This article is from the Australian Property Journal archive
Lend Lease and its partners First Base and East Thames, have won the bid to develop the £5 billion ($A13.7 billion) Olympic Village project for the London 2012 Olympic Games.
The consortium will now start exclusive negotiations with the Olympic Delivery Authority and London & Continental Railways.
Under the terms of the proposed agreement, Lend Lease and its partners will develop the site in two phases.
Phase One has an estimated value of £2 billion ($A5 billion) and involves the development of approximately 4,200 residential dwellings and related accommodation that will become the Village for the London 2012 Olympic Games. Lend Lease will be responsible for all aspects of the project including funding, design and construction, and marketing and sale of the completed product.
Phase One construction is expected to start in 2008, with handover to the ODA in late 2011.
Phase Two will involve the Lend Lease team refurbishing the Olympic Village following completion of the 2012 Games, and also developing up to another 500,000 sqm of space to complete the regeneration of this area of Stratford City.
This phase has a potential value of around £3.5 billion (approximately $A8.7 billion), assuming development over the period to 2020.
Lend Lease’s chief executive Greg Clarke said the project marks another significant step in building the group’s residential communities business in the UK.
“The Stratford City project provides us with the exciting challenge of delivering a successful Olympic Village for 2012, as well as creating a long term sustainable community for London,” he said.
Stratford City is currently 73 hectares of former railway marshalling yards located 5 miles north east of Central London. It is one of the largest and most significant urban regeneration zones in Europe.
Yesterday, the group’s development business Bovis Lend Lease announced that it has reached financial close on the £320 million Lancashire Waste PFI project.
Awarded by Lancashire County Council and Blackpool Council, the contract is worth more than £2 billion over the full 25-year term and will make Lancashire the United Kingdom’s ‘greenest’ county in terms of how it treats household waste.
Bovis Lend Lease’s global chief executive Bob Johnston said this will be a first for Britain and a real step forward in the way that local authorities tackle the problem of waste handling and recycling.
Australian Property Journal
