Qatari Diar bids for Olympic Village
Chelsea Barracks developers Qatari Diar are among a host of developers bidding to take over the Olympic Village after the 2012 games.
Qatari Diar, which has already invested in several key London properties including Harrods, the ‘Shard’ and One Hyde Park, is known to be looking for other real estate acquisitions in the capital.
The Olympic Village, next to the Olympic Park, will provide 2,818 new homes for the area after the thousands of athletes have gone home. Triathlon Homes has already bought 1,379 of these homes. The remaining 1,439, as well as six development plots with the potential for a further 2000-2500 homes, will be sold to the private sector.
The Olympic Delivery Authority (ODA) wants to recoup at least £500million from the sale, following the government’s decision to inject £650million into the scheme in May 2009, when the private sector deal on offer was deemed not in the interest of the taxpayer.
As well as Qatari Diar working with Delancey, other developers invited by the ODA to bid for the site are Dorrington & Pinnacle Capital, Galliard Homes, Grainger & Moorfield Group, Hutchison Whampoa Ltd, Le Frak Organisation, Aviva plc & JP Morgan, London & Stamford Property plc, David Wilson & Sir Robert McAlpine, The Wellcome Trust, The William Pears Group and Urban Splash.
David Higgins, ODA chief executive said: ‘The quality of this shortlist is a vote of confidence in the quality of the Olympic Village… Securing a shortlist with many of the leading property investors and managers both in the UK and around the world takes us an important step towards ensuring the Village becomes one of the strongest legacies from the Games.’
The shortlisted developers will be sent tender information in January 2011, with formal offers and proposals to be submitted by spring 2011. The ODA aims to decide on a bid by summer 2011, with government approval needed before work can begin.
‘Securing best value will be key alongside looking for the best legacy owner for the Village,’ said David Higgins. ‘Shortlisted bidders will need to demonstrate the experience and expertise needed to realise the long-term potential of the Village.’