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Major milestone in UCL East funding

25 October 2017

 

As one of the founding partners of the Cultural and Education District (CED), UCL is set to receive £100 million towards the capital cost of building UCL East, our new campus on the Queen Elizabeth Olympic Park. HM Treasury ministers have now approved the Outline Business Case for the CED, subject to formal, written confirmation.  

The Outline Business Case, which covers a total of £151.3 million, is a major step forward in securing this funding. A Full Business Case, which will enable phased release of this funding based on construction progress, will go to HM Treasury in Spring 2018 for ministerial sign off, after which construction of UCL East can commence.   

This significant milestone for UCL East follows on from the successful Leading London Conference, hosted at Here East on 9th October 2017.  At this event Sadiq Khan, Mayor of London, called out UCL as part of a world-leading urban regeneration on the Olympic Park and stated that the CED "sets an example for London, our country and the world". He added "the centre of gravity in London is moving east". For more details, read the full write up.

The CED will be made up of two sites on the Olympic Park, clustered around the iconic Stadium, ArcelorMittal Orbit, and London Aquatics Centre: UCL East and the Stratford Waterfront.

  • UCL East - Our 180,000 sqm site to the south of the ArcelorMittal Orbit and London Aquatics Centre. Phase one of UCL East will see the development of two buildings: Pool Street West, which comprises both academic and residential space, and the wholly academic Marshgate I.
  • The Stratford Waterfront - Which will feature a new campus for the London College of Fashion (University of the Arts London), along with major new spaces for the Victoria and Albert Museum and Sadler's Wells. Discussions are also underway between the Smithsonian and the Victoria and Albert Museum to work together to create a major new international collaboration. 

The CED is expected to deliver 3,000 jobs, 1.5 million additional visitors, and £2.8 billion of economic value to Stratford and the surrounding area.