LandProp Holdings has lodged plans to build 1,200 homes, 600,000 sq ft of offices and a 350-bed hotel at its Strand East site.

The proposal to the south of the Olympic Park is the property arm’s first UK development.

Planning permission has already been granted for a first development phase. Dane’s Yard will feature a 40m-high illuminated sculpture in a public square and a Graysons restaurant.

Andrew Cobden, UK manager of Ikea’s property arm LandProp, said: “Strand East will be an outstanding place to live and work, built with the long term in mind and to the highest standards, respecting the environment and celebrating the heritage of the area.

“We see Strand East as a place for families and businesses to grow and put down strong roots.

“Work is well underway on Dane’s Yard, the first phase of Strand East which already has planning consent with the restaurant and exhibition space opening in June.

“I very much hope that the planning application will be met with similar approval, so that we can progress the delivery of Strand East for the benefit of all.”