Site next to Olympic Village to be regenerated

An Australian developer has signed an agreement for the plot of land that neighbours London’s Olympic Village in the east of the city.

Lend Lease has made the deal, which could be worth as much as £2 million, the London Evening Standard reports.

The joint venture contract is split by 50 per cent with London & Continental Railways, who owns the land and has issued a contract award notification as part of the binding framework.

Hotels, shops and offices are expected to appear on the 600,000 sq m site which is situated next to accommodation for the 2,800 athletes who will be competing in the international competition.

Both firms have worked together since the first stages of the Olympic project in 2007.

Recently, the Public Accounts Committee revealed that budgets for the construction work are very tight, adding that of the original contingency fund of £2.75 billion, only £194 million remains uncommitted.

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