Vistry Group PLC on Thursday said it will build over 900 new homes in east London as part of a joint-venture with London Legacy Development Corp.
The Kent, England-based housebuilder will build 948 mixed-tenure homes next to the Pudding Mill Lane Docklands Light Railway station and Olympic Park in Stratford, East London as part of the 50/50 joint venture. The homes will have a gross development value of around £600 million.
London Legacy leads the regeneration of areas near the Olympic Park in east London, following the conclusion of the games back in 2012.
Vistry said 45% of the new homes will be affordable, and there will be 30,000 square metres of non-residential floor space for workspace, retail, community and leisure.
Construction of the first phase will start in summer 2026, with the overall scheme scheduled for completion in 2033.
Chief Executive Greg Fitzgerald 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. We are very pleased to be working in partnership with the LLDC and the [Greater London Authority] to provide the mix of high-quality new homes that residents desperately need, alongside the infrastructure, facilities and socio-economic opportunities required to support them.’
Shares in Vistry were up 0.8% to 664.00 pence in London on Thursday morning.
FTSE 100-listed Vistry is set to drop out of the index later this month, following an index review announced on Wednesday. The shares have slumped almost 50% in the past six months, following a pair of profit warnings recently.
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