Telford homes has agreed a partnership with Caraeno to purchase a a 0.64 acre site, known as Broadway Chambers, in the centre of Stratford, London for £17.5m.

The partnership will see Telford Homes build the entire mixed-use scheme taking the residential aspect, with Caraeno retaining the 11,194 sq ft commercial office and 7,475 sq ft retail elements.

Jon Di-Stefano, Chief Executive of Telford Homes, said: "This land acquisition further strengthens our presence within the Stratford area. Our latest development in the area, Stratford Plaza, has experienced exceptionally high levels of interest proving there is a demand for high quality residential properties within this well-connected part of London."

The site already has planning permission for 342 new homes and is located within the London Borough of Newham. The development will comprise two towers of 36 storeys and 11 storeys at the head of Stratford High Street, adjacent to the main transport links, the Olympic Park and Westfield Stratford City.

Paul Anthony, Caraeno founding director, said: "We see this as an important site with many challenges and opportunities to deliver a high quality mixed-use scheme with a strong sense of place that will benefit the borough for years to come".