Full steam ahead for London’s Olympic legacy

The Mayor has today (March 16) heralded a major step forward in reaching agreement with the Government to secure a lasting legacy for the 2012 Games.

Following complex negotiations, a decision has been made to transfer Olympic Park land owned by the London development Agency to the Olympic Park Legacy Company (OPLC). The OPLC will now be responsible for securing the future of the site.

The deal was announced by the Mayor to an audience of international property investors at the MIPIM conference in Cannes. At a lunch hosted by the Legacy Company to highlight the development opportunities surround the 2012 Games, the Mayor said the deal was excellent news for the many people and companies looking to invest in development in and around the Park after the Games. 

The Mayor of London, Boris Johnson, said:

“This has been a long and complex negotiation, but I am delighted to say we have now reached agreement with government on all the issues under discussion.  The next step will be to carry through the land transfer to the Legacy Company.  This is a good deal for London and for legacy.

"We have preserved the principle that the company should be an equal partnership between the Mayor and government and ensured that the financial arrangements will protect the LDA and its other important programmes in London."

Investors and the property world have told the Mayor that to secure their involvement in delivering a fantastic legacy from the Olympics they needed a single “go to” person and organisation on their side with total responsibility and accountability for delivery.  With the transfer of the unencumbered freehold of the land ownership agreed, the Legacy Company and its Chief Executive, Andrew Altman, are in place to do this and make plans for a bright future of east London following the Games.

Sir Peter Rogers, Chief Executive of the London Development Agency said:

"This deal will give the legacy from 2012 every chance of success. Our negotiations with Government have produced a good deal for London, with a significant benefit for the London Development Agency, which gives the certainty that will allow us to plan our future investments for Londoners in a period of tight public finances. I believe the proposals should be acceptable to our Board."

Ends

Notes to editor

The Mayor is currently in Cannes attending MIPIM, the world’s premier property conference