Olympic Village and Games’ homes out for private investment
Games homes up for grabs
THE Olympic Village being built at Stratford is up for grabs.
The Olympic Delivery Authority (ODA) has announced it is looking for private sector organisations to register their interest in investing in the long-term development of the project.
The Village was originally planned as a private sector development, but the credit crunch and the decline in the property market in 2009 led to the government having to chip in with �325m of public funding.
A project that will deliver the legacy of 2,818 new homes for east London after the Games. 1,379 have already been bought by Triathlon Homes to become ‘affordable’ housing.
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The ODA owns the remaining 1,439 homes which will become private housing after the Games to be sold or rented in the private market.
It also owns six future development plots in the Village site with the potential for a further 2,100–2,500 new home.
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The ODA said it will be looking to secure best-value together with a long-term commitment from an investor with the experience and expertise needed to realise the full potential of the new homes being built and the future development opportunities across the Village site.
ODA Chief Executive David Higgins said: “The funding of the Olympic Village has provided the public sector with a first-class asset and we are now starting the first stage of the process to recoup the investment that has been made. This is a unique and significant investment opportunity and while securing best value will be key, we will be looking for the best owner for the Village not necessarily the highest bidder.
“The Village will be one of the strongest legacies from the Games and our focus will be to secure the experience and expertise needed to realise the full potential of the new homes being built and the long-term development opportunities across the site.”
A shortlist of interested parties will be announced early next year, followed by detailed discussions with interested consortiums and then the submission of formal offers and proposals.
The new and future homes on offer are supported by new facilities including:
More than 10 hectares of new parks, open space, public squares and tree-lined streets, interspersed with play areas, cycling facilities, and recreation spaces
A world-class education campus, Chobham Academy, with 1,800 places for students aged 3-19
A state-of-the-art Polyclinic with a full range of primary healthcare services including multiple GP surgeries, outpatient activity, and a children’s clinic.