Future is looking good for Newham, debate told

Pat Coughtrey , News Editor Sunday, June 17, 2012
3:00 PM

Stratford’s explosive regeneration - second only to Canary Wharf - is not built around the development of the Olympic Park alone...it’s been planned for years.

Addressing a debate of movers and shakers in the property market, Clive Dutton, Newham Council’s Executive Director for Regeneration and Inward Investment, explained: “The property opportunities in Newham haven’t materialised simply because of the Olympics; the area has had long term sustainable growth plans for years now and the Games have simply helped speed these plans up. There is real potential for businesses with foresight to jump at these opportunities now.”

He boasted of the boroughs accepted “fantastic” transport infrastructure in place, with 11 railway lines and City Airport close by.

“With Westfield shopping centre, unique open spaces, leisure and entertainment services, Stratford offers the whole package and reflects the growing trend of an all-round offer, which is now being seen across the globe in places like San Francisco.” Newham, he said, is raising the bar on London’s versatile office portfolio.

The round table discussions involved Olympic legacy stakeholders, developers and commercial property agents and centred on why companies should be looking east for their office solutions.

Millions of square feet of state-of-the-art office space is being built around the Olympic site in legacy developments designed to offer companies an alternative home to London’s established business hubs.

With £1.6 billion of private investment made in Stratford over the last two years, and an extra £12.5 billion from the Government, the group discussed what the newly regenerated Newham could look like in five years’s time, and how much of the excitement was simply Olympic fever.

The panel heard about investment in retail, housing and commercial property from Westfield Stratford City, Landprop, part of the Ikea group and Lend Lease and London & Continental Railways.

With the development of a new campus for University College London to be built on the Olympic Park, it seems those investing in the area see it as a long term option - one that will far outlive the prestigious event which initially brought the area into the spotlight.

Richard Smith, Managing Director of Search Office Space said: “From our perspective, it’s great to have a brand new part of London to speak to businesses about as an office location they may never have considered before.