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Swedish home products company Ikea is planning to build a new mixed-use development in East London, it has been revealed.
The firm's development arm LandProp has acquired a 26-acre site in Stratford, stretching between the Three Mills Wall River, Stratford High Street and the River Lea waterways, from the Olympic Park Legacy Company (OPLC).
LandProp is set to build approximately 1,200 new homes at the so-called Strand East site, as well as new office space, a 350-room hotel, cafes and restaurants.
London Mayor Boris Johnson said: "This is yet another great example of the 2012 legacy rippling out of the Olympic Park and across east London."
The project will be the first major development undertaken by LandProp in the UK and is likely to be the second largest investment from a private firm in the Olympic Park after Westfield Stratford City shopping centre.
Planning application to build the new site is due to be submitted early next year.
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