Qatari/Delancey in, as Wellcome goes out of fashion

It’s been a busy time for Olympic news in the past few days.

Firstly, it seems a racing certainty that the Wellcome Trust’s plans to take over the Olympic Village and much of the Olympic Park are not going to come to fruition.

Property Week revealed on Friday that the Qatari Diar/Delancey consortium was favoured by the Olympic Delivery Authority out of the three bidders for the Olympic Village, and as the Financial Times suggested on Saturday, that would appear to be that for the Wellcome Trust.

As has been reported before, Wellcome Trust has made it clear that its bid is an all or nothing one – no Olympic Village, then no bid for the rest of the park.

It is clear that the ODA believes the Delancey plans make a deal more sense than the Trust’s and the authority has always said it would make its judgement on the relative merits of the three bids for the Village, and would not be influenced by the sense the Wellcome Trust’s bid might make in terms of the legacy of the overall area.

Perhaps if the Olympic Park Legacy Company had taken control of the auction of the Village as well, as it wanted to, there would have been a different outcome.

Perhaps there still might be. The FT also reports that the OPLC meets on Tuesday to discuss the sale of the 2012 Broadcast centre, and surely then it will decide once and for all whether negotiations can continue with Wellcome.

As of Friday afternoon the Wellcome Trust was briefing that it still believed it was in talks on all elements. But it was not being as forthright with me as it was two weeks ago when I rang up to check on rumours that it pulled its bid.

Fortunately, the OPLC has some interesting other offers on the table for the media centre. News of a Resolution backed proposal on Friday to turn the centre into a UK Fashion Hub, seems a decent, job creating outcome for the centre. Another nail in the Wellcome Trust bid’s coffin I guess.


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, OPLC. Bookmark the permalink.

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