Vastint UK has secured dual use consent for two new Cat A office buildings within its 26-acre Sugar House Island mixed-use neighbourhood in Stratford.
The approval allows higher education providers and commercial businesses to operate from the buildings.
The education sector accounted for 69% of total take-up in the Stratford area last year and Vastint expects this trend to further accelerate in 2024 following the recent opening of UCL East at the nearby East Bank development.
Michael Cronin, head of portfolio at Vastint UK, said: “Sugar House Island is a 15-year masterplan project for Vastint. Given the length of the development programme, having dual use consent on two of our largest office buildings in the neighbourhood means we can allow for the flexibility required to respond to market demands and the needs of the businesses within our community. Moreover, an integrated education and business community grants the influx of innovative and creative industries coming to Stratford access to their target talent pool.”
Holly Purvis, director in the Greater London and South East office agency team at Savills, which is joint agent on the office buildings with Compton, added: “There has been a notable acceleration in office leasing activity from education providers in Greater London since 2020, with these occupiers seeking larger quantities of space for longer lease terms compared with other sectors.
“Chimney Walk is a rare speculative opportunity for educational providers, being self-contained with excellent ESG credentials and access to amenities and public transport. We have received high levels of interest from the educational sector which we expect to continue.”
