Tuesday, May 09, 2023
Olympic Delivery Authority moves to safeguard land
The Olympic Delivery Authority has acted to safeguard land needed for part of the Olympic Village at Stratford, east London. The ODA has acquired the freehold to the Stratford City project, the £4bn redevelopment scheme which has been the subject of an acrimonious wrangle between its three erstwhile developers. The ODA acquired the freehold from English Partnerships, the country's regeneration agency.
The Authority said the move meant that if the developers failed to resolve their difference it would also acquire their development rights and landowner London & Continental Railway's (LCR) long leases on the part of the land needed for the Olympics Village.
ODA chief executive David Higgins said: "If for any reason progress on the facilities does not move forward, the safeguard is there to protect the interests of the Olympics."
Meanwhile, LCR has added a further twist to the saga of the Stratford City project by announcing moves to terminate its contract with the consortium set up to realise the redevelopment scheme, Stratford City Development Ltd (SCDL). The developers involved have been involved in a protracted wrangle over who has control of the development. Now the LCR has, in effect, said its patience has run out.
Termination of this agreement will ensure that progress can be maintained on the delivery of the first phase of Stratford City, known as Zone 1, and provision of the Stratford City Olympic facilities, including the village.
The consortium members had been trying to resolve the control issue by an auction. LCR's Stephen Jordan said: "This is decisive action required to safeguard Stratford City. We are no longer hopeful that the auction process could be brought to a successful conclusion." Jordan insisted that this decision "does not jeopardise the provision of Olympic facilities on Stratford City land."
The Authority said the move meant that if the developers failed to resolve their difference it would also acquire their development rights and landowner London & Continental Railway's (LCR) long leases on the part of the land needed for the Olympics Village.
ODA chief executive David Higgins said: "If for any reason progress on the facilities does not move forward, the safeguard is there to protect the interests of the Olympics."
Meanwhile, LCR has added a further twist to the saga of the Stratford City project by announcing moves to terminate its contract with the consortium set up to realise the redevelopment scheme, Stratford City Development Ltd (SCDL). The developers involved have been involved in a protracted wrangle over who has control of the development. Now the LCR has, in effect, said its patience has run out.
Termination of this agreement will ensure that progress can be maintained on the delivery of the first phase of Stratford City, known as Zone 1, and provision of the Stratford City Olympic facilities, including the village.
The consortium members had been trying to resolve the control issue by an auction. LCR's Stephen Jordan said: "This is decisive action required to safeguard Stratford City. We are no longer hopeful that the auction process could be brought to a successful conclusion." Jordan insisted that this decision "does not jeopardise the provision of Olympic facilities on Stratford City land."
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