Balfour Beatty to develop 1,500 homes on London’s 2012 Olympics site

UK builder Balfour Beatty has signed a $600m deal to build 1,500 homes at two neighbourhoods to emerge from the 2012 Olympic Village site in east London. 

The project, to run over the next eight years, will be partly financed by the company’s investment arm, which will provide up to £35m. 

A 50:50 joint venture with UK social housing provider, Places for People, it will create 50 apprenticeships and 350 construction jobs at the peak of the site’s development. All of the building work will be undertaken by Balfour Beatty. 

"This project marks our entry as an investor and developer into the UK’s regeneration and housing sector," said Balfour Beatty’s chief executive, Leo Quinn. "This market is growing and offers significant opportunities for the group in the coming years." 

Boris Johnson, the mayor of London, 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’m 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." 

The project will create two districts, East Wick and Sweetwater, will also include everything from apartments and townhouses to mews houses. It also includes a nursery, library and health centre, as well as shops, restaurants, offices and public open spaces. 

Photograph: The Olympic Village, taken while the 2012 games were under way (Christophe Badoux/Wikimedia Commons)