Stratford Waterfront and Bridgewater Modifications to Development Agreement

Description

Modifications to a Development Agreement for the development of the site known as Stratford Waterfront and Bridgewater residential developments. Lot 1: Description of the procurement: London Legacy Development Corporation (LLDC) entered into a Development Agreement (DA) with Stratford East London Partners LLP (as Developer) and Trapol Limited on 26 July 2022 for the development of the sites known as Stratford Waterfront and Bridgewater Triangle in the Queen Elizabeth Olympic Park, Stratford, London. The parties entered into a deed of variation of the DA on 30 October 2024 to amend the timing and payment mechanisms for infrastructure works being delivered by the Developer at Bridgewater Triangle, and have entered into a further deed of variation of the DA and ancillary documents to incorporate various modifications including: (i) fixed land values for each site, and increased profit share for LLDC as member of the Developer; (ii) variation of milestones for Bridgewater Triangle infrastructure works to reflect the updated programme; (iii) extension of the longstop date for satisfaction of conditions (including relating to planning and vacant possession) and inclusion of Gateway 2 approval for each site as a milestone event; and (iv) to reflect a variation to the affordable housing viability review trigger in LLDC's unilateral undertaking for the Stratford Waterfront site.