Wellcome Trust bid may not force procurement rethink …

The Olympic Park Legacy Company is preparing to begin formal marketing of the circa 1m sq ft 2012 Media centre in Hackney this May.

There has been some speculation that the Wellcome Trust’s bid to buy the centre as part of a wider attempt to create a hi-tech business park at the Olympic Park will mean the procurement process will need to be restarted and the entire opportunity offered this time to the market.

The OPLC has indeed admitted as much. I understand though that this may not be the case and that there is some thought going into how a land deal could be structured to enable one party to successfully bid for more than one element without going back to the procurement drawing board.

What is certain, as I have written before, is the legacy regeneration of the Olympic Park is a story that increasingly involves the threat of legal dispute over the choice of developers and tenants. More than one expert has said to me that the only people making money at the Park just now are lawyers.

Expect the London Development Agency to announce its professional adviser on a new masterplan for the neighbouring Royal Docks soon too.

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About Paul Norman's Olympics blog

News Editor of CoStar News, a commercial property news service. Regular blogger on the London 2012 Olympics and what it means for property and the the regeneration of East London
This entry was posted in Media centre, Olympic Stadium, Stratford City. Bookmark the permalink.

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