Lend Lease - Development of Olympic Village

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Slaughter and May is advising Lend Lease, a leading international retail and residential property group, in relation to its exclusive negotiations to develop the £2 billion Olympic Village at Stratford City, London.

On 5 March, 2007 Lend Lease announced that it had, together with its partners First Base and East Thames, been selected by the Olympic Delivery Authority (ODA) and London & Continental Railways Ltd (LCR) as preferred development partner for the London 2012 Olympic Village. The Lend Lease team will now commence exclusive negotiations with the ODA and LCR, with the intention of entering into a Regeneration Agreement to develop the site. Under the terms of the proposed Regeneration Agreement Lend Lease will develop the site in two phases.

Phase One involves the development of approximately 4,200 residential dwellings and related accommodation that will become the Village for the London 2012 Olympic Games. Lend Lease will be responsible for all aspects of the project including funding, design and construction, and marketing and sale of the completed product. Phase One construction is expected to start in 2008, with handover to the ODA in late 2011. Phase One has an estimated value of £2 billion.

It is anticipated that Phase Two will involve the Lend Lease team refurbishing the Olympic Village following completion of the 2012 Games, and also developing up to another 500,000 square metres of space to complete the regeneration of this area of Stratford City. Phase Two has a potential value of around £3.5 billion assuming development over the period to 2020.

Stratford City is currently 73 hectares of former railway marshalling yards located 5 miles north east of Central London.

Slaughter and May’s corporate real estate group is advising Lend Lease on the development, real estate and financing aspects of the development.

James Featherby (partner); Commercial Real Estate: Dermot Rice (partner); Project Finance: Steven Edwards (partner)