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East London regeneration site safe from Olympics developers

News

PLANS FOR A £4bn regeneration of East London have been secured this week after London's Olympic chiefs agreed not to compulsorily purchase the Stratford City site for the 2012 Games.

There were fears that the land would be compulsorily purchased by the London Development Agency (LDA) because it contained areas essential for access roads and car parking for the Games.

The site owners, headed by Channel Tunnel Rail Link client London and Continental Railways, had warned that a pulsory purchase order (CPO) would have threatened the osed regeneration.

They would also have claimed hundreds of millions of pounds in compensation.

The LDA has instead accepted a legal promise from the site owners that they will co-operate fully with companies requiring access to work on the Olympic Park site.

The site, which is adjacent to Stratford International railway station, was sold by the government on a 99-year lease to LCR and a consortium of construction fi ms before London's successful Olympic bid.

Development will include shops, offi ces and 4,850 homes, but now overlaps the proposed site for the Olympic Village.

The LDA will retain 'step in' rights, allowing it to take control of the land if Olympic construction falls behind schedule.

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