Click here to download
Borough by borough: Newham
Traditionally a relatively deprived borough, with the lowest average salary and one of the lowest house prices, Newham has hugely benefited from the Olympics regeneration. Key is to now leverage off this success and replicate the regeneration across the whole of the borough.
Stratford, in Newham, received a huge regenerative boost from the Olympics and its associated redevelopment. So far this mainly reflects the £17 billion worth of transport links installed ahead of the games, but it has and will continue to benefit from the long term vision for the park, the so called “Olympics legacy”. The long term vision incudes two new schools, 8,000 new homes, 1.9 million sq. ft. of retail and entertainment areas, 22 miles of cycle and footpaths, nine miles of new roads and four miles of waterways – and five world-class sporting venues.
Slowly some of the legacy venues are opening; most notably residents began to move into East Village as from early 2014. East Village is one of London’s new breed of rental schemes; designed and built purposefully for renters. Get Living London, the Delancy / Qatari Dair JV that manage the East Village, have provided a range of tenancy lengths and rents which include broadband, sky and furniture packages. The lettings have been phased, partly reflecting the retrofitting of the athlete’s accommodation, but the scheme has been well received with high absorption rates.
Although still relatively affordable for young professionals, it is achieving rental levels around 35% higher than the second hand stock in the area. This reflects the superior product, as well as the bespoke management offer, giving tenants a hassle free, safe and secure home. It has attracted a range of young professionals, including singles, couples and also young families.
The local population of Newham is relatively deprived, however, East Village has attracted a new demographic, “aspiring homemakers”, into the area. The distinct nature of the new demographic in the local setting proves that developers can create an entirely new destination and attract home-makers from completely different parts of London. This is a working illustration of place-making and is hugely encouraging for developers looking to create a new sense of place, distinct from the exciting character of the area.