LONDON’S Olympic Village is to become a new neighbourhood of around 5,000 people after today’s announcement that developers are to pay £560M for a big chunk of the 2012 Games site in east London.


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“It is another big step towards securing a fantastic future for the new neighbourhoods and communities we have always said would be created as a major legacy for the capital after the 2012 Games,” said London Mayor Boris Johnson.

Together with the £270M already agreed with Housing Association group Triathlon Homes for 1,379 houses on the site, the joint deal with investment fund Qatari Diar and developers Delancey adds up to £830M, someway short of the £1 billion the Olympic Village cost to build.

But, possibly with the stagnant property market in mind, that didn’t stop Johnson hailing the sale as a “great deal for London”.

As well as the 2,800 new homes – 1,000 of which are to be three and four bedroom family houses – the Olympic Village development is to include shops, restaurants, a health centre and a school.

The new Olympic neighbourhood is due to open in 2013 and, after that, there is an option for developers to add an extra 2,000 homes in the future.