ICITY DEAL SECURES FUTURE OF LAST REMAINING OLYMPIC VENUE

The Mayor of London and the London Legacy Development Corporation announced today that the future of all eight permanent venues on Queen Elizabeth Olympic Park have been secured, following the signing of a deal with iCITY for the Press and Broadcast Centres.

  • Mayor of London welcomes final Olympic venue deal
  • Thousands of jobs to be created by iCITY signing
  • 8/8: Long-term future of all permanent venues secure

The Mayor of London and the London Legacy Development Corporation announced today that the future of all eight permanent venues on Queen Elizabeth Olympic Park have been secured, following the signing of a deal with iCITY for the Press and Broadcast Centres.

The agreement, which comes within a year of the Olympic Opening Ceremony, means that London is further ahead than any other host city in history in delivering a lasting physical and social legacy from the Games. The news follows last month’s key legacy announcement that the iconic Olympic Stadium’s future was secured after it was confirmed that Premiership side West Ham United FC would be moving in as long-term anchor tenants for the multi-use venue in the summer of 2016.

More than 4,500 jobs will be created at iCITY with around 2,000 more in the local area by 2019, delivering employment for those living close to the Park.

iCITY will invest more than £100million to make the Press and Broadcast Centres an attractive and vibrant location where creative and digital companies will locate.

Already confirmed tenants include BT Sport, which launched its new channels from Queen Elizabeth Olympic Park last week, Loughborough University, Infinity (the UK’s fastest growing provider of data centre services) and Hackney Community College, which will establish a new digital apprenticeship programme at iCITY.

iCITY, as part of its agreement with the Legacy Corporation, has made a commitment to work with its tenants to provide employment and training opportunities for residents living nearby, as well as ensuring that local companies enjoy supplier opportunities.

The deal means that the Park is now set to deliver against its key objectives in providing jobs, further inward investment, sporting and housing legacy in east London – as originally envisaged when the UK bid for the Games.

Taxpayers’ money is protected by the terms of the 200-year lease, which remain commercially confidential. Legacy Corporation will take a share of profits from any future development receipts, rental share and estate charges that will create an ongoing revenue stream that will grow as new tenants sign with iCITY.

Boris Johnson, Mayor of London, said:

“It’s absolutely fantastic news that the final piece of the Olympic venues jigsaw puzzle has now been firmly put in place. With the future of eight out of eight permanent venues secure, London has well and truly delivered on what is a hugely important part of the Olympic legacy story. iCITY is the final jewel in the crown of Queen Elizabeth Olympic Park and as a world class digital hub that will employ thousands of people I’m delighted to welcome them on board.”

Dennis Hone, Chief Executive of the London Legacy Development Corporation, said:

“We said we’d transform wasteland in east London into one of Europe’s largest parks filled with award-winning sports venues that people will love, and we delivered. We said from the very beginning there would be no white elephants on the Park – and we’ve kept our promise. Now, by securing high quality tenants in the tech and education sectors, we will be providing thousands of jobs – and we remain firmly on track to deliver a meaningful physical and social legacy for Londoners.”

Gavin Poole, iCITY Chief Executive, said:

“I am thrilled that iCITY and the London Legacy Development Corporation have completed this agreement. I would like to thank the Legacy Corporation for all their hard work in securing the future of the former Press and Broadcast Centres. iCITY will provide much needed and unrivalled capacity and power for the UK’s flourishing creative and digital industries. These buildings provide an incredible opportunity to deliver one of the world’s leading digital and technology clusters and support the ongoing regeneration of east London.”

Jules Pipe, Mayor of Hackney, said:

“I’m delighted that Legacy Corporation and iCITY have signed this agreement, which means we are well on the way to securing a valuable economic legacy for Hackney from the 2012 Games, bringing thousands of jobs to our borough and creating training and employment opportunities for local people. It is fantastic that iCITY shares the Council’s long-held vision for a digital and creative hub at the former Press and Broadcast Centres in Hackney Wick.”

Jamie Hindhaugh, Chief Operating Officer, BT Sport, said:

“BT Sport is delighted that the LLDC and iCity have signed the lease today.  We congratulate the Legacy Corporation on a fantastic job securing the legacy of the Olympic Park.  We are delighted to call Queen Elizabeth Olympic Park home, an iconic sporting backdrop for BT Sport.”

Professor Robert Allison, Vice Chancellor of Loughborough University, said:

“We would like to congratulate both the Legacy Corporation and iCITY on today’s signing. We are delighted to be part of the vision for Queen Elizabeth Olympic Park and are looking forward to establishing Loughborough University in London.”

Stuart Sutton, Chief Executive of Infinity SDC said:

“We are delighted that the lease between iCITY and the London Legacy Development Corporation is complete. This is a milestone moment in securing the Olympic legacy and we would like to congratulate everybody involved. iCITY will create a world-leading digital and creative hub with Infinity’s most efficient data centre at its heart, and we are proud to be a part of creating jobs, training opportunities and supporting the regeneration of east London.”