as possible.
Harald Muller, LandProp’s Managing Director is showing great optimism about the investment:
“We are hugely excited to be bringing forward these plans, we see Strand East as a place for families which contributes to the regeneration of Stratford and takes its place alongside the many neighbourhoods of London”.
Mr. Muller added that the architectural project will be based on the basic principles of Ikea which include sustainability and modern design “maybe even with a slight Scandinavian approach”. Buildings will not be higher than 4 storeys (with an exception of four circa 15 storeys high towers) so the human scale factor will be ensured.
Politicians are also optimistic. Apparently they think that the Olympics and the investments surrounding the Games will encourage regeneration of the area on a much greater scale.
Although there is no planning permission yet, a public consultation about the project is scheduled in the near future, and Ikea/LandProp is hoping to start the construction in 2013.