What happens next - the Olympic Park

Posted: 14/09/2012

Now London 2012 has come to an end you may be wondering what’s going to happen to the Olympic Park. Well, in 2013 the park will be opened once again including 8,000 new homes and multiple sports centres. The park will be renamed the Queen Elizabeth Olympic Park and will become the largest new urban park to open in the whole of Europe for over 100 years. It will include miles of cycle paths, water ways and lush landscaping within a 558 acre site.

Out of the 8,000 new homes built inside the Olympic Park, the majority of them will be family homes and over a third of these will be classed as affordable however, this may be questionable considering that the average price of a house around the park has increased more than £60,000 or 30% since London won the bid to host the Olympics. One of the main reasons why London won the bid for the Olympics is due to the planners huge focus on the regeneration of the neglected East London.

The London Legacy Development Corporation want to achieve the same city rejuvenation as Barcelona did after they held the Olympic Games in 1992. Residents living in Stratford will benefit from the fantastic facilities of the Olympic Park including the Aquatic centre and Velodrome as well as the velopark with tracks for BMX and mountain bikes. A massive £125 million will also be spent on new transport links as well as building a new commercial centre in East London which will include the Westfield shopping centre.

The Athletes Village will be converted into 2,818, one to four bedroom apartments and will be available from autumn 2013. Triathlon Homes will be making less than a third of these affordable homes and some of the apartments will be rented out between 20 to 30% lower than their market value and the remaining apartments can be bought on a shared ownership basis.

Taylor Wimpy will be starting work on the first phase of Chobham Manor in October were social housing landlord London & Quadrant will be managing the tenants. There will be 870 new terrace and mews houses built between the Velodrome and the Athletes Village with a completion date of 2014. This will be connected to the heating, fibre-optic broadband and telecom networks which were put in place for the Games.

The second phase of the Olympic Park redevelopment involves the construction of 887 homes at East Wick located in the north west area of the park with various projects taking place over the next 20 years. Investors and house buyers who are interested in higher end properties may find the Mahattan Loft Gardens of great interest. This is a 42 story skyscraper containing 248 apartments next to Westfield and will have three ‘sky gardens’, a spa, pool and a rooftop restaurant. This is due for completion in 2016.

Other developments that will take place around the Olympic Park include the mixed use Stratford Halo by Genesis Housing Association which will be located only 500 metres from the park with fantastic views of the Orbit tower and Olympic stadium. The development includes 704 apartments which will come with 24 hour concierge and basement car parking facilities.

A Victorian hospital in Bromley-by-Bow which is a short walk from the Olympic Park is being redeveloped by Barrett Homes and finally, there will be 552 apartments at Limehouse Cut by Berkeley Homes which will boast great views of the canal that leads to the Olympic stadium.

What do you think of all the developments that will take place in and around the Olympic Park now the Olympic and Paralympic Games are over? Do you think they will be of great benefit to the city of London and help with the housing shortage or do you think the lack of housing in the capital will remain an issue?

Amanda McGovern, Pali Ltd
www.paliltd.com

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(0) Comments London, regeneration, apartments, housing, social housing, development, Olympic Park, Olympics

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