Vistry subsidiary Countryside Properties (UK) has been appointed as a joint venture partner to deliver a new neighbourhood of almost 1,000 homes near the Queen Elizabeth Olympic Park in London.
The London Legacy Development Corporation is teaming up with the housebuilder to deliver the mixed-use scheme at Pudding Mill Lane, Newham, which got initial outline planning permission in October 2022.
The scheme will see 948 homes built, with at least 45% provided as affordable, plus 30,000 sqm of commercial space, including retail, community and leisure uses. The centrepiece of the development is set to be a 25-storey tower block.
Greg Fitzgerald, chief executive of Vistry Group, said: “This is a fantastic opportunity for our partnerships business to revitalise this area of East London and create a thriving and sustainable new community.”
The site formerly housed a clutch of mills, which were replaced in the 1930s for new industrial uses. The site was cleared for the 2012 Olympics and served as a delivery access point for the games.
A report submitted with the original planning application said the site is affected by “significant utilities constraints”, including an electrical substation in its centre.
In October, the housebuilder told investors it had chopped £115m from its forecast profit over the next three years after finding projects in its southern division were set to cost more than anticipated. In November, Vistry wrote off another £50m from its projected profit after discovering more “understated costs”.
Vistry bought Countryside for £1.27bn in November 2022.
