The regeneration of Stepney has been boosted by a land transfer which will see almost 300 new homes built in the next two to three years.Three separate sites in Stepney were last week transferred from Tower Hamlets Council to a consortium of Bellway Homes and East Thames, who will start demolition on the largest site fronting Ben Jonson Road in summer this year ahead of building commencing at the end of 2011.This largest development will feature 240 new homes, ranging from one bedroom flats through to five bedroom family maisonettes. 116 homes will be sold on the private market, with the remaining 124 available through affordable rent and shared ownership opportunities. Funding for the affordable homes has been provided by the Homes and Communities Agency. The scheme also includes eight new commercial spaces to replace existing units in the area.There will be an additional 24 homes offering contemporary canal side living which will start in summer this year. A further 18 designer apartments will be offered in a converted school house and new build block along with 5 further affordable houses and this will start in early 2012.The transfer of the land is providing funding to carry out major home refurbishments and improvements to the landscape on the adjacent council homes on the Ocean Estate.Bellway Homes manager Tom Harris said they were excited to start work on the sites.“We’ve been planning these developments for more than two years, so it’s exciting to now own the land and be ready to start building. We’re really thrilled to be part of the continuing regeneration of Stepney and helping create a vibrant place for people to live,” Tom said.Mayor of Tower Hamlets, Lutfur Rahman, said the new homes were part of a £200m investment in the area and would provide high quality homes for people on a range of incomes.“Improving housing in Tower Hamlets is a priority. I know that there is a high demand for good quality housing in this area and this development will provide families with modern, secure and energy efficient homes.“The combination of new housing developments, along with major investment into existing council homes is really transforming this area for generations to come,” Mayor Rahman said.One of the key features of the development is that people on a wide range of incomes will be able to buy or rent, with the affordable housing to be provided by East Thames Group.“Stepney is a fantastic location with great transport links and close to the canal and green spaces. Buying a home on the open market in inner London is out of reach for many, but we’ll be offering affordable rent and shared ownership to make sure these homes are available for many people,” said Neil Baron, East Thames Development Manager.