1,200 new homes to be built alongside Westfield Stratford City
Unibail-Rodamco-Westfield has signed a £670m deal with Canadian public pension fund PSP Investments and global real estate investor QuadReal Property Group to form the Cherry Park Partnership. The new partnership will deliver one of London’s largest single-site Private Rented Sector schemes providing 1,200 new homes at Westfield Stratford City.
Construction work is set to start in Q2 2019, with a phased completion and a delivery expected post-2023. The Cherry Park Development will feature a suite of amenities including a residents’ gym, swimming pool, workspace and high-quality public areas.
This new residential quarter in the heart of Stratford City is an example of Unibail-Rodamco-Westfield’s strategy to significantly increase the densification of its retail destinations by adding offices, residential, hotels and other uses.
The company said: “With the Cherry Park Partnership, we are leveraging our unique know-how and joining with strategic capital partners to reinvent city districts.”