iCity deal secures future of last remaining Olympic venue

16 May 2013

The Mayor of London and the London Legacy Development Corporation announced today that the future of all eight permanent venues on Queen Elizabeth Olympic Park have been secured, following the signing of a deal with iCITY for the Press and Broadcast Centres.

The agreement, which comes within a year of the Olympic Opening Ceremony, means that London is further ahead than any other host city in history in delivering a lasting physical and social legacy from the Games. The news follows last month’s key legacy announcement that the iconic Olympic Stadium’s future was secured after it was confirmed that Premiership side West Ham United FC would be moving in as long-term anchor tenants for the multi-use venue in the summer of 2016.

More than 4,500 jobs will be created at iCITY with around 2,000 more in the local area by 2019, delivering employment for those living close to the Park.

iCITY will invest more than £100million to make the Press and Broadcast Centres an attractive and vibrant location where creative and digital companies will locate.

Already confirmed tenants include BT Sport, which launched its new channels from Queen Elizabeth Olympic Park last week, Loughborough University, Infinity (the UK’s fastest growing provider of data centre services) and Hackney Community College, which will establish a new digital apprenticeship programme at iCITY.

iCITY, as part of its agreement with LLDC, has made a commitment to work with its tenants to provide employment and training opportunities for residents living nearby, as well as ensuring that local companies enjoy supplier opportunities.

The deal means that the Park is now set to deliver against its key objectives in providing jobs, further inward investment, sporting and housing legacy in east London – as originally envisaged when the UK bid for the Games.

Taxpayers’ money is protected by the terms of the 200-year lease, which remain commercially confidential. Legacy Corporation will take a share of profits from any future development receipts, rental share and estate charges that will create an ongoing revenue stream that will grow as new tenants sign with iCITY.

Boris Johnson, Mayor of London, said:

“It’s absolutely fantastic news that the final piece of the Olympic venues jigsaw puzzle has now been firmly put in place. With the future of eight out of eight permanent venues secure, London has well and truly delivered on what is a hugely important part of the Olympic legacy story. iCITY is the final jewel in the crown of Queen Elizabeth Olympic Park and as a world class digital hub that will employ thousands of people I’m delighted to welcome them on board.”

Dennis Hone, Chief Executive of the London Legacy Development Corporation, said:

“We said we’d transform wasteland in east London into one of Europe’s largest parks filled with award-winning sports venues that people will love, and we delivered. We said from the very beginning there would be no white elephants on the Park – and we’ve kept our promise. Now, by securing high quality tenants in the tech and education sectors, we will be providing thousands of jobs – and we remain firmly on track to deliver a meaningful physical and social legacy for Londoners.”

Gavin Poole, iCITY Chief Executive, said:

“I am thrilled that iCITY and the London Legacy Development Corporation have completed this agreement. I would like to thank the Legacy Corporation for all their hard work in securing the future of the former Press and Broadcast Centres. iCITY will provide much needed and unrivalled capacity and power for the UK’s flourishing creative and digital industries. These buildings provide an incredible opportunity to deliver one of the world’s leading digital and technology clusters and support the ongoing regeneration of east London.”

Jules Pipe, Mayor of Hackney, said:

“I’m delighted that Legacy Corporation and iCITY have signed this agreement, which means we are well on the way to securing a valuable economic legacy for Hackney from the 2012 Games, bringing thousands of jobs to our borough and creating training and employment opportunities for local people. It is fantastic that iCITY shares the Council’s long-held vision for a digital and creative hub at the former Press and Broadcast Centres in Hackney Wick.”

Jamie Hindhaugh, Chief Operating Officer, BT Sport, said:

“BT Sport is delighted that the LLDC and iCity have signed the lease today. We congratulate the LLDC on a fantastic job securing the legacy of the Olympic Park. We are delighted to call Queen Elizabeth Olympic Park home, an iconic sporting backdrop for BT Sport.”

Professor Robert Allison, Vice Chancellor of Loughborough University, said:

“We would like to congratulate both the Legacy Corporation and iCITY on today’s signing. We are delighted to be part of the vision for Queen Elizabeth Olympic Park and are looking forward to establishing Loughborough University in London.”

Stuart Sutton, Chief Executive of Infinity SDC said:

“We are delighted that the lease between iCITY and the London Legacy Development Corporation is complete. This is a milestone moment in securing the Olympic legacy and we would like to congratulate everybody involved. iCITY will create a world-leading digital and creative hub with Infinity’s most efficient data centre at its heart, and we are proud to be a part of creating jobs, training opportunities and supporting the regeneration of east London.”

-Ends-

Notes to editors

Download images from today’s announcement.

8/8 permanent venues secured – please find details of their legacy uses below:

1 – Press and Broadcast Centres

2012: 20,000 national and international media covered the Games from here.

Future secure: iCity developing a centre for business, delivering around 4,500 jobs.

BT Sport, Loughborough University, Hackney Community College, Infinity SDC already confirmed tenants.

BT Sport broadcasting from the Park from summer 2013.

For more information: www.icitylondon.co.uk

2 – The Stadium

2012: Athletics and Olympic and Paralympic Games opening and closing ceremonies.

Future secure: West Ham United Football Club confirmed as the Stadium’s long-term anchor tenant.

West Ham United FC in Stadium for start of 2016/17 season.

The Stadium will host five matches during the 2015 Rugby World Cup, as well as the 2017 IAAF Athletic World Championships.

For more information: www.QueenElizabethOlympicPark.co.uk

3 – Copper Box

2012: Handball, Modern Pentathlon and Goalball.

Future secure: Greenwich Leisure Limited (GLL) operating the venue – open from summer 2013.

London’s third largest arena; 6,000 capacity with courts for 20 different sports including basketball, boxing and badminton, as well as a gym and a café.

Copper Box will host international events such as the Badminton Grand Prix in October.

Home venue for London Lions Basketball Team.

For more information: www.gll.org

4 – Lee Valley Hockey and Tennis Centre

2012: Venue for Wheelchair Tennis.

Future secure: Lee Valley Regional Park Authority to operate the Centre – open from spring 2014.

Two outdoor hockey pitches, four indoor and six outdoor tennis courts.

The Hockey Centre will become England Hockey’s national events venue.

It will host the 2015 European Hockey Championships.

For more information: www.visitleevalley.org.uk

5 – Lee Valley VeloPark

2012: Velodrome staged cycling events.

Future secure: Lee Valley Regional Park Authority to operate the VeloPark – open from spring 2014.

Indoor cycling at the Velodrome, BMX track, 1.6km outdoor road circuit and 9km of mountain bike trails with links to London-wide cycling routes.

For more information: www.visitleevalley.org.uk

6 – Aquatics Centre

2012: Venue for swimming and diving.

Future secure: Greenwich Leisure Limited (GLL) to operate the venue – open from spring 2014.

Two 50-metre pools, 2,500 spectator seats, diving pool plus dry training facility, and fully accessible

For more information: www.gll.org

7 – East Village

2012: Athletes’ Village.

Future Secure: Qatari Diar Delancey and Triathlon Homes develop the Park’s first new residential area, East Village.

Delivering 2,818 new homes; 1,439 private homes through Qatari Diar Delancy and 1,379 affordable homes via Triathlon Homes.

First residents move in this summer.

For more information: www.eastvillagelondon.co.uk

8 – ArcelorMittal Orbit

2012: Visitor attraction.

Future secure: Balfour Beatty Workplace operating the venue from summer 2013.

At 114.5 metres the ArcelorMittal Orbit is the tallest sculpture in the UK.

Two viewing platforms at 76 and 80 metres above ground.

For more information: www.arcelormittalorbit.com

More about the confirmed tenants:

Loughborough University (65,000 sq ft) is to open ‘Loughborough University in London’, an academic campus that will offer postgraduate and executive education, and enable the University to further its world-leading research and innovationIt will also look to maximise use of the world class sporting venues on Queen Elizabeth Olympic Park.

Based in the Broadcast Centre, Loughborough University in London will become a major education anchor for iCITY. The teaching, research and enterprise focus will include business and management, media and communications, digital technologies and sport, exercise and health.

The London site will also enable the University to engage with a wider range of organisations, particularly those based locally, to further the impact of its research and innovation, both within east London and beyond.

BT Sport (80,000 sq ft) launched new sports channels last week and is building state-of-the-art studios housing the very best talent in sporting commentary and journalism.

Infinity SDC (260,000 sq ft) is the fastest growing provider of data centre services in the UK. Since their launch in 2006, Infinity has gained a significant share of the UK wholesale data centre market. Infinity data centres support the critical operations of some of the world’s leading investment banks, insurers and telecommunications operators.

Hackney Community College will establish its new digital apprenticeship programme at iCITY.

Tech Hub will develop and operate an incubator and accelerator space for start-up businesses.

The London Legacy Development Corporation promotes and delivers physical, social, economic and environmental regeneration in Queen Elizabeth Olympic Park and surrounding area, in particular by maximising the legacy of the Olympic and Paralympic Games.

Queen Elizabeth Olympic Park will begin to open from July 2013 and will be fully open from spring 2014, it will be a whole new part of the city to enjoy and will provide jobs and homes for east London.

For more information about the Legacy Corporation visit: www.londonlegacy.co.uk/about-us

For more information about Queen Elizabeth Olympic Park visit: www.QueenElizabethOlympicPark.co.uk