UNECE Conference 2012

Stimulating Investment Growth & Supporting Recovery in the Global

Property Market and Wider Economy

Ralph Luck OBE, Director of Property Olympic Delivery Authority

11 October 2012

Olympic Closing Ceremony

Stimulating Investment & Regeneration • Closing ceremonies, business closures and financial

meltdown are not the end of the world - life goes on

• Physical and economic regeneration go hand in hand

• Public investment in public owned land is not enough

• Private sector investment by either debt or equity is required

• In all cases quickly establishing a sound title and title information is fundamental

• Historically local authority land searches and registering/changing title have been time consuming

• In recent times Land Registry has improved dramatically

• Two real time fixed date examples

Millennium Dome (O2)

Greenwich Peninsula

Planning Consent • 20,000 seat multi-event arena and 66,000sq.m of retail

and leisure facilities in the Dome

• 13,500 homes including 30% affordable (31,000 residents)

• 375,000sq.m of commercial offices and ancillary retail

• 600 bed hotel and bathroom

• 20,000sq.m of Food and Non-Food retail

• 9000sq.m Cinema

• 12,000sq.m of Employment Space

• 20 hectares of Open Space

• Primary and Secondary Schools

• Health Centre

Approved Masterplan

Contact with Land Registry • Initial telephone inquiry from Land Registry in 1998 prompted dialogue

• Historically little development activity in London Borough of Greenwich (now Royal Borough of Greenwich)

• Regeneration provided by activity of English Partnerships (EP)

• Voluntary and compulsory acquisitions

• Land disposals

• Development disposals

• Wider regeneration at Woolwich Arsenal, Ferrier Estate Kidbrooke (involving EP and Homes and Communities Agency

• Others by the private sector

Offices and University Buildings adjacent to the Dome

5 Gold Rings from Opening Ceremony

Acquisition of the Olympic Site

• 850 acres (345 hectares)

• 2756 Land interests

• 1313 Freehold interests

• 1443 Leasehold interests

• 20+ Statutory undertakers

• 4 Local authorities

The Olympic and Legacy CPO

• 2 traveller/gypsy sites

• 284 Operational businesses

• Over 250 residential occupiers

• Open space/common land

• 3 Religious organisations

• Crown land

• Utilities

• Allotments

• 3 bus depots

• Railway infrastructure changes

• Stratford City development site

Timeline

• July 2005 – IOC selects London for 2012 Games

• November 2005 – CPO made by the London Development Agency. 450 objections lodged

• May-August 2006 – Public Inquiry (83 parties attend)

• December 2006 – Secretary of State confirms CPO

• January 2007 – First Notice to Treat served

• February 2007 – High Court challenges lodged

• Spring 2007 – Series of GVDs executed

• July 2007 – Vacant possession secured

Westfield Masterplan

Stratford City Area

Area (sq. metres)

• Retail (300 stores & 70 bars and restaurants) 176,500

• Commercial offices 465,000

• Residential (5000 apartments) 460,000

• Hotels (3) 121,000

• Leisure (Cinema, Casino & Bowling Alley) 36,500

• Community Facilities 5,486

• Health Care 3,302

• Parking (5000 spaces) 157,950

TOTAL 1,425,738

Investment and Jobs Secured • Westfield £1.45bn

• 50% sold for £0.8715m to The Canada Pension Plan Investment Board and Algemene Pensione Group

• ODA £5.6bn in Park and Transport Upgrades

£1.1bn in Village ( of which £0.835bn plus Overage and Profit Shares is being recovered)

• Westfield construction jobs 28,000

Westfield permanent jobs in Shopping Centre is 18,000

• ODA construction jobs - 46,000