The Olympic Delivery Authority (ODA) announced a shortlist of nine private-sector companies to buy and manage the Olympic Village this week.
The Olympic Village, which lies adjacent to the Olympic Park, will consist of 2,818 new homes for east London after the Games.
Triathlon Homes has purchased 1,379 homes for affordable housing. The remaining 1,439 homes will become private sector housing after the Games, along with six future development plots in the Olympic Village site with the potential for a further 2,000-2,500 new homes.
The ODA invited expressions of interest from the private sector in October. Bids have been received from across the UK, mainland Europe, North America and Asia. The private sector organisations and consortia that will now be invited to submit detailed proposals for the Village are:
- Delancey & Qatari Diar
- Dorrington & Pinnacle Capital
- Galliard Homes
- Grainger & Moorfield Group
- Hutchison Whampoa
- Le Frak Organization, Aviva, J.P. Morgan
- London & Stamford Property, David Wilson & Sir Robert McAlpine
- Wellcome Trust
- The William Pears Group & Urban Splash
“The quality of this shortlist is a vote of confidence in the quality of the Olympic Village,” said ODA chief executive David Higgins. “Securing best value will be key alongside looking for the best legacy owner for the Village. Shortlisted bidders will need to demonstrate the experience and expertise needed to realise the long-term potential of the Village, establishing a complete neighbourhood with the best of city living all in one place, offering choices for all.”
Formal offers for the Olympic Village will be received by spring 2011 with the winner being announced in the summer.
The Olympic Village was originally planned as a private-sector development, however during the credit crunch developer Lend Lease was unable to raise the funds to build the village. In May 2009, the ODA stepped in with the shortfall investment from its contingency fund to build the village until private sector funds could be raised.
Allowing private bidders to buy and manage the Village should see the ODA recouping its investment. Construction of the Olympic Village is due to be completed in early 2012.