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Trowers & Hamlins advises Balfour Beatty and Places for People on residential Olympic legacy deal

Trowers & Hamlins advises Balfour Beatty and Places for People on residential Olympic legacy deal

Trowers & Hamlins is pleased to have advised the Balfour Beatty and Places for People consortium on a major development deal with London Legacy Development Corporation (LLDC) to invest in and construct the East Wick and Sweetwater housing development project at the Queen Elizabeth Olympic Park.

The project will see the Places for People and Balfour Beatty joint venture build 1,500 homes at the Queen Elizabeth Olympic Park, divided between two new neighbourhoods – East Wick and Sweetwater.  The new developments will include 450 affordable homes, 530 homes for private sale, and 500 private rented sector (PRS) homes, as well as shops, restaurants, offices, workshops and public spaces.

Places for People and Balfour Beatty were selected as preferred bidder on the project from a shortlist of six teams.  The two organisations will participate on a 50:50 basis with a view to completing the development in 2023 – six years ahead of the original master plan.

Trowers & Hamlins advised the Balfour Beatty and Places for People consortium throughout the initial bidding process, the competitive dialogue, and, once the consortium was selected as preferred bidder, negotiated the development agreement entered into with LLDC in late February.

Andy Barnard, Real Estate partner at Trowers & Hamlins, commented:  "This is an exciting project that will provide much needed homes in London, including a significant tranche of PRS.  We are delighted to have been involved in the deal." 

Leo Quinn, Balfour Beatty’s chief executive, said:  "I look forward to continuing our strong partnership with the London Legacy Development Corporation to ensure that commitments made as part of the London 2012 Games are delivered by not only creating new communities but also new jobs, and apprenticeships for young people wanting to join the growing infrastructure sector."

David Cowans, chief executive at Places for People, added:  "This is east London’s moment and it’s our big moment too and we are thrilled to have been selected to be part of the transformation of Queen Elizabeth Olympic Park.  We have the perfect opportunity to work with the London Legacy Development Corporation to create a truly unique and exciting place to live."

The Trowers & Hamlins team advising the consortium included Andy Barnard, Ian Graham, Rebecca Wardle, Andrew Sneddon, Michael Surry, Michael Mullarkey, Jacqueline Backhaus and Amanda Stubbs.