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«Westfield Group has reached agreement with various government and Olympic agencies which will facilitate work to proceed on one of Britain’s largest regeneration schemes. The agreements relate to the delivery of land, development rights and the provision of infrastructure, utilities and services to Stratford City and the Olympic facilities.
Westfield’s plans for Stratford City were a key element of a briefing given to Prime Minister Gordon Brown today by Mr Frank Lowy AC, Chairman of Westfield Group at No. 10 Downing Street.
Mr Lowy said: "The £1.5 billion Stratford City retail and leisure development has both scale and significance, serving as a gateway to the Olympic Park and delivering real momentum to the regeneration of east London. We anticipate significant transformation flowing from the 2012 Olympics with Stratford City becoming the metropolitan centre of east London."
The Prime Minister, the Right Hon. Gordon Brown, said: "Development in and around the Olympic Park site will bring real benefits to the people of east London, transforming the local area and bringing billions of pounds of private investment into one of the most disadvantaged parts of the UK. Regeneration was at the heart of our bid for the 2012 Olympic and Paralympic Games, so I welcome the excellent progress being made on the Stratford City development."
Also present at the meeting were Mr Boris Johnson, Mayor of London, Sir Robin Wales, Mayor of Newham, Ms Tessa Jowell, Minster for the Olympics and London, Lord Sebastian Coe, London 2012 Chairman, Mr John Armitt, Chairman of Olympic Delivery Authority and Mr David Higgins, Chief Executive of ODA.
Boris Johnson, Mayor of London, said: "The enduring benefit to London of the Olympic Games is the legacy they leave behind. Westfield’s investment is a significant step towards achieving that legacy and a major contribution by the private sector to creating new opportunities for people in east London."
Sebastian Coe, London 2012 Chairman, said: "We have what could be termed the hat trick of regeneration – the biggest event on the planet, a world leader in retail development and a dynamic world city that is leading the way in urban regeneration. This powerfulcombination will super-charge the regeneration and opportunities for the communities in this area, delivering in a few years what would otherwise have taken decades to achieve. We are creating an exciting new chapter in the history of east London."
David Higgins, Chief Executive of the ODA, "This massive private sector investment is further evidence of how the Olympics are acting as the catalyst for the regeneration of east London. I have no doubt that Westfield has the vision, the values and the capacity to deliver a world-class retail, entertainment and leisure destination for the capital. We look forward to working in partnership with them."
The retail development is integral to the Games-related investment in east London. Stratford City will be one of the best connected places in the UK. At the hub of two of the busiest underground lines, an expanded Docklands Light Railway network and the new international high speed rail link to continental Europe, and ultimately Crossrail. It will also benefit from a range of regional overland services, including the improved North London line, and a new bus interchange.
Stratford City will be built to some of the highest environmental standards applied to a major development in Britain. A Combined Cooling and Heating Plant (CCHP) will provide 75% of the development’s energy requirements. Water conservancy, use of sustainable materials and a commitment to recycling are key features of the development.
Westfield Stratford City, the 175,000 sq m retail and leisure destination, will be anchored by John Lewis, Waitrose and Marks & Spencer. The development will feature around 300 local, national and international fashion, home and lifestyle brands, as well as a variety of leisure and entertainment experiences and is due to open in 2011.
Mr Lowy said: "The project will be a beacon for the Westfield brand worldwide, at a major transport hub of the UK and continental Europe, and complement the Group’s other major project – Westfield London – which is due to open in west London on 30 October later this year. Westfield’s two London properties are expected to become the highest grossing regional malls in the United Kingdom."» (CS della Società)
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