The deal includes a profit-share that should provide income to the public sector in future.
The joint venture also acquired six adjacent development plots with the potential for a further 2,000 new homes. The first tenants are due to move in in late 2013. They will be fitted out for long-term residential use after the games when kitchens will be added and new floors put in. They say this will create the first UK private sector residential fund of more than 1,000 homes to be owned and directly managed as an investment.Īt the moment, the apartments in the village do not have kitchens as athletes will eat at dining halls. Qatari Diar and Delancey plan to turn the bulk of their share of the residences – 1,439 properties – into private rental accommodation, rather than selling them. They will become affordable housing such as shared ownership or socially rented apartments. The Olympic Delivery Authority, which sold the site, had already sold 1,379 of the residences in the 11 blocks of the athletes' village to Triathlon Homes for £268m in 2009. The area will also include a schoolwith 1,800 places for children aged three to 19, shops, bars, clinics and parks. The rest of the properties range from studio flats to five-bedroom apartments. Qatari Diar, the oil-rich state's investment arm, and UK property developer Delancey Estates teamed up to buy the athletes' village next to the Olympic Park in east London for £557m.Īfter the 2012 Olympic Games, the village will be converted into a neighbourhood with 2,818 homes, including 1,000 family homeswith three or four bedrooms.
London's Olympic Village has been sold to the Qatari ruling family's property company in a deal that leaves UK taxpayers £275m out of pocket.