LCR has agreed to the sale of the 3.18-acre IQL North site to Hadley Property Group.

The site has already achieved planning consent for 767,000 sq ft of office space and has secured positive pre-application feedback for up to 720 new residential units.

The work assembling the design team is already underway, with a number of award-winning practices currently bidding for the role of the lead architect.

The agreement follows a long-term, LCR-led project to consolidate complex land interests and enable development and regeneration across IQL over the last 25 years. As well as overseeing the development of Westfield Shopping Centre and the Queen Elizabeth Olympic Park, LCR operated as part of a joint venture with Lendlease, which over nine years saw the creation of more than one million sq ft of Grade A workspace, 333 new residential units and a series of retail and community facilities.

In 2020, LCR took control of IQL North, while Lendlease focused on further developing IQL South, a 15.6-acre site close to the London Stadium, where previous development at IQL had been concentrated.

Peter Hawthorne, CEO of LCR, commented: “This agreement marks the latest step in transforming what was once a derelict site into a thriving community in East London.

“Our long-term partnerships with organisations across Stratford have helped to deliver hundreds of new homes and offices, and generate public value. We are excited to have selected Hadley who will bring forward even more much-needed housing and workspace, as well as new jobs.”

Andy Portlock, Chief Executive Officer at Hadley Property Group, added: “The Olympic Park is one of the great success stories in our city’s recent history, and an excellent model for others to follow. For London to continue its incredible evolution, we must continue to look east – to the park and beyond. The opportunity for Hadley to play its part in this outstanding legacy project is a privilege, and through working collaboratively with our neighbours and the people of Stratford we will be bringing forward a mixed-use neighbourhood that complements what is an already fantastic offer.”

Jonathan Elkington, Chief Operating Officer of Co-Investment Real Estate at Alvarium, commented: “We are delighted to be supporting this acquisition, which will see a world-class regeneration scheme come forward in one of London’s most exciting and rapidly evolving areas.”

LCR was advised by Savills and Herbert Smith Freehills.