Bishopsgate Goodsyard Regeneration Ltd, the joint venture between Ballymore and Hammerson, has completed the Section 106 agreement, unlocking the 1.7 million sq ft mixed-use regeneration area in Shoreditch.

The agreement formalises the planning consent from 2020 and represents the final stages of the planning process. The 50:50 Joint Venture can now begin the next phase of development, which will include preparing the detailed design, undertaking site enabling works and working with Network Rail on a delivery and phasing plan, with the first phase of construction expected to begin in 2024.

The planning consent also secures 50% affordable housing for the scheme, as well as an affordable workspace in Hackney at a 60% discount and retail space, which will support the diversity and affordability for both residents and locals.

The development will comprise 10 acres of residential, office, retail and cultural arts space, alongside pedestrianised streets, and a public park on top of the restored historic railway arches that will provide a series of connected gardens, terraces and walkways.

The scheme will help drive growth in the heart of Shoreditch as well as provide a significant contribution to London and the local area, with the project estimated to support 11,000 jobs and contribute around £540 million to the economy each year, as measured in Gross Value Add.

Harry Badham, Chief Development and Asset Repositioning Officer at Hammerson commented: “This site is regarded as one of the last undeveloped sites of significant scale in central London with the potential to lead the way in terms of placemaking and holistic urban regeneration. The completion of this stage of planning and our commitment to bring forward the development of this multi-use neighbourhood reflects our joint ambitions.

“Bishopsgate Goodsyard truly reflects our focus on development and value creation and aligns with our strategy - to create and curate prime city centre destinations by leveraging our experience and capabilities and thereby delivering vibrant urban spaces for our occupiers, customers and the neighbourhoods and communities we serve.”

“Both Ballymore and Hammerson are pleased to be working with the London Borough of Tower Hamlets, the London Borough of Hackney, Network Rail, TfL and the GLA to enable the investment and delivery of this project.”

John Mulryan, Group Managing Director at Ballymore, added: “Bishopsgate Goodsyard is one of the most exciting redevelopment sites in London today. It will bring vitality to the district, create thousands of new jobs and significantly boost the local economy. We bought this derelict site almost 20 years ago, having lain idle since 1964. Over several years we have developed strong relationships with the local people, businesses and councils, the GLA and transport bodies to ensure that the design aligns with their future aspirations for the neighbourhood.”