2012 park land transfer agreed

London mayor Boris Johnson today confirmed that a deal has been struck to transfer land in east London used for the 2012 Olympic Park from the London Development Agency to the Olympic Park Legacy Company.

Speaking to investors at the Mipim property event in Cannes, Johnson hailed the deal as an essential step in ensuring the future of the area: “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.”

Concerns had previously been raised over the development of the land, after the LDA was locked in negotiations with the Treasury over the transfer of the land for almost a year.

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

Boris Johnson

A final deal was being held up over continuing disagreement over the “financial terms” of the deal, such as which organisation would receive future land receipts from land sales.

Following the transfer agreement, the OPLC will now be responsible for the future of the site.

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 the 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."