London 2012 Olympic Village Sold

The London 2012 Olympic Village has been sold to a partnership between British developer Delancey and Qatari Diar, sale the company of the Qatari Royal Family.

The deal, find worth US$908 million, is set to see the village be converted to private housing once the Games has concluded at the end of August next year.

The deal includes a profit-share agreement which will recoup the government some of the US$15bn of public money that has been spent in staging the Olympics.

Culture secretary Jeremy Hunt said the deal gives taxpayers “a great return”, saying that “the village will be the centrepiece of a new vibrant east London community.”

The two companies will take over 1,439 of the 2,818 homes on the site and build as many as 2,000 more.

They will rent out the homes, which will form part of a portfolio of London property that includes Harrods.

A company called Triathlon Homes has already been appointed to manage the other 1,379 homes in the village which are to be kept as affordable housing for key workers including teachers and health professionals.

The new neighbourhood will also include education and health care facilities, parklands, public squares and open space.

The news comes as an important deal for the London 2012 Organising Committee (LOCOG) who have been under pressure to deliver the legacy promise they made when winning the rights to host the Games back in 2005.