Westfield signs Olympic Park’s first office HQ, Tesco Bromley CPO snub and Olympic housing first …

I have been on holiday for some time so that is the reason for the radio silence – I say no to tweeting when out with the family, whatever the temptation! But I have picked up a trio of tales on my return today of interest in the Olympic development zone.

Firstly, Westfield has signed Coral Bookmaker for 30,793 sq ft of offices at its One Stratford Place scheme at the Stratford City scheme opposite the Olympics stadium in east London. It’s the first large private sector office letting at the site and the full story is here.

The building forms part of the first phase of 128,431 sq ft of offices being developed within Westfield’s £1.45bn Stratford City shopping centre, offices and housing scheme.

Westfield has let the seventh and part of the eighth floor of the building. Team GB has already signed a short-term lease on the eighth floor.

Post-games, Westfield plans to deliver a further 1m sq ft of offices in three further phases and, advised by CB Richard Ellis and Cushman & Wakefield, has been talking to major occupiers about prelet opportunities.

The letting to Coral at a rent understood to be around £35 per sq ft is clearly a decent early win for the scheme and the Olympics site’s aspirations as an office location as a whole.

Elsewhere, there is trouble brewing at the site where Tesco and the London Thames Gateway Development Corporation have for years been planning a major regeneration scheme close to the Olympic Park in Bromley-by-Bow.

The compulsory purchase order made for the site by LTGDC has been thrown out by Communities Secretary Eric Pickles – a full six months after the planning inspector passed the decision on to government. It raises serious questions about the government’s ability to speed up planning decisions on major strategic sites. It is after all a significant regeneration scheme in one of the UK’s most deprived areas backed by Tower Hamlets and it seems clarification for all parties ought to have been expected earlier.  Read my story here.

Finally the OPLC has officially gone to market seeking a developer for the first 800 homes they are proposing at the Olympic Park. As I have written before, around 10% of these homes are being set aside for a Community Land Trust – a highly interesting Boris-lauded concept that could provide a model for other regeneration schemes across the country. Read our story here.


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
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