The Olympic Park Legacy Company has today opened formal bidding for a long-term lease following initial expressions of interest (EOI), held between March and June this year, which attracted well over 100 participants.
A group of interested parties have emerged from the soft market testing which has proved invaluable in shaping the Stadium offer for the bid stage. Bidding is not exclusive to those who took part in the EOI process.
Since its formation, the Olympic Park Legacy Company has been keen to review all the legacy options for the Stadium with the aim of understanding market demand for its capacity and the viability of future uses. It is seeking an anchor tenant that can provide value for money in serving both the needs of elite sport and the local community.
The EOI process had three main findings:
- Firstly, all interested parties backed a multi-use Stadium containing athletics and possible commercial, health or educational uses in the Stadium’s undercroft;
- Secondly, the market favoured the Stadium being reduced from its Games-time capacity of 80,000 seats to options ranging between 25,000 seats and 60,000 seats depending on their ideas; and
- Thirdly, demand was for a long lease.
Margaret Ford, Chairman of the Olympic Park Legacy Company, said:
“The Stadium is at the heart of the Olympic Park and securing the most appropriate solution is crucial to our long-term aspirations for the area.
“We have generated a great deal of interest by working with the market to understand how they would use this iconic venue. I am delighted that organisations with a serious interest all want a mixed usage – this is in-line with our promise to meet the bid commitments, and our vision for the Stadium to be a focal point for sport and community use.
“We aim to have selected an anchor tenant by the end of the financial year.”
Interested parties have until 12 noon on Thursday 30th September 2010 to make a formal bid by completing a pre-qualification questionnaire (PQQ).
A Memorandum of Information (MOI) is available with the PQQ to help formulate bids. This provides background on the Olympic Stadium and outlines the Legacy Company’s ambition for the Olympic Park and the Stadium.
The PQQ asks questions based on five objectives agreed by the Legacy Company and its Founder Members, the Government and the Mayor’s Office.
They focus on offering a viable long-term solution that provides value for money, securing a suitable operator and re-opening the Stadium as soon as possible after the Games. The Stadium should remain a distinctive physical symbol supporting the area’s regeneration, and offer a vibrant mixture of community and sporting uses.
The Legacy Company will select preferred bidders from the PQQ in the autumn, and begin formal negotiations with the aim of signing a lease agreement by 31st March 2011.
Interested parties can access both the MOI and the PQQ by visiting our dedicated web page for the Stadium process on this website.
Plans for the Olympic Stadium form part of the Legacy Company’s wider plans for the Olympic Park which will include new housing, schools, health centres and offices, along with the running of venues such as the Aquatics Centre, Orbit, Multi-Use Arena and Press and Broadcast Centres.