Future of Olympic Village sold

The future of the Olympic Village has been decided in a �557 million deal between two property investors who promise to deliver thousands of new homes and businesses to the Stratford area.

The future of the Olympic Village has been decided in a �557 million deal between two property investors who promise to deliver thousands of new homes and businesses to the Stratford area.

The Olympic Delivery Authority (ODA) announced yesterday that joint venture Delancey and Qatari Diar signed contracts “for the purchase and long-term management of the Olympic Village”.

The neighbourhood, due to be completed early next year, will create 2,818 homes and the duo will work alongside Triathlon Homes who are responsible for 1,378 of that number which are billed as affordable homes.

The accomodation will range from studio apartments to four bedroom townhouses and five bedroom apartments including ten hectares of new parks and open space.


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ODA Chief Executive Dennis Hone said: “This deal will deliver a significant return to the public purse and a first-class owner for the Olympic Village.

“It secures two leading property investors with the experience and expertise needed to make the Village one of the strongest legacies from the Games.”

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Business is also set to thrive in the Olympic Village with a new education campus nearing completion called Chobham Academy, specialising in the performing arts, which will have 1,800 places available for students aged 3 to 19.

Work is underway on a polyclinic including multiple GP surgeries, outpatient activity and a children’s clinic which will service the area, creating new medical jobs.

Space has also been set aside for 30 local and independent shops, cafes and bars to create an established neighbourhood that has a character of its own.

Secretary of State for Culture, Media and Sport Jeremy Hunt said: “The Village will be the centrepiece of a new vibrant east London community and I am confident that these experienced property investors will deliver a modern, spacious neghbourhood that will contribute hugely to the regeneration of the area including the provision of much needed new housing.”

Both of the real estate investors have experience managing residences in London - Qatari Diar developed the Chelsea Barracks site in Westminster, three residential buildings in the Grosvenor Waterside Complex and the US Embassy building in Grosvenor Square while Delancey has worked on residences right across the capital from the New Commercial Courts in Fetter Lane to the N1 Shopping Centre in Islington.

Construction work began on the Olympic Village in June 2008 and the first of 11 residential plots were completed in March.

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