New office neighbourhood for east London’s Stratford
Lendlease and Canada Pension Plan Investment Board (CPP Investments) have expressed a vote of confidence in the London office market through the establishment of a new 50:50 joint venture partnership dedicated to the development of a new office-led neighbourhood at International Quarter London (IQL) in Stratford, east London.
The partnership has initially committed to developing the Turing Building, one of four major new office buildings planned for IQL. They are expected to provide a total development area of 148,000m2 when fully developed, with an estimated gross development value of approximately £1.5bn.
IQL is located at the gateway of the Queen Elizabeth Olympic Park and benefits from proximity to amenities within the Olympic Park itself as well as the Westfield Stratford shopping centre and the new leisure, culture and higher education offer at the East Bank development.
Construction on the Turing Building, which has been designed by award-winning architects Arney Fender Katsalidis, is expected to begin early this year. Once complete, it will provide 32,500m2 of flexible Grade A workspace, retail space and a boutique cinema.
Bek Seeley, Managing Director, Development, Lendlease Europe said: “Following a challenging year, with COVID-19 bringing uncertainty to economies across the globe, this deal is a real vote of confidence in future workplaces and London’s office market more broadly. The Turing Building will bring market-leading, flexible workspace to Stratford, sitting alongside cultural heavyweights East Bank, UCL and Here East.
“Sustainability and innovation are at the core of everything we do, and we will be working closely with CPP Investments, and other partners, to develop spaces at IQL where businesses can collaborate, create and grow, surrounded by 560 acres of parkland and waterways.”