Building begins on Stratford’s new PRS scheme

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Two of the world’s richest property developers have started working on a private rental housing scheme in Stratford. Cherry Park will be London’s biggest single-site PRS development. The goal is to build roughly 1,200 homes next door to the Westfield shopping centre.

Canada’s Public Sector Pension Investment Board (PSP) and Quadreal Property Group are helming the project. Both groups are going to take a 37.5% stake. In addition, Uniball-Rodamco-Westfield holds a 25% share. They are the asset and development manager.

When will the work finish?

Right now, the plan is to finish by 2023. Everyone expects the housing to include a plethora of one to four bedroom homes. They will be inside several mansion blocks and towers. Other things that the scheme will supply include public realm areas and leisure facilities. There shall also be workspace, a swimming pool, and a gym.

The early prediction is that the development will deliver the equivalent of 31% of Newham’s annual target for net housing completions. This is between 2019 and 2029. Between 2,000 and 3,000 people will move into the new homes. Once complete, the expectation is for the development to generate around £19m to £28m of spending by tenants. This is each year across the entire capital.

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