Government puts Olympic village up for sale

The Olympic Delivery Authority has launched an appeal to developers to buy the Athletes’ Village and surrounding development sites totalling up to 4,000 new homes after the games.

The ODA, which paid for the 2,818-home development after the credit crunch put paid to plans for Lend Lease to fund it, is now looking for private developers to recoup its £1.2bn investment in the village.

The call for expressions of interest doesn’t include half of these dwellings, as a consortium of housing associations with regeneration developer First Base, called Triathlon Homes, has already bought these to turn into affordable homes after the games.

However, the offer does include a number of development sites, upon which up to 2,500 homes could be built, as predicted by Building. The ODA gained ownership of these sites in the spring following a deal with the original land owner London and Continental Railways, in exchange for ODA options and covenants on other land south of Stratford International rail station.

The choice of partner will be controversial as concerns have already been raised over how to ensure any future developer offers the most in terms of regeneration to the area.

ODA Chief Executive David Higgins said: “The funding of the Olympic Village has provided the public sector with a first-class asset and we are now starting the first stage of the process to recoup the investment that has been made. This is a unique and significant investment opportunity and while securing best value will be key, we will be looking for the best owner for the Village not necessarily the highest bidder.”

The ODA said it will aim to shortlist developers by early 2011, with a decision made in summer next year.