The Olympic Delivery Authority has announced the sale of the Olympic Village to a joint venture of Delancey and Qatari Diar who will invest £557 million into the future development of the Olympic Village.
The Village will deliver 2,818 new homes, including 1,379 already purchased by joint venture Triathlon Homes to become high-quality affordable housing.
Delancey and Qatari Diar will now acquire the ODA’s interests in the remaining 1,439 homes which will become private housing, along with six adjacent future development plots with the potential for a further 2,000 new homes.
The joint venture will invest around £557 million for the purchase and long-term management of the Olympic Village. The deal also includes arrangements to provide a future profit-share for the public sector.
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.
“The Village will deliver the best of city living all in one place with high-quality new homes, Education and healthcare facilities, new parklands, great transport links, public squares and open space.”
Delancey chief executive Jamie Ritblat said: “This acquisition reflects the first truly great residential investment opportunity in the UK; offering the chance to break the mould and create a sustainable leasing model to provide first class accommodation for those who see the chance to rent long-term, as the way forward.”
The appointment of the Delancey and Qatari Diar joint venture follows an investment process launched in October 2010 which saw submissions from leading property developers across the UK, mainland Europe, North America and Asia.
The ODA will now work closely with Delancey and Qatari Diar together with Triathlon Homes to develop the long-term plans for the Village.
Triathlon Homes, a joint venture established by urban development and investment company First Base, and housing associations Southern Housing Group and East Thames Group, purchased 1,379 of the new homes in June 2009.
The Village will create a new East London neighbourhood to include:
A complete neighbourhood of 2,818 homes including 1,379 affordable homes
Family housing with nearly 1,000 three and four bed homes
New homes spread across 11 residential plots in one of the best connected parts of the capital
New homes built around private courtyards with car parking
New homes built to Code for Sustainable Homes Level 4 and designed for modern, sustainable living, with fittings and finishes of the highest standard
11 individually designed plots providing neighbourhood character and choice
Six future development plots with existing outline planning consent and the potential for 2,000 open market homes to be developed, together with retail floor space and associated uses
A new neighbourhood that spans over 27 hectares of land, equivalent to St James Park, with wide tree lined streets and open public spaces
More than 10 hectares of new parks and open space interspersed with cycling facilities and recreation spaces
A world-class education campus Chobham Academy, specialising in the Performing Arts, with 1,800 places for students aged 3-19
A state-of-the-art Polyclinic with a full range of healthcare services including multiple GP surgeries, outpatient activity, and a children’s clinic
One of the best connected parts of the capital with Stratford International and Stratford Regional stations offering links to London’s key locations – reach the West End in 20 mins, Canary Wharf in 12 mins, Kings Cross St Pancras in 7 mins and all London airports within an hour