After the Games, the consortium will transform the 1.3 million square feet media hub into quality mixed-use office and business space after the Games, larger than Canary Wharf tower, providing a legacy of over 8000 new jobs in Hackney.

ODA chief executive David Higgins said: “We now have world class teams in place to deliver four of the ‘big five’ Olympic Park venues. The agreement to develop the IBC/MPC will represent a significant private sector investment into the regeneration of Hackney, which has some of the highest unemployment levels in the country.

“Carillion Igloo will bring a combined construction and regeneration excellence to create the media hub to transmit the London 2012 Games across the world but also to transform the venue into a vibrant and sustainable employment space in legacy.”

In legacy, Carillion Igloo plan to utilise what is being provided for the Games as much as possible to ensure sustainable development. The developer plans to transform the site in legacy into creative media workshops, studios and offices and residential uses. The MPC offices will be available for occupation by a range of companies from major news organisations to smaller pre and post production film, television and new media firms.

The overall masterplan and detailed uses and designs will be finalised in tandem with the London Development Agency’s (LDA) consultation on the Legacy Masterplan Framework plans for developing the Olympic Park legacy, which is currently being consulted on.

Tom Russell, group director for Olympic Legacy at the LDA, said: "The importance of the IBC/MPC project to our regeneration objectives cannot be overstated. In providing over £1m sq ft of high quality office and business floorspace, it will lead the economic revival of East London, attracting high quality businesses and jobs to the area. Much remains to be done to ensure that this potential is realised, but the appointment of Carillion Igloo is a significant milestone in this process.”