The construction group’s investment arm, in joint venture with Places for People, will provide equity for the construction works with borrowed funding provided by Homes England.
This joint venture is developing the two new East Wick and Sweetwater neighbourhoods of 1,500 homes.
The initial phase, which marks the first of seven construction phases, will see the delivery of four mixed-use buildings, including 302 apartments, townhouses and several associated commercial facilities including retail and leisure amenities.
Graham Hill, Balfour Beatty’s managing director for its London Regional construction business, said: “We look forward to providing East London with a lasting legacy by creating a range of employment opportunities for local people and businesses through the development of this new and exciting neighborhood.”
The project will target BREEAM ‘Excellent’ status and produce 302 zero carbon homes.
Ground preparation works has started with completion expected in spring 2021. At construction peak, the project will employ approximately 500 people with 7% of its workforce formed of apprentices.
East Wick
- Up to 850 new homes
- North-west of the Park next to Hackney Wick and Here East
- Townhouses, mews, studios and flats
- New primary school and two new nurseries
- 91,000sqm residential
- 9,000sqm employment space
- 5,600sqm community
- 4,700sqm retail and leisure
Sweetwater
- Up to 650 new homes
- South-west of the Park near Old Ford and the Copper Box Arena
- Studios, flats and family homes with private gardens
- New primary school and two new nurseries and a health centre
- 67,700sqm residential
- 1,000sqm employment
- 8,400sqm community
- 2,500sqm retail
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