With Olympic fever capturing the nation once again, after a phenomenal UK medal gold rush this weekend (Mo Farah, Andy Murray, Justin Rose, Max Whitlock, Jason Kenny and we’re second in the medal table – amazing!), we reflect on the legacy of London and the hopes for Rio.
After officially reopening again in April 2014 the London Olympic park has welcomed over 11 million visitors and the landscape has completely changed into a new commercial and housing hub for London.
According to Rhiannon Bury business journalist writing in The Telegraph; from April 2015 to May 2016 more than £700m was invested across four office deals in the area, compared with no office development recorded between 2003 and 2010.
Regeneration across Stratford received a huge boost with the construction of the vast Westfield shopping centre, which receives a footfall, almost as high as were at the Olympics during its peak times. There are also plans for a new V&A museum and branch of Sadler’s Wells, plus the London College of Fashion, by 2021.
Thousands of new homes have been built, and the old Olympic village has been described as Europe's largest purpose-built private rented sector development. Regeneration in the area, it is argued, may have happened anyway, but the Olympic legacy certainly accelerated development.
Leading commercial and residential property developers JLL and CBRE have been a key part of the redevelopment and our ALLEN & YORK Planning and Built Environment recruitment team have worked with them to secure them the best professionals; from town planners and surveyors to environmental and energy managers.
The legacy of Rio remains to be seen, but the £3.5bn investment (it has to be said a fraction of London, which was £8.77bn) could and should be built upon to regenerate a city in much need of redevelopment.