Thursday, August 18, 2011

Qatar invests in slums of tomorrow.

London 2012 Olympics: Athletes' village sold to investment arm of Qatari ruling family

The joint deal, between real estate investment company Delancey and Qatari Diar, was worth £557m but latest budget figures show development of the village has cost £1.1 billion. The Olympic Delivery Authority, which sold the site, had already sold 1,379 of the village residences to Triathlon Homes for £268m back in 2009 with the intention of using them for affordable housing. However, insiders say this deal will ensure £324m of contingency monies are repaid, something that was in doubt for a while during the economic crisis. Delancey and Qatari Diar's plans for the site are to turn nearly all of their share of the 2,818 residences in the 11 blocks of the Olympic athletes' village into rental accommodation.

Posted by sibley's b'stard child @ 10:00 AM (1899 views)
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11 thoughts on “Qatar invests in slums of tomorrow.

  • Couldn’t tax payers form a sort of representative body to bid and outbid this other company?

    A sort of representative body that could have the occasional election, let’s say, to make sure that shareholders are getting value for money?

    I imagine the dividend on those shares would be worth a pretty penny.

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  • mark wadsworth says:

    Wasn’t that the whole point of the Olympics, to try and funnel taxpayers’ money into private pockets?

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  • mark wadsworth – that bloke (not Ovett the other one) who run 800 & 1500mts and set various records during the 70’s/80’s looks set to break a few new records – wealth records rather than world records.

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  • general congreve says:

    2,818 residences into rental properties? That’s some ambitious people farming they’ve got in mind.

    I expect they know it’ll be a good deal, because the location will ensure that most of it is filled up with benefits claimants with the government paying the rent. Thinking about it, the government could just chuck all the looters and their families in there, a bit like an open prison of sorts. Just ring fence it with a few police stations equipped with riot gear and water cannons and you can keep the plebs out of the way and under control.

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  • I suppose the options were to either flog it off a bit at a time to private buyers, turn it into social housing or flog the lot to someone who had a deep enough pocket.

    Right from the outset the financing of the games was based on the premise that the facilities would be sold off afterwards, and given the deficit, the government is in no position to contemplate the second option.

    Turning an Olympic village into a housing estate requires a general makeover of the communal facilities – less security, more parking etc.. – so flogging it off a lump at a time is problematic.

    So selling it all off to someone with deep pockets was the only practical option. And provided the bidding process was done correctly to ensure best value – and I don’t think anyone is suggesting that it wasn’t – who cares if its bought by the Arabs?

    ~~~

    Without naming names, some people here have a really spiteful turn of mind. Under Seb Coe’s stewardship, the games project is coming in on time and under budget, and without a whiff of scandal – so why the bitching on the sidelines?

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  • well the costs started at £4 billion then amazingly escalated to £9 billion+

    some people made alot of money holding taxpayers to ransom imo

    why are we selling it at all when there is apparent shortage of property…what will we do with the money..bomb libya for a few months?

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  • “why are we selling it at all when there is apparent shortage of property”

    They aren’t going to airlift it out of the country..!

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  • How much money is given to private landlords in London to house people on HB? So if there are all these places coming empty, why not have people living there instead? I would have thought they’d save the same amount quite quickly and everything after that is a bonus.

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  • tt,

    The answer to that is far too much, as the govt recognises. Although politically sensitive, it makes no sense for taxpayers to fund rents in areas where property values are elevated.

    Logically, these properties are best occupied by people working in central London and in the businesses that will move to the Olympic park itself.

    It would make a huge amount of sense to use the HB money currently spent in London to extend the ’50’s New Towns of Harlow and Basildon. ‘London overspill’ was the term used when they were first built..

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  • Or they could keep a load of them for MP’s to use so no need for second homes – now there’s a thought.

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