Developer and PM agree over Olympic border development

Prime minister Gordon Brown and Australian developer Westfield have come to an agreement with the local and Olympic authorities over plans for the development of Stratford City.

It will comprise 1,220 flats and houses, three hotels and one million sq ft of office space as well as a 1.88 million sq ft shopping centre, with 300 stores anchored by John Lewis, Waitrose and Marks and Spencer.

The scheme borders the London Olympic site, meaning most visitors will have to pass through it on their way to the venues and will cost £1.5 billion.

During today's meeting, the bodies reached agreements on infrastructure costs, access, service provisions, development rights and the delivery of land.

Mr Brown commented: "Regeneration was at the heart of our bid for the 2012 Olympic and Paralympic Games, so I welcome the excellent progress being made on the Stratford City development."

The retail and entertainment development is expected to open in 2011, one year ahead of the Olympic Games from July 27th to August 12th 2012 and the Paralympic Games from August 29th to September 9th 2012.

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