Newham Council agrees to progress with £1bn UCL Stratford proposition

UCL Stratford - UCL's proposition to develop a new university quarter adjacent to the Olympic Park, bringing science, technology, education and research to the heart of Stratford - was formally accepted by the London Borough of Newham (LBN) at a Cabinet meeting tonight. The decision gives a green light to UCL to continue work on developing proposals for the site, which it is anticipated will ultimately lead to capital investment into the borough of over £1bn together with new employment, and a permanent major boost to the local economy. The outline proposition for UCL Stratford envisages research and teaching activities, a hub for business collaboration, residential accommodation, and the enhancement of educational opportunities across Newham. UCL and LBN have been engaging with residents, and other key stakeholders in Stratford and within UCL on the proposals, and this activity will be stepped up over 2013, now that the UCL proposition has been agreed by LBN. The target is to have a conditional contract ready for exchange by the end of 2013. The Estate has been earmarked for redevelopment by Newham Council since 2001. All proposals take as their basis the existing commitments made by the Council to those people affected set out in the Residents Charter.