- Unibail-Rodamco-Westfield, PSP Investments and QuadReal, which form the Cherry Park Partnership, breaks ground on pioneering private rented sector (PRS) residential scheme in London.
- The project will deliver 1,200 new homes adjacent to Westfield Stratford City and is set for a phased opening, with full completion expected post-2023.
- The development is one of the largest PRS schemes in London and accounts for more than half of the record levels of £1bn PRS investment in the capital announced in Q1 2019.
The Cherry Park Partnership – formed by Unibail-Rodamco-Westfield and joint venture partners, Public Sector Pension Investment Board (PSP Investments) and global real estate company QuadReal Property Group (QuadReal) – have celebrated the start of work on site at the new £670m (EUR 750m) Cherry Park residential development in Stratford.
The development, which is designed and constructed by Unibail-Rodamco-Westfield, will comprise of one, two, three and four-bedroom homes across a range of towers and mansion blocks, complete with residents’ gym, swimming pool and workspace. It will also feature welcoming public realm and open spaces, including play areas within Cherry Park lane and Cherry Park’s square, and pedestrian connections throughout.
The project is one of London’s largest single-site PRS schemes in London and will see a phased completion with full delivery expected post-2023.
The start of construction on the residential development further demonstrates the strength of Stratford which is one of the best-connected areas of London. Stratford is experiencing significant inward investment with new homes, offices, hotels and a new cultural and education hub, East Bank, alongside Europe’s most popular shopping destination, Westfield Stratford City which welcomes over 51 million annual customer visits.
Keith Whitmore, Head of Development, Design and Construction, UK/Italy, Unibail-Rodamco-Westfield said the project is an example of the Group’s strategy to increase the densification of its exceptional and highly connected retail destinations.
“We are putting a stake in the ground with our first PRS development in the UK. This residential development demonstrates our commitment to creating and strengthening communities through the mixed-use nature of our sites where we are creating city districts. In Stratford, we have delivered Europe’s number one shopping centre by footfall, Westfield Stratford City, made significant investments into infrastructure, built new offices and hotels and now we embark on our residential development.”
Stéphane Jalbert, Managing Director Europe and Asia Pacific, Real Estate, PSP Investments, added: “London’s residential sector is chronically undersupplied and Cherry Park supports PSP’s broader long-term sectorial strategy to develop professionally managed residential assets alongside best-in-class investment partners. Once completed, this will be one of central London’s largest residential rental schemes and will offer future residents an incredible level of connectivity in an exciting and unique mixed-use location.”
Jay Kwan, Head of Europe, International Real Estate, QuadReal, said: “We are proud to be supporting Unibail-Rodamco-Westfield on this day, as we jointly break ground on a truly unique densification development that will benefit from all that is great about Stratford. We are eager to be a part of the continued community building of Newham, and committed to providing high quality homes to this neighbourhood.”
The Cherry Park development will deliver significant benefits to the local community, comprising the equivalent of 31% of the annual target for net housing completions in Newham over the period 2019-2029, as outlined in the Draft New London Plan.
In a report produced by Volterra Partners, it is estimated that the Cherry Park development will support 2,000 – 3,000 residents. When complete, the development can be expected to generate an estimated £19-£28m in resident expenditure annually across London. This spend is estimated to support 435-640 jobs in London.
PSP Investments and QuadReal will each take a 37.5% share in the Cherry Park Partnership, while Unibail-Rodamco-Westfield will retain a 25% share and is the development and asset manager.