The East Wick and Sweetwater neighbourhood developments, a joint venture between Balfour Beatty and Places For People, reached financial close in February 2019.
A £78m loan from Homes England, the government’s housing delivery agency, will fund the first four phases of the project, which is located in Queen Elizabeth Olympic Park, host of the London 2012 Summer Olympics. Work has already commenced on the first phase, which will include construction of 130 new affordable homes, 105 homes for private rental, and over 33,000 sq ft of business and creative space.
Work on the neighbourhoods is expected to be completed by 2028, and the project will in total provide 1,500 new homes, including 450 affordable homes.
Operis was pleased to perform a financial model audit, including a review of the model’s tax and accounting treatments (such as SDLT and VAT for the potential mixed-use accommodation). This continued our recent work with Balfour Beatty on projects such as the M25 refinancing which closed in July 2018.