Vistry Group PLC JV with LLDC for 948 new mixed-tenure homes

RNS Number : 8754O

Vistry Group PLC

05 December 2024

 

05 December 2024

Vistry Group PLC

London Legacy Development Corporation and Vistry Group form joint venture to deliver 948 new mixed-tenure homes with a GDV of c.£0.6bn

 

The London Legacy Development Corporation (LLDC) has formed a 50/50 joint venture partnership with Vistry Group for the delivery of 948 new mixed-tenure homes and a GDV of c.£0.6bn. The partnership will lead to the 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% of the new homes being affordable, as well as over 30,000 sqm of non-residential floor space to accommodate a mix of workspace, retail, community and leisure uses. 

 

A rich 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 will 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 anticipated to start in summer 2026, with completion of the overall scheme scheduled for 2033.

 

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."

 

ENDS

 

For further information please contact:

Vistry Group PLC Tim Lawlor, Chief Financial Officer Susie Bell, Group Investor Relations Director FTI Consulting Richard Mountain / Susanne Yule

07469 287335     020 3727 1340

 

About Vistry Group

Vistry Group is the UK's leading provider of mixed tenure homes. Our purpose as a responsible developer is to work in partnership to deliver sustainable homes, communities, and social value, leaving a lasting legacy of places people love. Operating across 26 regions, we build homes for those who need them right across the UK. We sell homes on the open market through three respected brands: Bovis Homes, Linden Homes, and Countryside Homes.  
 

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