Private sector initiatives 'to transform Olympic Zone'

The Olympic Zone in East London will be completely regenerated thanks to private sector money.

According to CBRE, some £1.6 billion of international investment has been attracted in the past two years. This will result in over 6,000 homes and more than 3m sq ft of commercial space being developed.

Because of these improvements, there will be increased choice when it comes to lettings in London. Part of the reason so many businesses - from countries such as Australia, Canada, Holland, Qatar, Sweden and Germany - have decided to plough capital into the area is because they have recognised the long-term value of such moves.

Matthew Black, head of East London at CBRE - which employs over 6,250 people across Europe, the Middle East and Africa - noted there will be a "substantial amount of activity" in East London after the Games finish on August 12th. "The Olympics is just the beginning, enabling the regeneration of an area that could never have occurred in the present global economic climate," he added.

The expert went on to note the best aspect of the Olympic plan is that the legacy was thought out in advance, which means people can look forward to a series of exciting developments in the coming months and years. Mr Black observed 13m sq ft of mixed-use development will be offered by Stratford City alone, while a further 100 acres of potential exists in the shape of the Royal Docks.

It comes after the sustainability factor of the upcoming Games was praised by the UN. The group's environment chief Achim Steiner was pleased by the thoughtful planning that had gone into putting on such a massive event, which is due to get underway on July 27th. "Efforts such as the greening of the supply chain, regeneration of an inner city area and bringing energy efficiency measures to local homes, can build the confidence to wider society that sustainability is not theory but infinitely do-able," he stated. 

Posted by Andy Britten

Published 1st May, 2012

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