2012 Olympic Village Sale Completed

The sale of London’s Olympic Village has been completed for £557m to a joint venture between Delancey and Qatari Diar ­- the property arm of Qatar’s sovereign wealth fund.

It was reported earlier this month that the government is in talks with a consortium over the sale of the Athletes’ Village in East London following the 2012 Olympic Games.

Delancey & Qatari Diar will now manage the 1,400 homes and six development plots in the area.

The homes will become private housing, while the six adjacent plots have the potential for a further 2,000 new homes to be built.

According to media reports, Delancey and Qatari Diar beat a rival bid from Hutchison Whampoa, and most of the homes will be rented out rather than sold by the joint venture.

The other half of the village, comprising 1,379 homes, has already been purchased for £268m and will be operated by Triathlon Homes.

Delancey’s chief executive, Jamie Ritblat, said in a statement: ‘This is a long-term project for us ­ we are looking to retain the neighbourhood and create a place where people will want to live, work and play for years to come.’

The Village, which cost £1.1bn to build, will be transformed into a new neighbourhood – offering high-quality new homes, many of them affordable, as well as education and healthcare facilities, new parklands and public squares, once the Games are over.