Yesterday Australian developer Lend Lease and London & Continental Railways formally signed off their agreement to bring forward a 100-acre, office-led development at the Olympics site in Stratford, E15.
In an announcement to the Australian stock market Lend Lease this morning said: "Lend Lease today advised it has now signed a conditional framework agreement with LCR for the next stage of the Stratford City regeneration project."
The deal, revealed by this blog two weeks ago, is the culmination of three years of talks and means that the Olympic Delivery Authority and LCR have accepted terms that will see Lend Lease take an equity stake in the £2bn project, also known as Stage Two.
The project involves the construction of more than 6m sq ft of space comprising mainly offices along with shops, leisure and some residential.
That I'm afraid is about as much as we will know officially for a couple of weeks about a complex and highly significant agreement for Stratford and east London.
Building revealed last week that as part of the deal the Olympic Delivery Authority has taken control of around 10 acres of the site valued at £50m to offer to a separate development consortium post Games.
Unfortunately, the political sensitivities around LCR and the ODA's involvement means that Purdah and the General Election are preventing anyone going in to too much detail about the arrangements just yet.
Come 7th May I will try to write more about what we are likely to see on this key Olympics site and how the arrangement will work.
Lend Lease's stock market announcement this morning said: "The agreement provides for the establishment of a 50/50 joint venture company between LCR and Lend Lease. The joint venture company will appoint Lend Lease as the development manager of the Stage 2 site.
"Construction of the development is expected to start post the London Olympic and Paralympic Games in 2013."
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