MIPIM 2016: Berkeley Homes and the Greater London Authority are joining forces to build one of the largest PRS schemes in London, as previously reported by Estates Gazette.
The project will comprise more than 1,100 private rental homes out of 3,500 on the former Parcelforce depot in Newham.
Terms have now been agreed between Berkeley and the GLA on the 26-acre site at Stephenson Street, E16.
Berkeley aims to submit a planning application to Newham Council in autumn with a view to complete the first homes in early 2019.
The Patel Taylor designed masterplan will also include a park, and 4.5 acres of public realm improvement.
The development will also provide a secondary school for 1,000 pupils, scheduled to open in September 2019.
Direct access will be provided into West Ham station from a new piazza, as well as two pedestrian bridges.
Tony Pidgley CBE, chairman of the Berkeley Group, said: “This is an inspired design with a wonderful park which will create one of the best new communities in London. It’s a place that will work for everybody, whatever your age or income. It has something for everyone.”
Richard Blakeway, London deputy mayor for housing, land and property, added: “As well as being among the largest new private rental sector developments in the capital, this flagship development continues the transformation of east London as part of our Olympic legacy.”
London mayor Boris Johnson was granted new powers over 414 ha of surplus land in 2012. All of the land, including the Stephenson Street site, has now been released and is either being developed, in the planning process or being marketed to deliver 50,000 homes.
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