The London Thames Gateway Development Corporation and the London Borough of Newham has relaunched its search for bidders to develop a £1bn project next to the Olympics site.

The Stratford Island Regeneration Project, which covers two sites near the Olympic Village, was initially offered in April but had to be withdrawn because it was not offered to all the relevant parties as required by law.

The tender, displayed on the Official Journal of the European Union, invites bidders for Lot 1, an 11.7 acre site opposite Stratford Regional train station with a development value of between £600m and £1bn.

Shops, education facilities and a residential scheme is planned for the site which is close to Land Securities shopping centre in the area.

Lot 2, currently in use as a council owned car park at Salway Road, is also being offered for redevelopment which will include a £40m campus for Birkbeck College, a part of the University of London.

The redevelopment of Lot 1 is hoped to be completed within nine years while works on Lot 2 are expected to take three years.

The LTGDC and Newham expect to draw up shortlists of three bidders.