The Olympic Village has been sold for £557m to a joint venture of Delancey and Qatari Diar.
The joint venture will work alongside Triathlon Homes who will manage the affordable housing in the village.
The village, which lies adjacent to the Olympic Park, will create a new neighbourhood for east London, delivering the best of city living all in one place – high-quality new homes, education and healthcare facilities, new parklands, public squares and open space, with transport links making it one of the best connected parts of the capital.
The village will deliver 2,818 new homes, including 1,379 already purchased by joint venture Triathlon Homes to become high-quality affordable housing. Delancey and Qatari Diar will now acquire the Olympic Delivery Authority’s (ODA) interests in the remaining 1,439 homes which will become private housing, along with six adjacent future development plots with the potential for a further 2,000 new homes.
The majority of the 1,439 private homes are to be let on a rental basis, instead of being sold, with the ownership remaining with the Delancey and Qatari Diar joint venture. This will create the first UK private sector residential fund of over 1,000 homes to be owned and directly managed as an investment.