Vistry Group has formed a joint venture to deliver 948 new mixed-tenure homes, with a value of £600 million.
The 50/50 partnership will see creation of a new community located next to Pudding Mill Lane DLR station in Stratford, East London.
The development will be brought forward over four phases, with a minimum of 45 per cent of the new homes being affordable, and more then 30,000 sqm of non-residential space to include a mix of workspace, retail, community and leisure uses.
A mix of social infrastructure and high-quality public amenities will also be provided to ensure the delivery of a sustainable long-term community.
The new scheme aims to support the growth and development of East London, with employment and skills opportunities for local residents, businesses and start-ups integral to the development.
Construction of the first phase is expected to start summer 2026, with overall completion set for 2033.
This follows news in October that the housebuilder revised its profit projections for 2024 after discovering it had undervalued the total cost to build nine schemes in the Southern region by 10 per cent.
Vistry has since discovered more problems across 18 sites within its South Division following an in-depth review of the business, impacting profits over three years.
The Group said it now expects to generate pre-tax profit of £300 million for this financial year and not the £350 million projected in October.
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.
“We are very pleased to be working in partnership with the LLDC and the GLA 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.”
Rosanna Lawes, executive director of Development at LLDC, said: “It’s exciting to move forward with the development of Pudding Mill Lane.
“The joint venture partnership with Vistry means that we can rapidly build on the Park’s successful legacy to create another thriving and sustainable community.
“Quality design is at the heart of the scheme both in well-designed and sustainable homes, in high quality public realm, amenities and significant workspace that creates truly successful places.”
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