INDUSTRY NEWS

Newham plans Olympic regeneration

Newham Council is putting finishing touches to plans to establish a new regeneration scheme.

The council hopes to create an Olympic host destination and is about to begin the procurement process, Property Week has reported.

It hopes to set up an asset-backed vehicle to develop 11 sites, with an eventual post development value of more than £800 million.

Newham is aiming to develop a mixture of commercial property and residential housing, although definite plans are yet to be finalised.

The council has recently selected two new consortia, Bouygues and E-Central, to work on the regeneration of Canning Town and Custom House.

Mayor of Newham, Sir Robin Wales, said he hoped the partnership "will result in delivering much-needed economic investment and prosperity for the area".

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