Work will start in 2013 following the Games on the latest phase of the Stratford City scheme which will include 4m sq ft of commercial space and 300 homes.

Lend Lease Group  has signed a conditional agreement with London & Continental Railways Ltd.

The two companies will set up an equal joint venture company. Lend Lease will act as development manager and inject equity, while LCR will contribute about nine hectares of land.

The whole Stratford City development is anticipated to be complete by 2025.

London & Continental Railways said that the agreement would “take forward the next phase of Stratford City, signalling a major milestone in the continued delivery of one of the most significant regeneration projects in Europe”.

Dan Labbad, chief executive officer – Europe Lend Lease, said: “Lend Lease is delighted to be working with LCR to move this stage of Stratford forward.

“In addition to the world class facilities already being delivered, including our delivery of the Athletes’ Village, this phase of the development will contribute significantly to realising the longer term regeneration potential of Stratford for East London.”