Developer Galliard has agreed a deal to buy West Ham United Football Club’s Upton Park stadium in east London.
Galliard will begin tearing the Boleyn stadium down after the club completes its move to the Olympic Stadium in 2016.
In its place approximately 700 new homes will be built. The new development will have a construction programme of 30 months and has an anticipated completion date of late 2018.
West Ham United selected Galliard Group following a competitive bidding process involving several national and international companies. The club said that it was impressed by Galliard Group's links to the local community and its ‘commitment to honouring the history of the Hammers’ as part of its proposed development, including the development of a Bobby Moore Memorial Garden.
West Ham United vice-chairman Karren Brady said: "We opted to reach an agreement with Galliard because they are a local London developer and employer with origins in east London. We know they are committed to working closely with the local community and Newham Council on proposals to transform the site into a residential and retail village, which will benefit the local community and east London's regional economy. The deal demonstrates that we have been true to our word by securing the regeneration of two areas of east London through our move to the Olympic Stadium in 2016.
"In addition, and most importantly for us, we can see that Galliard are passionate about working with West Ham United to engage their supporters to help deliver a fitting legacy that will honour the tradition of the famous ground. We are confident that West Ham United fans will be excited about their vision and the way they plan to respect more than 100 years of West Ham history at Upton Park."
Stephen Conway, chairman and chief executive of Galliard Group, said: "Galliard is one of London's most successful regeneration specialists and has a proven track record in stadium land regeneration. Working closely with West Ham and Newham Council, Galliard now plan to undertake extensive consultation with local residents and businesses and the West Ham United Supporter Advisory Board in order to create a future for the site, which is respectful of the cultural and economic diversity of the local area."