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Olympic Village Sold For 500 Mill To Property Developers

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http://www.thisislon...r-pound-557m.do

£175M loss? About 10 seconds on Merv's printer.

Mr Hunt said: "The village will be the centrepiece of a new, vibrant East London community."

:lol:

Wanna bet these end up exclusive, gated, and subsidised banksta pads?

Edited by John Steed

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http://www.thisislon...r-pound-557m.do

£175M loss? About 10 seconds on Merv's printer.

:lol:

Wanna bet these end up exclusive, gated, and subsidised banksta pads?

At least the next waver or rioters/protesters will know where they live. It might look like the villagers heading to Frankenstein's castle to kill the evil beast and the creator of said beast.

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As times are set to get tougher, they could hold the Holympics there....

HOlympics

Sporting event in which lewd, lascivious, and otherwise slutty hoes compete in events such as the Birmingham Bootie Call, Ho-Vault, and Dirty Sanchez. Prizes include a tube of pink glitter lipstick, cell phone skins featuring cartoon characters (such as tweety bird in a bikini), 22" rims, halter tops and an assortment of false eyelashes. Winners are determined by pimps, losers get choked.

Edit: sorry just realised it had already taken place in Birmingham the other night

;)

Edited by Saving For a Space Ship

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The Olympic Village was today sold to a Middle Eastern developer for £557 million in a deal that leaves UK taxpayers about £175 million out of pocket.

It was bought by Qatari Diar, the oil-rich state's investment arm, and retail developer Delancey and will be converted into a neighbourhood of 2,800 homes after the Games.

Culture Secretary Jeremy Hunt hailed a "fantastic deal" and Olympic officials insisted they never expected to recoup the village's £1 billion building costs.

It looks as if it would have been just as easy to have made at least breakeven as £175 million loss but it's the government handling things and after all there's a never ending supply of taxpayers money.

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Wanna bet these end up exclusive, gated, and subsidised banksta pads?

I seriously doubt it, the location is all wrong and the houses are too small to attract big money (plus they're mostly going to be rented rather than sold). You might be right about the gated bit though. I'd say a likely model is something like this place:

http://en.wikipedia....iki/Bow_Quarter

I rented a place there for a while whilst in the middle of moving countries and whilst there might have been the odd junior banker living there, it was mostly people much lower down the pay scale than that. I suspect the Olympic Village will be the same. No-one with real money wants to live in an East End ghetto.

Edited by tbatst2000

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It looks as if it would have been just as easy to have made at least breakeven as £175 million loss

Really.

Would you pay 300K for a tiny falt in Stratford (East London, not "upon Avon"). I wouldn't!

I'm surprised that they found some mug to pay as much as they did!

tim

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Really.

Would you pay 300K for a tiny falt in Stratford (East London, not "upon Avon"). I wouldn't!

I'm surprised that they found some mug to pay as much as they did!

tim

They could have used this for social home for workers, as they are the ones that have paid for this, yet again we see thief at higher levels.

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Really.

Would you pay 300K for a tiny falt in Stratford (East London, not "upon Avon"). I wouldn't!

I'm surprised that they found some mug to pay as much as they did!

tim

I imagine the governments stance was similar and what else was on the table given as tax relief incentives, deprived area incentives, special offers and so on all at taxpayers expense.

More housing of course (2800 units?) so in that particular area the much heralded restructuring away from housing is taking a back burner.

Edited by billybong

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You're not seeing the bigger picture.

'It's a 6bn boost for jobs'.

(©Tessa Jowell)

...for foreigners, as the homes will be.

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It looks as if it would have been just as easy to have made at least breakeven as £175 million loss but it's the government handling things and after all there's a never ending supply of taxpayers money.

the starting point of value is not cost sadly

i was born in stratford, well east ham, - it's a shit hole. The Olympics will make it less of a shit hole, primarily though the improved transport links. If we are going to engage in a bit of government spend, so much better that it's in longer term infrastructure

they accepted the highest bid, from a very credible purchaser - not sure where the problem is

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the starting point of value is not cost sadly

i was born in stratford, well east ham, - it's a shit hole. The Olympics will make it less of a shit hole, primarily though the improved transport links. If we are going to engage in a bit of government spend, so much better that it's in longer term infrastructure

they accepted the highest bid, from a very credible purchaser - not sure where the problem is

I'm happy for the Stratford area if it ends up benefiting from the Olympics. I wasn't questioning the location in my post.

The problem is that it's more taxpayer loss and considering what they're like on accounting for things in the past there's a good chance that the loss is even more than they're admitting.

With the huge sums involved Stratford area would still have been improved even if there hadn't been a taxpayer loss.

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Wanna bet these end up exclusive, gated, and subsidised banksta pads?

Nah, no self-respecting bankster would want to live in the east end.

They will be rented back to the councils for even more private profits out of taxpayer money.

---

Edited by awake_eagle

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Nah, no self-respecting bankster would want to live in the east end.

They will be rented back to the councils for even more private profits out of taxpayer money.

---

I can see that, there is a huge shortage of affordable housing in London....even the city can't support paying £300k for a box.....people with the money and half a brain will know of better ways to spend that sort of dosh. ;)

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Loss is higher according to the Guardian

"UK taxpayers left £275m out of pocket after deal is reached by Olympic Delivery Authority"

So the looting of the taxpayers purse goes on even if may have temporaily abated on the capitals streets.

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Loss is higher according to the Guardian

"UK taxpayers left £275m out of pocket after deal is reached by Olympic Delivery Authority"

So the looting of the taxpayers purse goes on even if it may have temporarily abated on the capitals streets.

Edited by stormymonday_2011

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