Balfour signs £400m Olympic Park homes scheme

Queen Elizabeth Olympic Park

Balfour Beatty has signed a deal with the London Legacy Development Corporation to invest and build the new East Wick and Sweetwater housing development project.

Balfour Beatty’s UK construction business will deliver all construction, which is expected to generate approximately £400 million of revenue and create thousands of new jobs.

The transformational project at Queen Elizabeth Olympic Park in East London is being delivered in a 50:50 joint venture with Places for People (PfP). It will create two new neighbourhoods with up to 1,500 homes including 450 affordable homes, 530 homes for private sale and 500 private rented sector homes.

The development will be constructed in phases over eight years with Balfour Beatty’s UK construction business delivering all of the construction. Around 50 apprenticeships will be created along with 350 construction jobs at the peak of construction.

Leo Quinn, Balfour Beatty Group Chief Executive said: “This project marks our entry as an investor and developer into the UK’s regeneration and housing sector. This market is growing and offers significant opportunities for the Group in the coming years.”

The Mayor of London, Boris Johnson, said: “This is the most successful and fastest growing city anywhere in Europe, and it is absolutely vital we provide thousands of new houses to allow people to live close to their places of work.

I am thrilled to confirm we have now appointed high quality developers to help bring forward plans for these important new neighbourhoods on our iconic Queen Elizabeth Olympic Park, a whopping six years ahead of target.”