Olympic Games 2012

Department for Digital, Culture, Media and Sport written question – answered on 5th September 2018.

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Photo of Steve Reed Steve Reed Shadow Minister (Digital, Culture, Media and Sport) (Civil Society)

To ask the Secretary of State for Digital, Culture, Media and Sport, with reference to the Answer of 30 October 2017 to Question 109351 on Olympic Games 2012, if he will provide an update on what proportion of the assets at the Olympic Park have been sold; what revenue those sales have yielded; and what further such sales of assets are planned.

Photo of Tracey Crouch Tracey Crouch The Parliamentary Under-Secretary of State for Digital, Culture, Media and Sport

The London Legacy Development Corporation, the body responsible for the regeneration of Queen Elizabeth Olympic Park and surrounding area following the London 2012 Games, owns the assets on the Park and is responsible for their disposal.

To date the Legacy Corporation has entered into agreements for the development of three housing neighbourhoods on the Park – Chobham Manor, East Wick and Sweetwater – for which it has so far received £49 million in deposits and land receipts.

In addition the Olympic Park Legacy Company, the Legacy Corporation's predecessor, sold land at Sugar House Lane near to the Park for £19.5m in 2011.

Total revenue to date is, therefore, £68.5 million.

Future receipts will be generated as the housing sites under construction are built out and agreements are entered into for the development of additional housing sites at Stratford Waterfront, Pudding Mill and Rick Roberts Way.

The Legacy Corporation granted a long-term lease in 2014 for the site of the former Press and Broadcast Centre, Here East, and long-term leases will be let to the institutions involved in the planned culture and education district (East Bank) located on the south of the Park.

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