Newham Council agrees to progress with £1bn UCL Stratford proposition
25 October 2012
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 more than £1 billion 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.
UCL President & Provost Malcolm Grant said: "Our outline proposition sets out why we believe that this is a major opportunity to create a world class residential and academic quarter that will be of real and lasting benefit to the Newham community, while also representing a significant step beyond Bloomsbury for UCL as we approach our bicentenary in 2026.
"UCL Stratford represents a truly long-term commitment by both organisations. UCL is a world-leading institution, but our plans for growth are currently limited by our central London location, so we need suitable space to support the development of world class teaching and research. UCL Stratford is not envisaged to be an east London satellite to our historic Bloomsbury campus, but a new internationally recognised research-led hub.
"UCL and Newham Council will work with residents and the local community during the design process. We will do this through active consultation with Carpenters Estate residents, local businesses, and other key partners. We have always been clear that our involvement in the project depends on Newham's longstanding commitment to re-house the residents affected within the Borough as set out in the Resident's Charter."